Apple fans are prepared for a part-time Jobs

SEATTLE — Five and a half months ago, word that Steve Jobs would only work part-time as he recovered from a liver transplant would have sent investors into a selling frenzy, so closely linked was Apple's charismatic co-founder and CEO to the company's success.

But now, with Jobs' return to Apple just days away that prospect is a lot less daunting.

Wall Street has grappled with the implications of Jobs' illness since August 2004, when investors learned the CEO had kept a cancer diagnosis secret until after he underwent surgery. Investors feared a half-year absence would leave one of the oldest computer makers adrift, because Jobs had become the essence of the company he co-founded in 1976. But in the last few months, the company released must-have gadgets and software improvements with nary a public hiccup. Its shares have almost doubled, raising the question of how central Jobs is to Apple today?

The company's past silence on matters of Jobs' health made shareholders jittery when Jobs appeared increasingly, even alarmingly, thin last year. Easily spooked, investors sent the stock tumbling 5 percent to its lowest point in a year on a rumor last October that Jobs had suffered a heart attack.

Then shares slipped 2 percent in December when Apple said that Jobs would not speak as usual the next month at the annual Macworld conference, then bounced up 4 percent on Jan. 5 when Jobs explained his weight loss as a treatable hormone imbalance. They sank 7 percent a week later after Apple said he would be taking six months off because his medical problems were more complex than he initially thought.

Since then, Wall Street's whiplash has had time to heal, especially because Apple's stock has weathered the recession better than those of most of its competitors. Shares have improved 76 percent since the dark day in January when Jobs announced his leave, closing Friday at $139.48.

It is not yet clear how investors will take the latest word, that Jobs had a liver transplant two months ago in Tennessee, according to The Wall Street Journal, and that he will likely work part-time, at least at first.

Apple has not confirmed the report, and has said only that Jobs is looking forward to returning to Apple at the end of the month. Spokesman Steve Dowling had no further comment Sunday.

Cupertino, Calif.-based Apple put its chief operating officer at the helm during Jobs' absence. Tim Cook had been tested in the role during Jobs' first bout with cancer and shared the stage with the CEO during key product announcements last fall. He brimmed with confidence in the early days of Jobs' medical leave, assuring analysts that the show would go on even without its frontman.

"The values of our company are extremely well entrenched," Cook said in the company's fiscal first-quarter earnings call in January. "We believe that we'

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