APPLE INVESTORS ARE LOOKING BEYOND STEVE JOBS

       Apple investors focused on the shortcoming of a new iPod line-up rather than on the reappearance of chief executive Steve Jobs at a product event in San Francisco on Thursday, analysts said.
       Apple fell as much as 1.9 per cent yesterday in Nasdaq Stock Market trading after Jobs introduced an iPod Nano with a video camera and cut prices on other models. Some investors had expected more, such as an iPod Touch with a camera, said Brian Marshall, an analyst at Broadpoint AmTech.
       "That was one potential negative to offset the potential positive surprise that we saw with Steve's appearance," said Marshall.
       Investors are less focused on Jobs than they used to be, he said. "The investment community is very comfortable with Apple's existing management team in addition to Steve."
       Jobs, 54, spoke publicly about his liver transplant for the first time. he said he now has the liver of a person in their mid-20s who died in a car crash and had donated their organs.
       "I would not be here without such generosity," Jobs said. "I'm vertical. I am back at Apple and loving every minute of it."
       Jobs, who went on an almost six-month medical levae in January, last appeared at a company event in October, when he introduced Macintosh notebooks.
       Dressed in his trademark blue jeans and black turtleneck, Jobs appeared to a standing ovation and spoke for about a half-hour. He mingled with the crowd after his presentation.
       Jobs relied on a team of executives, including product marketing chief Phil Schiller, to oversee company events while he was on leave.
       Chief operating officer Tim Cook handled Apple's day-to-day management. The executives ran the company "very ably" in his absence, Jobs said. He returned to Apple in June, staying out of the spotlight until yesterday.
       "The big news is Steve Jobs looks relatively well," said Ryan Jacob, a fund manager at Jacob Asset Management in Los Angeles. He manages about $40 million, and Apple is one of the fund's largest holdings. "Obviously he's been back at work, but I think it's encouraging that he's well enought to make a full presentation."
       Apple's iPhone sales have climbed to 30 million, Jobs said. There are now more than 75,000 applications available at the company's App Store, and users have downloaded more than 1.8 billion of the programmes, he siad. An iPhone version of Electronic Arts' John Madden football game went on sales recently.
       Cook was in the audience at the event, along with Apple retail chief Ron Johnson and Google CEO Eric Schmidt.
       In addition to a video camera, the new iPod Nano has an FM radio and pedometre. The 8-gigabyte device costs $149, while a 16-gigabyte model goes for $179. It will compete against products such as Cisco Systems' Flip camera.
       Cisco, the largest maker of networking equipment, said it welcomes new competition and that increased use of video will help sales of its routers and switches.
       "We are flattered that Apple and others perceive video is an important market," said Jonathan Kaplan, general manager of the consumer product unit at San Jose, California-based Cisco.

       Obviously he's been back at work since June but some analysts think it's encouraging that he's well enough to make a full presentation.