MediaFile

A good day for Apple — or a bad one? Judging from the early reaction in the stock market, investors seem to have already gotten used to the idea that Steve Jobs underwent a liver transplant two months ago,  as reported by the Wall Street Journal on Saturday. Shares of the company opened a touch higher.

One reason might be that — for most investors — certainty is also preferable to uncertainty. Know the risks and you can deal with it. And until this weekend, there was very little information on the nature of Jobs’ health problems, which began in 2004. (Apple, by the way, is not commenting on the WSJ report, other than to say that the company’s leader will return by the end of the month, as planned).

Another reason for the stock strength may be more basic: business looks pretty good. Apple said this morning that it had sold more than 1 million units of its newest iPhone in the first three days of its launch, a big number in the context of the current economy.  The device, which offers faster speeds, longer battery life and the ability to take videos, hit stores on Friday.

So it appears it could be a good day for Apple. Or another good day, we ought to say. The stock is, after all, up 63 percent so far this year.

Keep an eye on:

Hey Wimbledon fans, IBM has a new application for you (Reuters) The Cannes advertising festival isn’t quite so hot this year, given the industry’s troubles (Reuters) You may want to sit down… media stocks are outperforming the broader stock market (NY Post)

Photo: Reuters

It’s one of the big weeks for advertising (well, in terms of parties and sunshine), so we couldn’t pass up the opportunity to check in on Cannes. More than 12,000 advertising types have gathered in the South of France to toast the industry — and perhaps even collect an award.

This is an interesting year for Cannes, where a lot of the chatter at parties and meetings will likely be about either the recession or the rise of online advertising, Reuters notes.

The festival, in its 55th year, awards excellence with the so-called Lions trophies and hosts seminars and workshops. In a sign of how crucial the Internet has become to advertising, the Film Lions awards now includes films for Internet and mobiles.