TURMOIL AT APPLE : Apple Shares Traded While Company Kept Mum

Gilbert F. Amelio’s appointment as Apple’s new CEO was all over the media Friday, but the company didn’t confirm it until 6 p.m. PST--while allowing its stock to trade as usual.

The stock didn’t show much of a change, rising 87.5 cents to $29.25 on Nasdaq as nearly 5 million shares changed hands. But some investors questioned the fact that Apple didn’t make an official statement early in the day.

Generally, the Securities and Exchange Commission expects companies to quickly disclose material events. But the SEC doesn’t require companies to respond to rumors, or to disclose that negotiations of some kind are underway.

All Apple would say for most of Friday was that it had no comment, which was probably a safe response if a final decision had not yet been reached on Amelio’s appointment, lawyers say.

Companies also are allowed to make major announcements until after the market has closed. But in that situation, companies often alert the stock exchange in advance that news is coming, and the exchange can decide to temporarily suspend trading.

The Nasdaq Stock Market asked Apple executives before the market opened if they had an announcement, and the company said it did not at that point.

Nasdaq executive Lynn Nellius said the exchange decided to let trading proceed because the media reports were widely disseminated and Apple had no imminent announcement.