If Jobs permanently steps away, Gottheil continued, don't look for Apple to go outside the company for a new chief, as Yahoo Inc. did just this week by , the former CEO of Autodesk Inc.

"In Apple's case, absolutely they'd promote from within," said Gottheil. "There are just not that many companies that have the orientation that Apple has."

Baker said to expect Apple to put out some additional information about Jobs' health, perhaps indirectly, between now and June, to provide investors a status update. "Not more than once, though," he said.

"I feel bad for the guy," Baker added. "Not only does he have to deal with a health issue, but he has to do it in the public eye."