When analysts pressed Apple’s CFO Peter Oppenheimer to shed more light on Steve Jobs’ current health condition during the company’s quarterly conference call on Monday, he said, "Steve’s health is a private matter." Apple’s shares tumbled nearly $18, or 10.75 percent.

True, shares dropped largely due to Apple’s disappointing fourth quarter guidance. However, the way Oppenheimer handled investors’ concerns sent shivers down the spines of anyone with interest in the company. Wall Street sources reported that "Apple’s hedge fund investors are very worried." The investment community has always been concerned about the CEO’s health since analysts view Jobs as the company’s most valuable asset.

It first became evident four years ago that Jobs was not well when he underwent a life-saving operation that cured a rare form of pancreatic cancer that almost killed him. Although the treatment was successful, Apple stunned the media and its investors alike by disclosing the matter publicly fully nine months later. However, everything seemed fine, and Jobs appeared well after the procedure.

Things took a drastic turn when Jobs delivered his keynote at Apple’s annual developer conference, WWDC, last June. His visibly gaunt, almost ghost-like appearance sparked a new round of speculation. Concern forced the company’s spokesman to go on record and reveal that Jobs was suffering from "a common bug" and that he was taking antibiotics. Some have concluded that Whipple treatment side effects are to blame for Jobs skeletal appearance at the WWDC.

The New York Post reported that "multiple sources who have met with - and in some cases even dined with - Jobs in the weeks surrounding the introduction of the iPhone 3G on July 11, said they came away troubled by his thin appearance." The paper cited sources inside Disney who said that media conglomerate’s executives discussed Jobs’ apparent weight loss after he attended Disney’s board meeting in late June (when Disney acquired Jobs’ animation studio Pixar, he became Disney’s largest individual stakeholder and director).

For now, the company is refusing to talk about Jobs’ health despite repeated requests. The secrecy with which Apple handles everything from product launches to its CEO’s health is clearly driving Wall Street nuts. At the end of the day, investors feel that Steve Jobs’ right to privacy shouldn’t be put before their right to be immediately informed of any changes in his health condition - a variable that materially impacts Apple’s performance.