“That was a quick ride. Shares of Apple slumped 3% after Web site Engadget reported that the company’s iPhone product was being delayed until October, saying ‘we have it on authority that as of today, the iPhone launch is being pushed back from June to… October (!),'” David Gaffen blogs for The Wall Street Journal.
Gaffen reports, “The panic didn’t last: Around 12:15 p.m. EDT, Engadget… updated its post to say that Apple’s public-relations folks said iPhone was still on track and that an internal memo to which Engadget was privy had been ‘redacted.'”
“‘This communication is fake and did not come from Apple. Apple is on track to ship iPhone in late June and Mac OS X Leopard in October,’ said Apple spokeswoman Natalie Kerris,” Gaffen reports.
“Update: Engadget’s post is evolving. They’ve now posted the text of the bogus email they received, and the legitimate Apple email that followed,” Gaffen reports.
Full article here.
We received the same fake email this morning. Unlike some other media outlets, we checked with Apple for confirmation and were told, “Apple is on track to ship iPhone in late June and Mac OS X Leopard in October.” Congrats to those who got in on a nice artificial buying opportunity. APPL dipped as low as $103.42, but has since recovered and is currently trading down just $0.38 at $107.14 per share.
Wow… the power of gossip
And I thought serious market folks didn’t live day to day but long term… what a noticeable dip.
RE: fake Apple Bulletin
Hey, it would have been nice if you guys had posted a note saying a fake apple bulletin was going around, but you had checked with apple! Instead, thousands of people, like myself, probably lost thousands of dollars when the stock tanked, took out their stops, and they had to buy back in at higher prices when the stock reversed. Nice going! thanks for nada.
rediger is the French verb to edit, and redact is the English equivalent.
No question a lot is riding on the timely and trouble free intro of the Apple phone, and the stock is udderly sensitive to rumours right now.
It was a quick drop. I was watching at the time and jumped in. Not quite at the bottom of the dip, but low enough. Picked up an extra 200 that I’ll sell when it’s back up over 109
Probably came from Ballmer’s hotmail account.
That was a nice little buying opportunity, if you were quick. Also says a lot about how much iPhone expectation is built into the stock price, and how important this launch is going to be.
Methinks the SEC should look into this little piece of “fakery”!
@ greg
You’re saying that you have a trailing stop that’s less than 3 dollars? On AAPL? Really? You been in this one very long?
Engadget is run by a bunch of kids that seriously need to grow up. They often print stories like this and they have a serious “anti-Apple” slant that might play into their reasons for doing this today.
This is no mistake on their part. They ran the story but neglected to point out in the headline or the basic blurb that was copied to every new site on the planet that the email was a fake even long after they knew it to be the case.
Kids think this kind of mis-behaviour is “funny.” Engadget is just not a serious computer site and not interested in presenting the facts.
This seemed to happen before with someone saying that Apple is postponing Leopard until October, and then Apple came out and said, they were on track for June. Then a couple of weeks went by and Apple did come out and say that it would indeed be pushed back to October.
I hope the same is not true of the iPhone…
@Greg…
Did I read that just right? You lost $$ because you believed a report from one internet site, decided to sell your stock, and are now blaming MDN for not warning you to think through before you sold your stock?
They didn’t know that the bulliten was fake UNTIL THEY HEARD BACK FROM APPLE! Waring you of a fake bulliten was impossible until Apple repudiated the source of the false info.
Jeeze louise man, grow up. Take your hard earned cash out of the stock market and put them in CD’s, a savings account, or under your mattress. You’re in over your head in the market.
greg, if you had a stop on AAPL for a 3% drop, then you deserve to lose your a$$. That is far too tight for a volatile stock like AAPL. Get a clue and don’t blame MDN.
MDN MW: “soviet” – that an interesting one…
Your own fault if you sold. one bad day at the market and you dump your shares. Come on.
This is getting funny now.
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Over on Engadget, they are deleting posts of the people complaining and posting things like “shut up” to answer people who think they should be sued over it.
I was wrong, Engadget isn’t run by kids, it’s run by toddlers!
Their basic explanation is that they received memo 1 and posted it, then they recieved the retraction (not “redaction”), and posted that. While this tells you what happened, it’s no excuse.
They still don’t say:
– Why they didn’t do basic fact checking before publishing
– why they deliberately hid the fact that the email was fake after they found out it was in fact fake.
greg thanks for your shares!!!!
hahah
you friendly hedge slut i mean fund
i mean crook
oh whatever this is america home of the free to lie cheat and steal to get ahead
Hey, thanks, Engadget!
How about another article to tell us how absolutely SUPERSPECTACULAR the Zune Poo Point Oh is going to be? Brought to you by Microsoft.
RE: Greg…
If you had a $105 stop on it was your fault that you sold. May options are expiring and the shorts are going to push it down. If you keep an eye on this stock, you will know it can dip on non news when the rest of the market is doing fine.
Don’t panic. This baby is going higher in the long run. AAPL has been doing all of the right things for the past years. The fundementals are sound. As long as Jobs is there, all will be fine.
Aapl a volatile stock? It amazes me how much it bounces around. I’m fully expecting it to dive down to 100 within the few months, before taking off again.
If you have the cash to take advantage of these fluctuations then go for it. I tried it but missed out on some serious upswing waiting for the stock to drop again.
Now I’m in at around 75 and will keep the stock for a long time
Hmmm. Methinks someone wanted so AAPL stock and started a story to drop the price and buy.
YOU don’t fool me.
Re: Quick AAPL dump.
As Bart Simpson would say, “Eat my shorts.”
I wonder if this was a canary trap for engadget’s “source” inside apple?
Someone is taking a long walk for this one.
Steve Jobs died this morning.
Ivie fell into a coma after his usual brisk morning walk.
The iPhone will actually be made out of cardboard.