Engadget Knocks $4 billion off Apple Market Cap on Bogus iPhone email
What a day for Apple investors. The stock started off strong today on a lot of pre-market buying, despite news that Amazon will finally start competing on sales of DRM-free music.
Then, whoops, at 11:49 AM EST Engadget posted saying that the iPhone and Leopard operating system launches would be seriously delayed. They based the story on an internal Apple email that was forwarded to them. The original post:
This one doesn’t bode well for Mac fans and the iPhone-hopeful: we have it on authority that as of today, the iPhone launch is being pushed back from June to… October (!), and Leopard is again seeing a delay, this time being pushed all the way back to January. Of 2008. The latest WWDC Leopard beta will still be handed out, but it looks like Apple-quality takes time, and we’re sure Jobs would remind everyone that it’s not always about “writing a check”, but just how much time are these two products really going to take?
Apple’s stock promptly tanked on massive selling, going from $107.89 to $103.42 in six minutes (11:56 – 12:02). This wiped just over $4 billion off of Apple’s market capitalization. A lot of people lost a lot of money very quickly.
Well, it turns out that the email was a hoax. In an update, Engadget said that the email was in fact sent from Apple’s internal email system, but that it was not accurate. Apple quickly notified Engadget of the error, saying “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.”
By 12:22 Apple stock had mostly recovered and it ended the day down just $1.40/share, or $1.25 billion in market cap.
Let the lawsuits and criminal investigations commence (although to be clear, I do not believe Engadget will have any liability here. Apple may, if the email did originate from its servers).
-
Archives
- September 2011 (4)
- August 2011 (4)
- July 2011 (2)
- June 2011 (4)
- May 2011 (12)
- April 2011 (7)
- March 2011 (18)
- February 2011 (17)
- January 2011 (6)
- December 2010 (7)
- November 2010 (4)
- October 2010 (13)
-
Categories
- $100
- $189 PC
- 1 person acapella
- 12.47 megapixel sensor
- 16gb
- 1800free411
- 1TB hard drive
- 2008
- 22281738
- 23769345
- 23771330
- 2TB
- 320GB 2.5-inch hard drive
- 3D
- 3D fabrication
- 3G
- 45nm
- 57-inch
- 64-core
- 746
- a million channels
- AACS
- AAPL
- acquisitions
- ad spending declines
- adobe photoshop express
- advertising
- advertising network
- adwords
- air horn
- alexa
- alexa rank
- all-in-one
- alternative energy clean technology
- amazon
- amazon fps
- AMOLED
- analytics software
- anime song generator
- answer
- aol
- APB
- appleTV
- aquantive
- architecture
- archos PMPs
- art advertisement
- articles
- asus
- Atom 330
- atom n270 performance
- audi
- audio watermarking
- baby monitor
- balloon in space
- basketball
- battery
- benq projectors
- best buy
- beyond web 2.0
- blackberry
- blackjack
- blog hack
- bluetooth
- box office earnings
- brand protection counterfeiting
- broadband
- broadband subscribers
- browser-based video
- building
- building faces
- burn
- buzzdash
- byo
- cameraphone
- cancer
- canon
- canon EOS 40D
- captcha
- case precedent
- casio exilim
- casual games
- cell phone
- cell phone mobile payments
- cellphone
- cellular over WiFi
- censorship
- channels
- characteristics of web 3.0
- charger
- cheer
- chipin
- cinematic effects
- circuit city
- citizen journalism
- clean technology
- clean water
- cleantech
- clickz
- clipblast
- CMOS
- coal plant
- code based promotions
- coke
- cold boot
- collapsible
- color scheme
- colored katydids
- combustion
- commonangels
- compactflash
- comparison engines
- compete
- conference
- consumer behavior
- consumer market
- consumer market research
- consumer power
- consumer purchasing
- context-based clustering
- contextual commerce
- copyright
- copyright infringement case precedent
- copyright law
- core 2 duo
- core i7
- corian Z
- coscripter
- counterfeiting
- crack detector
- crazyegg
- Creative Commons
- CTR
- current from vibrations
- customer
- customer loyalty
- customer service
- DAP
- DDR2
- DDR3
- deeplinking
- dell
- Dell XPS m1330
- democracy player
- design
- desktop
- didja
- diesel
- digg
- DIGIC II
- digital cameras
- digital cinema
- digital image sensor
- digital marketing
- digital media
- discover music
- distribution service
- DIY
- DNA art
- donation
- DPAC
- dpreview.com
- Dr. Augustine Fou
- DRM
- DTCP-IP
- dubai. energy efficient
- dvr
- e-paper
- earphones
- earth 2tech
- ebook
- ebooks
- eee box
- eggfusion
- electric car
- embed google maps
- embedded
- enthusiast
- entropia
- entropia 3D rendering
- epson 3LCD
- EU
- evolution from web 2.0
- exilim 12 megapixel
- expandable
- experiential marketing
- facebook ebay
- fake ID
- fax
- ferrari
- fiber optic tablecloth
- fiber to the premises
- fingerprint
- fios
- firefighting
- flash
- flavored water
- flexible OLED display
- Flextronics
- flickr
- flickr photo news
- flickrcash
- flickrcash flickr photos
- flickrcash flickr search stock photography
- flickrcash flickr search stock photography Dr. Augustine Fou
- flickrcash stock photography
- FlickrSlidr
- fluorescent lighting
- foleo
- food poisoning
- footagesandbox
- fotolog
- foveon
- framed pages
- frequent flyer miles
- freshbooks
- fruit harvesting machine
- fruit tattoo
- fujitsu
- gaming user generated
- genwi
- geothermal energy
- getty
- getty audio
- Getty Images
- getty stock images footage
- gift of music
- Glenn Gabe
- global warming
- glucose to fuel
- gmail
- gmail auto responder hack
- gmail hack
- gmail tasks
- go-digital marketing blog
- google adwords
- google analytics
- google checkout
- google chrome cache
- google earth
- Google Flight Simluator
- google image search
- google maps
- google online security
- google phone
- google powerpoint
- google talk
- google zeitgeist
- GPU
- green
- green car
- greeting cards
- groceries
- group buying
- group calling
- group chat
- group chief digital officer
- GSM
- gtalk
- GYI
- H and M clothing in SIMS
- h.264 hd encoding chip
- hacking gmail yahoo mail
- handwritten blogs
- hard drive new magnetic tech
- harry potter
- hcg
- HD projector
- hd-dvd
- hdr
- hdtv
- headphones
- hearst
- hitachi
- home entertainment system
- home phone
- hot or not
- hot or not business model
- hotornot
- how fast is intel atom n270
- hsdpa
- html converter
- hulu
- human-powered search
- hybrid mini cooper
- hydrogen generation
- hyphen digital
- i7
- iChat screensharing
- identity theft
- IE7
- ikea hotels
- ilike
- image manipulation
- images
- imagetrail
- implants
- incoming links
- incubator
- induction cooking
- industrial design
- industries
- instant messaging
- INTC
- integrated marketing
- intel
- intel 45nm
- intel atom 330 vs core 2 duo
- intel bearlake
- intel core 2 duo
- invalidation
- inventions
- inventory-centralized retail
- investment
- investors
- IP law
- iPhone
- iphone ringtones
- ipod
- ipod to TV
- ipod touch
- itunes
- jabra
- jerry yang
- jetblue
- jing
- jkwedding
- jkwedding video
- jkweddingdance
- joost
- jpeg
- Katerina
- keyboard
- kitchen
- kodak
- kodak digital camera
- laptop hard drive
- Larry Lessig
- lawsuit
- lawyers
- LCD
- LCD touch screen
- lcd tv
- LED
- LED backlight LCD
- LED display
- led lighting
- lego scale model
- levis
- levitation
- LG KS20
- li-ion batteries
- light
- light-sensitive
- lightbox
- linux
- liquid cooling for the masses
- low light
- LuckyOliver
- lympus
- macbook benchmark
- macbook pro
- made in china
- magnetic fields
- mahalo
- mailbox
- malware
- marketing
- marketplace answers
- me.dium
- media encoder
- medical images
- medical record
- megan fox
- meizu
- metrics
- microprojector
- microSD
- microsoft
- microsoft office
- microsoft yahoo google advertising
- mini
- mini projector
- miniPC
- miro
- missing link marketing
- MIT
- MMO
- motorola
- mp3
- mrm worldwide
- multi touch
- multi-point video posting
- multi-touch LCD
- multiple copies of same program
- music
- myspace news
- NAND
- nanoglue
- nanoprojector
- nanosolar
- nas
- nasa
- nbc venture capital
- NEC LCD
- nehalem
- network print sharing
- neuros OSD
- nokia
- not hackable
- not selling well
- NowPublic
- ntp
- nvidia
- Objects D'esire
- obvious
- octo-core
- October 28
- OLED
- Olympus
- omnicom
- online game
- online identity theft
- online money management
- online music
- online world game
- openCola
- overclocking
- paid reviews
- palm
- panasonic 12 megapixel hd shooter
- parakey
- password
- password managers
- patent
- patent lawsuit
- patent reform
- paypal
- pc
- PDF by email
- peonies
- personal asset
- peter kim
- pharming
- Philips
- philips ambilight
- phishing
- photo editing
- photo greetings
- photo tagging
- photobucket valuation
- photos
- photos flickr creativecommons
- photos for blogs
- photoshop
- Phreetings
- piclens
- pico projector
- PictureSandbox
- piezoelectric
- pingdom
- platial google mymaps
- player
- polls
- pollution detector
- polyesters
- polymer
- porsche design
- portable media
- post widgets to multiple sites
- postage
- pr
- prevent image download
- print server
- privacy
- prostockmaster
- prosumer
- prototype
- question
- RAM
- rank
- raw food
- RAZR 2
- rebate
- recorder
- remix
- remote control cell phone
- research
- restart windows
- retail
- retail theft
- revenue share
- RFID
- RFID cards
- RIAA
- ringle
- robert scoble
- roi of social marketing
- rss
- rubik's cube
- sageTV
- salesforce
- Samsung
- samsung cell phones
- samsung ssd
- sanyo xacti
- satl water
- screencapture
- screencasting
- Scribd
- Scribd investment VC
- scripps
- scrub clipboard
- sdhc
- search
- search innovations
- secondlife
- secondlife virtual advertising
- security loophole
- semacodes on ads
- set-top box
- seth godin
- sharp LCD
- shopping cart install
- sigma
- sign
- single login
- site stats
- skype
- slapvid
- SMS
- social marketing
- social media marketing
- social network
- social networking aggregator
- social surfing
- solar
- solar panel installation
- solar power thermal
- Solectron
- songbird
- sony OLED
- sony TFT
- spam
- speakers
- speed of information
- spffy
- spider web
- spiralfrog
- SSD
- starbucks publicity
- stars
- stats
- stephen hawking
- stereolithography 3D printing
- stereoscopic display
- Steve Fossett
- stock images
- stock photos
- streetview
- stylish projectors
- sugar
- supercomputer
- surface
- surveillance
- sweepstakes fraud
- swfir
- sync photos
- tablet PC
- tapefailure
- taxes
- taxonomy
- techcrunch
- TED2007
- tesla
- the long tail
- the perfect babe
- theives
- thermoacoustic
- thin film battery
- thin TV
- three gorges dam
- tivo
- toaster
- toolkit
- tools of production
- tornado
- toshiba hard drive
- trademark yoga
- transistor
- trash balls
- treo
- trustcode
- trusted opinion
- twango
- Uncategorized
- unlocked iPhone
- usb 2.0
- USB hub
- usb monitors
- USPTO
- VC
- vCore
- vdimm
- venture capital
- veotag
- verizon
- veryfunnyads
- VGA server
- video
- video editing
- video fingerprint tech
- video search
- videoegg
- videos
- virgin charter service
- virtual PC
- virtual sales associates
- virtual world
- visa
- voip
- voip over WiFi
- vonage
- watch
- watches
- wave energy
- weather
- web 2.0
- web 2.0 participation
- web 3.0
- web analytics
- web API
- web conferencing
- web design
- web OS
- webcam
- webmail
- wells fargo
- whatinhellwastheiragencythinking
- whatinhellweretheythinking
- whois
- widget metric traffic visitors views
- WiFi
- wifi extender
- WiFi repeater
- wiFi SD cards
- wiki
- windows
- windows vista
- wine high end
- wireless
- wireless USB
- witricity
- WOM
- woot
- word of mouth
- worldview
- WSJ
- xcavator
- xerox search
- xgrid
- yahoo
- YCombinator
- youlicense
- youtube
- youtube shooter
- zap
- zonbu
- zooomr
- zune
-
RSS
Entries RSS
Comments RSS