Turn Off Ads?
Results 1 to 6 of 6

Thread: Bogus Blog Posting wipes out $4 BILLLION in Apple net worth

  1. #1
    Smells Like Teen Spirit jmcclain19's Avatar
    Join Date
    Apr 2004
    Location
    Phoenix
    Posts
    6,490

    Bogus Blog Posting wipes out $4 BILLLION in Apple net worth

    Don't let anyone tell you that Blogs aren't powerful these days - Engadget is a large blog dedicated to tech/gadget/toy news.

    http://www.techcrunch.com/2007/05/16...-iphone-email/

    Engadget Knocks $4 billion off Apple Market Cap on Bogus iPhone email
    Michael Arrington

    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).

  2. Turn Off Ads?
  3. #2
    You're being very UnDude. sonny's Avatar
    Join Date
    Jul 2006
    Location
    Columbus, OH
    Posts
    1,577

    Re: Bogus Blog Posting wipes out $4 BILLLION in Apple net worth

    Nows the time to buy!
    Witty signature.

  4. #3
    RZ Chamber of Commerce Unassisted's Avatar
    Join Date
    Jul 2003
    Location
    San Antonio
    Posts
    13,453

    Re: Bogus Blog Posting wipes out $4 BILLLION in Apple net worth

    It's recovered most of what it lost by now. Looks like I missed a chance to buy some AAPL. I foolishly sold all of mine a couple of years ago, before it really took off. I figured that Music Store thing wouldn't catch on.

    I bet somebody gets in a lot of trouble for this.
    /r/reds

  5. #4
    Member redsrule2500's Avatar
    Join Date
    Mar 2001
    Location
    Cincinnati, OH
    Posts
    3,215

    Re: Bogus Blog Posting wipes out $4 BILLLION in Apple net worth

    Honestly, Engadget is a little more than a simple blog. It's been around and is really a legit news site. Just because it uses a "blog design" doesn't really make it one
    Last edited by redsrule2500; 05-20-2007 at 02:36 PM.
    redsrule2500
    Go Reds!
    Baseball Bliss
    “I’m a normal guy blessed with the ability to hit a baseball.” - Sean Casey

  6. #5
    RZ Chamber of Commerce Unassisted's Avatar
    Join Date
    Jul 2003
    Location
    San Antonio
    Posts
    13,453

    Re: Bogus Blog Posting wipes out $4 BILLLION in Apple net worth

    Quote Originally Posted by redsrule2500 View Post
    Honestly, Engadget is a little more than a simple blog. It's been around and is really a legit news site. Just because it uses a "blog design" doesn't really make it one
    You're right. Gizmodo is more than some random dude's evening and weekend blog project. It's part of the Gawker Media family of blogs owned by Nick Denton. Each of the Gawker properties is run by trained professionals who work on them full-time.
    /r/reds

  7. #6
    Kmac5 KoryMac5's Avatar
    Join Date
    Jul 2005
    Location
    Waterloo, NY
    Posts
    3,682

    Re: Bogus Blog Posting wipes out $4 BILLLION in Apple net worth

    Better check to see what Bill Gates was doing when that email was sent.
    If you have a losing record at Reds games, please stop going.


Turn Off Ads?

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Board Moderators may, at their discretion and judgment, delete and/or edit any messages that violate any of the following guidelines: 1. Explicit references to alleged illegal or unlawful acts. 2. Graphic sexual descriptions. 3. Racial or ethnic slurs. 4. Use of edgy language (including masked profanity). 5. Direct personal attacks, flames, fights, trolling, baiting, name-calling, general nuisance, excessive player criticism or anything along those lines. 6. Posting spam. 7. Each person may have only one user account. It is fine to be critical here - that's what this board is for. But let's not beat a subject or a player to death, please.

Thank you, and most importantly, enjoy yourselves!


RedsZone.com is a privately owned website and is not affiliated with the Cincinnati Reds or Major League Baseball


Contact us: Boss | GIK | BCubb2003 | dabvu2498 | Gallen5862 | LexRedsFan | Plus Plus | RedlegJake | redsfan1995 | The Operator | Tommyjohn25