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Engadget Pwns Apple

post #1 of 10
Thread Starter 
To the tune of $4b (indirectly of course)

Quote:
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...
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...

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.
Source
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post #2 of 10
yeah just read that. MY APPLE SOCK WAS DOING SO WELL!! DAMN YOU ENGADGET! (or whoever sent this stupid lie to engadget)
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post #3 of 10
What's the stock market? A gambling game for the "classy". If you put money into it, assume that there is a likelyhood a rumor will send your fellow stockholders into a crazed selling frenzy.
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post #4 of 10
Someones gonna get fired over this...
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post #5 of 10
Quote:
Originally Posted by barrysgoods View Post
yeah just read that. MY APPLE SOCK WAS DOING SO WELL!! DAMN YOU ENGADGET! (or whoever sent this stupid lie to engadget)

?
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post #6 of 10
Quote:
Originally Posted by The_Jester View Post
?
Win.
#well
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post #7 of 10
that kinda sucks loosing a billiion for a rumor..
OH NOES
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post #8 of 10
not 1 billion,4 billion.thats a BIG hit for any company
    
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post #9 of 10
Quote:
Originally Posted by Marager View Post
not 1 billion,4 billion.thats a BIG hit for any company
they regained 3 of it. so 1billion.
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post #10 of 10
Thread Starter 
** Update - Engaget Responds **

Quote:
At 9:09am CDT yesterday a number of Apple employees received an email that appeared to be from Apple corporate reporting that the iPhone and the next version of OS X had been delayed. An Apple employee who we trust then forwarded this email to us. Let's be clear that this is someone who we know without any doubt is an employee of Apple, not someone we merely believe to be an employee of Apple. We contacted our source after receiving their email, and they confirmed for us that they had indeed received this email, an email which by all appearances was a legitimate email from Apple corporate...

So after verifying that the email was indeed sent to internal Apple email lists -- but before publishing anything -- we immediately contacted Apple PR, trying to reach our contacts on their PR team that handles iPod / iPhone matters. It was before business hours on the West coast, though, so we even called an Apple PR manager via their private cellphone in search of a statement. When no one was immediately available, we left voicemail and email...
About an hour and 40 minutes after the initial memo went out, a second memo was sent to the same internal Apple lists, dismissing the first. Soon after, our source -- who we'd been in contact with through the morning -- let us know that Apple was dismissing this earlier email; the second memo passed off the first as "fake" and "not from Apple". Fake indeed, but it still came from someone familiar with Apple's internal mail systems, lists, memo composition structure, etc., who found a way to plant a phony memo in the inboxes of who knows how many Apple employees...

Credibility and trust is the currency of our realm, and it's clear we lost some of that. (And to be 100% clear, no one at Engadget is allowed to own stock in any of the companies we write about.) We take what we do very seriously and would never knowingly pass along information that we believed could be false or inaccurate; in this case, as stated above, we had confirmation from within Apple that this was in fact information that been distributed via Apple's internal corporate email system...
We have learned a very serious lesson yesterday. We will work very hard to earn back the trust we have lost and to do our best to be what we have always strived to be: a trustworthy source for the latest on gadgets, consumer electronics, and personal technology.
Source

That's most of the important stuff. This does not personally shake my confidence in engadget at all. The email was legit from apple's internal system - why would they even question it? Even if they did there is absolutely no way for them to verify the info since Apple is about as tight on security as a modern firm can get
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