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Wednesday, May 23, 2007

 

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. [..]

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. [..]’




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