Who says bloggers have no media power? Yesterday Engadget single handedly made Apple’s stock price lose $4 billion in market capitalization with just one post. Their story claimed that an internal e-mail to company employees at Apple stated that there would be another delay on the Leopard OS as well as on the [...]
Who says bloggers have no media power? Yesterday Engadget single handedly made Apple’s stock price lose $4 billion in market capitalization with just one post. Their story claimed that an internal e-mail to company employees at Apple stated that there would be another delay on the Leopard OS as well as on the much hyped iPhone.
“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,”
What does news like this do to the stock price?
Apple’s stock dropped from $107.89 to $103.42 in just 6 minutes time. It was later on reported that the story was false, and the stock came back up after about 20 minutes, but it still ended up at a loss ($1.25 billion) by the end of the day. The stock is up today so far.
Engadget stated that the tipster sounded legit, and definitely came from Apple’s internal system. Apple is now on the lookout for an employee that sent out the e-mail.
This just goes to show the power of the media. Here’s to accurate reporting!
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Manufacturer and reseller of aftermarket car parts
IT solutions based out of Maryland. From homeusers to mid-sized businesses.
My name is David Pitlyuk and I’m an entrepreneur. I’m always on the lookout for the next big opportunity. This blog hits topics of interest for entrepreneurs, as well as my miscellaneous ramblings.
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Joshua Dorkin
05/17/2007 10:51 pmDamn . . . that’s hard core!