“Apple officials have offered no detailed explanation regarding the source of a memo sent to Apple employees the morning of May 16 that falsely claimed that there would be a delay in the release of the company’s iPhone and the Mac OS X Leopard operating system,” Daniel Drew Turner reports for eWeek.
“Soon after the purported internal Apple e-mail was published on the consumer electronics Web site Engadget.com, Apple’s stock price fell from $108.83 to a low of $103.42. The stock recovered by the end of the day, and moved higher on May 17, but at one point nearly $4 billion of Apple’s market capitalization had evaporated,” Turner reports.
“Engadget quickly posted an update to its story, saying the e-mail was a hoax, but still stating that it was ‘an actual internal Apple e-mail that went out to thousands of Apple employees earlier today,'” Turner reports. “However, Natalie Kerris, spokesperson for Apple, based in Cupertino, Calif., contradicted this, telling eWEEK on May 17 that the e-mail ‘did not come from Apple.'”
“Kerris declined to discuss any potential investigation into the provenance of the e-mail,” Turner reports. “A spokesperson for the SEC, based in Washington, said he ‘could not confirm or deny’ whether any SEC action would be taken. Intentional manipulation of a company’s stock price can be a serious crime, but, he said, the SEC decides what to pursue based on a ‘case-by-case analysis.'”
Turner reports, “How easily investigators can find the source of the fake Apple memo may depend on whether the memo was sent by a market speculator in the United States or by a sophisticated criminal ring operating in some region far from the reach of federal prosecutors.”
Full article here.
Ryan Block is admittedly anti-Apple (at least anti-iPod) and in my opinion is extremely thin-skinned and defensensive toward anyone daring to criticize his beloved Rio Karma.
In most blogs I wouldn’t care and woulod probably even be amused, but as several readers have pointed out Engadget and especially Ryan, likes to present itself as a serious source for tech news. At least when it’s convenient.
I would prefer that my daily gadget news site of choice be a little more upfront about it’s biases and a little less quick to deflect blame and pass the buck onto others and have switched to Gizmodo which seems to run exactly the same topics only with more insight and humor. Not to mention, better journalistic standards.
I think, it’s funny. At one time, bloggers claim to be real journalists, with all the rights to protect their sources and such.
But come the wet ass hour, it’s: ‘We’re just bloggers, don’t measure us with the standards of journalism!’
You can’t have it both ways.
I did it. I needed the 4 billion. I was hungry.
@maczealot
your a funny idiot. hmm? idiot
Looks like someone at Apple was pissed off enough to cause some damage. The question is, why did they choose Engadget?
MDN is a bunch of hypocrites. How many rumors has MN posted that are completely false. MDN has got some huge huevos to criticize Engadget for a sin that MDN willfully commits nearly every day.
Islandgirl,
Reuters, SeeBS and other such outlets have set the standard today for “news”. Just look for news in a field that you really know something about and you will find the 80% of the time the “news” is incorrect or isleading.
@ @ macfanatic,
When the news broke that there may have been improper handling of stock options at Apple (because the backdating itself is not illegal), I took the news very seriously. However, I did not have a knee-jerk reaction of buying or selling stock, launching speculative news on the internet, or stirring the rumor pot.
I read. I listened to what others thought about the news. I watched tech stocks. I monitored the behavior of Apple in terms of business practices, product releases, and response to the news.
What, exactly, is your point? Do you have one?
Rove!
When the news broke that iPhone and Leopard would be delayed, again, I took the news very seriously. However, I did not have a knee-jerk reaction of buying or selling stock, launching speculative news on the internet, or stirring the rumor pot.
I read. I listened to what others thought about the news. I watched tech stocks. I monitored the behavior of Apple in terms of business practices, product releases, and response to the news.
What, exactly, is your point? Do you have one?
I think that you made my point. Too bad not everyone is as clever as you. Maybe you should write a book and become rich and famous.
Steve Jobs really stepped in it this time. After publicly retracting his previous release dates for iPhone and Leopard, he has raised the expectation levels for these two products higher than ever. Now, if neither product is twice as fantastic as anticipated then they will be criticized as being only half as what was desired. It sucks to only promote vaporware and “top secret feaures”, but only less worse than selling an inferior product and the consumer will make that decision, not Jobs.
How many set’s of teeths do you go through when reeding some of these post’s?
I can get them wholesale.
Appreciate your offer of false teeth, but I still have my own, since I don’t grind them when reeding(sic) these post’s(sic).
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The issue behind the Engadget debacle relates to journalism, a field in which I’ve worked for a long time, so I expressed my viewpoint.
@ @ macfanatic,
The WOW clearly starts with your posts. Man, I’m so glad you put me in my place.
Not only have you enriched this site with valuable information and deep wisdom, you’ve also blessed us all with an unshakable sense of security and groundedness that we just wouldn’t have had without your generous gifts of knowledge and caring.
Best Wishes and FUCK OFF!
PS: Make a point, or get off the stage.
macfanatic,
What made you so certain that Engadget’s “rumor” wasn’t actual fact? I mean, Apple was investigated by SEC for weeks before slaying Fred Andersen and Nancy Heinen on the altar of Apple’s tarnished respectability and lost credibility. Are you sure you didn’t give Engadget the same benefit of doubt that you gave Apple? Why weren’t you as consistent in your beliefs and attitudes with Apple’s SEC fiasco as Engadget’s journalistic reporting?
I made my points. I haven’t read anything that you’ve threaded that comes close to an intelligent comment. Admit it, you’re a mindless macfanboi, a pathetic Cupertino lackey, a nonthinking moron, a weak-minded buffoon, a sad product of U.S. education. Keep it up, you only embarrass yourself.
To All:
Apple posted its Leopard delay news on its own web site.
Apple posted its own stock irregularities findings on its own web site BEFORE the SEC investigations began.
Apple posted its own “Green Statement” on its own website.
That said, Engadget is NOT Apple.
——————-
Horse’s Mouth.
@ macfanatic (whoever might be the right one):
You are right with this one: “Apple posted its Leopard delay news on its own web site.”, but the Apple website says “October 2007”:
http://www.apple.com/pr/library/2007/05/01wwdc.html
One capable to read will know what I mean.
To All:
Apple posted its Leopard delay news on its own web site after promising the world that Leopard would NOT be delayed. Congratulations, Apple, you get a cookie for making another promise after admitting that you first told a lie.
Apple posted its own stock irregularities findings on its own web site BEFORE the SEC investigations began </b>because it would be infinitely more embarrassing to allow Engadget or MDN or Macworld or, well you get the picture, to do it first. This isn’t virtuous, it’s damage control.</b>
Apple posted its own “Green Statement” on its own website. Duh!
Apple did NOT post a statement denouncing the e-mail that iPhone and Leopard would be delayed. How come? Maybe there’s more truth to the rumor than Apple is willing to admit. No vacation time for Apple slugs till 2008.
You say, more than once, that several Apple execs violated SEC rules. Backdating is legal, so only the CFO and the head of the Legal Department made any mistakes.
Two is several? Only to some asshole with an axe to grind.
WWDC 07 August 2006 11:24 A.M. <b>”We plan to get done with Leopard and ship it this coming spring. We think we’re going to get it out next spring.” <b> Steve Jobs actual quote.
Well, macfanbois, this what Jobs said. How much credibility to you have in Jobs now?
Well, then you do admit that I am correct in principle. You only wish to argue semantics. Thanks!
To Apple or Mac or Whoever…..
I don’t have anything to bitch about like y’all do, and that is pissing me off!!!
MW:party
It was Fred Anderson.
The lesson to be learned from all of this is that rumor sites trade in RUMORS. If someone based their investing in rumors then all I can say is that they are very brave or have a lot of spare cash to speculate with.
Whenever any site like Engadget or MDN (which only passes on details from other sites) post rumors, it is impossible to verify if it is correct because Apple have always refused to comment on rumors. The only exception is when like this time a rumor has created some kind of panic.
Most web sites are not as liable for their content as news print are because of the lack of regulation. People should be aware of that before they start investing or divesting because of info from a web site.
I am not defending Engadget, because they did a disservice to their readers. However, an investor should be sensible when speculative information like that appears.
@ Islandgirl,
I used to go through a lot of sets of teeth reeding posts, but what stopped me eventually was when I had to see my Dr. My mouth had been cut by the reeds leaves so wide I looked like Zippy! Needless to say, there are a lot of reed instrument players out there, no thanks in part to my efforts. Aaaa Ha! Ha! haaaa!!!!!:-)