Bear raid squashes Apple

“Apple (AAPL) shares dropped nearly 6 points in the space of 90 minutes on the strength of a unsubstantiated report of a cut in iPhone production. Some Apple watchers are characterizing the action as a deliberately staged raid on the high-flying stock,” Philip Elmer-DeWitt blogs for Business 2.0.

“The news that drove the stock down was mostly spread by word of mouth, but one version appeared shortly after 11 a.m. ET in a Scott Moritz piece in The Street,” Elmer-DeWitt reports.

Full article here.

[UPDATE: 2:32pm EDT: Miller Tabak analyst Peter Boockvar said that his firm “authored no such note on Apple. Instead, he said, gossip was passed along during a conversation and was subsequently overblown. ‘Disregard it. There’s no note on Apple today,’ Boockvar said. ‘It’s pure noise,'” AppleInsider reports. Full article here.]

[Thanks to MacDailyNews Reader “jendensam” for the heads up.]

Related articles:
Apple shares take 3% hit amid speculation about iPhone production cut [UPDATED] – July 31, 2007

36 Comments

  1. DA BEARS!!!

    Ditka has more capabilities than this iPhone thing. Ditka could scratch the iPhone screen with his mustache. Ditka can carry more songs than the iPhone and sing them better as well.

    Ditka vs. iPhone….Ditka by 135,000

  2. Before you see this: APPL closes at new high, again.

    Growing evidence of this: iPhone sales are disappointing.

    And this: Steve’s sales projections based on hype, lot’s of great phones out there – everybody’s making some.

  3. Yeah, if it hits 130 I’m buying more too. I love Baseless Apple Rumor Stock Crash Days. ” width=”19″ height=”19″ alt=”wink” style=”border:0;” /> Watch tomorrow when the street wakes up and says “oh, wait, I’m an idiot, what was that about?” and all that money surges right back in.

  4. How fickle can you be? I don’t understand much about the stock market, but it sure seems like things are on edge over there.

    In other news…”Steve Jobs was reported to have farted today. Apple stock dropped 12 points at the mention of the news. Some lucky passer-by jared the prized fart and sold it on eBay for a million bucks. Apple stock rose 13 points as a result.”

  5. It’ll be a while: Your comedy stylings are pretty weak. Keep practicing, buddy.

    (Although I do agree that APPL may not hit a new high any time soon. Good call.)

    Did someone put peyote in the school’s Jell-O supply again?

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