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