“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
Come down to $130.- and I’ll buy a few Turbos. Yesss
Dang, wish I had some available cash to take advantage of this buying opportunity!
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
Buying opportunity.
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.
This is very reminiscent of last July’s decline, fuled by erroneous reports from Wu and Semple. Just a couple weeks later Apple’s earnings report proved them both dumber than a stump.
BUY! BUY! BUY!
Check my IP address MDN, you’ll be shocked!
Infiltrated the mothership I did!!
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.
Tell us the IP address why don’t you MDN!?!?
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.”
Yes folks I’m typing this from inside Cupertino HQ itself!
There is more to buy in the corporate store than anywhere else.
Must see! 1 Infinate Loop!
Bye All!
AAPL is still up by 61% for the year. This is just a minor correction.
Standard share buying scam this.
Create a rumour and let it spread, and then when the share price dips buy as many shares as possible.
This should be illegal!
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?
“In other news…”Steve Jobs was reported to have farted today.”
Fox News will have in-depth coverage with exclusive footage later today.
Petey it is illegal. Proving it in a court of law (or forcing a plea in advance of…) is another matter entirely.
This raid caused Apple’s market cap to dip below HP’s. My personal analyst (my cat) says it’ll be back above in less than a week.
It’s simply some analysts trying to make a buck off of a manufactured dip in the stock. They’re all buying AAPL today as they spread their rumors. The sheep that are selling today are the only ones that will lose.
“Yes folks I’m typing this from inside Cupertino HQ itself!
There is more to buy in the corporate store than anywhere else.
Must see! 1 Infinate Loop!”
Highly unlikely you are actually working for Apple since you can’t even spell “infinite” correctly. I know, I know, spelling Nazi, but the thing is if there was ever a post to challenge someones credibility because of their poor spelling it might be one like this.
@Petey: That’s not exactly how these things work. More likely the rumor mongers took a short position in AAPL just prior to rumor launch. They’re not looking for a price adjustment in order to buy at a lower price — they make their money on the stock price going down.
There are also lot’s of different plays to be made in the options which are highly leveraged for even greater profits.
That’s just an aspect of how different people play the market. No need for it to be made illegal — it doesn’t hurt position players in the long run or swing traders for that matter. It’s just the day trader’s play.
Additional details:
http://www.looprumors.com/article.php?iphone-cutback-talk-unfounded,4219150675
pple’s shares took a 3% dip today on speculation that the company might cut production of the iPhone. The Street reports that Apple was reducing its production of iPhones from “9 million units to 4.5 million units” according to a note from Miller Tabak & Co.
The speculation is unfounded, and provides no evidence that Apple has changed its outlook on the future growth of the iPhone. Rumor sites are typically the first to hear information about this and none thus far have added validity to the rumor.
Apple’s goals are still on course: 1 million iPhones by the end of this quarter, 10 million iPhones in 2008.
Unfounded speculation, the SEC really needs to look into these rumors. First the Engadget one, now this.
Check previous Apple articles written by Scott Moron!!!
so a billion songs ( that’s $99,000,000 turnover) in 6 months isn’t enough to keep the share price upward – me thinks it was a scam.
oops missed a 0
IT’S AUGUST (ALMOST)! WE’RE GOING TO DIE!
(Take a look at what the bears did last year this month!)
What I love about Apple through all of this sort of thing is that they just keep on task. iPhone sales are just fine, and Leopard is well on its way. By Christmas aapl is going to be worth close to $200.
Let me explain how business works everyone.
You spend years developing all these technologies, maybe a year implementing them into this device, and 5 months perfecting their integration before releasing the device. Now during 40% of the latter development you have product 2.0 in the works. So of course Apple is going to cut back production, because when Product 2.0 comes out, they aren’t going to be selling as many of the 1.0.
And no they wouldn’t cut production by half.
Fsck, I wish the stupidity bug would be exhausted from this website. We didn’t all used to be this dumb here. Get a grip, and some ginko in your diets.
Jarrett
Gingko. Ging-ko.
Dumbass. Err… Dumas. Sorry.
MW beyond — why they let some of these people post is beyond me…
One of the many things I like about Jobs/Apple is that they don’t run out on days like this and scream, “It’s a lie!” They don’t seem to fret much about stock performance. They just keep churning out fabulous widgets and let the swine rut in the mud.
People who run their business correctly don’t have to run out and scream “It’s a lie”. They know that they have the entirety of several industries running scared. Their isn’t anything anyone can do about the juggernaut that Apple has become. They are just going to get bigger and bigger.
Jarrett……Gingko , sorry smucko!
Clearly, your grasp on english is superior to mine. Now if you actually knew anything…..well then you would be doing alright. Congrats on your spelling, and your negative bank accounts.
How do we find out who is behind the stock manipulation? How do we file acomplaint with the SEC? Is it worth it? All Apple users should be on the look out and send info to Apple or to whom? Let’s get these guys. I was just informed that the big hedge funds control the market as well as the big brokerage houses…true?
Bill Gates started this. He’s selling MS stock and buying Apple.
@clinicaltechmaster
“How do we find out who is behind the stock manipulation? How do we file acomplaint with the SEC? Is it worth it? All Apple users should be on the look out and send info to Apple or to whom? Let’s get these guys. I was just informed that the big hedge funds control the market as well as the big brokerage houses…true?”
Sure let’s castrate them and run them out of town.
Get a grip, the entire Stock Market took a hit because of the housing slump and it it is not over yet. Something like this even affects the European markets, you think Apple is shielded from this?
“How do we find out who is behind the stock manipulation? How do we file acomplaint with the SEC? Is it worth it? “
Likley would never amount to anything anyway. The best thing you can do is find some way to accumulate mroe shares on this dip. I’m no expert but my guess is that afte a $9 drop, there will be some buyers tomorrow.
Believe me when I say the “Analysts” and “Advisors” like Cramer are doing this on purpose to ratchet up the profit when Apple makes its upcoming “product transition” plans apparent.
Now if only I had some money to play with …
“How do we find out who is behind the stock manipulation? How do we file acomplaint with the SEC? Is it worth it? “
Don’t worry about it.
Arbitrage provide liquidity.