“Apple (AAPL) may have dropped nearly 7% on the news that Steve Jobs is blowing off Macworld, but according to Bullish Cross‘ Andy Zaky, investors should be happy he did,” Philip Elmer-DeWitt reports for Fortune.
“In an unpublished analysis of the company’s last four major press events — starting with Macworld 2008 and ending with October’s Spotlight on Notebooks — Zaky documents a pattern that’s become increasingly self-destructive,” Elmer-DeWitt reports. “‘All of Apple’s media events,’ he writes, ‘are met with crazy rumor mongering, irrationally exuberant speculation and undue rants about Steve Jobs’ health.'”
Elmer-DeWitt reports, “The result is that almost every Apple extravaganza since Macworld 2007 — no matter what news comes out of it — has triggered a massive sell-off of Apple stock.”
Full article here.