“Most Asian journalists covering Pegatron’s investor conference Wednesday focused on the fact that the Taiwanese electronics manufacturer’s first quarter profits were up more than 80% year over year,” Philip Elmer-DeWitt reports for Fortune. “But Bloomberg’s Tim Culpan came away from Wednesday’s conference with a different story, one with an anti-Apple slant that got widely picked up.”
P.E.D. reports, “Focusing on the fact that after growing 162% year over year in Q1 Pegatron’s revenues from consumer electronics were expected to fall 25% to 30% sequentially in Q2, he set out to pin the blame on the iPad mini.”
• His headline: Falling IPad Mini Demand to Push Pegatron Electronics Sales Down
• His lead: “Pegatron Corp., the Taipei-based maker of Apple Inc. devices, forecast its biggest drop in consumer-electronics revenue in six quarters as iPad Mini demand falls.” (emphasis mine)
• His killer quote: “A decline in revenue from the iPad Mini ‘is more on demand, while price has been stable,’ Pegatron Chief Executive Officer Jason Cheng said.”
P.E.D reports, “Two things about that quote immediately raised suspicions… To get to the bottom of the story, I asked Pegatron CEO Jason Cheng by e-mail about that quote.”
Read more in the full article here.
MacDailyNews Take: Culpan must have missed the memo, “The fix is no longer in.” Try to keep, up, Timmy, okay?
[Attribution: 9to5Mac. Thanks to MacDailyNews Readers “Fred Mertz” and “Dominick P.” for the heads up.]
Related article:
Apple supplier Pegatron boosts China workforce by 40 percent ahead of next-gen iPhone models – May 9, 2013
Pegatron forecasts revenue drop on falling iPad mini orders – May 8, 2013
Nice job, Tim.
As I commented previously — Tim Culpan has a motivation to drive the stock lower, nice try joker !
I don’t think so.
He is a journalist and he was probably trying to spot a potential story before any one else.
Bloomberg’s fact-checker is called Ms. Samantha Sung, aka Same Sung.
Wow…there are no real Journalist anymore. It’s all BS and these liars are screwing with a lot of peoples buying decisions.
If you buy based on a Bloomberg article it may be time to reconsider your investment decision making…
Good job Philip Elmer-DeWitt. 🙂
PED should be awarded a Pulitzer.
And Tim (culpable) culpan fired immediately.
PED- The lone ranger!
does the mayor know his reporter is manipulating the stock market?
no, he’s too busy disarming citizens and outlawing oversized Slurpees…a great statesman.
And supporting an all vegetarian elementary school. The man does nothing but push a crazy liberal agenda. Soda,guns,meat………. I thought all the crazy people lived out here in California!
Born
Michael Rubens Bloomberg
February 14, 1942 (age 71)
Boston, Massachusetts, U.S.
Political party
Democratic (Before 2001)
Republican (2001–2007)
Independent (2007–present)
Reprehensible.
Can’t they find new excuses ? Always the same make me bored .
I think these so called “Journalists” should be be charged with stock manipulation.
“almost every item is moving in a negative direction”…
Compared to the Christmas quarter? Of course! Culpan needs to be fired and prosecuted.
I already put my comment on the Bloomberg news site calling Culpan a liar.
There must be something in the water in New York that make the reporters lie. http://www.teslamotors.com/blog/most-peculiar-test-drive
I’ve been following NYT and it really looks like they are in business to manipulate the stock market more than anything else. For how long before they will get busted?
This mucking foron must have gotten his journalism degree from a box of Cracker Jack.
Bloomsung? Samberg?
this is what I said yesterday:
“aapl stock has had nice little run up
the naysayers had been quiet for a while
so it’s time for the B.S to start again
B.S journalists are tied with their hedge fund pals and they want to play the ‘apple slingshot’.
Today the water leak at the apple store is described as the ‘rot at apple’ without steve Jobs everything is falling apart…
expect Doug Kass to be the ‘guest expert on apple’ on CNBC soon. He’ll naysay because he’s got a bunch of shorts and then at the bottom he’ll buy….
regular as clockwork.
hope apple buybacks will disrupt the cycle for ‘planed shorts’ via ‘fomenting’ (see Jim Cramers video ).”
Apple PR should be on top of slanted – fake articles like Bloomberg. If deWitt didn’t do the follow up the B.S would be treated as fact and be perpetuated in the press and blogs until the general population thinks it’s ‘TRUTH’ (that apple is failing, losing market share, abusing workers, cheating on tax etc)
If Apple does not want to issue a statement themselves (and thus reveal their build plans or whatever) they should pressure Pegatron’s CEO to issue a Press Statement (Apple’s their largest customer and has influence). P’s CEO can simply state that Bloomberg’s reporter got it wrong, that Pegatrons never broke down their customer stats etc.
If Apple PR slammed down on B.S, Apple’s image won’t be so tarnished in the investment world. (Tarnished? yeah, you can see it in the P.E. If apple had Goog’s P.E the stock would be way over 700 now. ). Calling B.S Press Reports means reporters will think twice before making fake or misleading articles and videos — they risk being labelled as unreliable or idiots (Right now the press and their hedge fund pals are using aapl as a money making yo-yo ).
I know that it’s perhaps tedious to answer all the B.S but apple can pick on the key ones to defend. All it takes is a handful of P.R guys which is way cheaper than the stock falling $200 billion from price of 700 (apple and their execs own a lot of stock themselves) or paying tens of billions in dividends and buybacks to boost up the stock. (There has been a nice recent run up but the stock is still way under it’s highest at 700+)
(I’m not against cook’s dividend and buyback plans but I think boosting investors confidence of apple and getting the P.E to a more reasonable level by answering the negative B.S press is also something to pursue and doesn’t cost them much money)
Where is “sfgh” and his “non-facts” now? He sure was slamming Apple in the first post today about Pegatron today!