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May 15th, 2000

[4:10 PM] Apple's Stock Tanks As Jobs Says No Mac OS X Before Its Time
by Wes George

The effect of Steve Jobs' keynote address at the WWDC on Apple's stock was downer.

Apple's stock began to fall straight out of the gate this morning bottoming out at 10:30 am EST, but never could mount a comeback as the Nasdaq began an afternoon rally.

AAPL fell 6 5/8 to close at 101 dollars on over 6 million shares traded, that's almost twice the stock's normal volume.

Wall Street apparently didn't want to hear that the final version of Mac OS X, which most thought would be released this summer, is delayed till January of 2001. Instead a beta version of Mac OS X will be released this summer.

On top of the negative OS X announcement, the news Wall Street really wanted to hear -- something concrete about Apple's "beyond the box" strategies and perhaps intimations of a future Internet appliance -- never materialized.

While this news is more disappointing than damaging to Apple's bottom line, it comes at a point of serious weakness in AAPL due to investor uncertainty over Apple's future course. Today's Keynote address did little to reassure nervous shareholders who shrugged off the positive software announcements in the keynote to focus on the OS X delay.

The Mac Observer Spin: Delays in OS release dates are common and serve a real purpose. To release OS X 1.0 before all the testing and tweaking is rigorously completed is a recipe for disaster in the marketplace. Kudos to the brave engineers at Apple who have the foresight to demand it gets done right the first time rather than rush to meet an arbitrary deadline.


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