The Mac Observer

Skip navigational links

You're viewing an article in TMO's historic archive vault. Here, we've preserved the comments and how the site looked along with the article. Use this link to view the article on our current site:
Fake iPhone Report Throws Apple Stock

Fake iPhone Report Throws Apple Stock

by , 7:55 AM EDT, May 17th, 2007

Apple stock took a wild ride on Wednesday after what initially appeared to be a legitimate leaked memo claimed that the iPhone would be delayed until October, and Mac OS X 10.5 wouldn't ship until January 2008. Once the memo appeared on Engadget late in the morning, the Mac and iPod maker's stock dropped about three points almost immediately in a trading frenzy.

Apple reacted quickly and issued a statement saying that the iPhone and Leopard are both still on track - the iPhone will ship at the end of June, and Leopard will ship in October. Engadget ran a retraction once it had Apple's real statement, and then the company's stock began to stabilize.

How someone was able to create an internal email that looked legitimate to Apple employees is still unclear, and the company is looking into the incident. Investors, however, are looking for more and want an SEC investigation, according to Business 2.0. Many were dumping their stock and potentially losing money in the process.

TMO forum members offered their own take on the situation. "The FUDmeisters are going to extraordinary lengths, and this was IMO a deliberate attempt to whack the stock," said Tommo_UK. "The SEC want to investigate something? They should go hell-for-leather on this, if Apple don't themselves. Something tells me that His Steveness is not going to be very happy about this and is likely to launch a full-scale investigation of his own."

SNIPUS added "The people who got really nailed are the ones that had conservative stops in. And the ones who profited were the crooks that had buy stops.... I agree there will be an investigation but not by Apple."

Apple's stock never fully recovered on Wednesday and closed down at US$107.34. Apple is currently trading in the pre-market at $107.70, up 0.36 (0.34%).


Jeff Gamet is TMO's Morning Editor and Reviews Editor. He lectures, teaches and speaks on Mac OS X and design-related topics, and is the author of The Designer's Guide to Mac OS X from Peachpit Press.

if you have tips or tricks to share, or Mac-related questions you want answered.

Recent TMO Headlines - Updated July 5th

Mon, 5:21 AM
Happy 4th of July
Sat, 2:03 PM
Kuo Doubtful About Report of Apple Cutting iPhone 14 Order
Fri, 5:13 PM
TikTok Claims Strong Data Security, Still Planning to Improve It Further
Fri, 4:35 PM
Apple to Cut iPhone 14 Orders By 10% Despite High Demand, Sources Indicate
Fri, 4:12 PM
Celebrating the Anniversary of the iPhone: Looking at the Time Apple was Exclusive to AT&T
Fri, 3:16 PM
Steve Jobs to Posthumously Receive the Presidential Medal of Freedom
Fri, 2:43 PM
Former Apple Securities Lawyer Pleads Guilty to Six Counts of Insider Trading
Fri, 2:27 PM
Apple Has Interviewees Think Outside of the Box, Other Tips for Landing a Job with the Company
Fri, 2:21 PM
Apple Suppliers Are Already Working on Second-Generation OLED iPad
Fri, 2:11 PM
Apple Promotes the Apple Watch Series 7 as A Durable Device in the New 'Hard Knocks' Video Ad
Fri, 1:34 PM
My Penultimate Column
Thu, 4:12 PM
Apple TV+ Unveils Trailer for New Family Comedy 'Best Foot Forward' Premiering in July
  • __________
  • Buy Stuff, Support TMO!
  • Podcast: Mac Geek Gab
  • Podcast: Daily Observations
  • TMO on Twitter!