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 October 23rd

Fri, 9:07 PM
Inside Apple Michigan Ave Store Opening in Chicago (Photos)
Fri, 8:07 PM
Get a Head Start on Your iPhone X Preorder on October 23
Fri, 7:12 PM
Apple Poaches Amazon Video Exec to Head International Development
Fri, 6:07 PM
Google Finds a Workaround for Apple's Intelligent Tracking Prevention
Fri, 3:52 PM
MOD-t (2nd Gen) 3D Printer on Kickstarter: $300 for a Self-Contained Consumer 3D Printer
Fri, 3:51 PM
iOS 11: How to Share Documents from the Files App
Fri, 3:12 PM
Our Top 5 Picks For Apple Watch Photography Apps
Fri, 2:41 PM
Apple Releases iOS 11.1 Developer Beta 4 with Bug Fixes
Fri, 2:32 PM
Use Your Apple Watch Digital Crown to Zoom Photos
Fri, 2:30 PM
Apple Fixes Several Bugs with watchOS 4.1 Developer Beta 4
Fri, 2:05 PM
Check Out This Cool Cyperpunk Horror Game Coming to Mac [Trailer]
Fri, 1:23 PM
Animoji Trademark Lawsuit, Apple's Sloppy UI Problem - TMO Daily Observations 2017-10-20
  • __________
  • Buy Stuff, Support TMO!
  • Podcast: Mac Geek Gab
  • Podcast: Apple Weekly Report
  • TMO on Twitter!