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 September 27th

Mon, 6:38 PM
watchOS 3: Mickey and Minnie Mouse Can Now Speak the Time
Mon, 5:51 PM
iOS 10: How to Use Maps Extensions
Mon, 5:07 PM
TMO Background Mode: Interview with Founder & President of Bombich Software, Mike Bombich
Mon, 3:13 PM
iOS 10 Maps 'Overview' Buttons Moved to the Swipe-Up Drawer
Mon, 2:35 PM
A-Shirt Makes Apple-Inspired Shirts for Apple Fans
Mon, 2:32 PM
TMO Daily Observations 2016-09-26: macOS Sierra PDF Issues, Apple ID Two-Factor Authentication
Mon, 2:25 PM
Apple's iPhone 7 Invitation Refused by Bloggers
Mon, 2:01 PM
Avantree PowerHouse 4 Port Fast USB Charging Station
Mon, 1:28 PM
Stilo 6R Stylus Features Magnetic Body and Hybrid Tip
Mon, 10:40 AM
How to Stream the Clinton/Trump Presidential Debate on Your iPhone, iPad, and Apple TV
Sun, 12:06 PM
MGG 624: Sierra, APFS, Wi-Fi and Personal Servers
Sat, 9:04 PM
Can't Remotely Control Your HomeKit Devices? Enable iCloud Two-Factor Authentication
  • __________
  • Buy Stuff, Support TMO!
  • Podcast: Mac Geek Gab
  • Podcast: Apple Weekly Report
  • TMO on Twitter!