Engadget “fooled” by iPhone hoax


iPhoneOK. I saw this earlier this week and didn’t have time to post on it. What I want to know from folks who understand the stock market is did Apple investors really “lose” their money, assuming they simply held on to their stock?

Dvorak Uncensored » Engadget “fooled” by iPhone hoax

I put “fooled” in quotes because there are checks you can run before offering up a statement guaranteed to affect stock prices. Engadget didn’t have verification before they published. A few minutes worth of stock market panic cost Apple investors about $4 billion.

I should add that I spoke with the corporate sales dude for Cingular who handles our accounts. He told me that initially corporates would not be allowed to purchase the iPhone and that if you currently have a discount through your employer on your personal account and switch to the iPhone you will lose that discount. Not tasty…

TechCrunch has more here and make the same assertion that

Four billion dollars in market cap was wiped off of Apple’s stock price in six minutes as the “news” hit the market.

So I am still wondering, if you had Apple stock and didn’t sell in that time, presumably you are no worse off, no? In fact, Apple’s stock was at $107.89 before the false announcement and by close today was up to $109.44. So if you held on you are still better off than before Engadget released their little missive into the world.
Image

 

Leave a Reply