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Elizabeth Book

Why Did Apple's Stock Drop Yesterday?

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By Elizabeth Book on May 17, 2007 12:07 PM 0 0 Vote 0 Votes

Today, I present you this guest post from ebizQ's own MacDude Ely Rosenstock:

The power of internet rumors reached new heights yesterday as a spoof email from Apple servers caused Apple stock to drop 4% in 13 minutes. Popular technology blog Engadget received an email that seemed to have originated from Apple servers with the following message:

"This one doesn't bode well for Mac fans and the iPhone-hopeful: we have it on authority that as of today, the iPhone launch is being pushed back from June to... October (!), and Leopard is again seeing a delay, this time being pushed all the way back to January."

This text was posted as a blog post at 11:49 AM and within 13 minutes Apple stock had dropped from $107.89 a share to $103.42. This type of rash buying and selling decision by shareholders is nothing new, but as blogs are taken more seriously in the news industry, we should expect to see more volatile stock increases/decreases based on rumors and spoof emails.

Here's some raw news from Digital Trends, ComputerWorld, and MacDailyNews.

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