Engadget post stated that the iPhone and Leopard Apples new operating system launches would be seriously delayed. Engadget based their story on an internal email which was forwarded to them.
This one doesnâ€™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 toâ€¦ October (!), and Leopard is again seeing a delay, this time being pushed all the way back to January. Of 2008. The latest WWDC Leopard beta will still be handed out, but it looks like Apple-quality takes time, and weâ€™re sure Jobs would remind everyone that itâ€™s not always about â€œwriting a checkâ€, but just how much time are these two products really going to take?
Within a matter of minutes of the post going live on Engadget, Apple stock tumbled from $107.89 to $103.42, swiping away over $4 billion off the companyâ€™s net worth in just SIX minutes!
It turns out the email was a hoax. In an update, Engadget said that the email was in fact sent from Appleâ€™s internal email system, but that it was not accurate. Apple quickly notified Engadget of the error, saying â€œThis communication is fake and did not come from Apple. Apple is on track to ship iPhone in late June and Mac OS X Leopard in October.”
Following Engadget made the update, Apple stock went back up but it still ended the day $1.25 billion less than when it started the trading day. Can you imagine all this happened in 22 minutes? Who would have ever image a blog can have so much influence over the market.