Much ado about…..

gottaBKD

Blogs Do Have Clout.

Posted by gottabkd on Thursday, May 17, 2007

It seems to be true, blogs do have enough clout to influence a change. If not only in the way we think, but also in the way we act… or react to what we read.

Take Engadget for example. Apparently they received an email from an Apple employee announcing a delay with the release of the iPhone. Apparently this email was sent to everyone within Apple. Apparently the source was reliable. Apparently Engadget did not confirm the email with Apple, but instead posted it on their website saying:

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. Of 2008. The latest WWDC Leopard beta will still be handed out, but it looks like Apple-quality takes time, and we’re sure Jobs would remind everyone that it’s not always about “writing a check”, but just how much time are these two products really going to take?

promoiphone20070130

Well, it not only caused a stir amongst it’s readers, apparently it also caused the Blue Chip Stock to plummet… so much so that the overall capitalization of Apple’s market fell more than $4 million. The stock slid as investors began to sell of in record numbers during the half hour that this “hoax” apparently happened with in.

Apple contacted Engadget to inform them of the error, that they never sent the email and that the launch was still planned as usual.
Eventually Engadget released this retraction update on their site, while still claiming:

A trustworthy source supplied us with an actual internal Apple email that went out to thousands of Apple employees earlier today (published after the break). The fact that this was an email sent within Apple’s internal email system to its employees is not in question. Let us reiterate: this was an ACTUAL email distributed within Apple’s internal email system to Apple employees.

But seriously….
Apple is a blue chip type stock, why would anyone sell it on an unconfirmed blog post let alone an unconfirmed email?
Why wouldn’t they wait a day to see if it would rebound?
Don’t these investors talk to their brokers and wouldn’t their brokers advise them differently?
Is Engadget responsible, in any way, for anyone who relied on this information and as a result, sold their stock at a loss?
Is Apple at fault if it proves to be found that the email did come from their servers?
What would you have done in this situation?

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