Engadget Knocks $4 billion off Apple Market Cap on Bogus iPhone email
‘What a day for Apple investors. The stock started off strong today on a lot of pre-market buying, despite news that Amazon will finally start competing on sales of DRM-free music.
Then, whoops, at 11:49 AM EST Engadget posted saying that the iPhone and Leopard operating system launches would be seriously delayed. They based the story on an internal Apple email that was forwarded to them. [..]
Apple’s stock promptly tanked on massive selling, going from $107.89 to $103.42 in six minutes (11:56 – 12:02). This wiped just over $4 billion off of Apple’s market capitalization. A lot of people lost a lot of money very quickly.
Well, it turns out that the email was a hoax. [..]’
