What is Digg?180 Comments
- lockfist, on 10/11/2007, -7/+154I doubt a single blog entry by Engadget could cause such a massive sell-off. I have a feeling that more than one emloyee passed along this information to the outside. I would also bet that more than one employee is going to find themselves in a little bit of trouble with the SEC for selling their shares on insider information.
- sishgupta, on 10/11/2007, -7/+140What the hell? Why are people so shocked?
NEWS FLASH!...rumors cause stock market fluctuations....a ton of gullible traders lose money... - sp00nz, on 10/11/2007, -10/+123Engadget shouldn't be responsible for people who are idiots.
- bobcrotch, on 10/11/2007, -2/+89The mentality of you thinking that someone should be able to sue over this is whats wrong here.
People making major financial decisions from a blog who touts their information was from an 'authority' (note, no sources) deserves to lose any amount of money they did. Folks need to man up to their choices and take responsibility for their actions, not whine and cry like children and try to blame someone for their mistakes. - acceptab1euname, on 10/11/2007, -8/+79Lost their college fund? Please. If you've got all your money invested in one company that's so vulnerable to one single ***** story then you're an idiot.
- Chompy, on 10/11/2007, -1/+70Welcome to the dangers of market speculation. Long-term investors will not be affected.
- fkr3, on 10/11/2007, -6/+72Not to mention most of their content comes from other bloggers anyway.
- flashboy131, on 10/11/2007, -12/+59Internal investigation run by Apple, disinformation to track leaks.
- colincornaby, on 10/11/2007, -8/+38At a total loss of eighteen cents per share at the end of the day, I don't think anyone lost a college fund.
- dulcimer, on 10/11/2007, -3/+28Not a bad strategy for the rumor sites. Short sell your Apple stock and release an erroneous email. Sure beats Google adsense. Only a tad bit illegal, though.
- FyodorD, on 10/11/2007, -27/+51It's irresponsible blogging like this that's going to make it really, really hard for the rest of the tech-related blogosphere. Apple's going to feel the sting, other tech groups are going to rally for 'stricter controls and consequences' and Engadget's going to act all indignant, like they've got squeaky clean hands.
That said, anyone who instantly dumps the majority or entirety of his or her shares based on an unsubstantiated and, frankly, lame-ass rumor flat out deserves to lose the money. Call it Economic Darwinism. - fober, on 10/11/2007, -21/+45I just sent Engadget a letter from my Gmail account stating that the Google Phone is being delayed until 2010.
Get ready to buy some Google stock. - haastyle, on 10/11/2007, -10/+31its the internet don't believe it
- tazx, on 10/11/2007, -3/+21The only people who lost money was anyone who panic-sold when the news hit. Apple closed down 18¢ on the day, and it's been up and down all week.
And actually if you look at the trade volume, a lot of people made money grabbing it as it went back up. I just pity whoever had a broker that dumped stock just before noon based on a rumor.
http://finance.yahoo.com/q/bc?s=AAPL&t=1d
Innaccurate. - treed, on 10/11/2007, -1/+18You know, most mail systems have logs. If I was going to leak information, I sure as ***** would not do it from a company account.
- KnightMareInc, on 10/11/2007, -2/+18thats just awesome.Remember folks, everything you read on the internet is true.
- MadtownTim, on 10/11/2007, -6/+22Anyone who bases their financial future on eletronic or other blogs is a complete and utter moron who deserves to lose the money. If your money means that little to you, please contact me and I will be more than happy to provide you with my paypal address so you can send it to me instead.
Anyone can post anything on the internet and say that it came from an official source. Until you can verify information in a different way, you're setting your self up to lose. - tazx, on 10/11/2007, -5/+20It's irresponsible journalism to report a rumor as "having it on authority". Did they followup with a 2nd source at Apple? Confirm the story in any way?
- EtherGnat, on 10/11/2007, -1/+141. Apple employees receive an internal e-mail and believe it (why wouldn't they?)
2. Apple employee forwards e-mail to Engadget (and will soon be looking for work if caught)
3. Engadget receives message and confirms it was distributed within Apple's internal e-mail system
4. Engadget posts story, not unreasonable given the evidence
5. Investors read story. Some sell their Apple stock (not stupid, a gamble)
6. Other investors buy stock (again a gamble)
7. Story turns out to be false. Gambling investors who sold lose 1-4%. Gambling investors who bought gain 1-4%. This is how the stock market works. If the story had been true the winners and losers likely would have been reversed.
If they catch the bastard who sent the original e-mail he's in some hot water. Apple probably deserves a bit of the responsibility as well (morally if not legally) because it seems their internal e-mail system isn't secure enough (unless the hoax was sent by somebody with legitimate access). - saggygrandma, on 10/11/2007, -4/+17How can saying it came from Apple's servers be a legitimate excuse, it can be easily spoofed..... obviously so can engadget.....
- goodoldharris, on 10/11/2007, -1/+13Stock prices fluctuate. Day traders pay attention to them. Investors don't. And neither Apple or Engadget will be liable to people who lost money because they chose to buy or sell stock based on a blog post. Techcrunch is stupid to suggest there may be liability here.
- Hooj, on 10/11/2007, -3/+15I got an email from Bill Gates telling me I would be paid $0.10 for every time the email was forwarded....
- brandonking, on 10/11/2007, -6/+17Not to mention that dumping this one stock might cause other stocks to be dumped, portfolios changed, etc. Tanking a major stock by 3% is based on fraudulant activity is a BIG DEAL. Either Engadget has to be considered a reputable news source or a rumor mongering joke blog. There is no in between. It looks like people thought they were a serious news source. That has probably changed for alot of people now.
- bobcrotch, on 10/11/2007, -7/+17Not to mention the douches who take their publications as authoritative source for financial decisions.
- IanBell330, on 10/11/2007, -6/+16Looks like the Engadget fans boys are on crowd control, digging down anyone that says they should be responsible and supporting those that say they shouldn't.
@ spoonz "Engadget shouldn't be responsible for people who are idiots. " So they should beliebe anything everyone tells them? - sp00nz, on 10/11/2007, -3/+13With the sheer amount of times most techblogs are incorrect a week it's the persons own fault for trusting it. Do you beleive everything you read on the internet?
- tazx, on 10/11/2007, -11/+20The mail was a deliberate hoax, likely designed to narrow down the source of an internal leak. Engadget was irresponsible going public with it so quickly.
- inactive, on 10/11/2007, -1/+10Engadget is run by *****.
- IanBell330, on 10/11/2007, -8/+17Sure they did. Anyone could fabricate a story like that. I got an email from MICROSOFT'S INTERNAL SYSTEM telling me Bill Gates is handing over all of his Microsoft shares to Steve Jobs. It must be REAL! Click the link next time! :)
- Chewie67, on 10/11/2007, -3/+12@spoonz - "Engadget shouldn't be responsible for people who are idiots."
This is the problem with major blogs. On one hand, they want to be treated on par with "serious journalists", yet they don't act like serious journalists. These crap sites (Endadget, Gizmodo, MacRumors, etc.) post every peice of junk that hits their inbox without checking any facts. Did they call Apple to confirm the story? Did they have any other evidence besides one random email message? No. - Nogger, on 10/11/2007, -2/+11Did they have confirmation from a second source that was not based on this email? Professional journalism would require that.
- fowleryo, on 10/11/2007, -2/+10how can i trust you??
- FatHed, on 10/11/2007, -0/+8"It's irresponsible blogging like this that's going to make it really, really hard for the rest of the tech-related blogosphere."
reallly hard to do what? be credible? - bobcrotch, on 10/11/2007, -2/+10The internet is a reliable venue for reliable news sources. Engadget is nothing more than a tech blog and it shouldn't be viewed as anything else.
Hell I wish they were paying me. - feralkid, on 10/11/2007, -2/+9@haastyle
"its the internet don't believe it"
But nearly all information these days is available on the internet. Who can be believed? Only "approved" news sources? Breaking news quite often hits the world via the blogging world before it comes out of major news agencies.
You need to be wary of any information regardless of it's source. We all have 20/20 hind-site vision as well, particularly regarding other peoples actions and decisions. - eaasness, on 10/11/2007, -3/+10I've always considered Engadget to be more a rumor site than an actual news site, granted their rumors are right most of the time.
- TheBullMarket, on 10/11/2007, -4/+11I agree, engadget may have posted inaccurate material, but retards who base their stock transactions on a BLOG should not be allowed to control their money because it obviously costs the rest of us money.
- AnotherBrian, on 10/11/2007, -3/+10Re: streak
Maybe the investors shouldn't rely on such touchy algorithms for their automatic trades. - Amoveo, on 10/11/2007, -6/+13I think this is really the point of the story. Engadget didn't make up a story or false accusations they got bad info FROM APPLE. I think the real question should be who at Apple accidentally tanked their own stock? This proves blogs are powerful, but reporting on an e-mail like this could have happened to any kind of media not just a blog.
- bobcrotch, on 10/11/2007, -7/+13It's not engadget fanboys it's people sick of jerks trying to blame their mistakes on others.
- MacParrot, on 10/11/2007, -1/+7Like your IQ?
- griz, on 10/11/2007, -0/+6And now it's back to $108.
- SupaFupa, on 10/11/2007, -1/+6My grandfather told me a little phrase to live by when I was very young: "Believe half of what you see and none of what you hear."
I understand that Apple Inc. takes its secrecy extremely seriously, it's a very shrewd and wise business practice, extremely for their sector. This only makes the email story more plausible. This isn't the first delay of leopard. The cell phone business is mostly uncharted territory for Apple, which cause hiccups somewhere, almost guaranteed.
Everything about this story is enticing and intriguing, like most Apple Rumors, and most good rumors in general. But the key phrase that should have popped into everyone's head, setting off red flags, is "Apple Rumors". If there was ever a situation that literally applied to my grandfather's words of wisdom, an Apple Rumor is that situation. Unless the "Authority" you claim to have exclusive information from is Steve Jobs, believe half of what you see, and none of what you hear.
Information like this is released all of the time. I realize that financial markets are extremely time sensitive, and fast paced, leaving little time (7 minutes in this case) to fact-check, but if the information was reliable 100% of the time, we wouldn't have investment advisers, because there would be no risk to be advised of. We would all be multi-grillionaires, and cars would be replaced by unicorns that traveled at the speed of light squared. Do you smell what Im cooking?
There might be lawsuits won over surrounding details, but I just don't see how engadget would be held liable. Investors' free will, as well as the inherent risks of investment on the whole relieve engadget of any liability. - undersky, on 10/11/2007, -1/+6LOL you know nothing about investment so why don't you stfu and stop confusing other people? some investors such as the technical analysis camp (10% of all analysts) actually do not look at what stock it is, what sector it is in, and how much does it cost. they only make their buy/sell/hold decision based purely on the chart.
http://en.wikipedia.org/wiki/Technical_analysis - zabaf, on 10/11/2007, -9/+14@Shisqpa
The gullable people sold while it was at the normal price, they didnt lose money... the people who didnt sell lost money...... - PathDaemon, on 10/11/2007, -3/+8So Apple putting out a press release with the iPhone and Leopard dates a month or so ago wasn't enough? It has to send more messages confirming the dates every week or so to quell the rumorpeople?
- Dumbledorito, on 10/11/2007, -3/+7I'm sure Ken Lay is smiling up at you from the spit he's roasting on in hell.
- michaelb1, on 10/11/2007, -1/+5Poor Engadget. They TRY to be journalist. They WANT to be journalist.
But then they go and print a rumor with absolutely no confirmation and they don't even label it as wild speculation.
This hurts legitimate bloggers that are trying to get their foot in the door of main$tream journalism. - ochimaru, on 10/11/2007, -0/+4Everyday I think another Black Friday is emminant. Not just from the inflated markets, the crashing dollar or the unsurmountable war debt... but from stupid jumpy investors like this. What would it take to scare ALL investors enough to try to yank their money all at the same time? Stupid sheep. Then again, stupid me for not jumping in there to capitalize upon their stupidity.
- phrstbrn, on 10/11/2007, -2/+6@ zabaf
You have it completely backwards. People who are gullible, sold it now, and lost about $2-4 per share. People who are NOT gullible waited an hour, and the stock went back to normal. Did you even LOOK at the at the article? They have a nice graph for those who don't like to read :)
Moral of the story, don't listen to the news when buying/selling stock. After ANY announcement, good or bad, is a VERY bad time to buy/sell stock (Don't sell after a bad announcement, don't buy after a good announcement). The majority of the time the stock will just normalize after a few days or weeks after all the excitement has died down. (Yes, there are exceptions, but those are exceptions, not the rule).
Edit:
Sell short after a good announcement to make some quick bucks. Watch the stock go up, sell short, wait for it go back down, and cash in :) -
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