Featured Article: AAPL Takes Roller Coaster Ride on Jobs Heart Attack Rumor
AAPL Takes Roller Coaster Ride on Jobs Heart Attack Rumor
by , 11:15 AM EDT, October 3rd, 2008
Apple's stock went for a wild ride Friday morning following a rumor that CEO Steve Jobs was taken to the hospital after suffering from a heart attack. The company's stock dipped below US$100 for a short time, but began recovering after Apple representatives said that the rumor was false, according to Silicon Alley Insider.
The original report appeared on the CNN Web site, but was later removed. The information was released as a CNN iReport that said in part "Steve Jobs was rushed to the ER just a few hours ago after suffering a major heart attack. I have an insider who tells me that paramedics were called after Steve claimed to be suffering from severe chest pains and shortness of breath."
Apple vice president of Worldwide Communications, Katie Cotton, replied to the report by stating "It is not true."
After opening at US$106.50 Friday morning, the Mac and iPod maker's stock dropped down to $94.65. Apple's stock began its rebound after Ms. Cotton's statement, but still has not returned to the level it was at before the morning drop.
Questions have already begun surfacing about who started the rumor and whether or not it could lead to a Securities and Exchange Commission investigation. Many people are already wondering if the rumor was started as a deliberate move to drive the company's stock down, and a false report that Apple's dynamic leader had a heart attack appears to be just the thing to send the stock plummeting.
Jeff Gamet is TMO's Morning Editor and Reviews Editor. He lectures, teaches and speaks on Mac OS X and design-related topics, and is the author of The Designer's Guide to Mac OS X from Peachpit Press.
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Observer Comments
Unfortunatly it's going to be really hard to track down where this came from. CNN heard from some web site, who heard from an unverified source that mentioned an unnamed paramedic. even if they trace it back to whomever started it, all they have to do is point the finger and it can't be proven.
Fri Oct 03, 2008 1:34 pm Subject: Re: Nice Spinn, Yeah OK
QuoteAnonymous wrote:
So it was not the fact Apple shares get downgraded by
Morgan Stanley, RBC Capital and say slowing economy will pinch Mac sales. Maybe that's why it taking a pounding.
What do they Know?
No. It is pretty clear that the stock drop is directly related to the rumor. As soon as it was posted, the stock dropped. When it was retracted, the stock went back up. Cause and effect.
QuoteGuest wrote:
So it was not the fact Apple shares get downgraded by
Morgan Stanley, RBC Capital and say slowing economy will pinch Mac sales. Maybe that's why it taking a pounding.
What do they Know?
Yeah, they are a real smart lot. Look at how well they predicted the investment bank meltdown. Check the records of any of the major stock analysts, they are considered great if they have a 50/50 record. Find somewhere else to troll.
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