In case any of you missed it, Engadget released a *falsified* internally distributed Apple memo detailing a delay in the (eagerly awaited) iPhone and Mac OS X Leopard. Today they printed a play-by-play explanation of their actions.
Of course this sent immediate shockwaves through the rumor-ridden Mac community, but more importantly the trading community: AAPL stock plunged $2 after the 11:49 am posting, but stabilized after 20 minutes closing the day with a negligible price drop. The estimated loss to Apple, though, was a $4 billion dollar market cap in six minutes. (Billion… with a "B".)
Some say Engadget is at fault, but I say: Let’s get real about blog publishing; it’s unvetted.
The business sector should remind itself that this is the blogosphere and NOT print media. Although information flows fast and furious, it is not impeccably vetted. Hopefully, examples like this will bode well for print media’s future, because that is where they truly shine.
Traders who utilize this kind of
late-breaking information are in the high-risk, high-stakes game. This
is the price one pays for depending on sometimes undependable
information. Although this is the new world we’re living in, everyone
will have to adjust.
The business and public sector will continue to be reminded of this through similar events. The blogosphere is still going through its growth pains. There is room for both media types, and they’ll have to form their boundaries through incidents like this.
Besides, with trading: You win some, You
lose some. Consider this a 21st century growth pains learning lesson
and move on. I’m confidant those traders will make up for it another day.
