On Thursday, May 21, Apple’s stock took another nosedive, and it’s clear that facts and logic weren’t behind this not-so-anomalous event.
You see, everything should be coming up roses over at Apple Inc. Industry analysts claim to have data showing that iPod sales are up, despite expectations to the contrary, that Mac sales are through the roof and the iPhone sold out ahead of schedule because of the unprecedented demand.
Despite that, Wall Street seems to live on a constantly wavering tightrope, and the vaguest intimation that something is wrong is sufficient to send a stock tumbling. In this case, it was a rumor that the 3G version of the iPhone, widely expected to be announced on June 9 at the WWDC and available shortly thereafter, would be delayed for up to 30 days for some unknown reason.
As a result, billions of dollars were shed from Apple’s market value, at least for that one day. However, there was absolutely no foundation whatever to this rumor.
It was all a fantasy.
Story continued in this week’s Tech Night Owl Newsletter.
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