Engadget's (Now Debunked) iPhone Delay Story Sinks Apple Stock

Okay, Apple's (AAPL) iPhone isn't delayed, contrary to Engadget's market-moving retracted story Wednesday morning. The incorrect news whacked Apple's stock, taking it down almost 3% on what now seems to been a spoofed email somehow inserted into Apple's internal email system.

This is a bigger deal than a blog getting a story wrong. Why? Because this was almost certainly done for market manipulation, with someone -- Russian hackers again? -- inserting this into the Apple network, knowing it would get out and hook someone, while allowing them to trade against the news.

Original Apple email

From: Bullet News
Date: May 16, 2007 9:09 AM CDT
To: [redacted]
Subject: Mac OS X Leopard and iPhone Delayed

Mac OS X Leopard Delayed Until January
iPhone Delayed Until October

REGIONS: Asia-Pacific, Canada, Europe, Japan, Latin America, United States
GROUPS: AppleCare, Retail

Apple issued a press release today announcing that iPhone which was scheduled
to ship in June, has been moved to October and the release date for Mac
OS X Leopard has been moved to January next year. A beta version of Mac
OS X Leopard will be given to developers at the Worldwide Developers
Conference [WWDC].

Apple email redaction

From: [redacted]
Date: May 16, 2007 10:47 AM CDT
To: [redacted]
Subject: NEWS: Disregard Bullet*News Sent May 16 at Approximately 9 a.m. Central--AP/CA/EU/JP/LA/US

You may have received what appeared to be a Bullet*News from Apple. This communication is fake and did not come from Apple.

Apple is on track to ship iPhone in late June and Mac OS X Leopard in October.

Of course, it's always worth knowing when a smart investor cuts its position in a high-profile stock, and the $29-billion D.E. Shaw fund has cuts its Apple holdings:

D.E. Shaw & Co., a New York-based hedge fund firm, sold Apple Inc. shares in the first quarter and bought financial-services companies including Ameriprise Financial Inc.

Shaw cut the Apple stake by a third, or 2.4 million shares, according to a regulatory filing. The firm reduced its technology stock holdings by 1.3 percent.