Steve Jobs' Fake Heart Attack, Courtesy of CNN 31 comments
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Apple’s stock took a temporary 10-point hit this morning after a false report surfaced on CNN’s iReport that Steve Jobs had a heart attack. The report has been removed, but only after Silicon Alley Insider and others confirmed with Apple (AAPL) that Jobs did not have a heart attack. And the stock jumped right back up to its opening levels. SIA captured the original report:
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. My source has opted to remain anonymous, but he is quite reliable. I haven’t seen anything about this anywhere else yet, and as of right now, I have no further information, so I thought this would be a good place to start. If anyone else has more information, please share it.
Was this just a short seller trying to make a quick buck, or someone trying to see how fast and far they could spread a false rumor? And what does it say about the value of citizen journalists?
Rather than fight the rise of citizen journalism, CNN decided to try to co-opt it by launching iReport. CNN’s iReport site lets anyone put up posts and videos about the news. Its tagline is “Unedited. Unfiltered. News.” Sometimes these reports get on CNN proper (presumably, after being vetted).
But as this incident shows, even the an unvetted report carries more weight than if it had appeared on Twitter or a random blog, because it is on a CNN site. And that may be purely because it gets distributed more broadly. It could also be because people tend to believe what they read on CNN-branded sites.
Let’s not let one bad apple ruin the whole experiment, though. Obviously, there are a lot of smart people out there who can contribute to general news gathering. There needs to be a better truth filter on iReport and other sites that allow the anonymous reporting of news. A better reputation system for contributors would help. They should be encouraged to use their real names. And maybe a bigger disclaimer needs to be placed up top saying: “Read At Your Own Risk.”
Apple can also learn a lesson from this. The stock would not have dropped so much if there wasn’t already a deep level of concern for Steve Jobs’ health and if the market knew who might take over in case of an emergency.
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This article has 31 comments:
Also agreed with deasys! While I would use the word "stupid", I would say that the rumors are done, gone, kaput, leave Jobs alone!
Oh, OH! This just in!!!!
STEVE JOB'S CAN NOT PRODUCE!! Reports and spy photos show Job's buying Exlax in an obvious attempt to relieve constipation that was not revealed to shareholders!
Oh, in case you're too stupid, I made that up =P
FULL DISCLOSURE: Getting reamed in the butt by AAPL stock.
And Erick, you are a twit. Jobs' health appears fine.
Hah, the twitchy fingers deserve to have sold for a lost. What are we, a bunch of babies that bail at the first sight of a problem?
Grow up and learn to play the market, not emotion.
If something really does happen to SJ, I will cherish the bottom as a buying opportunity. Especially from these levels. All the bright talented people in its many businesses won't quit coming to work just because Steve isn't there. iPhones won't suddenly stop working. Macs won't suddenly get viruses. It's a company with amazing growth for its size, rabid fans for its products, ridiculous cash flow and nearly $25/share in the bank.
It's a volatile stock and when it runs out of sellers, the snap back will be just as violent.
Apple has a ridiculous amount of cash, the only possible long term use of which is to return it to shareholders. It has no forseeable reason to need the capital markets, ever.
It's ALREADY trading at levels far lower than the loss of Jobs would justify.
So, everyone, keep spreading the rumors and shorting the stock. Just do look at me when you need to cover.
If something really does happen to SJ, I will cherish the bottom as a buying opportunity. Especially from these levels. All the bright talented people in its many businesses won't quit coming to work just because Steve isn't there. iPhones won't suddenly stop working. Macs won't suddenly get viruses. It's a company with amazing growth for its size, rabid fans for its products, ridiculous cash flow and nearly $25/share in the bank.
It's a volatile stock and when it runs out of sellers, the snap back will be just as violent.
Apple has a ridiculous amount of cash, the only possible long term use of which is to return it to shareholders. It has no forseeable reason to need the capital markets, ever.
It's ALREADY trading at levels far lower than the loss of Jobs would justify.
So, everyone, keep spreading the rumors and shorting the stock. Just do look at me when you need to cover.
You will have your revenge.
No shorting == no violent short covering rallies.
Unlike the financials that were really hit, Apple doesn't need a cent of capital or cash (and won't ever.) The only effect a lower stock price has is that it improves recruiting by adding more upside to option grants.
maybe
why should it go to 0.1? why not and who will stop the sellers to get it there?
HAS ANY SHORT OR " JOURNALIST" EVER GONE TO JAIL FOR SPREADING LIES?
worship the free market, kill the last major US company that can innovate, vote republican to transfer all the wealth to bankers and short-sellers.
Enjoy.
Erick, having read a # of your posts the past few months, it is clear that you have a tendency to see only the negative regarding AAPL, the company as well as the stock. So anything negative you have to say regarding AAPL cannot be taken as anything of value. But in reference to the above quote from your post, it is now also clear that you are a complete moron.
One lesson to be learned, clearly, is how stupid CNN is/was to sponsor a blog over which it has not control. Another lesson to learn in similiar vein, is that Seeking Alpha to remove from their bloggers morons like you that more often than not, post inaccurate information (i.e. 3G iPhone inventories @ a NYC Apple store), inaccurate analysis with a clear intent to taint the company & the stock. In my view you are not that much afar from johntw . . . or are you in-fact johntw? Wouldn't suprise me the least . . . because that's how you paint yourself on this blog.