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Engadget Error (Briefly) Deflates Apple Stock

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[ Technology]

Well, we can officially put the debate to rest that blogs don’t count for much (not that anybody has really debated the blog’s potential lately). When Engadget reports bad news, stocks plummet – a lesson Apple learned the hard way as $4 billion in market cap fell off the board for six Wall Street minutes.

It’s not often you see an entire blog post struck through with egg-faced fury. The popular tech blog had to recant it’s reporting that Apple’s iPhone and Leopard operating system would be delayed.

Engadget had "it on authority" via a supposed Apple internal email that turned up bogus. Engadget writer Ryan Block’s gaffe sent Apple stock plummeting by four-and-a-half bucks just as New York brokers were about to break for lunch.

Apple said the email was "a fake" and did not come from them. Engadget was quick to correct the error, and Apple stock recovered significantly by half-past noon.

Blogging, then, as a medium, you might say has finally arrived. If a 96-word post can tank a stock immediately, investors, companies, bloggers and regulators are sure to take greater notice.

Engadget Error (Briefly) Deflates Apple Stock
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