News and Politics | October 03, 2008 | 32 comments

Apple stocks plummet after false iReport on Steve Jobs heart attack

source: http://www.alleyinsider.com/2008/10/apple-s-steve-jobs-rushed-to-er-after-heart-attack-says-...

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abbym0308
Citizen journalism FAIL. Apparently a CNN iReporter said Steve Jobs was rushed to the ER this morning after suffering a serious heart attack. That report was then categorically denied by Apple and the story removed from CNN, but not before Apples stocks dove off a cliff. Stocks have since rebounded, but the SEC is going to investigate what this iReporter was thinking.
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32 comments // Apple stocks plummet after false iReport on Steve Jobs heart attack

  • james_montagna
    • 0
      james_montagna  

    • This is the reason why citizen journalism is a somewhat flawed concept. Whoever bought Apple shares in that dip is probably quite pleased with themselves right now.

    • 3 years ago
  • CalgarC
  • metalcookiesxy70
  • rachelmaechel
  • HaloedGriot
  • damnneargenius
    • 0
      damnneargenius  

    • Grrr...too.

      Wait a minute, that's how I feel watching the "news" on TV anyway.

      Now if I were only one of the powerful elite controlling this country I could make million off such a hijinx.

    • 3 years ago
  • LeLa_27
  • islek
    • 0
      islek  

    • WHEN will people realize that CNN is not the know-all go-to place for news? CNN recently wrote an article about men who claimed they had found Sasquatch!

    • 3 years ago
  • Skyebeka
    • 0
      Skyebeka  
    • islek:

      Hey, Sasquatch is real! He lives in Fayetteville, NC, works part time at a Waffle House and plays bingo every Friday night. He drinks too much when he parties but he's not the mean-spirited beast that the media has painted. I will admit however, that his breath does indeed smell like road kill.

    • 3 years ago
  • insanejain
    • 0
      insanejain  

    • this shows the whole economy runs on Speculation!!

      this also shows how insecure our market economy is...like honestly think about it! One false report that Jobs was taken to the hospital and the stock plummeted...what else could be done with more false reports? hmm...

    • 3 years ago
  • Swiyyah
  • logicmaster
    • 0
      logicmaster  

    • I think the culprits intention was to kill the stock so he could then buy in.

      Now it has rebounded and said reporter made some dough today.

      Theres the logic :-0

    • 3 years ago
  • SDLN
  • KarlitoMosquito
    • 0
      KarlitoMosquito  

    • I still don't understand why Apple stocks would be affected by Jobs having a heart attack. He's not the only person that works for Apple, sheesh! I think people are looking for any excuse to panic in the stock market.

    • 3 years ago
  • petarro
  • SDLN
    • 0
      SDLN  
    • KarlitoMosquito:

      Yeah, I'm not sure how accurate this is historically, but the "legend" of Jobs is that Apple tanked when he left in the mid-80's and came back to life upon his return in the late 90's. So I think investors would see him as essential to the company.

      Bill Gates eased his way out of Microsoft over a number of years to avoid a crippling market reaction and I imagine Jobs will have to do the same when he decides to go.

    • 3 years ago
  • Tori
    • 0
      Tori  

    • Oooh, my dude works at Apple. I'm really curious to see him after work tonight and see what the reaction to all of this was in Cupertino!

    • 3 years ago
  • petarro
  • WhiteNoise
  • Stevox
    • 0
      Stevox  

    • This is a good example of the power of the media. It's a great responsibility that in may ways holds the fate of our country.

    • 3 years ago
  • cheakywillie
  • bimmer_man
    • 0
      bimmer_man  
    • cheakywillie:

      haha yea that's what i'm saying man. Even if he dies the brains behind most of the modern inventions will still be alive. Just because he started apple doesn't mean he's the only one who can make good apple products. Why would this cause the stocks to fall?

    • 3 years ago
  • rabidlemur
  • rachelmaechel
  • extremepain
    • 0
      extremepain  
    • cheakywillie:

      The manufacturing could go on, but Steve's innovative spirit is what grew them into the market power they've become. Remember when he was voted out by his board of directors? How was Apple fairing then?

      I don't want either to die, for human reasons, but John McCain's passing would be a death knell for the viability, nation and world regard for the executive branch, assuming he were elected prior to the event. Then I would be moving the family abroad.

    • 3 years ago
  • richjm
    • 0
      richjm  

    • It's possible somebody could quickly spread a rumour that causes the stocks to fall, buy some stocks, the value then rises when the rumour is proved false, the rumour-spreader makes lots of money.

      This sort of behaviour is illegal for financial journalists. I wonder if there's anyway they can police the citizen journalists effectively though.

    • 3 years ago
  • Wesnology61
  • Skyebeka
  • Johnny_Danger
  • warhawk187
    • 0
      warhawk187  

    • This is exactly why market speculation will eventually cripple the capitalist system. Look at what happened seconds after the bailout failed to pass in the house of reps...

    • 3 years ago
  • joshuaheller
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