Steve Jobs // Current

Perché Apple non ha ancora prodotto un netbook

È passata qualche settimana dal lancio dei nuovi portatili Apple e vorrei, a freddo, lanciare una riflessione su una frase... more

danito
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Is Steve Jobs Preparing His Farewell?

Steve Jobs is leaving Apple. Not tomorrow, but probably very soon. That's why he started to say good bye today, doing... more

tokomoe
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MacHEADS trailer

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tokomoe
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Apple laptops get glass trackpads, Nvidia chip

CUPERTINO, Calif. - Apple touched up its line of laptop computers Tuesday with a minimal nod to the economic turmoil that might... more

Crazyotto
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The Calbear Report: October 14, 2008 @ CalTV: UC Berkeley's Online TV Station

Check out the newest mac product introduced by Steve Jobs himself, The iHavenolife. Also join Katie and Yaou as they bring you the... more

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Data suggests Apple has cruised past 10 million iPhone goal

The consensus estimates for iPhone sales figures for Apple’s Q4 (calendar Q3) were calling for approximately 4 million... more

quantisation
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SEC Investigating Jobs' Heart Attack Story

The Securities and Exchange Commission (SEC) has launched an investigation into whether the false claims that Apple CEO Steve Jobs... more

Hawkmang
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'Citizen journalist' could face prison for fake Steve Jobs story

The gutsy (and stupid) "citizen journalist" who posted an erroneous story that said CEO Steve Jobs had a heart attack has the hallmarks of a short seller, and it's likely that he (or she) could face criminal charges and possibly prison time, according to one attorney.

"It's unlikely that anybody does this for kicks," says Scott Vernick, a partner at Fox Rothschild in Philadelphia. "People generally do this kind of thing because they have a position in the stock and they want to see it go one way or the other."

This isn't the first time Apple shares have been subject to violent swings due to product misinformation or speculation about Steve Jobs' health. Last year, bogus reports that the release of the iPhone and Leopard operating system would be delayed shaved $4 billion off Apple's market capitalization.

And earlier this year, shares of Apple took a beating on concerns that Jobs was battling cancer again after he appeared gaunt at a company event. Jobs declined to disclose the cause of his weight loss but denied it was cancer. When asked about the origins of the cancer rumors, Jobs told CNBC they were started by "hedge funds with a big short position on Apple."

In this case, the erroneous story, which appeared on CNN's iReport -- a citizen journalism site pitched as "unedited" and "unfiltered" -- prompted a sell-off of Apple shares, which dropped to $95.41 from $105.27, between 9:40 a.m. and 9:52 a.m. EST, before Apple denied the report and the stock recovered.

CNN says the story was removed after it was flagged by the community, and the user's account has been disabled, so at least that part of the system worked.

But since information seeded on the internet (to say nothing of one of the internet's premiere news brands) can seep into the markets virtually instantaneously, 12 minutes is an eternity during which time anybody with certain knowledge of the truth or falsity of the report could, you will pardon the expression, make a killing.

To boot, the subject of Jobs' health is exactly the sort of front-burner item that would tend to catch fire. Plus, Apple stock has been especially tormented lately, even given the downward spiral of the broad market, and has been trading at 52-week lows.

So giving a manipulator the benefit of less than perfect timing, it would have been possible to net a gain of about 10 percent. In about 10 minutes.

We don't know if the perpetrator had this particular plan in mind or was just having his jollies. But that is exactly how a person of larcenous intent would do it.

And assuming the Securities and Exchange Commission can prove the fake news writer published the post with the purpose of manipulating the stock, there would likely be criminal charges, says Vernick.

"These sorts of financial crimes or attempts to defraud investors carry criminal penalties and the possibility of imprisonment," says Vernick.

Similarly, in a 2000 case, 23-year-old community college student Mark Jakob published a fake press release suggesting Emulex would have to restate its earnings. The stock tanked and Jakob netted roughly $240,000 by shorting it. He got busted, though, and had to give up his gains and was sentenced to 44 months in prison. The gutsy (and stupid) "citizen journalist" who posted an erroneous story that said CEO Steve Jobs had a heart attack... more

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4 responses

1 month ago

Apple stocks plummet after false iReport on Steve Jobs heart attack

Citizen journalism FAIL. Apparently a CNN iReporter said Steve Jobs was rushed to the ER this morning after suffering a serious... more

abbym0308
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32 responses

1 month ago

Jerry Seinfeld And Bill Gates' Microsoft Ads Being Pulled

Microsoft is preparing to pull its TV ads featuring comedian Jerry Seinfeld and Microsoft's co-founder and chairman Bill... more

jcmoisan
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2 months ago

Oasis, Kanye & Murder

A lot can happen in a week! In fact, a lot has. The Daily Fix brings you to speed on this week's music news.

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2 months ago

Apple Unveils New iPods

Apple CEO Steve Jobs has unveiled new iPods and hailed a truce with NBC Universal to bring its TV programs back to iTunes.

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2 months ago

Apple launches iTunes 8, NBC comes back, TV shows at $1.99, Genius in the house

Just in time for couch season, Apple has busted out iTunes 8 with a slew of new features, like the Genius sidebar. Also, NBC is... more

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2 months ago

New nano-chromatic iPods and improvements for the rest

Today in San Francisco, reporters and analysts gathered at Apple's "Let's Rock" event eager to hear Steve Jobs talk about the improvements to his line of iPods.

For starters today Apple is releasing a new version of iTunes. The new iTunes will have a few new features including grid browsing and the Genius function. Genius is an all new way to automatically create play lists from your library based on songs that go well together. This works with music and movies. iTunes will upload a list of your music and movies to the internet to be added to a database. This database will gather and compare information from all Genius users to develop a smart play list. The more people using Genius the smarter it will be. Kind of takes the fun out of the mix tape, but still a really cool feature. The new iTunes can be downloaded for free.

The classic iPod is being upgraded to a thinner 120GB ($249) version and the 160GB is being discontinued.

Next was the big announcement. New second gen nano iPods. The new nano's will sport a whole new look. The nano is going back to a more vertical design like the long forgotten iPod mini. Much like the macbook air they have a new curved aluminum design with a curved glass cover for the screen. This new design will make it the thinnest iPod ever. Apple has taken the accelerometer from the touch and iPhone and it does some great things. The nano now has cover flow so you can browse your music by album cover. One of the coolest things about cover flow on the nano is you to simply shake your nano to scroll through. The integration of the accelerometer also means a larger display for watching video. Some of the other nano improvements include use of Genius play list building without iTunes, built in mic, 24 hour battery life (music playback), environmentally friendly (toxics free), and they come in a wide variety of colors. My favorite is the silver with black click wheel. The new nanos will come in 8GB ($149) and 16GB ($199) models.

The rest of the updates were nowhere near as exciting. Steve announced a new set of ear buds that have both a woofer and tweeter, on cable controls, and a built in mic. You can get a pair of these for the steep price of $79.

The iPod touch also saw a few cool updates. The new touch will be thinner even though they are cramming in more features. Taking up space on the inside of the new touch is a built-in speaker, Nike + and volume controls on the side. Steve also showed a tv spot which basically promotes the touch as a hand held gaming device. With about 700 games on the App Store, Steve boasts that the touch is the "best portable device for playing games." Look out Nintendo... Some of the highlighted games are Need for Speed, Real Soccer 2009, and they even managed to get a version of the new hit game Spore for the iPod touch. The touch screen D-pad and A/B buttons that some of the games has as well as motion senor controlling makes the touch a pretty diverse gaming device. The new iPod touch will come in 8GB ($229), 16GB ($299), and a 32GB ($399) models.

The last updates of the event came for the iPhone. No new hardware, but there is a 2.1 firmware update that fixes a lot of bugs. "Fewer dropped calls, big battery life improvements. No crashes with Apps. Backing up is faster." This update is free for all iPhone owners.

With the whole arsenal of iPods improved, its time to start your Christmas shopping. Oh and F.Y.I. Jobs also mentioned that 90% of US cars offer iPod integration. So if your in the market for a new mp3 player and a new car, you can truly combine them.
Today in San Francisco, reporters and analysts gathered at Apple's "Let's Rock" event eager to hear Steve Jobs... more