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Apple (AAPL) Goes On A Wild Ride Today
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Earlier this morning, Apple's (Nasdaq: AAPL) stock took a temporary 10-point tumble on what turned out to be a false report that Steve Jobs was rushed to the hospital after having a heart attack. Apple's stock has since recovered.
A false report was published on CNN’s iReport system that said Steve Jobs had a heart attack. The person who reported the story, said that he heard from a very reputuable source, that the heart attack was indeed true. This story was later refuted from sources at Apple and the report has since been removed from the CNN iReport site. Below is the original filed 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 a short seller looking to drive Apple's stock down and make a quick profitable trade? If so, then that trader succeeded. Should CNN be held responsible for what their citizen journalists report on its site? Well, I think this has to be further looked at because it is not safe that a citizen journalist (without any reputation) can put a a knowingly false story and substantially move a stock.
By the way, CNN’s iReport site lets anyone post news stories on its site. Its tagline is “Unedited. Unfiltered. News.”
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PROSECUTE
VERONICA on Oct 3, 2008 12:44 PMCNN, if not also the person who filed the false report, should be fined and / or prosecuted. We live in a free society, BUT free does not extend the right to negligently or fraudulently damage the investments of tens of thousands of Americans. Wake up folks! If we don't draw a line SOMEWHERE, we're gonna TANK this country and our children's futures. Thanks for listening. VERONICA