How the stock market, and Apple's stock price, is manipulated by rumors
Last weekend a rather bizarre article appeared in the Wall Street Journal, one that claimed Apple was seeing weak demand for the iPhone 5 based on a couple of guys telling the reporter that screen orders for Q2 had been cut in half, one that original included a ridiculous 65 million unit figure that later disappeared, only to be echoed by Reuters a short time later, one that sent Apple's stock price tumbling -- again -- based on nothing more than unsubstantiated, illogical, incalculable rumor.
That it was the Wall Street Journal that published the story likely lent the story credibility it might not otherwise have enjoyed. A bunch of smart tech heads discussed the story on Branch.
Kevin Michaluk forwarded me the above video from 2010 where Jim Cramer elaborates on how he, and presumably others, manipulate BlackBerry (RIMM) and Apple (APPL) stock by spreading just these types of rumors.
I'm posting it here so I can link back to it any time and every time another one of these rumors surfaces.
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