CNN "citizen journalism" ireporter false story causes APPL to drop

[pRICE cUBE]

This really boils my blood. I have never been a fan of this kind of format, I find it to be reckless, dangerous and lazy by news outlets that support it.

http://money.cnn.com/2008/10/03/technolo.../index.htm

NEW YORK (CNNMoney.com) -- Apple shares fell sharply Friday morning after an erroneous Web report saying founder and CEO Steve Jobs had suffered a heart attack. Shares quickly recovered after it became clear the rumor was not true.

The posting, made on iReport, a user-generated content site run by CNN, said, "Jobs was rushed to the ER just a few hours ago after suffering a major heart attack," according to Silicon Alley Insider, a blog that took a screen shot of the posting.

Apple's stock fell 10% in 10 minutes, then recovered to trade flat most of the session before closing 3% lower.

An Apple (AAPL, Fortune 500) spokesman confirmed the rumor was not true, but declined to comment as to whether the company is taking any further action.

[ztirffritz]

Again?!? How many heart attacks can the poor guy have in one day?

http://forums.macresource.com/read.php?1,575411

[Don Kiyoti]

I agree with Cube! They say "Unedited. Unfiltered." like that's a good thing.

[Blankity Blank]

I'm waiting for that remote surgery technology to really get nailed down.

"Citizen Surgery". What a day it will be. Finally empowered by Web 2.0 to shake off the stodgy old boundaries of knowing what you're doing. Get to the tar pits you old fossils with your "degrees" and "learning" and "experience"! Lung replacement surgery, unedited and unfiltered.

[Jimmypoo]

Having Henry Blogett writing anything about Apple is bad enough for Apple.

This is the M. Lynch guy who should have been lynched and stuck in a prison
for manipulating stocks for a decade.

[RAMd®d]

Wow, z is a parrot! Whodda thunk!


Citizen Journalism isn't journalism any more than a "blogger" is a journalist. There *are* some journalists who "blog". But that's not the same thing.

Apparently "unedited" and "unfiltered" is CNN Speak for unsubstantiated, "tabloid journalism" and link bait.

"Citizen Journalism: Amateurs making up news so we don't have to!"
-cnn.com

At least CNN doesn't have to lower its standards.

[mikeylikesit]

Somebody made money off it, my bet is they made it both down and again up.

[Speedy]

We'll see: http://www.nytimes.com/2008/10/04/busine...f=business

mikeylikesit wrote:
Somebody made money off it, my bet is they made it both down and again up.

The Securities and Exchange Commission is investigating the origin of a false report on a CNN citizen journalist Web site that Apple’s chief executive, Steven P. Jobs, left, had a heart attack and was hospitalized. The agency’s enforcement unit is trying to determine whether the posting, which was on iReport.com, was intended to push down the company’s stock price. CNN is cooperating with the S.E.C.’s inquiry, a network spokeswoman, Jennifer Martin, said. The report is “not true,” an Apple spokesman, Steve Dowling, said. John Heine, a spokesman for the S.E.C., declined to comment.

[Acer]

The Leader needs his own version of abevigoda.com, apparently, to keep the markets calm.

[Raydog]

Makes you wonder what is going to happen to APPL if something tragic really happens to SJ.