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Engadget's Response to Applegate

Technically, I'm obligated to give these guys noogies whenever I can. But I think Ryan's response to "Applegate" is fair. So here's my support of a fellow gadget journalist, feud be damned. (Yes, I said Journalist.)

Ryan explains that his source is a confirmed Apple employee, and that he did indeed try to confirm the rumor with Apple's PR staff before posting, but failed. Knowing how he operates, I knew that, but it's nice to give the world confirmation. He also says that he could have labeled the info a rumor but didn't think that was appropriate. Me? I would have relayed it as rumor. What does it cost you to ask your readers to be careful? Nothing. (Unless you're pulling a prank on them.)

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But that's not the point. Newspaper print retractions all the time. The difference is, a matter of impact, and result. When a newspaper screws up, where does the damage control happen? Online. Who's here to back up the fastest news medium around? Readers, if you want the stuff that's been combed over and confirmed 100%, wait 'til tomorrow's paper. Just know that you'll be 20 hours behind the news, and you still can't be sure that the facts are right.

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Ryan: Hang tight man, one more day 'til the weekend.

Regarding yesterday's Apple news [Engadget]

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DISCUSSION

dpmorri, I do know about stop losses. What kind of investor would place a $4 stop loss on a $110 stock of an established and very profitable company like Apple, especially when Apple's stock price is unusually sensitive to short term huge swings because of news (most of which is legit)? Not a smart investor, I can tell you that.

Look, my point is this. Of course Engadget should be more careful. But they did NOT cost investors $4bln or even a fraction of that. That's a dramatization by other news outlets to make this sound worse than it is. That number is the paper loss that would take place if ALL of Apple's investors sold at $108 and bought at $105. I'm sure some day traders and other traders who have a habit of setting very tight stop losses lost money. Maybe a few lost a lot of money. But they took the risk, and for that kind of trading, Apple is a very risky company. The stock value swings if Steve Jobs passes gas. But if you are a long term investor, Apple is a GREAT stock.