- China: Low US Interest Rates Threaten Recovery
- Hedge Fund Billionaire Paulson Reports New Citi Stake
- White House Plans to Freeze Spending to Cut Deficit
- Cramer: 5 Earnings Reports to Watch Next Week
- Court Rejects 'Clawbacks' for Alleged Stanford Victims
- Cities With the Most Home Price Reductions
- Tax Credit Sparking First-Time Home Sales: Realtors
- Investors Cut Back US Stocks for Bigger Growth Abroad
- This Year's Biggest Thanksgiving Leftover: Cash
- U.S. Stocks Rally for the Second Straight Week
- Dollar is Not Plunging—So 'Calm Down': Market Strategist
- Strategists Say Markets Have More Upside — But How Much?
- Hirschhorn: Risk-Averse Traders
- Roginsky: A Funny Thing Happened on the Way to Financial Reform
- This Year's Biggest Thanksgiving Leftover: Cash
- TV Series Inks Unique Deal For Fight
- First Time Buyers Rescue Housing: Realtors
- Dollar General Trades Higher After Its IPO
MOST SHARED
- CNBC Video: Warren Buffett & Bill Gates - Keeping American Great
- Today's Market Action
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- CNBC TRANSCRIPT: Warren Buffett & Bill Gates - Keeping America Great
- Microsoft's Bill Gates Praises Apple's Steve Jobs For 'Saving the Company'
- Israel Going Green
- Inside Wal-Mart's Acai Berry Juice Maker
- Low Interest Rate Investing
- China's Role as Lender Alters Dynamics for United States
Text Size 
Apple shares [AAPL
Loading...
()
] plunged 7% in heavy trading Tuesday after a report--later denied--that cited production problems with the company's popular iPhone and iPod devices.
The report first surfaced on TheStreet.com, claiming that Apple would reduce production of its iPhone from "9 million units to 4.5 million units, according to a note from Miller Tabak analyst Peter Boockvar.
"The note cites talk among traders at Goldman Sachs and also includes speculation that the cuts may be coming in iPod production," the Web site said.
When CNBC reached Boockvar in his office Tuesday evening, he said the entire incident was based on a misunderstanding.
Boockvar says he was contacted by TheStreet.com's reporter and when asked about the iPhone/iPod production problems, he merely said that he, too, had heard the rumors.
"We weren't issuing any kind of report," Boockvar said. "We don't have an Apple analyst, we don't even have a tech analyst."
"Disregard it," he told AppleInsider. "There's no note on Apple today. It's pure noise."
Another broker on Miller Tabak's trading desk said the "note" was actually a brief correspondence between a single broker and his client discussing the rumors. He said no official "note" or "alert" or any widespread advisory was issued by the firm to its traders or clients.
A spokesman for TheStreet.com couldn't be reached immediately for comment.
The Apple sell-off was reminiscent of what happened when AT&T reported lower than expected activation of iPhones during the first weekend the device was available to consumers.
Apple shares suffered their worst one-day point drop ever that day, but recovered all those losses and then some a day later when Apple reported its own earnings, along with what was widely perceived as a positive outlook for iPhone sales.
Print
Email
- Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
- For the chief of cable company Comcast, growth has been about making deals – generally very large deals.
- Some companies may start using insurance to shift carbon risk from their balance sheets to maybe... yours?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- Switzerland's privacy watchdog is taking legal action to force Google to make changes to its Street View service.
- A wealthy, distracted Texas driver crashed his million-dollar Bugatti Veyron sports car into a salt marsh, say police.
Data is a real-time snapshot *Data is delayed at least 15 minutes