Engadget reported a story based on an internal Apple e-mail that was forwarded to them. The e-mail stated the iPhone would be pushed back to October and Leopard would be pushed back to January. Within a matter of 6 minutes, Apple stock dropped from $107.89 to $103.42 wiping out over $4B of Apple’s capitalization.
The e-mail turned out to be a hoax. Apple released the following statement:
This communication is fake and did not come from Apple. Apple is on track to ship iPhone in late June and Mac OS X Leopard in October.