Here in Southern Oregon, Applegate is the charming valley and river that was named after early settlers. For Silicon Valley the new term “AppleGate” refers to the top tech blog Engadget’s posting of a fake email suggesting that Apple’s iPhone would be delayed. The report led to an almost immediate sell off of Apple stock and a 4 billion dollar decline in Apple’s market capitalization, though the stock rebounded quickly when it became clear the email was a fake.
This appears to be a *superb* example of how information is reflected by the stock market and how quickly. I get the idea the (bogus) iPhone delay rumor affected the price of APPL almost immediately but have not checked the timing.