Apple stock is down.
Gannett stock is up.
Both companies were in the news in the last few hours.
The news:
Apple is selling less and less iTunes songs.
Really?
How it can be when at the same time it is selling more iPODs than ever?
Well, a Forrester report said… what a British source said…and CNBC spread the “news”
Forrester Research concluded that Apple Computer’s iTunes music service has experienced a “collapse in sales revenues” this year and that it is only operating at “above break-even ” cost.
And the reality is this:
The Forrester report was based on a UK-based website which specializes in slamming Apple and Steve Jobs at every opportunity.
Then, somebody does the maths and, oh, oh, this is a bogus.
And now Gannett.
They are going to sell their 300 UK newspapers.
Reuters reports the “news.”
But somebody, again, asks Reuters: where did you get the news?
It seems that Reuters did not check the basic facts.
The rest is history.
Gannett denies the selling and the stock goes up.
My point:
The stock market is more vulnerable than ever to bogus news.
Instant, non confirmed, bogus, misleading and wrong information can damage any listed company.
That is not good.
The good news is that in minutes, not hours, there will be a blog that will do the maths, double check the facts and will denounce these “news.”
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