Fortune:

Apple (AAPL) shares fell sharply in early trading Monday following a widely reported note to clients from J.P. Morgan’s Gokul Hariharan to the effect that multiple supply chain vendors in Asia have registered a 25% cut in fourth-quarter iPad 2 orders from Apple…What Hariharan — and the traders who dumped Apple shares on the news — seem to have missed were the reports out of South American that Foxconn, in partnership with the Brazilian government, has built an iPad plant in Brazil that is ready to start churning out product by December.

Oops.

Philip Elmer-DeWitt cites analysts Piper Jaffray’s Gene Munster and Bullish Cross’ Andy Zaky as doubting Gokul Hariharan’s report.