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.
Remember back in the day when people were doubting how the Internet would affect our every-day lives? Anyone who owns Apple stock just got bent over and spanked simply because a few dipshit analysts and bloggers failed to do 2-minutes of research.
Anyone who is significantly involved in the stock market should obviously know of the slings and arrows of such. Same old story. Nothing new as far as I can see.
Anyone who owns Apple stock got bent over and spanked? Hardly.
1) AAPL dipped 3% for a little while in intra-day trading and, at this moment, is down 1.3% from yesterday’s close. Completely unremarkable.
2) No one who didn’t sell lost any money. Anyone who sold based on dipshit analysts is a gambler, not an investor. Who gives a crap if they lose money?
These analysts are worse at predicting things than Professor Trelawney from The Harry Potter books; at least she had a few predictions that actually panned-out.
What scares me more is how much sense DeWitt makes recently when it comes to reporting on Apple-related stuff.