Somebody managed to send an email out that the iPhone would be delayed. In the following hours that it took the official Apple PR machine to react and ‘catch the bad meme’ the Aaple did go down by a couple of dollars. Then it rebound. Somebody could have made 3% in a couple of hours.
update 5/17/07:
techcrunch says that the false engadget news wiped of four billion dollars in market cap in six minutes. New travels fast it seems.