This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Something Is Terribly Wrong, Just Not With Apple

NEW YORK ( TheStreet) -- As if you didn't know this already, there's a serious problem in the financial media.

Pardon my French, but with a few solid exceptions (they know who they are), the people who staff newspapers and Web sites that cover the stock market are lazy bastards incapable of or afraid to offer an original thought.

They follow a formula that contributes heavily to the very real notion of Wall Street as a rigged casino.

Make no mistake: What happened with Apple (AAPL) Sunday night is an absolute travesty. The people at the Wall Street Journal who perpetrated it must be taken to task, held accountable or whatever ends up necessary in this case.


It's not even a case of whether the WSJ report is accurate or not. That's not even the issue. It's the way the whole thing went down.

I hate to give the reporter who "broke" the "story," Juro Osawa, airtime, but it's important to watch this video he taped from a Rupert Murdoch-boiler room in Asia for the WSJ Web site.

Let's go over this.

As Osawa (first I had ever heard of him) notes in the video, "we" heard from "our sources" that Apple reduced iPhone 5 component orders. Typically vague. That's the first problem. We've become so desensitized that we no longer question the validity of statements such as people familiar with the situation. The media abuses these broadstrokes. I could use that line practically everyday to break a story, but I don't because I'm not a hack.


In the video, Osawa cites the possibility that "weak" demand is to blame. But, then, he goes on to qualify this by presenting alternative scenarios. The type of stuff TheStreet's Chris Ciaccia outlined in my article from early this morning -- If the WSJ Is Wrong About Weak iPhone5 Demand, Will It Apologize to Apple?

Will Osawa and the WSJ apologize for their irresponsibility? Will they be held accountable? Does anybody even give a damn? Do we even recognize what is wrong here?

His people familiar with the situation bunk aside, Osawa presented a relatively level-headed assessment of the situation in this video, which looked like damage control to me. However, when the Journal originally released the story Sunday night, its headline clearly stated the supply cut was due to weak demand. I wish I had taken a screenshot at the time, but, believe me, "weak demand" or something to that effect was in the headline.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,136.56 -36.12 -0.21%
S&P 500 1,994.33 +0.04 0.00%
NASDAQ 4,532.2060 +4.5170 0.10%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs