Unfortunately, in the interval, Apple Inc (NASDAQ: AAPL)'s stock lost an estimated $4 billion in about six minutes. Within half an hour of the blog's retraction, the stock had recovered almost its full value.
Nonetheless, a lot of people lost a great deal of money selling on the decline, and some are openly speculating that the memo was an attempt to game the market.
With huge money on the line, look for this story to gain traction. Part of the discussion will inevitably revolve around the reporting of Engadget. While it's not my place to defend their decision, I would remind readers that the blogosphere is not print media. For better or worse, what we offer is immediacy, and the drive to push interesting content, especially from seemingly-impeccable sources, runs strong through us.
Engadget's experience is a sobering reminder for all of us that the market is a hypersensitive beast, and the easy reaction to such an incident would be to temper our enthusiasm.
The hard reaction would be to accept that, in our drive to bring you information ASAP, give it context and project its impact, we will, hopefully very rarely, find our feet taken out from under us. I, for one, will continue on the hard path, because I think that's our job; to lead, despite the risks.
If you want info that's been well-aged and fly-specked – that's what The Towel is for.