Tikkabik

Apple's screwed on the iPhone, no matter what they do.

Fact one: Apple has not announced an iPhone.
Fact two: That hasn't stopped either the general public, tech press or Wall Street analysts from wildly speculating about what the iPhone is or is not, or how it will affect Apple's earnings potential in 2007.

I was listening to the BBC World Service radio program last night, and they had a brief recap of Wall Street market events. The reporter noted that Apple stock price slid on Thursday, on news that their "new" iPhone product would be delayed.

I'm paraphrasing, but that's the gist of it: So now Apple's stock price is affected by speculation about a product that doesn't exist yet and whether or not they'll be able to ship it to suit some imaginary time frame that's entirely made up.

It's total bullshit, and it goes just to the root of how completely arbitrary the value of a company is in the eyes of investors, who apparently are just as prone to believe in signs, portents, the positions of chicken bones and the phases of the moon as they are to sound fundamentals.