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Did Tim Cook Violate Regulation "Fair Disclosure" By Emailing Jim Cramer To Save AAPL Stock This Morning
Earlier today, as AAPL stock was plummeting and had lost a whopping $75 billion in market cap, dropping as low as $92/share, CNBC's Jim Cramer pulled a rabit out of a hat, or in this case a previously undisclosed email out of his inbox. An email from AAPL CEO Tim Cook which said the following (as subsequently conveyed by Cramer to CNBC viewers):
Jim,
As you know, we don't give mid-quarter updates and we rarely comment on moves in Apple stock. But I know your question is on the minds of many investors.
I get updates on our performance in China every day, including this morning, and I can tell you that we have continued to experience strong growth for our business in China through July and August. Growth in iPhone activations has actually accelerated over the past few weeks, and we have had the best performance of the year for the App Store in China during the last 2 weeks.
Obviously I can't predict the future, but our performance so far this quarter is reassuring. Additionally, I continue to believe that China represents an unprecedented opportunity over the long term as LTE penetration is very low and most importantly the growth of the middle class over the next several years will be huge.
Tim
While we are delighted by Tim Cook's subjective take of AAPL's Chinese prospects, we have a different question: where is the public filing that accompanies this letter which constitutes nothing short of a private business update with an outside, and unregulated by Apple, market cheerleader?
Because as the AAPL reaction to Tim's letter, which was clearly in Cramer's private possession for at least 1 millisecond before it was made public (and thus we don't know who else may have had access to it before its public dissemination), just how is this not a Regulation Fair Disclosure violation?
Needless to say, the fate of AAPL, which is the most important stock in the world, held by a record 181 hedge funds, determines the intraday (and not only) fate of the entire market.
Remember: the fate of AAPL determines the fate of the US stock market pic.twitter.com/04NAbgVR2k
— zerohedge (@zerohedge) August 24, 2015
And for those who may have missed it, this is what AAPL's stock has done today, ever since this clearly market moving letter, helped AAPL regain an unprecedented $80 billion in market cap since the lows.
We are eagerly looking to find an 8K public filing of Tim Cook's letter among AAPL's EDGAR filings, even if it will have taken place hours after the market moving event, or alternatively, perhaps the SEC or any other authorities who were not too stunned to react today, can explain just why this is not a Reg FD violation?
Then again, with AAPL leading the S&P rapidly into the green, we are confident this, too, will be promptly forgotten and swept under the carpet of "whatever it takes to keep the market green."
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Sometimes I wonder if I can get herpes after looking at some of those tattoos. . .
Whatever. What I want to know is what kind of a f@&?ing idiot is selling gold today? That wouldn't be uncle scammy would it?
It's not Dimon and Blankfein. It's Demon and Blankfiend the jewish anti christs.
Hope they shove it up Tim Cook's ass......erm.....oh, wait....
His iPhone was hacked...
The other issue is iPhone 6 camera recall. Is this baked into Tim's growth projections? Or was his email an act of fraudulent behavior?
Good point. I also have a hard time seeing recent weeks developments in China being very favorable. But Tim did say they he can't predict the future . . .
It seems to me this letter is way over the line from a regulatory angle: even if he did do the proper filings of this information, is it complete in all material aspects? Generally you cannot selectively disclose good news, regardless of how proper your disclosure procedures. Is there bad news (like recent info) not included?
I'd be surprised if Apple doesn't have a near real-time dashboard in the executive offices, somewhere, where sales from Apple stores are constantly updated.
Maybe Cook gets away with this--in fact if he has any brains (and he does have lawyers!), he had a written guarantee of immunity before doing it.
You mean khazarian
I'm a shareholder. Why can't I get an email from Tim updating me on my company's performance? Inquiring minds would like to know.
Looks like they giving us a great chance to short today!
Wake up, will ya, pal? If you're not inside, you're outside, okay?
You want to be inside the tent pissing out!
They should just close it now. They will lose control.
Market fuure will probably something like only allowing the market to stay open if it's green and when it goes red they close it.
Don't worry..T.C.already released the info to Goldman Sachs,a month ago..
Yellen probably called Cook asked him to stiff the call to Cramer
Just think how much money the govt could make with a Tobin Tax?
(tax on every trade)
Funny how Cramer's farts smell like Tim Cook's semen.
Please don't tell me how you know that
Cramer and Cook are in the club, free Corzine.
I uparrowed you because it was funny. I down arrowed you as well because it was an assault on at least 2 of my senses.
This event is but one drop in an ocean of lawlessness.
Plain and simple of it.
In the past people who pulled this kind of shit were actually punished as a show to everyone else 'such behavior by anyone will not be tolerated' 'rule of law' kind of stuff. You know the things that make rules to the game we call capitalism/life. Today we have a whole swath of 'world managers' money/political/governmental that actually have experienced how they have repeatedly gotten away with outrageous lawlessness publically and so believe there is nothing they can't get away with.
The above is just an example of why the entire world populous is losing faith and trust in just about everything. Without real prosecuted/consistent law backed up by barrel of gun you end up where we were long ago.Lawlessness on all levels.
Implications of increased lawlessness, lying, and general scamming and deciet by 'the world'? More 'staying more at home'. Barrackading, saving, and doing everything to make oneself completely self sufficient and limiting risk/exposure to the world as much as possible. The last 8 years (and much of 20th century) basically have sent the strongest message possible.
DO NOT TRUST ANYONE OR ANYTHING.
The beauty of this strategy/result is that IF eveyrone CAN become self sufficient and independant WE WON'T NEED managers, governors, or governments. Maybe if we get lucky we also get rid of corporations in favor of small businesses or individuals/communities working together to produce what we really 'need' vs. what someone else thinks we want.
Submitted for your dis-approval,
OldE_Ant
PS. Long home improvement, home testing equipment/materials, home education/support as well as home security, surveillance, shelters, home health, food and water production/storate, and purification technologies that are home sustainable. Short anything else.
The plunge protection team is on full alert today!
We are all soooo fucked it's almost hilarious.
he needs a nail gun to the head
he needs a nail gun to the crotch
This means nothing, what is going on with the JUdiciary is nothing short of "lawless violence." The bloodless coup happened years ago, people need to start adjusting to the fact there is no rule of law anymore.
Fuck em all.
If he did would that be a surprise? Nope!
The SEC wouldn't dare investigate a rich gay man.
Anybody who bought that Mafia pump and dump deserves to be sheared.
Be careful with gold, silver, oil.
Gold & silver are tied to central banks. If this is a run on the central banks then gold and silver is tied to their worthless paper.
Definately something to consider. I'm starting to think the Fed is going to hike to protect the dollar.
On the contrary, gold and silver are CB's currency of "last resort". If their paper burns, their gold will shine. I'd suggest you read a history of central banking such as Kindleberger's "Manias, Panics and Crashes". Very topical today.
Your making the incorrect assumption based on the last 100 years.
1)People can't afford gold nor silver how are they going to pay you more for it?
2) When an asset is tied to something going bad it will be heavily sold. As one central bank collapses they will be forced to sell their assets making those assets worth less.
Hiking is the only way they can create inflation. How many trillions in overseas reserves are there?
"I'm starting to think the Fed is going to hike to protect the dollar."
...except for the fact that a strong dollar and infinite government spending and debt are mutually exclusive. As far as high interest rates creating inflation, that's the opposite of reality. High rates were Paul's baseball bat of choice in the 70s-80s to fix that situation. High rates will crash the stock and housing markets and deflation will become more prevalent. Deflation is also the enemy of infinite government spending and debt.
This just shows he is more concerned about his billions than the company. Anybody who would react that fast to something that should have no effect on his company over the long term is showing just how greedy and self centered he is.
Apple is no longer run by a man of vision but by a man of greed
I have to laugh at idiots that think Apple was innovative. There were smart phones around LONG before Apple and in fact Samsung had innovations on their smart phones long before they were incorporated into iPhones Like A2DP and AVRCP streaming.
Those Samsung phones weren't even sold in the USA and I remember Americans coming over here just to buy the latest phones in 2003.
but idiot samsung is falling for the iphone design crap.
note5 now has a glass back, unremovable, no swappable battery, no memory slot.
idiots.
samsung marketing is horrible. they should be marketing the heck out of the differentiators. swappable batteries that never leave you tethered to the wall outlet, extra memory slot, and the S-Pen. The S-Pen is unreal and apple doesn't have it. Samsung sits on it like idiots and now took away the memory slot and the swappable battery.
i will not "upgrade" my note3 for a note5. hopefully they learn their lesson for the note6.
realize apple has been chasing samsung and others coming out with large phones. not long ago every apple sheep made fun of larger screens saying the postage stamp 3incher was perfect. now look.
care to share your links? i have to laugh at idiots like YOU-even your avatar describes you well
There's firm support at zero.
lol!
Apple is the NSA's wet dream. He will not face anything, other than a big, hairy salami rocket.
Windows 10 is actually the NSAs wet dream-to the letter-you can read it all over-IT IS NOT SECURE-the CIA likely has a back door also
AAPL is one of the "good" animals in the barnyard.
All animals are equal, but some are more equal than others.
Cramer likes to remind everyone he used to be the wart on the Goldman Balsach. So he's Too Big to Prosecute.
Right now except for Intel...what's up DOW ?
If this is Monday and 'good', the rest of the weak should be a wild ride...
UPDATE: Intel down too -1%.
Setting up for a great short week.
Keep it safe.
looks like the mother of all stick saves is rolling over--hard, as we speak
Maybe the right people got saved? Or maybe the algos re-calibrated.
ahhh...Dead App Bounce ?
It's a stage show.
You might want to put in nominations for acting awards.
....... and even through most of this day even most ZH'ers eschew baskets full of heads. oh well.
http://www.donaldjtrump.com
Just call him the headsman.
"We are eagerly looking to find an 8K public filing of Tim Cook's letter among AAPL's EDGAR filings, even if it will have taken place hours after the market moving event, or alternatively, perhaps the SEC or any other authorities who were not too stunned to react today, can explain just why this is not a Reg FD violation?"
...and I'd imagine you're going to be looking for a while. You're operating from the assumption that the United States hasn't devolved into a country with Central American-level corruption over the past 16 years. And why wouldn't it? Hell half of Central America is here. Your underlying assumption would be wrong and is reflected in the steady drop in the country's rankings in the Transparency International index. So life will go on.
Not much rule of law in the US. Just the jackboots breaking and entering, plus the 'Just-Us' Dept, letting in millions of illegals.
There is a media carveout under Reg FD, so what Tim Cook did is probably fine under the law.
From the Reg:
Second, we have narrowed the types of issuer personnel covered by the regulation to senior officials and those persons who regularly communicate with securities market professionals or with security holders. The effect of these first two changes is that Regulation FD will not apply to a variety of legitimate, ordinary-course business communications or to disclosures to the media.
http://www.sec.gov/rules/final/33-7881.htm
The 2 remaining shorts should sue Jim Cramer and Tim Cook over this
When Cramer becomes every top CEO’s best weapon to improve their company’s stock performance, we’ve already got a much bigger problem than anything Reg FD can solve.
Tim Cook is Steve Jobs child- the Baby Jesus of AAPL
He's dying for your sins
This is nothing but gaybashing. Leave Tim alone.
Getting it up the pooper is not any kind of qualification or reason not to be criticized.
It was sarcasm just in case I wasn't too clear.
"...we have continued to experience strong growth for our business in China through July and August."
Looking at my fiscal calendar, there is still 1 week left in August. Timmy's accountants will get a call telling them they can complete their month-end reports by Wednesday and take off until after Labor Day when this will be old news.
I don't believe him about China anyway.
China is going to shit ...
http://iamsully.com/?page_id=14241
Faudulent schmaudulent. What's he going to get, a slap on the hand? Any positive effect on stock prices will have offset the amount of any monetary fine.
Alboard the AAPL titanic! Get ready to sink all the suckers, bitchez!
actually MS is losing market share, money and laying off thousands
Tim Cook is the zios and NSA's boy. He could be caught raping a teenager in an Apple bathroom and walk as long as he keeps placing spyware into the hands of the sheep.
You know its bad when...(really):
CNBC is not updating and I need to get my overall DOW quote updates from DRUDGE.
Matrix the apps.
Tim Cook is gay. Any criticism of him is therefore, homophobia.
And now it's back in the red and CRAAPL again.
"We're going to need a bigger Cramer."
We may have already seen peak Apple. That Timmy is resorting to cheap tricks to keep the stock up is all the proof needed to see that a visionary is no longer in charge of the company.
Having said that, it's way too early to write off AAPL. There are still many smart, talented people working there. A couple of them are family members, and neither one will tell me what they are working on. Perhaps they know I'd share everything with ZH.
Timmy...Cramer? Really?
Who audits Apple?
Same idiots who signed off on the bogus effective tax rate?
If you cc your auditors on insider information, does it make it legal?
A former CFO should know better. He should be suspended without pay or fired for cause. That's what happens to mere mortals.
Tim Cook will be in heaven in prison. All of those gorgeous "hunks" who will accomodate him during every shower.
No question that Apple watch is a total dud --
more important than the watch blunder
is that there is now clear proof that since
the death of Steve JobsApple has lost its invinciblility;
in addition to which, the competition is now deadly serious.
It is now possible to perceive and understand Apple
as a bloated, overgrown dinosaur headed inexorably
toward extinction--
It is anybody's guess how long this will take.
the biggest apple blunder was being so arrogant on postage stamp phone size. they ignored a huge market sticking with their hubris. they allowed samsung and others to get a foothold and grow in the larger phone niche. apple just now, years later getting into the larger phone game.
Android and iPhone have the lions share of the market
Pretty soon their new HQ will be turned into a pig concentration camp to produce Pork for Foxconn workers.
dumbshit -Windows and Android et al make most of their stuff at Foxconn- what a rube-look foxconn up on wikipedia
I'm sure cooks disclosure filing is on hilary's server.
no, not more pedophile Microsoft propaganda-original article submitted by Bill Gates from his CFR Foundation-in cahoots with the NSA
Maybe he wants SEC lawyers crawling up his ass.