At 9:27 this morning, Fox Business Morning for Breakfast co-anchor Alexis Glick eagerly reported Apple (AAPL) had taken an 8% stake in AMD. Fox’s guest contributor, Charles Payne, immediately analysed the deal and pronounced it a brilliant move for both parties.
The problem? It wasn’t Apple buying AMD. It also, unfortunately, wasn’t a mysterious pan-Arabian country called “Abu Dubai,” as Glick announced when she corrected the Apple report. (It was Abu Dhabi.)
marvellous transcript after jump.
ALEXIS GLICK: There’s some news coming across the tape right now. We’re seeing from Wall Street Journal that Apple is buying an 8 per cent stake in AMD.”
PETER BARNES: “The big chip maker, yup. And AMD and Intel battle back and forth, and so this is a very significant statement by Apple, Charles and Liz, is it not, that it’s going to buy in to AMD, pick one of the two?”
[one-year charts of Apple Inc and AMD]
CONTRIBUTOR CHARLES PAYNE: “Well, yeah, and AMD needs, uh – that’s real smart by Apple because AMD is in trouble right now. AMD has always had two problems: either it had a great product that was either sometimes superior to Intel but not the distribution, or it would have a terrible product that obviously they couldn’t compete. And they’re sort of in the middle right now – they haven’t had great product offerings per se recently, the stock has been really just sort of muddling along, so I gotta tell you, Peter, I think it’s a smart play by both companies to get involved with each other.”
BARNES: “And we are getting some more news [inaudible]”
GLICK: “That, oh, it’s not Apple. Let me just correct ourselves here. It is not Apple. [cross talk] Alright, I’m sorry, we got a little ahead of ourselves here on that. Um, Apple Dubai? Abu Dubai.” [sic]
BARNES: “Oh, the Arabs. Ok.”
GLICK: “Oh, ok, there we go. [Laughs] We thought it was Apple! We got so excited about it!”
In fact, as the Financial Times reported hours earlier, it was Abu Dhabi–not Apple and not a mysterious new pan-Arabian country apparently called Abu Dubai–that bought the stake in AMD. But Barnes stuck to his guns about that new country When he reported the story again at 9:40a, the AMD buyer was still Abu Dubai.
Want to see for yourself? Valleywag has Tivo’d the clip themselves (really?) here.