FORTUNE — It’s hard to know what to make of the signals coming out of the meetings with individual analysts Apple’s (AAPL) executive staff has been holding lately. SEC rules prohibit the company from sharing insider information that might have a material affect on the value of the company’s stock. Yet analysts often publish notes to clients implying that Apple has done just that.
Case in point: A “company update” issued Friday by Pacific Crest’s Andy Hargreaves. Among the key takeaways from his meeting Wednesday with CFO Peter Oppenheimer and Eddy Cue, senior VP for Internet services and software, was this message about the prospects of Apple making a “more significant move into TV distribution”:
Apple is certainly capable of misdirection — of sending a “go slow” signal to analysts when behind the scenes it’s quietly racing full speed ahead. But in this case the message Cue gave Hargreaves matches published reports about Apple’s negotiations with cable TV companies. Both suggest that Apple’s much-rumored breakthrough in television — whatever form it takes — is likely to come later rather than sooner.
See also: Apple and the stupid cable box.