Apple Sapphire Glass Supplier GT Advanced Files For Bankruptcy

mrspoonsi writes: GT Advanced Technologies is filing for bankruptcy. In an announcement on Monday, GT Advanced, which makes sapphire displays that many investors hoped would be in Apple's newest iPhone, said that it was filing for Chapter 11 bankruptcy. In early September, shares of GT Advanced got crushed after the company's sapphire displays were not in the latest version of Apple's iPhone 6 and 6 Plus. GT Advanced, however, signed a multi-year agreement with Apple last November to supply the company with sapphire material. That agreement included a $578 million prepayment, which GT Advanced is set to repay Apple over a five-year period starting in 2015.

Another reason not to listen to Cramer

[schwit1]

http://www.zerohedge.com/news/... [zerohedge.com]

August 26th pre-market: "Talk about growth... hey have the sapphire product that is going to go in the iPhone 6 launch... this is the stock I have been recommending!" - $18.88

Not too fast!

[Jonifico]

Typical case of rushing when seeing a potential deal with a big company. Also, after seeing a few tests of glass against saphire, I wonder if they will use them at all.