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Stock Market & Financial Investment News

News Breaks
May 23, 2014
12:02 EDTGTAT, RBCNSamsung, LG seen adding sapphire covers for phones, ET News says
Samsung (SSNLF) and LG have asked suppliers to submit samples of sapphire cover glass to be used in their phones and other devices, according to ETNews.com, citing industry sources. Shares of both GT Advanced (GTAT) and Rubicon (RBCN), which are both makers of sapphire components, are up nearly 8% following the report. Reference Link
News For GTAT;RBCN From The Last 14 Days
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October 7, 2014
14:46 EDTGTATApple supplier GT Advanced recovers some of yesterday's losses
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14:00 EDTGTATGT Advanced sapphire not used for iPhones because 'proved brittle,' WSJ says
Apple's (AAPL) decision to choose glass screens over GT Advanced's (GTAT) sapphire screens for the iPhone 6 was because of "tests in which the synthetic sapphire proved brittle, cracking when phones were dropped from various heights and angles," The Wall Street Journal reported last night, citing people familiar with the matter. Apple's decision to withhold GT Advanced's expected $139M payment was the tipping point for GT Advanced to declare bankruptcy, people familiar with the matter added. Reference Link
10:33 EDTGTATGT Advanced mentioned positively in a Seeking Alpha blog
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10:29 EDTGTATGT Advanced lists Apple, Airgas, GrafTech, Ultra Clean among top 30 creditors
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10:14 EDTRBCN, GTATRubicon strength attributed to smartwatch speculation
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09:34 EDTGTATSunEdison weakness a buying opportunity, says at Morgan Stanley
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05:49 EDTGTATStocks with implied volatility movement; GTAT EWZ
Stocks with implied volatility movement; GT Advanced (GTAT) 267, MSCI Brazil Index (EWZ) 64 according to iVolatility.
October 6, 2014
17:35 EDTGTATRex Energy to replace GT Advanced in S&P 600 as of 10/8 close
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16:20 EDTGTATOn The Fly: Closing Wrap
Stocks on Wall Street opened in positive territory and appeared ready to ride the wave of optimism from Friday’s jobs report into the new week. However, with little on the economic calendar to sustain the momentum, each of the major equity indexes had given up their gains by noon. The Dow and S&P 500 made it back to flat late in the session, but weakened into the close to end the day slightly lower. The tech-heavy Nasdaq was the laggard throughout and ended the day with the most significant decline. ECONOMIC EVENTS: In the U.S., no major economic data was reported. COMPANY NEWS: Hewlett-Packard (HPQ) climbed $1.67, or 4.74%, to $36.87 after it confirmed plans to split itself into two publicly traded companies by the end of its fiscal 2015. One company will include HP's technology infrastructure, software and services businesses, to be known as "Hewlett-Packard Enterprise," while the other will include the company's PC and printing businesses and be called "HP Inc." After the announcement, HP shares were upgraded to Outperform from Neutral at Credit Suisse, while analysts at Cantor called the split "a bold and smart move" that will give HP the financial flexibility needed to sell off one or both of the PC and printing businesses if an attractive offer emerges for either or both. MAJOR MOVERS: Among the notable gainers was Durata Therapeutics (DRTX), which surged $10.36, or 74.64%, to $24.24 after the company agreed to be acquired by larger drugmaker Actavis (ACT) for $23.00 per share in cash, or approximately $675M, and contingent value rights for additional cash payments of up to $5.00 per share if certain regulatory or commercial milestones related to Durata's lead product are achieved. Also higher was CareFusion (CFN), which jumped $10.58, or 22.92%, to $56.75 after agreeing to be acquired by Becton Dickinson (BDX) for $49 in cash and 0.0777 of a share of BD for each share of CareFusion, or about $12.2B. Becton Dickinson rose $9.14, or 7.89%, to $124.98 after its deal, while Actavis slipped $2.12, or 0.86%, to $243.95, after its own, much smaller purchase. GT Advanced Technologies (GTAT) plunged $10.22, or 92.46%, to 83c after the company announced that it and some of its units had commenced voluntary cases under chapter 11 of the bankruptcy code, which Raymond James believes implies a "fundamental, severe breakdown" of the company's relationship with Apple (AAPL). Also lower were shares of Sunesis (SNSS), which dropped $5.18, or 78.01%, to $1.46 and was downgraded at RBC Capital and Wells Fargo after a trial of a combination therapy for patients with first relapsed or refractory acute myeloid leukemia did not meet its primary endpoint. INDEXES: The Dow slid 17.78, or 0.1%, to 16,991.91, the Nasdaq fell 20.82, or 0.47%, to 4,454.80, and the S&P 500 slipped 3.08, or 0.16%, to 1,964.82.
14:12 EDTGTATUltra Clean shares oversold on GT Advanced news, says Needham
Needham said Ultra Clean (UCTT) shares are oversold on the GT Advanced (GTAT) bankruptcy and said they are a small customer. The firm did reduce Ultra Clean 2014 revenue estimate to $512M from $520M and its price target to $13 from $14 due to the GT Advanced revenue reduction and lower SemiCap sales but reiterates its Buy rating.
14:01 EDTGTATGT Advanced bankruptcy implies breakdown with Apple, says Raymond James
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12:41 EDTGTATOn The Fly: Midday Wrap
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11:53 EDTGTATGT issues company specific, solar sell-off unwarranted, says Northland
Northland said it believes GT Advanced's (GTAT) bankruptcy filing is company specific and related to its non-solar opportunities and that the sell-off in other solar industry stocks after this news is unwarranted. Publicly traded companies in the solar space include Canadian Solar (CSIQ), First Solar (FSLR), JA Solar (JASO), SunPower (SPWR), Trina Solar (TSL) and Yingli Green Energy (YGE). The firm also confirmed that GT is a customer of Ultra Clean (UCTT) and that some of its growth potential with the GT may be muted near-term, but points out that the company required a full prepayment for its prior work with GT.
11:41 EDTGTATSolar companies sink after GT Advanced declares bankruptcy
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10:50 EDTGTATGT Advanced plunges 90% to $1.06 after filing for bankruptcy
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10:41 EDTGTATUltra Clean drops after GT Advanced files for bankruptcy
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10:32 EDTGTATGT Advanced to resume trading at 10:45 am ET
GT Advanced Technologies announced earlier that it had commenced voluntary cases under chapter 11 of the Bankruptcy Code. Quotation on the stock is scheduled to resume at 10:40 am ET and trading is scheduled to resume at 10:45 am ET.
10:17 EDTGTATGT Advanced volatility expected to move, files for Chapter 11 bankruptcy
GT Advanced volatility is expected to move on files for Chapter 11 bankruptcy. Overall option implied volatility of 105 is above its 26-week average of 75 according to Track Data, suggesting wide price movement.
10:11 EDTGTATGT Advanced files for Chapter 11 bankruptcy
GT Advanced Technologies announced that it had, together with certain of its direct and indirect subsidiaries, commenced voluntary cases under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Hampshire. GT expects the court will authorize the company to continue to conduct business as usual while it devotes renewed efforts to resolve its current issues and develops a reorganization plan. GT indicated that as of September 29 it had approximately $85M of cash. It is now seeking debtor-in-possession financing. GT said, "These funding sources will enable GT to satisfy the customary obligations associated with the daily operation of its business, including the timely payment of employee wages and other obligations." NASDAQ may temporarily halt trading in the company's stock pending the receipt of additional information on the company's financial condition, it stated.
09:40 EDTGTATGT Advanced trading halted, pending news
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