$GTAT Hits New 52-week high, intra day, on $AAPL Rumors
GT Advanced Technologies, $GTAT, is spiking on rumors of Apple using its sapphire glass in upcoming iPhones.
The stock is up more than 8% today, despite a lack of confirmation from Tim Cook & Co. Apple is notoriously secretive about its component producers. Investors speculated that Corning Gorilla glass, $GLW, was used in the iPhone screens for years before receiving confirmation via a report on Apple’s annual job creation that listed factory workers at Corning’s facility.
Feb. 10 at 11:54 AM
Apple did confirm last year—via The State of Arizona—that it built a manufacturing facility in Mesa. Apple rumor site 9to5mac.com put that news together with an announcement from $GTAT that it would own and operate furnaces at an Arizona Apple facility to produce sapphire glass.
On Feb. 6, 9to5mac.com reported that the Arizona facility received enough components to manufacture 100 Million to 200 Million five-inch iPhone displays. $GTAT has risen more than 14% since the report. Some cashtaggers believe the $11.65 stock could hit $17 when $GTAT reports earnings. The company is scheduled to release fourth quarter and full year results on Feb. 24, before the open,
Feb. 10 at 12:15 PM
Strangely, $GLW did not decline on the whispers of a competitor taking its business. In fact, it rose more than a percent. The company said last month that core full-year EPS grew 16% to $1.23 on $7.95 Billion in sales.
Feb. 7 at 9:32 AM
Some cashtaggers maintained that both products could exist in the electronics screen market.
Feb. 8 at 12:19 PM
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