New Rumors Hurt $GTAT

Investors in $GTAT learned today that the rumor mill works both ways. After soaring yesterday on whispers of an iPhone deal, GT Advanced Technologies dropped more than 6% on rumors that its product would actually be used in an iPhone watch.

The iWatch story — first printed by gforgames.com and reprinted by the well-known AppleInsider.com site —stems from chatter on Chinese-language Web sites that Apple rejected GTAT’s sapphire glass product for its iPhone displays because the product would substantially increase the handset cost. Instead, Apple is opting to use the glass on the 2-inch display of its iWatch, according to the unconfirmed reports.

$GTAT had spiked 8% Monday on a blog report suggesting that Apple would use the company’s sapphire glass product in upcoming iPhones. The site, 9to5mac.com, indicated that $GTAT would manufacture between 100 million to 200 million iPhones at a Mesa, Arizona plant.( http://stks.co/syKk)

Cashtaggers debated today which source to believe. Some StockTwits users argued that 9to5mac was more likely to publish correct information than unnamed Chinese Web sites, the initial source of the rumors.

American_Airman

Feb. 11 at 2:45 PM

It’s comical to me how yall take Seeking Alpha articles like they scripture. They knw nothing more then u. All speculation on $GTAT. GO LONG

Others argued the story was part of a short-seller conspiracy to erase Monday’s gains with erroneous bad news.

ms101

Feb. 11 at 12:50 PM

$GTAT Chinese web site = false information planted by the short sellers!!!!

Apple did not weigh in on either story. The consumer technology giant is known for secrecy surrounding component suppliers.

The truth may have to wait until $GTAT’s earnings on Feb. 24, before the open.

Tickers: $GTAT $AAPL


blog comments powered by Disqus
StockTwits Blog
  • StockTwits® is an open, community-powered idea and information service for investments. Users can eavesdrop on traders and investors, or contribute to the conversation and build their reputation as savvy market wizards. The service takes financial related data and structures it by stock, user, reputation, etc. More »

  • Search by Date

  • Join StockTwits