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Hi Dizzle, GTAT doesn't manufacture or supply solar panels. They manufacture the PV/Polysilicon Furnaces that produce monocrystalline silicon ingots (used in roof mount PV panels) and multi-(or Poly-)crystalline silicon ingots (used in ground based solar farms). These furnaces are sold to PV panel makers. The GTAT furnaces produce the silicon ingots, which are cut into wafers to be incorporated into PV panels, by the solar panel fabricators.
They also manufacture their next-gen HiCz Monocrystalline furnace to allow the production of higher efficiency N-type silicon wafers for high solar energy conversion efficiency PV cells.
GTAT also is involved in selling their Merlin metallization and interconnect technology, which dramatically reduces the materials and cost necessary to fabricate multi-panel solar arrays. Merlin has the potential to become a breakthrough hit within the PV industry...as it can be adapted/retrofited to existing PV cell/module fabs. The Merlin interconnect system also dramatically reduces installation time and costs. A win-win-win for the PV module manufacturer, the PV panel installer, and the end-consumer.
Duke Engergy? I am not sure where the panels came from...haven't dug deep enough but it's a start....busy with the family....hands are tied...lol..
Maybe a clue in here... ??
http://www.bizjournals.com/charlotte/blog/energy/2014/09/out-of-state-contractors-hired-for-two-of-three.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+vertical_30+(Oil+%26+Gas+Industry+News)
http://www.duke-energy.com/north-carolina/renewable-energy/Install-Solar-Energy-System.asp
Just like the gap @11.85$ got filled so will the gap @9.50 will be filled..
Nope but thanks Dizzle for the info...
*Correction at the data center in NC . a 3rd solar farm
Here's the link:
http://www.macrumors.com/2014/07/08/apple-third-solar-farm-nc/
WHo provided the previous solar panels? Anyone know? Was GT involved?
Tim cook mentioned the solar farm at the new Apple HQ.
I wonder who will be providing that solar panels for that???
Anyone catch that?
Nice reading on that btw...thx
Clearing out all the retail leaves it at high risk to start a short position now....exhausted it...There needs to be some good accumulation now...
Homing in on the last 15 days -
Most of the trading was still at the $13 area and we know it took a helluva lot of churning on the 19th to bring it down newar $11. My guess is that they didn't get much. MACD still turning and my guess is that most of the volume below that $11.45 support was wash trading.
But there are deep pockets at work here - who knows?
Below that 8 buck mark too...
Pretty sad.....big bucks in parts....
Up a buck....ching...
This is for scalping until the 29th....
sound about right
IMHO it's a buy at $9.50 when the gap fills
GTAT-9/19/2014 Trading projections, etc...[pre]
Today’s Trading
Previous close 11.61
Today’s open 11.65
Day’s range 10.86 - 11.80
Volume 15,400,811
Average volume (3 months) 11,223,313
Market cap $1.5B
Dividend yield --
Data as of 4:14pm ET, 09/19/2014
Growth & Valuation
Earnings growth (last year) --
Earnings growth (this year) +89.37%
Earnings growth (next 5 years) +40.40%
Revenue growth (last year) --
P/E ratio 7.7
Price/Sales 3.82
Price/Book 4.51
Competitors
Today’s change Today’s % change
PMCS PMC-Sierra Inc -0.19 -2.38%
HIMX Himax Technologies I... +0.04 +0.45%
RMBS Rambus Inc -0.01 -0.08%
AIXG Aixtron SE -0.10 -0.76%
Data as of 4:14pm ET, 09/19/2014
Financials
Next reporting date November 4, 2014
EPS forecast (this quarter) $0.02
Annual revenue (last year) $279.7M
Annual profit (last year) -$82.8M
Net profit margin -29.61%
Sector
Electronic Technology
Industry
Electronic Equipment/Instruments
President, Chief Executive Officer &
Director
Thomas Gutierrez
COO &
President-Crystal Growth Systems
Daniel W. Squiller
Corporate headquarters
Nashua, New Hampshire
Forecasts
Good news for GTAT.... Link to drop test on IPhone...they will sell a ton when the sapphire screen passes this test..
http://time.com/3408673/apple-iphone-6-drop-test/
my chart said no... no bottom yet~~
Cramer added him thoughts today too? His article pointed out the very lowest price target and how we should all be in fear of it. He's the biggest manipulator there is. I am sure scooped up shares at the bottom.
This is a MM move - IMO
Look at the tape, they are cleaning out retail today. The Red is where my last buy was -and I can GUARANTEE it wasn't that size, LOL!
09/19/14 10:52:25 11.38 11.37 11.38 300
09/19/14 10:52:26 11.37 11.37 11.38 803
09/19/14 10:52:26 11.375 11.37 11.38 500
09/19/14 10:52:29 11.375 11.37 11.38 0
09/19/14 10:52:29 11.38 11.37 11.38 59
09/19/14 10:52:31 11.37 11.37 11.38 200
09/19/14 10:52:32 11.38 11.37 11.38 5
09/19/14 10:52:35 11.38 11.37 11.38 0
09/19/14 10:52:35 11.37 11.37 11.38 740
09/19/14 10:52:36 11.37 11.37 11.38 2900
09/19/14 10:52:38 11.3701 11.37 11.38 3326
09/19/14 10:52:38 11.375 11.37 11.38 4414
09/19/14 10:52:42 11.37 11.37 11.38 1000
09/19/14 10:52:42 11.375 11.37 11.38 1900
09/19/14 10:52:43 11.375 11.37 11.38 2200
09/19/14 10:52:44 11.37 11.36 11.37 3944
09/19/14 10:52:47 11.37 11.36 11.37 1958
09/19/14 10:52:48 11.37 11.36 11.37 4500
09/19/14 10:52:49 11.365 11.36 11.37 900
09/19/14 10:52:50 11.36 11.36 11.37 3254
09/19/14 10:52:51 11.36 11.36 11.37 100
09/19/14 10:52:52 11.36 11.36 11.37 100
09/19/14 10:52:53 11.37 11.36 11.37 500
09/19/14 10:52:54 11.36 11.36 11.37 46
09/19/14 10:52:57 11.36 11.36 11.37 0
09/19/14 10:52:58 11.37 11.36 11.37 4743
09/19/14 10:53:00 11.3601 11.36 11.37 7000
09/19/14 10:53:04 11.3601 11.36 11.37 532
09/19/14 10:53:06 11.3601 11.36 11.37 0
09/19/14 10:53:10 11.37 11.36 11.37 1822
09/19/14 10:53:12 11.3635 11.36 11.37 300
09/19/14 10:53:13 11.37 11.36 11.37 439
09/19/14 10:53:16 11.37 11.36 11.37 0
09/19/14 10:53:16 11.37 11.36 11.37 246
09/19/14 10:53:16 11.369 11.36 11.37 200
09/19/14 10:53:22 11.37 11.36 11.37 2223
09/19/14 10:53:22 11.3699 11.36 11.37 1003
09/19/14 10:53:23 11.365 11.36 11.37 600
09/19/14 10:53:23 11.37 11.36 11.37 1087
09/19/14 10:53:25 11.36 11.36 11.37 144
09/19/14 10:53:27 11.36 11.36 11.37 156
09/19/14 10:53:28 11.3699 11.36 11.37 1000
09/19/14 10:53:28 11.366 11.36 11.37 2000
09/19/14 10:53:29 11.37 11.36 11.37 15334
09/19/14 10:53:30 11.37 11.36 11.37 35030
09/19/14 10:53:31 11.39 11.38 11.39 39610
09/19/14 10:53:31 11.3885 11.38 11.39 300
09/19/14 10:53:32 11.41 11.40 11.41 20398
09/19/14 10:53:33 11.41 11.40 11.41 1800
09/19/14 10:53:34 11.41 11.41 11.42 950
09/19/14 10:53:36 11.42 11.41 11.42 100
09/19/14 10:53:37 11.41 11.41 11.42 20200
09/19/14 10:53:38 11.41 11.40 11.41 2500
09/19/14 10:53:38 11.4001 11.40 11.41 3
09/19/14 10:53:42 11.41 11.40 11.41 4215
09/19/14 10:53:42 11.4054 11.40 11.41 400
09/19/14 10:53:43 11.40 11.40 11.41 600
09/19/14 10:53:44 11.39 11.39 11.40 22500
09/19/14 10:53:45 11.3968 11.39 11.40 2000
09/19/14 10:53:46 11.3916 11.39 11.40 1000
09/19/14 10:53:46 11.3901 11.39 11.40 5582
09/19/14 10:53:49 11.39 11.38 11.39 6495
09/19/14 10:53:52 11.39 11.39 11.40 17485
09/19/14 10:53:57 11.39 11.39 11.40 0
09/19/14 10:54:00 11.40 11.40 11.41 22275
09/19/14 10:54:04 11.40 11.40 11.41 0
09/19/14 10:54:05 11.40 11.40 11.41 1500
09/19/14 10:54:10 11.40 11.40 11.41 800
09/19/14 10:54:12 11.40 11.40 11.41 200
09/19/14 10:54:15 11.40 11.40 11.41 0
09/19/14 10:54:18 11.4046 11.40 11.41 100
09/19/14 10:54:24 11.40 11.39 11.40 1615
09/19/14 10:54:27 11.40 11.39 11.40 100
09/19/14 10:54:29 11.40 11.39 11.40 0
09/19/14 10:54:30 11.395 11.39 11.40 100
09/19/14 10:55:55 11.3501 11.3501 11.3501 11042
09/19/14 10:56:05 11.3503 11.3503 11.3503 14569
09/19/14 10:56:20 11.398 11.398 11.398 14570
09/19/14 10:56:40 11.35 11.35 11.35 14570
09/19/14 10:56:55 11.39 11.39 11.39 14569
09/19/14 10:57:05 11.3801 11.3801 11.3801 5481
09/19/14 10:57:20 11.3868 11.3868 11.3868 5481
09/19/14 10:57:40 11.365 11.365 11.365 5481
09/19/14 10:57:55 11.369 11.369 11.369 5481
09/19/14 10:58:05 11.37 11.37 11.37 5794
09/19/14 10:58:20 11.37 11.37 11.37 5793
09/19/14 10:58:40 11.35 11.35 11.35 5794
09/19/14 10:58:55 11.35 11.35 11.35 5794
09/19/14 10:59:05 11.35 11.35 11.35 4943
09/19/14 10:59:20 11.36 11.36 11.36 4943
09/19/14 10:59:40 11.35 11.35 11.35 4944
09/19/14 10:59:55 11.36 11.36 11.36 4943
09/19/14 11:00:05 11.355 11.355 11.355 10146
09/19/14 11:00:20 11.36 11.36 11.36 10145
09/19/14 11:00:40 11.35 11.35 11.35 10146
09/19/14 11:00:55 11.35 11.35 11.35 10146
09/19/14 11:01:05 11.3588 11.3588 11.3588 4125
09/19/14 11:01:20 11.36 11.36 11.36 4125
09/19/14 11:01:40 11.35 11.35 11.35 4125
09/19/14 11:01:55 11.36 11.36 11.36 4125
09/19/14 11:02:05 11.35 11.35 11.35 11926
09/19/14 11:02:20 11.36 11.36 11.36 11927
09/19/14 11:02:40 11.35 11.35 11.35 11927
09/19/14 11:02:55 11.3598 11.3598 11.3598 11926
09/19/14 11:03:05 11.35 11.35 11.35 5414
09/19/14 11:03:20 11.36 11.36 11.36 5413
09/19/14 11:03:40 11.35 11.35 11.35 5413
09/19/14 11:03:55 11.35 11.35 11.35 5414
09/19/14 11:04:05 11.3595 11.3595 11.3595 4699
09/19/14 11:04:20 11.3595 11.3595 11.3595 4699
09/19/14 11:04:40 11.35 11.35 11.35 4699
09/19/14 11:04:55 11.35 11.35 11.35 4699
09/19/14 11:05:05 11.355 11.355 11.355 1502
09/19/14 11:05:20 11.36 11.36 11.36 1502
09/19/14 11:05:40 11.35 11.35 11.35 1501
09/19/14 11:05:55 11.36 11.36 11.36 1502
09/19/14 11:06:05 11.35 11.35 11.35 4491
09/19/14 11:06:20 11.36 11.36 11.36 4492
09/19/14 11:06:40 11.35 11.35 11.35 4492
09/19/14 11:06:55 11.36 11.36 11.36 4491
09/19/14 11:07:05 11.35 11.35 11.35 5133
09/19/14 11:07:20 11.36 11.36 11.36 5133
09/19/14 11:07:40 11.35 11.35 11.35 5133
09/19/14 11:07:55 11.355 11.355 11.355 5133
09/19/14 11:08:05 11.36 11.36 11.36 12873
09/19/14 11:08:20 11.36 11.36 11.36 12872
09/19/14 11:08:40 11.35 11.35 11.35 12872
09/19/14 11:08:55 11.355 11.355 11.355 12873
09/19/14 11:09:05 11.35 11.35 11.35 41058
09/19/14 11:09:20 11.355 11.355 11.355 41058
09/19/14 11:09:40 11.3001 11.3001 11.3001 41058
09/19/14 11:09:55 11.305 11.305 11.305 41058
09/19/14 11:10:05 11.305 11.305 11.305 35965
09/19/14 11:10:20 11.33 11.33 11.33 35966
09/19/14 11:10:40 11.28 11.28 11.28 35966
09/19/14 11:10:55 11.311 11.311 11.311 35965
09/19/14 11:11:05 11.3099 11.3099 11.3099 11121
09/19/14 11:11:20 11.3099 11.3099 11.3099 11120
09/19/14 11:11:40 11.29 11.29 11.29 11121
09/19/14 11:11:55 11.2999 11.2999 11.2999 11121
09/19/14 11:12:05 11.30 11.30 11.30 25107
09/19/14 11:12:20 11.33 11.33 11.33 25107
09/19/14 11:12:40 11.29 11.29 11.29 25106
09/19/14 11:12:55 11.325 11.325 11.325 25107
09/19/14 11:13:05 11.325 11.325 11.325 8777
09/19/14 11:13:20 11.33 11.33 11.33 8777
09/19/14 11:13:40 11.312 11.312 11.312 8777
09/19/14 11:13:55 11.315 11.315 11.315 8777
09/19/14 11:14:05 11.31 11.31 11.31 12025
09/19/14 11:14:20 11.3114 11.3114 11.3114 12025
09/19/14 11:14:40 11.2901 11.2901 11.2901 12025
09/19/14 11:14:55 11.3114 11.3114 11.3114 12025
09/19/14 11:15:05 11.315 11.315 11.315 3129
09/19/14 11:15:20 11.32 11.32 11.32 3128
09/19/14 11:15:40 11.31 11.31 11.31 3129
09/19/14 11:15:55 11.31 11.31 11.31 3129
09/19/14 11:16:05 11.32 11.32 11.32 4934
09/19/14 11:16:20 11.32 11.32 11.32 4933
09/19/14 11:16:40 11.29 11.29 11.29 4933
09/19/14 11:16:55 11.2943 11.2943 11.2943 4934
09/19/14 11:17:05 11.29 11.29 11.29 13088
09/19/14 11:17:20 11.32 11.32 11.32 13087
09/19/14 11:17:40 11.29 11.29 11.29 13087
09/19/14 11:17:55 11.32 11.32 11.32 13088
09/19/14 11:18:05 11.32 11.32 11.32 14113
09/19/14 11:18:20 11.32 11.32 11.32 14113
09/19/14 11:18:40 11.291 11.291 11.291 14114
09/19/14 11:18:55 11.291 11.291 11.291 14113
09/19/14 11:19:05 11.29 11.29 11.29 8950
09/19/14 11:19:20 11.31 11.31 11.31 8949
09/19/14 11:19:40 11.29 11.29 11.29 8950
09/19/14 11:19:55 11.295 11.295 11.295 8950
09/19/14 11:20:05 11.295 11.295 11.295 5990
09/19/14 11:20:20 11.295 11.295 11.295 5990
09/19/14 11:20:40 11.28 11.28 11.28 5991
09/19/14 11:20:55 11.281 11.281 11.281 5990
09/19/14 11:21:05 11.2899 11.2899 11.2899 7613
09/19/14 11:21:20 11.30 11.30 11.30 7614
09/19/14 11:21:40 11.28 11.28 11.28 7613
09/19/14 11:21:55 11.29 11.29 11.29 7613
09/19/14 11:22:05 11.2943 11.2943 11.2943 1913
09/19/14 11:22:20 11.30 11.30 11.30 1913
09/19/14 11:22:40 11.29 11.29 11.29 1914
09/19/14 11:22:55 11.29 11.29 11.29 1913
09/19/14 11:23:05 11.2943 11.2943 11.2943 8499
09/19/14 11:23:20 11.30 11.30 11.30 8498
09/19/14 11:23:40 11.29 11.29 11.29 8499
09/19/14 11:23:55 11.30 11.30 11.30 8499
09/19/14 11:24:05 11.295 11.295 11.295 2304
09/19/14 11:24:20 11.30 11.30 11.30 2304
09/19/14 11:24:40 11.28 11.28 11.28 2304
09/19/14 11:24:55 11.28 11.28 11.28 2304
09/19/14 11:25:05 11.28 11.28 11.28 9657
09/19/14 11:25:20 11.2801 11.2801 11.2801 9657
09/19/14 11:25:40 11.26 11.26 11.26 9658
09/19/14 11:25:55 11.265 11.265 11.265 9657
09/19/14 11:26:05 11.265 11.265 11.265 27431
09/19/14 11:26:20 11.27 11.27 11.27 27431
09/19/14 11:26:40 11.23 11.23 11.23 27431
09/19/14 11:26:55 11.235 11.235 11.235 27431
09/19/14 11:27:05 11.2332 11.2332 11.2332 26306
09/19/14 11:27:20 11.24 11.24 11.24 26307
09/19/14 11:27:40 11.20 11.20 11.20 26306
09/19/14 11:27:55 11.24 11.24 11.24 26306
09/19/14 11:28:05 11.2499 11.2499 11.2499 15174
09/19/14 11:28:20 11.26 11.26 11.26 15174
09/19/14 11:28:40 11.23 11.23 11.23 15174
09/19/14 11:28:55 11.25 11.25 11.25 15174
09/19/14 11:29:05 11.25 11.25 11.25 7416
09/19/14 11:29:20 11.26 11.26 11.26 7415
09/19/14 11:29:40 11.23 11.23 11.23 7415
09/19/14 11:29:55 11.24 11.24 11.24 7416
09/19/14 11:30:05 11.235 11.235 11.235 16176
09/19/14 11:30:20 11.25 11.25 11.25 16177
09/19/14 11:30:40 11.215 11.215 11.215 16177
09/19/14 11:30:55 11.248 11.248 11.248 16176
09/19/14 11:31:05 11.2468 11.2468 11.2468 14660
09/19/14 11:31:20 11.2468 11.2468 11.2468 14660
09/19/14 11:31:40 11.20 11.20 11.20 14659
09/19/14 11:31:55 11.21 11.21 11.21 14660
09/19/14 11:32:05 11.21 11.21 11.21 8439
09/19/14 11:32:20 11.24 11.24 11.24 8440
09/19/14 11:32:40 11.20 11.20 11.20 8439
09/19/14 11:32:55 11.20 11.20 11.20 8439
09/19/14 11:33:05 11.20 11.20 11.20 14912
09/19/14 11:33:20 11.21 11.21 11.21 14912
09/19/14 11:33:40 11.18 11.18 11.18 14913
09/19/14 11:33:55 11.19 11.19 11.19 14912
09/19/14 11:34:05 11.19 11.19 11.19 12649
09/19/14 11:34:20 11.20 11.20 11.20 12649
09/19/14 11:34:40 11.16 11.16 11.16 12649
09/19/14 11:34:55 11.16 11.16 11.16 12649
09/19/14 11:35:05 11.16 11.16 11.16 10057
09/19/14 11:35:20 11.17 11.17 11.17 10058
09/19/14 11:35:40 11.125 11.125 11.125 10057
09/19/14 11:35:55 11.13 11.13 11.13 10057
09/19/14 11:36:05 11.13 11.13 11.13 16390
09/19/14 11:36:20 11.1594 11.1594 11.1594 16390
09/19/14 11:36:40 11.12 11.12 11.12 16391
09/19/14 11:36:55 11.1553 11.1553 11.1553 16390
09/19/14 11:37:05 11.1501 11.1501 11.1501 17725
09/19/14 11:37:20 11.16 11.16 11.16 17725
09/19/14 11:37:40 11.13 11.13 11.13 17725
09/19/14 11:37:55 11.13 11.13 11.13 17725
09/19/14 11:38:05 11.1201 11.1201 11.1201 5459
09/19/14 11:38:20 11.13 11.13 11.13 5460
09/19/14 11:38:40 11.11 11.11 11.11 5459
09/19/14 11:38:55 11.12 11.12 11.12 5459
09/19/14 11:39:05 11.11 11.11 11.11 42781
09/19/14 11:39:20 11.15 11.15 11.15 42781
09/19/14 11:39:40 11.09 11.09 11.09 42781
09/19/14 11:39:55 11.1401 11.1401 11.1401 42781
09/19/14 11:40:05 11.1401 11.1401 11.1401 9116
09/19/14 11:40:20 11.15 11.15 11.15 9117
09/19/14 11:40:40 11.11 11.11 11.11 9117
09/19/14 11:40:55 11.11 11.11 11.11 9116
09/19/14 11:41:05 11.11 11.11 11.11 8366
09/19/14 11:41:20 11.15 11.15 11.15 8367
09/19/14 11:41:40 11.11 11.11 11.11 8367
09/19/14 11:41:55 11.1461 11.1461 11.1461 8366
09/19/14 11:42:05 11.149 11.149 11.149 5824
09/19/14 11:42:20 11.15 11.15 11.15 5825
09/19/14 11:42:40 11.13 11.13 11.13 5825
09/19/14 11:42:55 11.135 11.135 11.135 5824
09/19/14 11:43:05 11.135 11.135 11.135 10614
09/19/14 11:43:20 11.14 11.14 11.14 10614
09/19/14 11:43:40 11.12 11.12 11.12 10614
09/19/14 11:43:55 11.1392 11.1392 11.1392 10614
09/19/14 11:44:05 11.13 11.13 11.13 17581
09/19/14 11:44:20 11.1314 11.1314 11.1314 17581
09/19/14 11:44:40 11.07 11.07 11.07 17580
09/19/14 11:44:55 11.0999 11.0999 11.0999 17581
09/19/14 11:45:05 11.094 11.094 11.094 9509
09/19/14 11:45:20 11.11 11.11 11.11 9508
09/19/14 11:45:40 11.09 11.09 11.09 9508
09/19/14 11:45:55 11.11 11.11 11.11 9509
09/19/14 11:46:05 11.11 11.11 11.11 17522
09/19/14 11:46:20 11.14 11.14 11.14 17522
09/19/14 11:46:40 11.10 11.10 11.10 17522
09/19/14 11:46:55 11.14 11.14 11.14 17522
09/19/14 11:47:05 11.14 11.14 11.14 6263
09/19/14 11:47:20 11.14 11.14 11.14 6262
09/19/14 11:47:40 11.11 11.11 11.11 6262
09/19/14 11:47:55 11.11 11.11 11.11 6263
09/19/14 11:48:05 11.115 11.115 11.115 5802
09/19/14 11:48:20 11.12 11.12 11.12 5803
09/19/14 11:48:40 11.11 11.11 11.11 5802
09/19/14 11:48:55 11.1101 11.1101 11.1101 5802
09/19/14 11:49:05 11.12 11.12 11.12 19207
09/19/14 11:49:20 11.12 11.12 11.12 19207
09/19/14 11:49:40 11.09 11.09 11.09 19206
09/19/14 11:49:55 11.10 11.10 11.10 19207
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I'm with you Xena....picked some up myself...Was going to wait but these are pretty cheap here...
GTAT - Slimey but who wouldn't profit if the could....they all have stock options in their contracts undoubtedly so they will accumulate more. They also can purchase more off their profits...
They made sure they didn't break SEC insider rules, they just bent the sapphire shiot out of them...
CEO pocketed a cool $272K......He ain't missing his bonus either, trust me...
Source: SEC
If the timing of the Apple announcement was not material, executives should have held their shares. The sale is a small amount, but holding the shares would signal that management was confident the value of the company would rise.
2) Update on Merlin initiative
On its Q2 conference call on August 5, the CEO indicated that the response from partners and potential customers for Merlin was strong. During the quarter, the company successfully completed the performance, safety, and quality testing phase. GTAT shipped samples to several customers and was in active discussions with them. There is a high likelihood that the company will announce signed deals with them on September 29th.
Merlin offers great potential for revenue that current shareholders are ignoring due to the iPhone-sapphire disappointment. If 20 percent of the PV market adopted Merlin, it would mean $1 billion in revenue for GTAT.
3) No major update on Hyperion initiative
Hyperion is a tool that is involved in producing ultra-thin sapphire, silicon laminates, silicon carbide, or templates. GTAT thinks it could get its first order for BNCT Hyperion accelerator in 2014. However, a commercial deal probably will not happen until later in the year.
4) No change in earnings guidance
To the surprise of many bears, GTAT may not lower its non-GAAP forecast of $1.50 per share for 2016. Revenue from all initiatives will be more meaningful in 2015. It is possible that the company will lower 2014 revenue estimates, but unlikely. Still, this would happen if a delay from producing sapphire at high enough yields was one of the reasons Apple delayed the release of its Apple Watch.
Investors should expect product delivery in Q3 and Q4 to materialize. This means that while Q3 may meet forecasts, Q4 will be even stronger.
5) Re-affirming healthy balance sheet
To re-assure investors, GTAT may reiterate that it has a healthy balance sheet. The company forecasted $400 million in cash by the end of this fiscal year.
Bottom line: sapphire a 2016 story
Investors are understandably disappointed GTAT is not supplying sapphire for iPhone screens. Manufacturing and ramping up production of the material takes time, but Hyperion and Merlin are even more meaningful for the company. Sapphire was unusually a higher percentage of total revenue (at 80 percent). This will not be GT Advanced's revenue mix once development for its other products complete and are ready for shipment.
Ironically, the stock might rally on no new news for sapphire. Speculators who bid the stock will take a loss. Investors with a one to three-year time horizon will eventually reap the reward.
I beg to differ. See me previous post and let me know your thoughts. Thanks!
I believe Apple didn't use sapphire on the iPhone 6 because of a couple reasons 1) they didn't have to. As we saw the iPhone 6 sold out in no time at all. 2) historically when releasing a new product, the product needs to have unique features to gain interest.
I believe Apple will use sapphire in a product, which one, I'm not going to guess as I believed they were going to use Liquidmetal and sapphire in the iPhone 6. I was wrong with a lot of other investors (spectators).
Have you looked at the number of patents Apple has been assigned along with Crucible Intellectual Property? I believe it's very possible that we will see a malleable (flexible) sapphire in the future that is has a non-crystaline structure, therfore making it stronger than any other sapphire or glass on the market, incurring Cornings Gorilla Glass.
We shall see... I would like to hear anyone's thoughts on this.
I think there was to much speculation going on with the iphone rumors. I bought this stock for the long run. GTAT has way too much going for it down the road. The Apple deal would've been a bonus, our time will come. I'm holding long and strong.
Nothing but a rumor, no way they will do this.
There is unusually high options trading volume in GT Advanced Technologies Inc (NASDAQ: GTAT) and possible future price movement for the stock.
Traders looking to get back in with cautious optimism???
Solars heading north - with the exception of
yours truly - TSL up 7%
I agree, it would be nice if the iPad had it but hard for me to believe that will happen.
agreed. MACD is about to cross over and RSI looks oversold..expect to see some nice bounce and a good PR will make a breakout
Looks like the MACD needs to smooth out a little and it will be ready...other indicators are starting to scream oversold....
You will get solid ROI .....
i think it will consolidate at this position for somedays for a nice little bounce of 20-30%.. IMHO.. the chart looks really good
If they didn't have it on iPhone due to cost. What makes you think it would go on a even bigger device
Rumor: GT Advanced strength attributed to sapphire in new iPads
Shares of GT Advanced (GTAT) are moving higher on renewed speculation sapphire will be in the new Apple (AAPL) iPads to be revealed next month.
http://www.theflyonthewall.com/permalinks/entry.php/GM?symbol=GTAT&page=all
GTAT - Did you see what was posted right before yours? lol.... Found a bottom? hmmmmm....
They bought it up after hrs...usually try to hammer those shares off at opening...lets see... they couldn't take it down after breakfast today... may be out of ammo...but the usual if you check extended hrs. buying...
All the volume on 15th is red....could be a fast rise through it..
Have a great night.....
* * $GTAT Video Chart 9-16-14 * *
Link to Video - click here to watch the technical chart video
Low today of 11.01, but markets are fighting upwards. Odds are that this stock will test $10-$10.50 first - trying to find a "bottom"
Huge potential ROI here from the drop nice.
$GTAT
$GTAT,...GT Advanced Technologies: Is The Street Missing Forest For The Trees?
Sep. 15, 2014 6:15 AM ET
Summary
GTAT stock price is down about 25% since Apple 9/9 event.
Street concerns about GTAT not meeting 2014 guidance do not appear to be based on reality.
Street concerns about Apple walking away from the venture and causing cash crunch at GTAT are overblown.
GT Advanced Technologies (NASDAQ:GTAT) stock fell by about 25% in the last few days on the realization that Apple (NASDAQ:AAPL) will not be using the Company's sapphire product in Apple's iPhone 6. Several analysts downgraded the Company to a hold or a sell. Current analyst estimates show the Company's 2014 revenue forecast at $508M with an EPS of negative $0.02. This is quite a revenue, earnings, and valuation revision in this poorly understood company that we believed was undervalued prior to this valuation compression. So, what went wrong?
To understand the current situation, one must first understand the history and scope of the Company's deal with Apple.
On November 4, 2013, GTAT announced a multi-year agreement with Apple. As part of the deal, Apple agreed to provide the Company with a $578M interest free loan to develop and operate a massive 1.3 million square foot sapphire manufacturing facility in Mesa, Arizona (payment disbursements subject to GTAT meeting 4 different sets of milestones). Apple also spent an estimated $113 million to purchase the Mesa facility from First Solar (NASDAQ:FSLR) and signed a seven-year below market lease with the Company.
When it came to disclosing the impact of Apple contract on GTAT, the Company management has made it clear that it is bound by Apple confidentiality needs and is unable to share any material facts about Apple's products plans. The Company could not even divulge the timing and revenue potential from Apple's business. Even though Apple and GTAT have been tight lipped about the details of the operation, the size of the deal and the scope of Mesa operation indicate that Apple intends to replace the glass face plate of its high volume iPhones with a sapphire. Apple's considerable amount of IP relating to sapphire supports such an assumption.
Lack of meaningful guidance regarding Apple business has caused many analysts to speculate about Apple's product plans and GTAT's revenue potential. A look at analyst opinions on GTAT shows a wide diversity of opinion on this subject. As recently as a few weeks back, analyst opinions ranged from no sapphire on any iPhone 6 face plate to sapphire on all iPhone 6 devices. In addition, there was also considerable amount of speculation in terms of sapphire usage on iPod, iPad, and Apple Watch (iWatch).
The Company's and Apple's intent to rapidly ramp the Mesa plant was abundantly evident since inception of the deal. While the milestone timeline is redacted from public SEC filings, it appears that GTAT was able to meet the first three milestones on a timely basis as evidenced by prepayments of $225,000, $111,000, and $ 103,000 which were received on November 15, 2013, January 23, 2014, and April 4, 2014, respectively. (Readers should note that the last two milestone dates were several weeks behind the original schedule per the MDSA but we consider such a slippage to be normal for projects of this scope).
However, something went wrong at the Mesa plant in May/June of this year. The Company's SEC filings and public statements indicates that there were several significant ramp issues. GTAT missed the milestone for the fourth and final payment from Apple. In the first two weeks of July, when the news of the problems leaked, several analysts downgraded the stock with concerns about the Company missing revenue guidance for 2014.
Subsequently, during its second-quarter earnings call in August, GTAT announced it was facing production problems and revised its annual guidance to the $600-700M range from the prior $600-800M range. The Company incurred $45M in additional production ramp costs in Q2 and forecasted that it will have additional ramp up costs in the next quarter. The Company also indicated that its revenues for the year were likely to be heavily backend loaded. This timing of the revenues made it unlikely that the Company's sapphire product would have meaningful penetration into Apple's iPhone 6. An analyst exchange during the call highlights this scenario.
"Krish Sankar - Bank of America
And the follow up question, just to think about if I look at your full-year guidance heavily weighted towards Q4. I mean if I look at what your sales run rate in the U.S. has been, has been extremely low. Is it fair to assume that any shipment of Sapphire products is not going to really materialize into any final mobile product this year given that most of the revenues are going to Q4, which means it will be production for next year?
Tom Gutierrez - President and CEO
Who do you think is going to win Superbowl this year? I can't answer that question obviously. As I indicated I really cannot comments on Apple's product line plans or timing or revenue streams or anything else like that. I wish I was in a position to do that, but I can't."
In addition to the revised revenue guidance, the Company suggested that it may be past the early issues and indicated that the final milestone payment from Apple was likely to be realized by the end of October. The Company also indicated that it would take several months for Mesa production to reach an optimal level.
Unfortunately, given the lack of transparency on the details, it was unclear how much of the change in guidance was related to the Company's ramp problem. Without adequate guidance, and with no clarity on Apple's past or current plans for sapphire, the markets cannot easily comprehend the future of GTAT/Apple partnership. This has led to several competing hypothesis for Apple's original product plans as can be seen here. In our view, Occam's razor would suggest that Apple was planning one or more iPhone SKUs with sapphire that did not materialize due to GTAT's ramp issues and likely other product problems. It is also conceivable that iWatch timeline may have slipped from earlier plans.
On September 9th, Apple introduced two flavors of iWatch with sapphire faces and continued the use sapphire for the iPhone touch sensor and lens cover. However, none of the iPhone faces were going to be covered with sapphire.
The absence of sapphire on iPhone cover plates was clearly disappointing to GTAT bulls but to a large extent the handwriting was on the wall. While neither Apple nor GTAT released any specific information on the subject, all the available data indicate that Apple's product plans were revised during the June time frame coincident with GTAT's ramp problems.
Looking back, the problems that GTAT faced should have been expected with an aggressive volume ramp. In this particular case, the problems were further exacerbated due to usage of a new material and because of GTAT's inexperience with volume materials manufacturing.
The Company is changing its business model from being an equipment supplier and adding on the capabilities of a material manufacturer. Unfortunately, this move downstream was not done on a pilot scale as is usual in such situations but was done on an ultra large scale with what is likely one of the fastest product ramps in the history to date. It was a gutsy and risky move on the management's part and it backfired. However, we do not blame the management for taking this risk given the potential for outsized returns. As we go on to show, the risk factors of the deal are not that big either.
Nevertheless, several analyst downgrades followed Apple event with a thesis that the lack of sapphire iPhone face plates meant the Company is unlikely to meet its 2014 guidance. Some even mused about the Company's dire future if Apple pulls the plug on the sapphire venture.
Our view is that the concerns about GTAT missing the 2014 guidance are overblown. By all indications, GTAT's second-quarter guidance was given after Apple finalized its 2014 product plans. The Company, in addition reducing the guidance had this to say in the Q2 conference call regarding 2014:
"We continue to expect more than 80% of the year's revenue to come from our sapphire segment. While we anticipate significant contributions from both the equipment and materials businesses, the mix of equipment will now be higher than originally anticipated. The mix shift is expected to have a favorable impact on gross margins. As such, we are updating our non-GAAP gross margin guidance to between 27% and 29% for the year."
In other words, the Company expects the already reduced guidance to be met by increased revenues from the equipment business. In the context of Apple's 4th and final prepayment the CEO said:
"The fourth prepayment from Apple is contingent upon the achievement of certain operational targets by GT. GT expects to hit these targets and receive the final $139 million prepayment by the end of October 2014. We remain very positive about our sapphire materials business."
"I would say that these are milestone based, right and so when you reached a milestone, you get paid, they are not cliffs per se. And so I feel very confident based on the progress that we are making that we will achieve the milestone in that time frame but as I indicated with the projection of having close to $400 million in the bank at the end of the year, it's not a world-ending event, if it slides although again I don't anticipate that it will slide."
The statement above clearly demonstrate the management's confidence in the current situation as well as the limited cash flow risk involved even if the Company does not meet the final milestone.
Given the timing of the Company's guidance, we do not see the failure to land the iPhone 6 face plate as being material to the Company's 2014 revenue forecast. This does not mean there is no risk to the Company's guidance. It is entirely possible that the iWatch revenues could be delayed or the Company's equipment sales could come below expectations. However, neither of these are related to the Apple announcement and we do not find the revised analyst expectations for 2014 justified.
Looking at the future, the biggest risk factor seems to be that Apple could back away from its sapphire commitment and will leave GTAT out in the cold with a large factory and very little sapphire consumption. This fear arises from some very specific language in the Company's agreement with Apple. Per the Company's 10-Q:
"While the MDSA specifies GTAT Corp.'s minimum and maximum supply commitments, Apple has no minimum purchase requirements under the terms of the MDSA."
While it is conceivable that Apple could move away from sapphire or otherwise leave GTAT high and dry but we find such a development unlikely. Investors should note that in addition to the $578M interest free loan to GTAT, Apple spent approximately $115M to buy the Mesa facility. Apple has invested, by itself and with its partners, considerable amount of engineering resources to develop sapphire related IP. The depth of Apple's IP indicate a plan for widespread adoption of sapphire across its product lines. Decisions of this scale are not made on whim but with considerable amount of diligence. It is unlikely that a setback on what appears to be an extremely aggressive ramp can derail a project of this scope.
In our view, GTAT's execution failure is a temporary problem. The fourth and final Apple prepayment, when it occurs, would be a confirmation that GTAT has met all the necessary product and yield benchmarks set by Apple. From a marketing perspective, sapphire is consistent with Apple brand image about finer things in life. Apple already uses sapphire for its iPhone touch sensor and lens cover. Apple has announced two iWatch models with sapphire cover plates and backsides. Barring a significant engineering problem, which we find unlikely, we see little reason for Apple to not move to sapphire across all of its product lines.
However, a case can be made that the fourth payment may not ensure Apple will use sapphire for iPhone cover plate. Considering this risk factor, we can model three different sapphire adoption scenarios that give a range of potential results for GTAT in 2015.
In a pessimistic scenario, sapphire at Apple could be limited to the already announced iWatch cover plate and backside along with touch sensors and lens covers for all Apple products. This scenario would yield a total Apple TAM of 200M mobile devices @ $1 and 20M sapphire clad iWatches @ $3. Total revenues from Apple in this scenario would be $260M.
A more realistic scenario, where sapphire is designed into the face plate of next iPhone with a fall 2015 release, would bring the Apple TAM to approximately 140M sensors and lens covers @ $1, 20M iWatches @ $3, 60M and iPhones @ $6. The combined revenues in this scenario would be $560M.
A more optimistic bull-case scenario may call for an early 2015 or a midyear iPhone refresh or an introduction of sapphire clad iPad in fall. Such a scenario could bring Apple TAM to approximately 80M sensors and lens covers @ $1, 20M iWatches @ $3, 100M iPhones @ $6, and 20M iPads @ $15. The combined TAM in this case would be $1040M
It is important to realize that these scenarios only show revenues from Apple and not from other sources. In the unlikely event that the manufacturing capacity at Mesa far exceeds Apple sapphire needs, we expect GTAT to reduce the manufacturing ramp and to start selling excess sapphire to customers other than Apple. We believe that GTAT could even use the Mesa facility to ramp production of laminates for sapphire, SiC, and polysilicon. In such a scenario, we do not believe Apple will have much of a commercial cause to disallow the expanded facilities use.
Could Apple be unreasonable and force GTAT to an early payment terms or otherwise cause GTAT to default on its obligations? While that may be a theoretical possibility, we do not see a conceivable reason for Apple to take such a path - especially once GTAT meets all the milestone requirements and collects the 4th and final payment. At such a point, Apple would not have a reasonable basis to terminate its agreement with GTAT. Even if Apple were to take such a step, our preliminary reading of the MDSA indicates that the Apple prepayments are secured by the assets of GT Advanced Equipment Holding LLC and not GT Advanced Technologies.
While some of the significant details of the relationships of various entities is opaque to us, it appears that GTAT management created this LLC structure to limit the liability of failure to GTAT shareholders. If our reading of the situation is accurate (readers who have taken a closer look can chip in in the comment section), then Apple walking away from the deal would mean a limited damage to GTAT other than the lost opportunity. As such, we do not see a significant impact on the Company's cash flow situation. In this worst-case scenario, Apple may be left holding a large sapphire manufacturing facility with very limited use. Taken in context, this scenario appears highly improbable barring a colossal execution failure on GTAT's part.
In summary, we believe that all the GTAT bear scenarios are farfetched and we see no reasonable basis for GTAT to either miss the 2014 guidance or to suffer from a catastrophic Apple pull out.
The value proposition of scratchproof glass and the savings Apple could derive from lower warranty repair costs by reducing screen damage can be substantial. The transition to sapphire will help Apple further justify a higher ASP for its products. Considering the last quarter's manufacturing setbacks, it is likely that Apple has taken a more cautious approach toward sapphire product launches.
As one of the readers in these forums pointed out, the code name Apple uses for this project, Cascade, implies a phased rollout of sapphire along Apple's product line. Regardless of whether one places any credence in that theory, it makes strategic sense for Apple to create a customer perception of premium product and to maximize its competitive advantage by rolling sapphire across its entire product line.
http://seekingalpha.com/article/2494555-gt-advanced-technologies-is-the-street-missing-forest-for-the-trees
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