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Canaccord Genuity Initiates Mast Therapeutics With Buy, $3.00
8:40a ET November 17, 2014 (Benzinga)
Analysts at Canaccord Genuity initiated coverage on shares of Mast Therapeutics (NYSE: MSTX) with a Buy rating.
The target price for Mast Therapeutics is set to $3.
Mast Therapeutics' shares jumped 11.11% to $0.50 in pre-market trading.
Latest Ratings for MSTX DateFirmActionFromTo
Nov 2014Canaccord GenuityInitiates Coverage onBuy Oct 2013Canaccord GenuityInitiates Coverage onBuy
View More Analyst Ratings for MSTX
View the Latest Analyst Ratings
Ibio Sees Significant Growth in Short Interest (IBIO)
Posted by Scott Davis on Nov 12th, 2014
Ibio (NYSE:IBIO) was the recipient of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 3,655,614 shares, a growth of 706.7% from the October 15th total of 453,143 shares, ARN reports. Approximately 6.2% of the company’s shares are short sold. Based on an average daily volume of 19,451,482 shares, the short-interest ratio is currently 0.2 days.
Shares of Ibio (NYSE:IBIO) traded down 0.87% during mid-day trading on Wednesday, hitting $1.14. 954,022 shares of the company’s stock traded hands. Ibio has a 1-year low of $0.24 and a 1-year high of $3.48. The stock’s 50-day moving average is $1.19 and its 200-day moving average is $0.64. The company’s market cap is $76.9 million.
http://www.wkrb13.com/markets/422515/ibio-sees-significant-growth-in-short-interest-ibio/
206.037 Shares bought in the last five minutes of the market
$1.19 / $1.23 close market
The level of short sales, again from medium to high!
Be careful
Gradually, low short interest. Today we saw the effect.
Short Interest in GTATQ Drops By 36.4%
October 31st, 2014
Shares of GT Advanced Technologies (OTC:GTATQ) were the target of a large drop in short interest in October. As of October 15th, there was short interest totalling 38,901,736 shares, a drop of 36.4% from the September 30th total of 61,167,834 shares, Analyst RN reports. Approximately 0.0% of the company’s stock are short sold. Based on an average daily volume of 94,864,282 shares, the short-interest ratio is currently 0.4 days.
A number of analysts have recently weighed in on GTATQ shares. Analysts at Dougherty & Co downgraded shares of GT Advanced Technologies from a “buy” rating to a “sell” rating in a research note on Wednesday, September 10th. Separately, analysts at Piper Jaffray downgraded shares of GT Advanced Technologies from an “overweight” rating to a “neutral” rating in a research note on Wednesday, September 10th. They now have a $16.00 price target on the stock. Finally, analysts at Goldman Sachs downgraded shares of GT Advanced Technologies from a “buy” rating to a “neutral” rating in a research note on Wednesday, September 10th. They now have a $14.00 price target on the stock, down previously from $20.00. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $17.57.
GT Advanced Technologies (OTC:GTATQ) opened at 0.465 on Friday. GT Advanced Technologies has a 52-week low of $0.31 and a 52-week high of $20.54. The stock’s 50-day moving average is $5.81 and its 200-day moving average is $13.62. The company’s market cap is $64.0 million.
GT Advanced Technologies Inc is diversified technology company with crystal growth equipment and solutions for the global solar, light emitting diode (OTC:GTATQ) and electronics industries.
http://www.watchlistnews.com/short-interest-in-gt-advanced-technologies-drops-by-36-4-gtatq/144152/
It is a reality and the best for you, if you bought high, buying low to average . Short sales activity dropped from high to medium, it is a strong level. Then comes the low. By this I mean that they are still pushing for more down, that way the short sellers earn more.
At the moment, I do not see either GTATQ. There are many selloff, some shorts are covering, but the ceiling is getting lower. GTATQ, may end up under $ 0.40
Good news at any time. SUTR always delayed presentations of the quarter. It is a good time to buy. On the other hand, it is good that US financial institutions, own shares.
Goldman Sachs Downgrades Petrobras (PBR) to Neutral
.
October 29, 2014 8:30 AM EDT
Goldman Sachs downgraded Petrobras (NYSE: PBR) from Buy to Neutral.
Analyst Felipe Mattar said, "Shares have outperformed our LatAm Energy coverage by +3.2% since being added to the list on July 13, 2014. The stock has underperformed the Ibovespa by 17.5% since we rated it Buy on Dec. 14, 2011. Despite PBR’s inexpensive asset value, expected 12-18 months production growth, and benefits from lower oil prices, we believe the stock remains dependent on domestic fuel pricing policy and currency movements, which remain unpredictable, making it difficult to set a bear or a bull case, with the risk-reward being symmetrical at current levels."
Shares of Petrobras closed at $11.68 yesterday
http://www.streetinsider.com/Analyst+Comments/Goldman+Sachs+Downgrades+Petrobras+%28PBR%29+to+Neutral/9951888.html?si_email_click=2014102908
With fuel to keep going up, tomorrow
Sure that can. With the media, I see a lot of manipulation
GT Advanced Says It Can't Afford to Fight Apple, Must Settle
12:26p ET October 28, 2014 (Dow Jones)
By Peg Brickley
GT Advanced Technologies Inc. said it needs to settle disputes with Apple Inc. because "protracted litigation against one of the largest corporations in the world with over $100 billion of cash would be challenging and expensive."
Jilted by Apple as a supplier of sapphire screen material for iPhones, GT Advanced filed for Chapter 11 protection earlier this month and moved to put under seal the explanation of what went wrong between the two companies.
Papers filed near midnight Monday say Apple is threatening to crush the small, distressed company with "numerous liquidated damages provisions in the Apple Agreements pursuant to which Apple would likely assert millions, if not billions, of dollars in secured and unsecured claims against certain of the Debtors," lawyers for GT Advanced wrote.
Apple, which signed the pact, didn't respond Tuesday to questions about the settlement.
Court filings spell out why GT Advanced, less than a month into a bankruptcy that shocked shareholders and creditors, decided to cut a deal with Apple, which financed its entry into the sapphire material making industry but declined to use the company's products when the new iPhones rolled out.
GT Advanced believes it could win contract disputes with Apple and may have "various causes of action against Apple, including actions rooted in the Bankruptcy Code and breach of contract claims." Among other things, GT Advanced could attempt to prove that Apple "engaged in the requisite inequitable conduct and the misconduct resulted in an injury to creditors or conferred an unfair advantage on Apple" that would establish a legal case for knocking down the priority of Apple's high-ranking $439 million claim, the company's lawyers say.
Apple's claim relates to equipment financing for GT Advanced.
Additionally, GT Advanced could attempt to unwind the supply, financing, and confidentiality agreements it signed with Apple less than a year before it filed for bankruptcy protection on the grounds they were deals with an insolvent company.
The cost of standing up to Apple in court would be too much for the New Hampshire company, court papers say.
Attorneys for the official committee of unsecured creditors haven't responded to questions about whether they are going to support the settlement. Creditors' lawyers also didn't respond when asked whether they are conducting an independent probe of the chances of suing Apple.
GT Advanced cited one of its reasons for agreeing to the settlement as being that "it would also be compelled to investigate and eventually assert causes of action against Apple relating to the Apple Agreements and the business relationship with Apple." Instead, it has agreed not to disparage Apple, and Apple has agreed not to disparage GT Advanced.
As explained in court and outlined last week by GT Advanced, the settlement gives GT Advanced years to sell the sapphire-manufacturing furnaces to raise money to pay off the Apple debt. Court papers don't say what it will cost GT Advanced to store, maintain, market and sell the furnaces. The company gets 11 months free rent at the Arizona plant, court papers say.
Before agreeing to the settlement, GT Advanced moved to reject the agreements with Apple that contained the liquidated damages provisions. It won approval to shut down sapphire manufacturing operations at the Arizona facility and one in Massachusetts. If a bankruptcy judge approves the settlement, the contract rejection motion will be "moot," lawyers for GT Advanced wrote.
GT Advanced said it would "ultimately succeed" in its bid to shake off the Apple contracts in bankruptcy, including squashing restrictions that barred it from selling furnaces to Apple competitors. However, "it is almost certain that Apple would vigorously challenge GTAT's attempts to do so," and fighting with Apple "could significantly delay GTAT's emergence from chapter 11," the company's lawyers said.
Court papers say Apple has agreed not to interfere with GT Advanced's efforts to finance a bankruptcy turnaround.
"Without new post-petition financing, GTAT's current liquidity crisis would continue, placing its entire reorganization strategy in jeopardy," the company said.
GT Advanced doesn't have a bankruptcy loan but expects to have one "in several weeks," court papers say.
The agreement hangs on getting a court order that orders the destruction of all copies of papers GT Advanced filed with the U.S. Bankruptcy Court in New Hampshire which explain the trouble between the sapphire supplier and Apple, and the reasons for the bankruptcy. Besides striking the papers from the court docket, GT Advanced wants Judge Henry Boroff to order anyone who has copies of the documents to destroy them.
Dow Jones & Co, publisher of The Wall Street Journal; U.S. Trustee William Harrington, a Justice Department lawyer charged with monitoring the bankruptcy courts, and New Hampshire Attorney General Joseph Foster have challenged the secrecy in the case as illegal.
A hearing is scheduled for Thursday on the sealing order that GT Advanced won in a closed-door session with Judge Boroff. GT Advanced said it would ask that the sealing be continued until Nov. 25, when the settlement motion is to be heard. If that succeeds, GT Advanced will have had nearly two months of Chapter 11 protection without telling its creditors and shareholders why it needed to file for bankruptcy.
Write to Peg Brickley at peg.brickley@wsj.com
First buy to cover,317,875 shares $$0.65 10:35
There are better companies to short selling
It is best hold. The short sales have to cover them. It is the only way to force the shorts to cover
GTATQ, Sees Significant Decline in Short Interest
Posted by Masoud Bidgoli on Oct 28th
GT Advanced Technologies (NASDAQ:GTAT) was the target of a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 38,901,736 shares, a drop of 36.4% from the September 30th total of 61,167,834 shares, Analyst Ratings Network reports. Approximately 0.0% of the shares of the stock are short sold. Based on an average trading volume of 94,864,282 shares, the short-interest ratio is currently 0.4 days.
GT Advanced Technologies (NASDAQ:GTAT) opened at 0.4373 on Tuesday. GT Advanced Technologies has a one year low of $0.38 and a one year high of $20.54. The stock’s 50-day moving average is $10. and its 200-day moving average is $14.90.
GT Advanced Technologies Inc is diversified technology company with crystal growth equipment and solutions for the global solar, light emitting diode (NASDAQ:GTAT) and electronics industries.
http://www.mideasttime.com/gt-advanced-technologies-sees-significant-decline-in-short-interest-gtat-2/246005/
655,797 Shares(Block) buy,$0.77yellow neutral 19:51:55 hs
GT Advanced Restructuring Advisers Disclose Client Ties to Apple
5:37p ET October 24, 2014 (Dow Jones) Print
By Peg Brickley
Some of the army of bankruptcy advisers guiding GT Advanced Technologies Inc. through bankruptcy by way of a fast settlement with Apple Inc. have counted Apple as a client, or still do, and those connections call for a close look, legal expert say.
GT Advanced filed for Chapter 11 bankruptcy protection Oct. 6, after Apple passed on the chance to use its synthetic sapphire material in screens for the new generation of iPhones. Details of what went wrong between the two companies remain under wraps by order of a federal bankruptcy judge.
Dow Jones & Co, publisher of The Wall Street Journal, U.S. Trustee William Harrington, a Department of Justice lawyer charged with monitoring the bankruptcy courts, and New Hampshire Attorney General Joseph Foster have challenged the secrecy in the case as illegal.
Court filings show two major law firms working for GT Advanced---Paul Hastings LLP and Ropes & Gray LLP--and the company's restructuring adviser, Alvarez & Marsal LLC have or had client ties to Apple. Connections between GT Advanced's advisers and Apple aren't necessarily conflicts. Bankruptcy court oversight, however, requires those representing the financially strapped company be tested for signs of divided loyalties.
"It's basically because you're using the public system to resolve your debts, and therefore we want to make sure that the system's pure and clean," said Stephen Lubben, holder of the Harvey Washington Wiley Chair in Corporate Governance & Business Ethics at Seton Hall University School of Law.
Connections to Apple were disclosed as part of routine court filings required of professionals seeking to be paid for work in GT Advanced's court-supervised restructuring. The reason for the tell-all is simple, said Nancy Rapoport, professor at the University of Nevada, Las Vegas, School of Law: creditors are ultimately paying, so the court needs to evaluate whether they will get devoted representation.
"The money to pay all these people typically comes from the pockets of the unsecured creditors and that's why it's important for the court, and not the professionals themselves, to decide whether someone is disqualified," Ms. Rapoport said.
Owed $439 million, Apple is described as the top secured creditor in GT Advanced's case as well as the counterparty to contracts that the smaller company has sought to shake off as "oppressive and burdensome," according to court papers. Instead of an open court fight, Apple and GT Advanced are seeking a settlement that would end their contract and erase from the court record the evidence of what pushed GT Advanced into bankruptcy.
Architects of the settlement on GT Advanced's side of the table are Paul Hastings LLP, which lists Apple as a former client, as well as Alvarez & Marsal, a restructuring adviser that didn't say whether Apple is a current or former client, only that it was one or the other. In court papers, both firms vowed they are able to look out for GT Advanced's interests in the bankruptcy case and that their work for Apple was, or is, unrelated to GT Advanced.
Ropes & Gray LLP, which is still working for Apple as well as for GT Advanced, certified it is conflict-free to continue as the smaller company's corporate counsel. In court papers, Ropes & Gray added the caveat that, if it comes down to a fight with Apple, or even preparation for a fight with Apple, GT Advanced will have to turn to Paul Hastings or another law firm. The law firm is being hired under a provision that calls for less extended scrutiny than will be applied to lead bankruptcy counsel Paul Hastings, Mr. Lubben noted.
In a statement Friday, Ropes & Gray said it didn't play a significant role in crafting the proposed contract settlement with Apple. "Ropes & Gray did not negotiate the settlement agreement. Paul Hastings represented GT Advanced Technologies in the negotiations. Ropes & Gray has a longstanding relationship with GT Advanced Technologies as corporate counsel," according to the statement the firm released through a spokesman.
Luc Despins, who is leading Paul Hastings' work as bankruptcy counsel to GT Advanced, said the firm "properly disclosed that Apple was a previous client of Paul Hastings. Apple is no longer a client of the firm, our prior work had nothing to do with the issues we are handling now, and we are fully committed to vigorously representing GTAT's interests."
Restructuring adviser Alvarez & Marsal North America, LLC, whose employees will be billing up to $925 an hour to GT Advanced, is being hired to manage "the overall restructuring process, the development of ongoing business and financial plans, and restructuring negotiations." A spokeswoman for the firm didn't respond to inquiries about whether Apple remains a client of Alvarez & Marsal.
Alvarez & Marsal certified in court filings it doesn't hold any interest adverse to GT Advanced and meets the legal standard for being hired as a bankruptcy professional.
"We have full confidence in our advisors," said GT Advanced spokesman Jeff Nestel-Patt in an email Friday.
Representatives of Apple weren't immediately available for comment.
U.S. Trustee Harrington and the official committee representing GT Advanced's unsecured creditors have until next week to tell the U.S. Bankruptcy Court in New Hampshire whether they have concerns about GT Advanced's advisers.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)
Write to Peg Brickley at peg.brickley@wsj.com
TDA, Trade Architect and Thinkorswim(board)
Yes, 610,332 shares(Block), buy in green, 18:36:36 hs + 447,115 shares (Block) Buyin Green 16::00:36
Top 10 News for 10/20 - 10/24: Apple Ramps on Results; Loeb Eyes Amgen; Advanced Technologies Exits Sapphire Game
October 24, 2014 3:52 PM EDT
7. GT Advanced Technologies Inc. (OTCBB: GTATQ) (Nasdaq: GTAT) and Apple announced reaching a settlement agreement under which GT will wind down its sapphire materials production in the company's Mesa, AZ and Salem, MA locations. The company indicated that it will exit from the market as a producer of sapphire materials and will refocus its business as an equipment supplier, manufacturing and developing sapphire growth systems and processes. Under the terms of the settlement agreement, which is subject to approval by the Bankruptcy Court, GT will be released from all exclusivity obligations under its various agreements with Apple. GT will retain ownership of all production, ancillary and inventory assets located in Mesa and Apple is provided with a mechanism for recovering its $439 million pre-payment made to GT over a period of up to four years without interest, solely from a portion of the proceeds from ASF® sales. The agreement provides for a mutual release of any and all claims by both parties. As a result of the agreed upon terms, GT retains control of its intellectual property and will be able to sell its sapphire growth and fabrication technology, including ASF and Hyperion™, without restrictions.
http://www.streetinsider.com/Special+Reports/Top+10+News+for+1020+-+1024%3A+Apple+Ramps+on+Results%3B+Loeb+Eyes+Amgen%3B+Advanced+Technologies+Exits+Sapphire+Game/9940511.html?si_email_click=2014102415
After hour: 447,115 shares(Block) buy $0.8897 Green 16:00:21 hs
A good day to GTAT.
If all long investors hold their position, the price would rise faster
A good trend for Monday!
(HOLD)GT Advanced Technologies Receives Average Recommendation of “Hold” from Brokerages (OTC:GTATQ)
Posted by Nolan Pearson on Oct 23rd, 2014
GT Advanced Technologies (OTC:GTATQ) has been given an average recommendation of “Hold” by the twelve brokerages that are presently covering the stock, Stock Ratings Network.com reports. Three analysts have rated the stock with a sell recommendation, four have given a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among analysts that have covered the stock in the last year is $17.57.
GT Advanced Technologies (OTC:GTATQ) traded up 31.26% on Tuesday, hitting $0.692. The stock had a trading volume of 14,553,179 shares. GT Advanced Technologies has a 52-week low of $0.31 and a 52-week high of $20.54. The stock’s 50-day moving average is $8.35 and its 200-day moving average is $14.28. The company’s market cap is $95.2 million. GT Advanced Technologies also saw a large increase in short interest in September. As of September 30th, there was short interest totalling 61,167,834 shares, an increase of 10.0% from the September 15th total of 55,585,174 shares. Approximately 44.9% of the company’s stock are short sold. Based on an average daily volume of 11,319,827 shares, the short-interest ratio is currently 5.4 days.
GT Advanced Technologies (OTC:GTATQ) last issued its quarterly earnings data on Monday, August 4th. The company reported ($0.16) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.14) by $0.02. The company had revenue of $58.00 million for the quarter, compared to the consensus estimate of $63.94 million. During the same quarter in the prior year, the company posted $0.15 earnings per share. The company’s quarterly revenue was down 65.5% on a year-over-year basis. Analysts expect that GT Advanced Technologies will post $-0.74 EPS for the current fiscal year.
A number of analysts have recently weighed in on GTATQ shares. Analysts at Dougherty & Co downgraded shares of GT Advanced Technologies from a “buy” rating to a “sell” rating in a research note on Wednesday, September 10th. Separately, analysts at Piper Jaffray downgraded shares of GT Advanced Technologies from an “overweight” rating to a “neutral” rating in a research note on Wednesday, September 10th. They now have a $16.00 price target on the stock. Finally, analysts at Goldman Sachs downgraded shares of GT Advanced Technologies from a “buy” rating to a “neutral” rating in a research note on Wednesday, September 10th. They now have a $14.00 price target on the stock, down previously from $20.00.
GT Advanced Technologies Inc is diversified technology company with crystal growth equipment and solutions for the global solar, light emitting diode (OTC:GTATQ) and electronics industries.
Receive News & Ratings for GT Advanced Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GT Advanced Technologies and related companies with Analyst Ratings Network's FREE daily email newsletter
http://www.wkrb13.com/markets/400256/gt-advanced-technologies-receives-average-recommendation-of-hold-from-brokerages-otcgtatq/
Apple, GT Reach Deal on Winding Down Sapphire-Materials Production: Update
5:55p ET October 23, 2014 (Dow Jones) Print
Apple, GT Reach Deal on Winding Down Sapphire-Materials Production: Update
By Peg Brickley And Daisuke Wakabayashi
GT Advanced Technologies Inc. and Apple Inc. announced Thursday they reached an agreement on terms for the wind-down of sapphire-materials production in GT's Mesa, Ariz. and Salem, Mass. locations.
First mentioned in court, the pact is termed a "settlement" by Apple, which didn't use sapphire from GT Advanced for its latest-generation smartphones.
In a statement from an Apple spokeswoman, the company said, "Apple put a lot of effort into an ambitious new sapphire-manufacturing process with GTAT which is not ready for production. We're going to continue evaluating GTAT's progress on larger sapphire boule development, as well as consider other options for the facility. We remain committed to the city and we're going to work with Mesa and Maricopa County to help the GT Advanced employees who will be impacted by this find new jobs."
After filing for Chapter 11 protection Oct. 6 in U.S. Bankruptcy Court in Manchester, N.H., GT Advanced said it would get out of the business of making sapphire materials.
GT Advanced chief executive Tom Gutierrez said in a statement that the company is working "to develop a restructuring plan that will allow us to emerge from Chapter 11 as quickly as possible and with the operating flexibility and resources to position GT for long term success."
According to a news release from GT Advanced, the settlement with Apple releases GT from "exclusivity obligations under its various agreements with Apple." GT will own "production, ancillary and inventory assets located in Mesa" under the pact. Apple, in return, gets "a mechanism for recovering its $439 million prepayment made to GT."
At a time when Apple was considering using GT Advanced's synthetic sapphire material in the screens for its iPhones, the technology giant extended $578 million worth of financing to set GT Advanced up in the business. Some $439 million of the money had been advanced before GT Advanced filed for bankruptcy. Apple used Corning Inc.'s Gorilla Glass for its new iPhone screens.
The settlement also provides that Apple and GT Advanced release all claims against each other. What those claims might be remains to be seen.
GT Advanced Technologies agreed to the settlement weeks into a case where critical court papers remain under seal. Court papers that set out, on the one hand, the reason for GT Advanced's surprise bankruptcy filing, and, on the other hand, Apple's position on the relationship between the two companies, were filed under seal.
That has left creditors and shareholders wondering what, if anything, their claims are worth in a bankruptcy that caught them by surprise. A GT Advanced spokesman Thursday did not respond to questions about whether the Chapter 11 proceeding will leave unsecured creditors and shareholders with any value.
Dow Jones & Co, publisher of The Wall Street Journal, U.S. Trustee William Harrington, a Department of Justice lawyer charged with monitoring the bankruptcy courts, and New Hampshire Attorney General Joseph Foster have challenged the secrecy in the case as illegal.
GT Advanced has said terms of its contract with Apple, a contract it has moved to terminate, could expose it to $50 million in damages for breaching confidentiality provisions. Apple has not filed papers explaining what it seeks to protect by keeping the papers under seal. Instead, GT Advanced and Apple struck a settlement that depends on getting a court order striking from the court record all copies of GT Advanced's explanation of its bankruptcy, and Apple's position on the contract. The court order will also require anyone in possession of the documents to destroy all copies.
The settlement papers haven't yet been filed with the bankruptcy court, which is being asked to approve them. According to the news release, GT Advanced will file those papers Monday with a hearing on the deal slated for Nov. 25.
Write to Peg Brickley at peg.brickley@wsj.com and Daisuke Wakabayashi at Daisuke.Wakabayashi@wsj.com
Short sellers, aproximate,buy to cover more than 1.5 million shares in the past 15 minutes
Who owns GTAT ? It is no scam. Surprise at any time!. They are buying low to average their high purchase prices
Renaissance Technologies 298208 $298208 June 30, 2014
Bridgeway Capital Management 135200 $246064 March 31, 2014
KCG Holdings 62897 $113843 March 31, 2014
Berkshire Asset Management 50000 $50000 June 30, 2014
CITADEL ADVISORS 38553 $70166 March 31, 2014
Technical Financial Services 35595 $65138 Dec. 31, 2013
LSV Asset Management 27600 $27048 June 30, 2014
Rotella Capital Management 23205 $22972 June 30, 2014
Knight Capital 21964 $32946 June 30, 2013
Spark Investment Management 12200 $19032 March 31, 2013
Bank of America Corporation 10000 $10000 June 30, 2014
Deutsche Bank Aktiengesellschaft 7050 $11985 March 31, 2014
Tower Research Capital 6912 $6981 June 30, 2014
Nomura Holdings 4477 $6984 June 30, 2013
UBS AG 3000 $3000 June 30, 2014
O'SHAUGHNESSY ASSET MANAGEMENT 2427 $4004 March 31, 2014
GROUP ONE TRADING 1477 $1004 June 30, 2014
MORGAN STANLEY 870 $0 June 30, 2014
BNP PARIBAS ARBITRAGE, SNC 510 $932 Dec. 31, 2013
Citi 68 $0 March 31, 2014
Kistler-Tiffany Advsiors 51 $0 Sept. 30, 2014
In 40 minutes, short covering more than 2.5 million shares.
The chart has a return point at $ 6.97 and the RSI (14) 21.11. It has 50 points to climb before entering overbought
The main chart RSI(14)20.80 oversold Target$6
http://stockcharts.com/h-sc/ui?s=GTATQ&p=D&b=5&g=0&id=p26099102557&a=264845671
Apple to "continue evaluating" GT's sapphire progress • 1:21 PM
Eric Jhonsa, SA News Editor
•An Apple spokeswoman: "Apple put a lot of effort into an ambitious new sapphire manufacturing process with GTAT which is not ready for production. We're going to continue evaluating GTAT's progress on larger sapphire boule development, as well as consider other options for the facility."
•GT Advanced (OTCPK:GTATQ +49..7%) confirmed this morning it has reached a settlement with Apple (previous) that will result in its Mesa, AZ and Salem, MA sapphire production ops being wound down, and that a portion of its sapphire furnace sales will be used to pay down the company's debt to Apple. 650 Mesa employees have been laid off.
•GT "retains control of its intellectual property and will be able to sell its sapphire growth and fabrication technology, including ASF and Hyperion, without restrictions."
Cover to buy,220,850 shares $0.75 Green in ask 13:02:57
GTAQ can upload up to $6 without problems on the chart
http://stockcharts.com/h-sc/ui?s=GTATQ&p=D&b=5&g=0&id=p26099102557&a=264845671
A good listener, few words. GTATQ en route to exit bankruptcy.
Apple does not stain the memory of Steve Jobs.
Short sellers covering, as you can!!!
Apple, GT Advanced Technologies in agreement on sapphire materials
11:25a ET October 23, 2014 (MarketWatch)
Share
Print
Apple, GT Advanced Technologies in agreement on sapphire materials
By Peg Brickley and Daisuke Wakabayashi
GT Advanced Technologies Inc. and Apple Inc. announced Thursday they reached an agreement on terms for the wind-down of sapphire materials production in GT's Mesa, Ariz. and Salem, Mass. locations.
First mentioned in court, the pact is termed a "settlement" by Apple, which didn't use sapphire from GT Advanced (GTATQ) for its latest generation smartphones.
In a statement from an Apple (AAPL) spokeswoman, the company said, "Apple put a lot of effort into an ambitious new sapphire manufacturing process with GTAT which is not ready for production. We're going to continue evaluating GTAT's progress on larger sapphire boule development, as well as consider other options for the facility. We remain committed to the city and we're going to work with Mesa and Maricopa County to help the GT Advanced employees who will be impacted by this find new jobs."
After filing for Chapter 11 protection Oct. 6 in U.S. Bankruptcy Court in Manchester, N.H., GT Advanced said it would get out of the business of making sapphire materials.
According to a news release from GT Advanced, the settlement with Apple releases GT from "exclusivity obligations under its various agreements with Apple." GT will own "production, ancillary and inventory assets located in Mesa" under the pact. Apple, in return, gets "a mechanism for recovering its $439 million prepayment made to GT."
GT Advanced Technologies Inc. Announces Settlement Agreement With Apple(R)
GT Retains Ownership of Production Assets in Mesa and Ability to Sell ASF(R) Furnaces in the Marketplace Without Restrictions
MERRIMACK, N.H., Oct. 23, 2014 (GLOBE NEWSWIRE) -- GT Advanced Technologies Inc. (OTC Pink:GTATQ) and Apple have reached a settlement agreement under which GT will wind down its sapphire materials production in the company's Mesa, AZ and Salem, MA locations. The company indicated that it will exit from the market as a producer of sapphire materials and will refocus its business as an equipment supplier, manufacturing and developing sapphire growth systems and processes.
Under the terms of the settlement agreement, which is subject to approval by the Bankruptcy Court, GT will be released from all exclusivity obligations under its various agreements with Apple. GT will retain ownership of all production, ancillary and inventory assets located in Mesa and Apple is provided with a mechanism for recovering its $439 million pre-payment made to GT over a period of up to four years without interest, solely from a portion of the proceeds from ASF® sales. The agreement provides for a mutual release of any and all claims by both parties. As a result of the agreed upon terms, GT retains control of its intellectual property and will be able to sell its sapphire growth and fabrication technology, including ASF and Hyperion™, without restrictions.
GT and Apple will continue their technical exchange involving the development of processes for growing next generation sapphire boules as GT continues to build on its successfully deployed ASF115Kg technology and expand its range above 165Kg.
"We are pleased with the settlement that we have negotiated with Apple," said Tom Gutierrez, president and chief executive officer. "We realize that our filing for Chapter 11 protection has caused uncertainty and hardship for many of our important stakeholders. We have been working diligently to develop a restructuring plan that will allow us to emerge from Chapter 11 as quickly as possible and with the operating flexibility and resources to position GT for long-term success. This agreement with Apple is an important step in that direction as it will allow us to monetize our advanced sapphire growth and fabrication technologies in an unrestricted manner. In addition to continuing to sell our industry leading sapphire equipment, we remain committed to advancing our Merlin™, Hyperion™ and next-generation PV and polysilicon solar solutions."
As a result of the decision to wind down its sapphire materials operations, earlier this week GT initiated the process of shutting down the Mesa facility and approximately 650 Mesa employees have been laid off. A group of Mesa employees will remain on board to help with the wind down of the facility over the coming months. The company expects that there will be additional reductions-in-force implemented in the coming days, which will impact its Salem, MA, Merrimack, NH and select Asia locations.
"We recognize and regret the impact that these actions have on our valued employees and their families and we are committed to supporting them through this transition," Gutierrez concluded.
A redacted version of the Settlement Agreement is attached to this press release: http://media.globenewswire.com/cache/25489/file/29707.pdf
GT will file its motion seeking bankruptcy court approval of the settlement agreement on Monday October 27, 2014, and the Bankruptcy Court is scheduled to hear such motion on November 25, 2014.
About GT Advanced Technologies Inc.
GT Advanced Technologies Inc. is a leading diversified technology company producing advanced materials and innovative crystal growth equipment for the global consumer electronics, power electronics, solar and LED industries. Its technical innovations accelerate the use of advanced materials, enabling a new generation of products across this diversified set of global markets. For additional information about GT Advanced Technologies, please visit www.gtat.com.
GT Advanced Technologies Inc.
GT Advanced Technologies Update: Beginning Of The End For Chapter 11 Process
•GTAT's deal with Apple secures the Company's future and sets the Company on the path to exit Chapter 11.
•In what appears to be an admission of problems at its end, Apple's claims are limited to a percentage of Mesa furnaces and primed by up to $150M of exit.
•We believe GTAT debt is a sure shot winner and the equity has a strong chance of surviving and prospering.
It has been a dramatic day in the court for GT Advanced Technologies (NASDAQ:GTAT) (OTCPK:GTATQ). As we expected, much of the real action for GTAT took place outside of the courtroom - in negotiations with Apple (NASDAQ:AAPL).
As we have written in the past about this particular bankruptcy (see here and here), this is not a typical bankruptcy and the battle was more about what was outside the balance sheet.
The most important off balance sheet issues, in the form of Apple contracts, now appear to have been resolved. The details of the deal are still not final and not fully in the open but judging from court filings and news articles the following appears to be the agreed upon framework:
- GTAT/Apple will agree not to disparage each other (this is standard for most contracts nowadays so no surprise here)
- GTAT will revise the explanation for its surprise bankruptcy filing
- Apple aims to erase the public record of what went wrong between Apple & GTAT (We believe there should be securities laws that prevents this kind of secrecy!)
- GTAT will wind down the sapphire operation at Mesa rent free for a period of 1 year
- There are over 2000 furnaces at Mesa, each valued at about $500K which GTAT will sell over time and Apple will get a percentage of the sales. Apple's monetary claim appears to be limited to a percentage of the sale of equipment at Mesa. (i.e. no claw back into other GTAT assets)
- GTAT has the rights to all of GTAT's intellectual property
- Mutual release of all claims between GTAT and Apple
- Apple may be primed by DIP financing on Mesa assets up to $150M
The settlement details are still to be nailed down but the above terms appear to constitute the key elements of the settlement. From a GTAT stakeholder perspective, it was imperative that the cash burning Mesa facility be shut down - especially if Apple is not planning on using sapphire for iPhones. Winding down the facility and limiting claims is a big victory for GTAT's shareholders as the biggest debt on the balance sheet evaporates and the associated cash burn disappears leaving GTAT a much healthier Company.
While the details are still in flux, we believe that GTAT will be able to land the necessary DIP financing and there will not be any significant liquidity issues. We also find it likely that the convertible debt holders will agree to reasonably amend the cross default clauses. With DIP financing, cash from sapphire boule sales from inventory, cash from percentage of Mesa equipment sales, and product sales from other GTAT products, we do not see much of a reason for GTAT to continue in bankruptcy for more than about a quarter. Once the short term issues are resolved, we predict that GTAT will exit the bankruptcy process with a healthier balance sheet. All things considered, one of the most unusual bankruptcies of our time may be coming to a rapid end.
Over the next few weeks, if GTAT can generate sufficient near term cash flow and renegotiate the cross-default clauses with the creditors amicably, which we believe is likely, we predict that the equity is likely to survive this process. However, given the stigma of bankruptcy and the limitations of working capital for the near term, we expect hindrances to GTAT revenues and growth in other product areas. In this post Chapter 11 context, we believe that our earlier sum of parts valuation needs to be revised to arrive at a new valuation. On a preliminary basis, we believe it is likely that the equity will climb back to the pre-Apple levels as the company gets out of its bankruptcy.
Investment Thesis:
Post Apple settlement, we see little risk to convertible debt and believe GTAT bondholders are likely to go unscathed. GTAT bonds CUSIP ID GTAT3908991 and GTAT4078167 would be strong buys at the current levels.
It is impossible to value the equity reasonably at present without additional details from the Company on the balance sheet situation as well as Q4 and 2015 updates. However, being short the stock at this point may be foolhardy. We see the equity as a speculative buy.
Related implications:
With over two thousand state of the art sapphire making furnaces arriving in the market at potentially steep discounts, we believe that the sapphire equipment market is likely to be flooded with excess capacity for the foreseeable future. The furnaces at Mesa are cutting edge technology that have not been available to other customers due to Apple exclusivity. Consequently, we expect GTAT to be able to unload a significant fraction of these furnaces into the market albeit at distressed levels. In this context, we would avoid all sapphire related players for the next twelve months. These include Rubicon Technology (NASDAQ:RBCN) and Sapphire Technology Corp (123260:KOSDAQ).
As a related matter, we estimate that the sapphire boule inventory at Mesa is likely between $20 and $60 million. It is unclear if Apple will be using all or part of this large sapphire boule inventory. If Apple has limited or no use for this product, then there will be a glut of large size sapphire boules in the market in the near term. In this context, we would stay away from any sapphire producer for at least a couple of quarters.
On the upside, we expect a significant downdraft in sapphire and LED prices in 2015 and would be bullish on LED suppliers and others who can benefit from low cost sapphire.
http://seekingalpha.com/article/2582315-gt-advanced-technologies-update-beginning-of-the-end-for-chapter-11-process?app=1&uprof=44
Who owns GT Advanced Technologies, Inc ?40.66% Per cent of shares held by top holders
Data from 31 Dec 2013 - 30 Sep 2014(FINANCIAL TIMES)
Fidelity Management & Research Co.
as of 30 May 2014
17.75m 12.90%
The Vanguard Group, Inc.
as of 30 Sep 2014
8.64m 6.28%
BlackRock Fund Advisors
as of 30 Sep 2014
7.23m 5.26%
Wellington Management Co. LLP
as of 31 Aug 2014
7.21m 5.24%
Norges Bank Investment Management
as of 07 Mar 2014
6.61m 4.81%
Systematic Financial Management LP
as of 31 Aug 2014
1.91m 1.39%
Pioneer Investment Management Ltd.
as of 31 Jul 2014
1.90m 1.38%
Guggenheim Funds Investment Advisors LLC
as of 31 Jan 2014
1.84m 1.34%
Everest Capital LLC
as of 30 Jun 2014
1.48m 1.08%
Susquehanna Financial Group LLLP
as of 30 Jun 2014
1.35m 0.98%
Who owns Sutor Technology?40.66% Per cent of shares held by top holders
Data from 31 Dec 2013 - 30 Sep 2014(FINANCIAL TIMES)
Fidelity Management & Research Co.
as of 30 May 2014
17.75m 12.90%
The Vanguard Group, Inc.
as of 30 Sep 2014
8.64m 6.28%
BlackRock Fund Advisors
as of 30 Sep 2014
7.23m 5.26%
Wellington Management Co. LLP
as of 31 Aug 2014
7.21m 5.24%
Norges Bank Investment Management
as of 07 Mar 2014
6.61m 4.81%
Systematic Financial Management LP
as of 31 Aug 2014
1.91m 1.39%
Pioneer Investment Management Ltd.
as of 31 Jul 2014
1.90m 1.38%
Guggenheim Funds Investment Advisors LLC
as of 31 Jan 2014
1.84m 1.34%
Everest Capital LLC
as of 30 Jun 2014
1.48m 1.08%
Susquehanna Financial Group LLLP
as of 30 Jun 2014
1.35m 0.98%
After Hour:715,597 shares in block $0.5272 Green in ask 18:07:13 hs
I'll hire you as my financial advisor ;)