GTAT GT Advanced Technologies 3-Minute Chart Bankruptcy Declared

The morning flush in stocks occurred as the bottom fell out of GTAT. In the most shocking news of the entire trading year thus far, GT Advanced Systems, maker of the Sapphire glass used in AAPL smartphones and other electronic products, declares bankruptcy. Although GTAT was shunned by AAPL concerning the iPhone6 models Apple had awarded GTAT with contracts for the Apple Watch. To say the news is shocking is an understatement. So the Apple Watch will be using parts made from a bankrupt company under reorganization.

Many retail investors, as well as funds, were long GTAT and their entire investment has just vaporized in a blink of an eye. It occurs completely out of left field. GTAT collapses -90%. The cliff begins at 9:42 AM where the stock stops trading (red circle) then whammo, complete instant collapse when the news wires announce the GTAT bankruptcy (blue circle).  At 10:45 AM the stock was toast at one buck. It's over. Anyone long the stock was taken out and executed today and the GT collapse took the broad markets down.

Tech has been softening lately. Semiconductors have been weakening indicating that there may be trouble in tech paradise. SOX is down -1% today and has fallen from 660 to 610 (now back to 617), -7.6%, in the last two weeks. The chips are an important bellwether for the economy since a chip is placed in just about every product manufactured these days. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.