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GT Advanced Technologies, Inc. (GTATQ)

- OTCPK - Limited
  • Feb. 24, 2014, 9:11 AM
    | Feb. 24, 2014, 9:11 AM | Comment!
  • Feb. 24, 2014, 7:18 AM
    • GT Advanced Technologies, Inc. (GTAT): Q4 EPS of -$0.26 beats by $0.10.
    • Revenue of $32.6M (-68.1% Y/Y) misses by $4.78M.
    • Press Release
    | Feb. 24, 2014, 7:18 AM | 2 Comments
  • Feb. 24, 2014, 12:05 AM
  • Feb. 23, 2014, 5:30 PM
  • Feb. 18, 2014, 12:42 PM
    • Canaccord has hiked its GT Advanced (GTAT +6.5%) PT to $15 from $13, and declares it's confident Apple plans to use sapphire display cover glass in an upcoming iPhone.
    • The remarks come a week after GT sold off on Chinese media reports stating sapphire cover glass will only be used in an iWatch for now. A few days before that, 9to5 Mac reported GT had taken delivery of 518 sapphire furnace/chamber systems - enough to cover tens of millions of iPhone displays.
    • Also: GT announces it has licensed plasma vapor deposition (PVD) process IP from private Kyma Technologies, and plans to use the technology to develop a PVD tool for LED manufacturers. GT expects to offer a production-ready tool in 1H15.
    • Q4 results arrive on Feb. 24.
    | Feb. 18, 2014, 12:42 PM | Comment!
  • Feb. 11, 2014, 12:44 PM
    • Chinese sites report Apple's (AAPL +1.4%) iWatch will feature sapphire cover glass, but its next-gen iPhone won't due to cost concerns.
    • Apple sapphire manufacturing partner GT Advanced (GTAT -5.1%) is selling off, while Gorilla Glass supplier Corning (GLW +1.4%) is following the tech sector higher.
    • 9to5 Mac reported last week GT has received delivery of 518 sapphire chamber/furnace systems - enough, according to one analyst, to provide cover glass for 103M-116M 5" iPhones per year - and is ordering another 420 systems.
    • It's worth noting Apple is generally believed to obtain a 50%+ gross margin on its latest-gen iPhones, and hasn't been scared in the past to use costlier components for the sake of improving the user experience.
    | Feb. 11, 2014, 12:44 PM | 37 Comments
  • Feb. 7, 2014, 9:10 AM
    | Feb. 7, 2014, 9:10 AM | 1 Comment
  • Feb. 6, 2014, 7:20 PM
    • A week after uncovering documents suggesting Apple (AAPL) is set to begin sapphire production at its Mesa, AZ facility in February, 9to5 Mac reports manufacturing partner GT Advanced (GTAT) has received delivery of 518 sapphire furnace/chamber systems.
    • Analyst Matt Margolis estimates that's enough capacity to produce sapphire cover glass for 103M-116M 5" iPhone displays per year. Another 420 systems are said to be on order (good for 84M-94M additional displays). GT Advanced shares are up 4.7% AH.
    • Apple has extended its multi-year licensing deal with leading GPU core developer Imagination (IGNMF), whose PowerVR cores are found within Apple's A-series processors.
    • The deal is a blow to ARM (ARMH), which has been hoping Apple would adopt its Mali GPU cores. 400M Mali GPUs were shipped in 2013, up from 150M in 2012.
    • Apple plans to open its first Brazilian store on Feb. 15 in Rio de Janeiro. The company's sales to Latin America's largest market have been limited by steep taxes and tariffs.
    • Wal-Mart is once more discounting Apple hardware: The retail giant is selling the 16GB Wi-Fi-only iPad 2 for $299 ($100 below its regular price).
    | Feb. 6, 2014, 7:20 PM | 6 Comments
  • Jan. 31, 2014, 1:17 PM
    • Morgan Stanley has disclosed a 6.7M-share (5.3%) passive stake in GT Advanced (GTAT +2%). (13G)
    • The disclosure is helping shares move higher in the face of a market selloff. They rallied yesterday after 9to5 Mac posted documents indicating Apple plans to start sapphire production at its Mesa, AZ facility in February.
    | Jan. 31, 2014, 1:17 PM | Comment!
  • Jan. 30, 2014, 2:01 PM
    • 9to5 Mac has uncovered documents that suggest Apple (AAPL) plans to begin sapphire production at its new Mesa, AZ facility in February, a timetable that suggests the facility's output could be used in products launching later this year. GT Advanced (GTAT +6.1%), which will be producing large quantities of sapphire for Apple at the facility, is getting a lift from the news.
    • GT shares rallied last week following a Taiwanese report stating Foxconn has built at least 100 iPhone prototypes featuring sapphire cover glass. Ten days before that, 9to5 Mac found an Apple job listing (since removed) that stated the Mesa facility will be used to make iPhone/iPod components.
    | Jan. 30, 2014, 2:01 PM | 14 Comments
  • Jan. 24, 2014, 5:36 PM
    • Taiwan's Apple Daily reports (translation) Foxconn has built at least 100 iPhone (AAPL -1.8%) prototypes featuring sapphire cover glass. The paper also reports two existing sapphire suppliers have recently made big equipment/tooling investments; Apple already uses sapphire in its iPhone home buttons and camera lens covers.
    • The report comes two months after Apple announce a major sapphire production/supply deal with GT Advanced (GTAT +0.9%), one that naturally fueled speculation sapphire will be used as a cover glass in future iDevices.
    • Corning (GLW -4.1%) investors have been on edge over Apple's moves, and their potential to drive broader mobile adoption of sapphire (thereby displacing Gorilla Glass).
    • Separately, 9to5 Mac reports a new Apple TV set-top is set to arrive in 1H14, and iLounge reports a refreshed Apple TV will feature "proper game support." With iOS 7 supporting physical game controllers, Apple TV has already been expected by many to become a casual gaming console. Logitech (LOGI), which has already rolled out an iPhone game controller, wouldn't mind.
    • Yesterday: Apple reportedly launching two larger iPhones in 2H14
    | Jan. 24, 2014, 5:36 PM | 15 Comments
  • Jan. 16, 2014, 9:13 AM
    • GT Advanced (GTAT) CFO Richard Gaynor is resigning, effective March 6, to take a position at a company owned by a P-E firm. Raja Bal, until now the corporate controller for chipmaker Skyworks, will replace Gaynor. (PR)
    • GT is also reiterating the 2013/2014 guidance it provided in November. Based on its historical reporting, GT's Q4 results should arrive in early February.
    • The CFO change comes as GT works to execute on its massive sapphire supply/furnace installation deal with Apple.
    | Jan. 16, 2014, 9:13 AM | 2 Comments
  • Jan. 3, 2014, 1:56 PM
    • Corning (GLW +0.5%) is working with Taiwanese manufacturer G-Tech Optoelectronics to bring 3D-shaped Gorilla Glass parts to market in 2014. The glass-forming technology needed to produce the parts is said to be manufacturing-ready. (PR)
    • The 3D parts target a burgeoning market for mobile and wearable devices with curved and/or form-fitting glass. Samsung and LG recently launched phones with curved OLED displays, and Apple is reportedly prepping both an iWatch and larger iPhones featuring curved glass.
    • Corning has already launched Willow Glass, a bendable product that could find its way into smartwatches and other wrap-around devices. The company is looking to fend off a looming threat from sapphire glass suppliers such as GT Advanced (GTAT +1.8%), which recently struck a big supply deal with Apple.
    | Jan. 3, 2014, 1:56 PM | 1 Comment
  • Dec. 5, 2013, 10:21 AM
    • After initially announcing it would sell $125M worth of convertible senior notes due 2020 and 12M shares, GT Advanced (GTAT +0.9%) has decided to sell $190M worth of convertible notes and 8.65M shares. Underwriters have overallotment options for $24M worth of notes and 1.29M shares. (PR)
    • The notes carry an interest rate of 3%, and a conversion price of $12.11 (up 35% from current levels). The shares are priced at $8.65 (4% below current levels).
    • GT expects net proceeds of $254M, or $288M if the overallotment option is exercised in full.
    | Dec. 5, 2013, 10:21 AM | Comment!
  • Dec. 2, 2013, 5:51 PM
    • GT Advanced (GTAT) is issuing $125M worth of convertible senior notes due 2020, and 12M shares (worth $114M at current levels). Underwriters will have overallotment options to purchase another $18.75M in debt and 1.8M shares. (PR)
    • GT only says it will use the proceeds for "working capital and general corporate purposes, which may include the acquisition of companies or businesses and capital expenditures."
    • But it's hard to overlook the fact the offering follow GT's massive sapphire supply deal with Apple, which calls on GT to install and run sapphire furnaces at an Apple facility. Apple is providing GT with a $578M prepayment as part of that deal.
    • GT ended Q3 with $258.5M in cash/equivalents, and over $252M in debt.
    | Dec. 2, 2013, 5:51 PM | 3 Comments
  • Nov. 20, 2013, 9:22 AM
    • Ahead of CFO James Flaws' 1:45PM ET UBS conference talk (webcast),  Corning (GLW) reiterates it expects Q4 earnings to be down Q/Q due to both seasonality and "specific business factors," such as weakness in its optical fiber business. (PR)
    • As it is, Corning's Q4 EPS consensus is at $0.28, below reported Q3 EPS of $0.33.
    • Corning also states it expects Specialty Materials sales (inc. Gorilla Glass) to be down 20% Y/Y, something attributed to inventory builds a year ago. Corning previously guided for Specialty Materials sales to be flat Q/Q in Q4; that implied an 18% Y/Y drop. The company promises a subsequent return to growth, fueled by smartphone, tablet, and notebook demand.
    • In an effort to address worries about GT Advanced's (GTAT) big sapphire supply deal with Apple, Corning asserts it "continues to innovate with Apple to advance the state of the art with even tougher versions of [Gorilla Glass]," and that it continues to work on improving Gorilla Glass' durability and scratch-resistance (two key selling points for sapphire).
    • Shares -0.6% premarket.
    | Nov. 20, 2013, 9:22 AM | 3 Comments
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Company Description
GT Advanced Technologies is a leading diversified technology company producing advanced materials and innovative crystal growth equipment for the global electronics, solar and LED industries. Our technical innovations accelerate the use of advanced materials, enabling a new generation of... More