Investors Stunned as GT Advanced Filing Cuts $1.4 Billion
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Stock and bond market partisans of sapphire screen maker GT Advanced Technologies Inc. saw their loyalty turn costly yesterday.
After opening at $11.06, the stock plunged to 80 cents by the close, wiping out about $1.4 billion of market value after GT Advanced shocked investors with a Chapter 11 filing. Of 14 equity analysts that followed the maker of mobile phone screens, four considered it the equivalent of a buy at the end of last week, according to data compiled by Bloomberg.