GT Advanced Technologies Inc. (NASDAQ:GTAT) stunned the world by filing Chapter 11 on Oct 6. It not only upset investors but had a direct impact on Apple Inc. (NASDAQ:APPL), the main consumer of GTAT sapphire display screen products. On Oct 7 WSJ had reported that Apple Inc will no longer use GTATs sapphire cover display for iPhone 6 as the product reportedly had several issues, namely, brittleness, and cracking when dropped.
Apple Inc, according to the news report, was also allegedly withholding prepayments, of about $139M, as part of a ‘secured debt’ that was brokered previously. GTAT was supposed to produce sapphire equipment at Apple’s Mesa unit in Arizona. Shares of GTAT are up by 11.82% in Pre-market.
Weak Phase-2 trial results announced on Wednesday by Arrowhead Research Corp. (NASDAQ:ARWR) for its Hepatitis B therapy, ARC-520, led to its stocks plunging by 51% in yesterday’s trading session. Now it looks like the same negative momentum would continue as shares of the company are down by 3.98% in pre-market.
The results reported ‘loss of effectiveness’ during the 85 day dosage phase, after significant strength in 3 to 43 days post dosage administration. This was observed for the 2mg/kg cohort, when HbsAb factor was significantly lesser in comparison to the reduction caused by the placebo used.
Ford Motor Company (NYSE:F) had an eventful Wednesday, beginning with gaining the largest share of the UK auto sales for the month of September. Later, Morgan Stanley followed its cautionary note of Tuesday with a downward revision of price target set at $14 and an Underweight rating. Ford Motors ended the day by declaring quarterly dividend of $0.125, payable on Dec 1 to shareholders who are on record as of Oct 31. The dividend was in-line with previous pay-outs and also supports forward yield of 3.52%.