Surprise GT Advanced Bankruptcy Sends GTAT Stock Plummeting

GT Advanced Technologies (GTAT) stock is down more than 90% Monday afternoon.

GTATThe company that makes sapphire glass used in some Apple (AAPL) products filed for Chapter 11 bankruptcy following a tough year.

GT Advanced has operated at a loss of more than $127 million in the first half of 2014. The company attributes about $47 million in losses to an increase in production costs.

GTAT stock fell about 35% in September after Apple announced that it would not use sapphire material in the screen of the iPhone 6.

Shares are down about 90.7% today and they’re trading for $1.03.

AAPL stock is up about 0.15%.

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