GTAT Stock Plunges with Sapphire-free iPhone 6 Announcement

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GT Advanced Technology (GTAT) stocks plummeted after Apple announced the new iPhone 6 will not be featuring sapphire cover glass, according to a Reuters report.

The sapphire manufacturer watched shares drop 12.9 percent to US $14.94. GTAT’s stock skyrocketed after it signed a five-year exclusive sapphire license agreement with Apple in November 2013. Under the agreement, GTAT is restricted from selling sapphire to certain applications, while Apple is not obliged to purchase the company’s sapphire.

Despite the setback in iPhone 6, GTAT will still be supplying sapphire for two Apple Watch models.

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