“One day before Apple announced that its new iPhones would not use sapphire screens made by GT Advanced Technologies [GTAT], the supplier’s chief executive sold more than 9,000 shares of GT stock, for $160,000,” Daisuke Wakabayashi reports for The Wall Street Journal.
“GT CEO Thomas Gutierrez sold the shares Sept. 8 at an average price of $17.38,” Wakabayashi reports. “The next day, after Apple’s announcement, GT shares fell 13% to $14.94. Monday, GT filed for bankruptcy protection, sending its shares down 93% to 80 cents.”
“In a filing, GT said Gutierrez’s share sale was part of a pre-arranged plan put in place on March 14, 2014. But there was no obvious pattern to his sales,” Wakabayashi reports. “Gutierrez didn’t sell any shares in 2013. This year, he’s sold nearly 700,000 shares since February, valued at more than $10 million.”
Read more in the full article here.
MacDailyNews Take: Of course, at the very same event, Apple did unveil Apple Watch and Apple Watch Edition, both of which feature sapphire crystal displays.
(Apple Watch Sport, the model where weight is most important, instead features a lightweight strengthened Ion-X glass display.)
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