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Thursday, October 23, 2014

Apple ponders sapphire options, leaves door open for GT, (NASDAQ: AAPL)

Apple Inc said on Thursday it is studying options for sapphire supply and might work again with GT Advanced Technologies Inc if the distressed supplier can reduce production costs for the scratch-resistant material.GT, a former stock market darling and supplier to Apple, filed for bankruptcy on Oct 6 in a stunning turn of events for a company whose fortunes looked bright only a few months ago. Apple said on Thursday that GT's "ambitious" vision of sapphire manufacturing was ultimately not quite ready for primetime.Few details have emerged since the bankruptcy filing, which wiped out most of GT's market value and triggered speculation over what may have soured its relationship with Apple.But on Thursday, Apple, which had backed the development with GT of a sapphire-manufacturing plant in Arizona, said it will keep an eye on GT's advances, holding open the possibility of doing business with it in future.

Apple Inc. (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. Shares of AAPL traded higher by 1.95% or $2.01/share to $105.00. In the past year, the shares have traded as low as $70.51 and as high as $104.11. On average, 59319100 shares of AAPL exchange hands on a given day and today's volume is recorded at 48979600.