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Thursday, October 23, 2014

GT Advanced settles with Apple, to exit sapphire production, (NASDAQ: AAPL)

GT Advanced Technologies Inc said it reached an agreement with Apple Inc under which it will stop making sapphire materials and focus on supplying equipment to make sapphire crystals.GT said it would be released from all exclusivity obligations with Apple and a mechanism would be provided for the iPhone maker to recover its $439 million pre-payment to the company, without interest.GT, a former 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.Few details have emerged since the filing, which wiped out most of GT's market value and triggered speculation on what may have soured its relationship with Apple.

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 remained unchanged at $102.99. 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 104277.