Apple Suppliers Shunned as GT Bankruptcy Sparks Selloff
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Investor confidence in Apple Inc.’s suppliers and vendors is wavering in the stock market after the bankruptcy of GT Advanced Technologies Inc. last month wiped out 92 percent of its value in a single day.
Shares of 21 companies that get at least 20 percent of their revenue from Apple have fallen 2.8 percent since the Oct. 6 bankruptcy filing by GT Advanced, which had a contract with the iPhone maker to supply synthetic sapphire that was never used in its devices. The drop, affecting $135 billion of equity, compares with a 4.5 percent gain for the Standard & Poor’s MidCap 400 Index.