Boston, MA 10/07/2014 (wallstreetpr) – The Wall Street Journal first broke the news that cellular equipment and OEM GT Advanced Technologies Inc (NASDAQ:GTAT) had filed for Bankruptcy Protection yesterday. The company had first come into public attention as the supplier of the much sought after Sapphire glass used by iPhone and tablet maker Apple Inc. (NASDAQ:AAPL) to cover its home screen. Last year, Apple Inc. (NASDAQ:AAPL) had made public its plans to pump in nearly $700 million to support GT Advanced Technologies Inc (NASDAQ:GTAT) plans to expand its production capacity in order to meet the growing demand for Sapphire glass. The firm has been facing delays in commissioning the project. The shares of the company fell sharply by 92.76% to close at $0.80.
Globalstar, Inc. (NYSEMKT:GSAT) released a rebuttal on 6th October in response to a presentation made public by trading house Kerrisdale Capital earlier in the day. The firm has rubbished the presentation as being “fundamentally flawed”. It reasons that the facts are grossly mischaracterized, and has lead to a negative impact on its stock. Globalstar, Inc. (NYSE MKT: GSAT) also asserts that the opinions expressed by Kerrisdale Capital are contrary to both the tech firms as well as the Federal Communications Commission own estimations. It went on to quote FCC Chairman Tom Wheeler as having said that Wi-Fi faces congestion issues. Shares of GSAT closed down by 24.92% at $2.26
Midcoast Energy Partners LP (NYSE:MEP) was downgraded by UBS to a “Neutral” rating from its previous recommendation of “Buy” rating on 6th October. The downgrade comes exactly one week after the firm announced the successful placement of senior unsecured notes to raise $400 million. The unsecured notes were sold in three batches to chosen investors who operate in the debt market. The funds thus raised are expected to be used to retire short term debt and hasten its “capital expansion program.” The unsecured notes have a time span of five, seven and ten years and average coupon rates hover around the 4.09 percent mark. Shares of MEP were down by 3.01%.
