GT Advanced Technologies Inc Shares Rebound From Monday's Collapse
Shares of GT Advanced Technologies Inc (NASDAQ: GTAT) plunged nearly 90 percent on Monday and closed at $0.80. The company announced shortly after the market open that it had filed for Chapter 11 bankruptcy court protection.
Shares rebounded on Tuesday and traded as high as $1.49 in early morning action on heavy volume. Shortly after 11 a.m., more than 94 million shares traded hands, substantially higher than an average daily volume of just over 14 million.
Related Link: Big Losers In GT Advanced Technologies Inc Bankruptcy
The move higher could be attributed to a short squeeze, or traders reacting positively to an analyst report from Susquehanna that Apple Inc. (NASDAQ: AAPL) may be a creditor in GT Advanced bankruptcy filing.
GT Advanced Technologies traded recently at $1.39, up 73 percent on the day.
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