Guy Adami Got Burned By GT Advanced Technologies Inc

Guy Adami recommended a long position in

on September 22 and it turned out that he was dead wrong. On that day

jumped 1.08 percent and the S&P 500 dropped 0.80 percent. Adami thought that the strength of the stock on the weak day for the rest of the market was a sign that the struggle was over for GT Advanced Technologies Inc and that it has hit the bottom. He didn't expect it to trade back to $18, but $14 price target looked realistic to him. GT Advanced Technologies Inc dropped 92.76 percent on Monday after the company filed for bankruptcy protection. Adami said that he didn't see any signs that could lead to a such decline and that he was completely blindsided by this move lower. He also apologized to the viewers.