Boston, MA 10/13/2014 (wallstreetpr) – The Wall Street Journal reported over the weekend that Advanced Technologies Inc (NASDAQ:GTAT) has informed the U.S. Bankruptcy Court in New Hampshire that it has decided to close it’s under construction Sapphire plant in Arizona and its other plant in Massachusetts. It has let the court know that the “Oppressive and Burdensome” clauses in its contract with smart phone maker Apple Inc. (NASDAQ:AAPL) has led to this drastic decision. The move will impact nearly 890 employees, who are likely to lose their jobs. Analysts have pointed out the development is a grand unravelling of Advanced Technologies Inc (NASDAQ:GTAT) vendor relationship with Apple Inc. (NASDAQ:AAPL). Apple Inc. (NASDAQ:AAPL) had committed to invest nearly $450 million into the ongoing new plant build out in Arizona. The plant construction had been mired in delays over the past few months and was running behind schedule. Investors fled the stock after plant closing news became public. Stock was down 37.2 percent by end of Friday’s trading.
Stock of network and business services provider Procera Networks Inc (NASDAQ:PKT) witnessed a steep fall yesterday. It was down by 33 percent during trading on Friday. This was following a downgrade of the stock by Needham and Stifel on 10th October. Both the rating firms have recommended a Hold rating on the stock from its previous Buy recommendation. The downgrades were caused by the near 25 percent dip in revenue that the firm has anticipated from its 3rd quarter operations which ended on 30th September. It hopes to bring in nearly $16 million.
Sizmek Inc (NASDAQ:SZMK) shares were down nearly 25 percent during trading on 10th October after the firm provided a weak preliminary result from its 3Q operations. It has pegged revenue to be in the range of $38.5-$39.5 million, which is lesser due to the lack of demand for its rich media solutions.