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HomeBusiness NewsGT Advanced Technologies (NASDAQ:GTAT) Rallies on Bankruptcy News with Corning Incorporated...

GT Advanced Technologies (NASDAQ:GTAT) Rallies on Bankruptcy News with Corning Incorporated (NYSE:GLW), Yahoo! Inc. (NASDAQ:YHOO)

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Shares of Corning Incorporated (NYSE:GLW) went up 1.2% to $19.17 on Monday following arch rival GT Advanced Technologies (GTAT) filed for Chapter 11 bankruptcy. GT Advanced stated that it has more than $1 billion in debt and $85 million in cash when it declared the filing. The firm stated that it would try to secure debtor-in-possession financing to obtain more funds. Corning contends with GT Advanced in making glass covers for mobile devices. GT Advanced supplies Apple (AAPL) with sapphire glass used in the new Apple Watch, and Corning’s Gorilla Glass is used on a variety of smartphones and tablets.

Shares of GT Advanced Technologies (NASDAQ:GTAT), the maker of sapphire display covers for Apple’s upcoming smartwatch were up 0.20% on Tuesday after the company filed for Chapter 11 bankruptcy protection. In a press release , GT stated that it predicts to conduct business as usual while it works out a reform plan and addresses its financial issues.

US web portal Yahoo! Inc. (NASDAQ:YHOO) shares were down 0.9% during Tuesday premarket session after the company reported that hackers who hacked three of its computer servers got entry without breaching the Shellshock security flaw, reversing a claim that the firm made earlier in the day. The hackers used malicious code written to imitate software the firm uses to monitor Internet logs, Alex Stamos stated, chief information security officer for the Sunnyvale, California-based company, in a blog post today. Yahoo formerly stated that the servers were compromised by Shellshock, which could let hackers to remotely gain control. The firm probed further and checked that was not the case, Stamos added. No user data was violated, he added.

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