Seeking Alpha
All posts from Seeking Alpha
Seeking Alpha in Seeking Alpha - Read, Decide, Invest.,

Has Corning Found The Key To Apple's Heart?

Solvency Is The New Sexy

Poor, tired old, rust belt Corning (GLW) seemed like such a has-been next to GT Advanced Technologies (GTATQ) a year ago. GTAT's sapphire cover screens were going to take the place of Corning's Gorilla Glass, first on Apple (AAPL) iPhone, and eventually throughout the mobile device industry. The supplier agreement with Apple, and Apple's commitment to the new Mesa, Az. sapphire fab seemed to assure this.

The protestations of Corning's management that glass was a better material for smartphones and that it held a major cost advantage over sapphire seemed pathetically self-serving. The 2000+ super-furnaces that GTAT was building in Mesa would erase the cost-advantage, while providing enough material for iPhone's production needs.

Fast forward to the present, and GTAT is desperately shopping the miracle furnaces around to pay back Apple and hopefully get out of Chapter 11. I haven't heard that they've sold… Read More …