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Apple, GT Advanced among biggest premarket movers

[September 10, 2014]  By Ryan Vlastelica

NEW YORK (Reuters) - Apple Inc and GT Advanced Technologies Inc were among the biggest movers in premarket trading on Wednesday, with both seeing heavy action a day after Apple's latest product launch event.

Apple rose 0.4 percent to $98.41 on volume of almost 349,000 shares, making it the most active stock on Nasdaq before the opening bell.

Shares of Apple were extremely volatile on Tuesday, rising as high as 4.8 percent and dropping as much as 2.3 percent before it closed down 0.4 percent, its fourth drop of the past five sessions.

On a price basis, Apple moved $6.94 between peak and trough on Tuesday, well over the $1.30 average over the past 250 sessions and the biggest one-day intraday move since May 2010.

The activity came as the tech giant unveiled two new iPhones types and a smartwatch, which represents the launch of a new product category. While investors were pleased to see a new type of product, which has fueled the stock's blistering growth rates in the past, the watch's need to be tethered to a iPhone created some mixed impressions.

GT Advanced fell 9.7 percent to $13.49 on Wednesday, extending its Tuesday slump of nearly 13 percent. That decline, which occurred on the stock's heaviest-ever volume, came as Apple said the new iPhone wouldn't feature screens made with GT's sapphire glass.

On Wednesday, Goldman Sachs downgraded GT to "neutral" from "buy" and cut its price target on the stock. Cowen also cut its GT target.

(Editing by Bernadette Baum)

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