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GT Advanced Technologies (GTAT) Continues Friday's Rally

NEW YORK (TheStreet) -- GT Advanced Technologies (GTAT) was continuing to gain on Monday, extending Friday's rally when shares surged more than 13%.

By noon on Monday, shares of the sapphire crystal display maker added 8.4% to $11.64. Trading volume of 10.1 million was almost double its three-month average trading volume.

The New Hampshire-based company has been adding value on reports Apple (AAPL) will use its displays in future iPhones. According to 9to5Mac, the company recently ordered additional inspection tools used to produce the sapphire displays. At its capacity, GT Advanced could make up to 200 million screens each year.

GT Advanced currently has an exclusive multi-year partnership to supply Apple with significant volumes of the sapphire material used to protect the delicate features of Apple's hardware such as the iPhone 5s' TouchID and camera lens. The inking of that deal in November last year suggested Apple will begin to use the material on a larger scale across its hardware line, potentially replacing Gorilla Glass in its iDevices, and even in the oft-rumored iWatch.

As part of the deal, GT will produce sapphire material out of Apple's Mesa, Arizona facility, using the latter's $578 million capital injection. GT is expected to reimburse the amount over five years ending 2020.

Must Read: 3 Apple Suppliers to Watch as iPhone Makes Grand Entrance in China

Stock quotes in this article: GTAT, AAPL 

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