NEW YORK (TheStreet) -- GT Advanced Technologies (GTAT) was falling -4.4% to $17.22 Wednesday after Pacific Crest recommended Apple (AAPL - Get Report) investors start taking profits ahead of the iPhone 6 launch event on Sept. 9.
GT Advanced is an Apple supplier, the iPhone 6 is expected the use the company's sapphire crystal glass.
Pacific Crest analyst Andy Hargreaves maintained an "outperform" rating for Apple, but warned that that a downgrade could come if the company doesn't show off products and services that "suggest massive incremental profit opportunities" on Sept. 9. The rumored wearable and mobile payments system may not "drive incremental profits that are meaningful at Apple's scale in the near to medium term," according to the analyst.
Apple stock was falling -3.7% to $99.49 following the note. Shares of Apple suppliers including GT Advanced, Cirrus Logic (CRUS - Get Report) , Skyworks Solutions (SWKS) , TriQuint (TQNT) , and RF Micro Devices (RFMD - Get Report) are also falling.Must Read: 50 Stocks Hedge Funds Love STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. GTAT data by YCharts EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts