Why GT Advanced Technologies (GTAT) Stock Is Down Today

NEW YORK (TheStreet) -- GT Advanced Technologies (GTAT) was falling -4.4% to $17.22 Wednesday after Pacific Crest recommended Apple (AAPL) 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) , Skyworks Solutions (SWKS) , TriQuint (TQNT) , and RF Micro Devices (RFMD) are also falling.

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GTAT Chart GTAT data by YCharts

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