Updated from 4:31 p.m. to include information on MobileEye and GoPro.
SAN FRANCISCO (TheStreet) – Apple (AAPL - Get Report) supplier GT Advanced Technologies (GTAT) became a penny stock Monday, after the company announced it filed for reorganization under a Chapter 11 bankruptcy.
Shares of GT Advanced Technologies closed down a whopping 92.76% to 80 cents a share.The company's woes became evident following its sizable investment in increasing production of its sapphire glass that Apple uses in some of its products. The company faced trouble, however, when Apple decided it wasn't going to use the sapphire glass in its latest iPhone 6.
Technology behemoth HP (HPQ - Get Report) surprised Wall Street by announcing it would split the company in two. One half will comprise its slow moving PC and printer businesses, while the other half will be its faster moving servers, storage, networking, services and software products sold to companies.
HP has previously faced pressure to split its businesses, such as slicing off its once hyper lucrative printer business from its PC business. More recently, in 2011, it considered spinning off its PC division.
Shares of HP spiked 4.74% to close at $36.87 a share.
Investors panned the semiconductor company after word got out that its arch-rival Samsung (SSNLF) , which it goes head-to-head with in the DRAM chip market, was planning to build a new fabrication plant to pump out more chips.
The South Korean chip company will spend $14.7 billion on the new plant and plans to break ground on construction during the first half of next year in Pyeongtaek, South Korea.
Mobileye (MBLY) shares fell sharply, dropping 5.98% at the close to $54.25.
The chip maker, which uses software algorithms to aid drivers in assisting with their sight while behind the wheel, took a beating after Raymond James analysts downgraded the stock to "market perform" from "outperform."
The reasoning behind the downgrade was that the stock had soared 100% since its IPO less than three months ago, when it was priced at $25 a share.
A price target increase for GoPro by analysts at JMP Securities kicked GoPro shares higher. JMP analysts nearly doubled their price target, setting it at $105 a share from its previous target of $60. The price target increase comes nearly a month after GoPro's shares crossed that $60 threshold.
In raising the price target, JMP analysts attributed the increase to the research firm's nationwide store checks, in which it found that sales of GoPro's newly released high-end video camera Hero4 was gaining strong favor among consumers, even though it cost $100 more than the Hero3 version.Must Read: Here Are 20 Stocks That Could Buck the Odds and Do Well in October
At the time of publication, the author held no positions in any of the stocks mentioned, although positions may change at any time.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
TheStreet Ratings team rates HEWLETT-PACKARD CO as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate HEWLETT-PACKARD CO (HPQ) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth, attractive valuation levels, good cash flow from operations and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
You can view the full analysis from the report here: HPQ Ratings Report