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Yesterday's IPO GT Solar (SOLR) Falls Off A Cliff
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Yesterday's IPO for GT Solar International, Inc. (NASDAQ: SOLR) is under heavy pressure today, losing 21% of their value today. The stock is trading at $11.53 today after coming to the market at $16.50 per share yesterday.
Today there are fears about large client LDK Solar (NYSE: LDK), which announced today that they signed a contract to purchase production equipment from China-based JYT Corporation.
According to GT Solar's prospectus, "During the fiscal year ended March 31, 2008, one customer, LDK Solar Co. Ltd., accounted for 62% of our revenue."
GT Solar is a provider of specialized manufacturing equipment and services essential for the production of photovoltaic, or PV, wafers, cells and modules and polysilicon.
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