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Man, silicon solar gear maker GT Solar has been having a rough couple of days. Shares of the company, which priced at $16.50 for their stock market debut yesterday, closed down almost 12 percent. But the stock lost even more ground today, slumping as much as […]

Man, silicon solar gear maker GT Solar has been having a rough couple of days. Shares of the company, which priced at $16.50 for their stock market debut yesterday, closed down almost 12 percent. But the stock lost even more ground today, slumping as much as 36 percent to change hands for $9.30 after it was revealed that one of its customers had signed a deal with a competitor.

Chinese solar wafer maker LDK Solar said it inked an agreement to buy equipment from GT Solar competitor JYT Corp., also of China. It’s a big deal because as Reuters notes, LDK represented 62 percent of GT Solar’s revenue in fiscal year 2008.

In an effort to deflect investor concern, GT Solar issued a statement , with CFO Bob Woodbury saying:

“This announcement by LDK does not in any way impact GT Solar’s backlog, nor do we believe it will have any effect on our internal targets or projections. In fact, LDK Solar’s total orders represent less than 20 percent of our current backlog. Moreover, LDK’s furnace orders represent less than eight percent of our current backlog…Additionally, GT Solar has and will continue to diversify its customer base. LDK Solar remains an important customer, and we continue to negotiate with them for future equipment needs related to multicrystalline furnaces and silicon reactors.”

Perhaps the quick PR response did a small bit of damage control. GT Solar’s shares rebounded somewhat from their intraday low to end the session at $12.59.

  1. [...] silicon solar gear maker went public two weeks ago, and after pricing its shares at $16.50, saw its stock close down almost 12 percent the day of its debut. Then the day after that, GT Solar’s shares slumped as much as 36 [...]

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  2. [...] negative effect. GT Solar can thank LDK for helping the crash and burn of its IPO, after LDK said it had ditched GT Solar for a [...]

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  3. [...] million in its most recent quarter. The report, its first following its high-profile but ultimately disappointing IPO last month, also showed GT swinging to a profit of $5.1 million, or 3 cents a share, vs. a year-ago [...]

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