GT Solar seeks to reassure market after loss of LDK orders

SAN FRANCISCO (MarketWatch) -- Shares of GT Solar Inernational Inc. fell as much as 17% Friday to $12 on news that LDK Solar Co. , one of its clients, had decided to buy multi- and monocrystalline furnaces from China-based rival JYT Corp. The move prompted GT Solar to issue a statement aimed at reassuring shareholders. "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," GT Solar CFO Bob Woodbury said. GT Solar, which provides equipment and services needed to make photovoltaic wafers and cells, debuted as a publicly traded company on Thursday, raising $500 million through a 30.3-million-share IPO priced at $16.50... [read full story]