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Super Micro faces potential delisting from Nasdaq due to a late filing of its 2024 year-end report and ongoing compliance issues, including a history of financial misstatements. The company has until Monday to submit a compliance plan, which could grant it an extension of up to 180 days. However, its past compliance history may hinder its chances, as analysts express concerns about customer retention amid these challenges.
Cramer's Lighting Round highlighted concerns over several stocks. Altria is deemed undervalued but not recommended due to health implications. Boeing is avoided for potential long-term losses, while Becton Dickinson faces challenges linked to vaccine business risks. IDEAYA Biosciences is considered too early-stage for investment, and AstraZeneca's uncertain trajectory raises alarms about further declines.
Super Micro Computer Inc. has delayed its 10-Q quarterly report for the three months ended September 30, following the resignation of its auditor last month. The company is also seeking additional time to prepare its 10-Q for the first quarter of 2025, having already missed its annual 10-K filing for the period ended June 30.
Super Micro shares fell 17% after the company announced it has no timetable for filing annual results and issued weak guidance, with revenue for the quarter ending Sept. 30 falling short of estimates. The company is under scrutiny following the resignation of its auditor, Ernst & Young, amid allegations of accounting irregularities and potential export violations. Super Micro's forecast for the December quarter also disappointed analysts, raising concerns about its future on the Nasdaq.
Super Micro Computer Inc. experienced a 14% drop in shares after providing a sales forecast that missed analysts' expectations and failing to predict when it would file its annual financial statements. The company missed an August deadline for its report, leading to the resignation of its auditor, Ernst & Young LLP, due to governance concerns. Despite an investigation revealing no evidence of fraud or misconduct by management or the board, the company's financial transparency remains in question.
Super Micro Computer Inc. faces potential delisting from Nasdaq and removal from the S&P 500 after shares plummeted over 75% since March. The resignation of auditor Ernst & Young LLP, citing concerns about the company's integrity, raises questions about compliance with Nasdaq's obligations. A business update is expected soon, following a US Department of Justice probe and a damaging short-seller report.
Stock futures dipped as investors prepared for the U.S. presidential election, with Dow futures down 0.2% and S&P 500 futures slightly lower. The election's outcome could significantly impact market direction, particularly regarding congressional control, while traders anticipate a 96% chance of a Federal Reserve rate cut. Earnings season continues, with about 70% of reported results exceeding estimates.
Next week, the market will focus on the presidential election and the Federal Reserve's interest rate decision, overshadowing earnings reports from companies like Super Micro, Arm, Qualcomm, and CVS. Cramer anticipates strong results from Berkshire Hathaway and highlights the significance of the Fed's meeting, which may lead to a rate cut. Key earnings on Tuesday include Super Micro and Ferrari, while CVS and Arm report on Wednesday, with the Fed's decision expected on Thursday.
Super Micro's stock plummeted 45% this week, erasing all gains for 2024, after losing its second auditor in less than two years. The company faces scrutiny from the DOJ over potential accounting manipulation and related-party transactions, raising concerns about its compliance with Nasdaq listing rules. Despite reporting a significant revenue increase, the ongoing challenges have left Super Micro at risk of delisting.
Super Micro's stock has plummeted 72% since its peak in March, following the resignation of its auditor, Ernst & Young, raising delisting risks from Nasdaq. The company, a key player in AI server solutions, faces scrutiny over financial reporting and potential accounting manipulation, with a deadline to regain compliance by mid-November. Despite significant revenue growth, Wall Street's confidence has waned, highlighting the volatility surrounding AI-related investments.
Super Micro Computer, Inc.
Companies
| Symbol | SMCI |
| Name | Super Micro Computer, Inc. |
| Currency | USD |
| Sector | Information Technology |
| IndustryGroup | Technology Hardware & Equipment |
| Industry | Technology Hardware, Storage & Peripherals |
| Market | NASDAQ Global Select |
| Country | United States |
| State | CA |
| City | San Jose |
| Zipcode | 95131 |
| Website | http://www.supermicro.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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