{
}
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.
Ernst & Young LLP has resigned as the auditor for Super Micro Computer Inc., citing concerns over the company's governance and transparency. This decision follows a Department of Justice investigation into allegations of accounting rule violations by a former employee. Super Micro is now in the process of finding a new auditor.
Super Micro's shares plummeted 35% after the resignation of its auditor, Ernst & Young, which cited concerns over the company's governance and board independence. EY expressed it could no longer rely on management's representations, following earlier warnings about internal financial controls. The company, under federal investigation, has yet to release its financial statements for the year and previously faced regulatory issues, including a $17.5 million penalty from the SEC in 2020 for improper revenue recording.
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.
super micro faces delisting risks amid auditor concerns and share decline
14:08 05.11.2024
stock futures dip as investors brace for pivotal us election results
United States Dollar
CVS Health Corporation
Amazon.com, Inc.
Super Micro Computer, Inc.
Wynn Resorts, Limited
Moderna, Inc.
QUALCOMM Incorporated
USA
Kamala Harris
Donald Trump
Sarah Min
Sam Stovall
Jerome Powell
Show more
00:02 04.11.2024
market outlook federal reserve decision and key earnings reports next week
United States Dollar
CV Sciences, Inc.
Super Micro Computer, Inc.
Berkshire Hathaway Inc.
Arista Networks, Inc.
QUALCOMM Incorporated
Kamala Harris
Donald Trump
Jim Cramer
David Joyner
Warren Buffett
Show more
23:40 01.11.2024
super micro stock plummets 45 percent amid auditor resignations and investigations
Ernst & Young
Super Micro Computer, Inc.
NVIDIA Corporation
Deloitte & Touche
RUS
TWN
USA
Ernst & Young
Charles Liang
Jim Cramer
Show more
18:37 01.11.2024
super micro faces delisting risk after auditor resignation and stock plunge
Ernst & Young
NVIDIA Corporation
Deloitte & Touche LLP
Super Micro Computer, Inc.
OpenAI
USA
Ernst & Young
Rohan Goswami
Kevin Barry
Kif Leswing
Deloitte & Touche
Show more
12:00 31.10.2024
ernst and young resigns as auditor for super micro amid doj probe
14:09 30.10.2024
super micro shares drop 35 percent after auditor resignation over governance issues
Super Micro Computer, Inc.
NVIDIA Corporation
Advanced Micro Devices, Inc.
Intel Corporation
USA
Nvidia
AMD
Intel
Charles Laing
Show more
14:06 30.10.2024
Trending
Subcategory
Countries:
Companies:
Currencies:
People: