Crypto Stocks Surge Amid Market Boom

Crypto stocks are on fire as Bitcoin hits all-time highs. One under-the-radar company is leading the charge, managing $2.1 billion in client assets and seeing record trading volumes. With crypto adoption skyrocketing, this could be a game-changing opportunity.

Super Micro Analyst Suspends Rating Over Governance, Accounting Issues

Anusuya Lahiri
November 02, 2024

Super Micro Computer, Inc (NASDAQ:SMCI) stock continued to fall on Thursday after Rosenblatt analyst Hans Mosesmann suspended his rating on the artificial intelligence server company, citing governance and accounting concerns following Ernst & Young’s resignation as the company’s auditor.

Mosesmann noted that Ernst & Young resigned as the company’s registered public accounting firm on Oct. 24, due to concerns regarding governance, transparency, and completeness of communications from Super Micro to Ernst & Young and matters regarding internal control of financial reporting.

Also Read: Comcast Q3 Earnings: Olympics Power NBCUniversal Gains, Peacock Hits 36M Subscribers, Explores Forming New Company Of Cable Networks

Super Micro is in the process of finding a new accounting firm and does not expect to restate any quarterly financials for fiscal 2024 or previous fiscal years.

In early September, Super Micro’s management postponed its 10K filing, stating they did not anticipate any material adjustments to the fiscal quarter or fiscal year ending in June, a stance reiterated in their 8-K filing, the analyst noted Additionally, Super Micro appointed a Special Committee to review its internal controls.

Management disagreed with Ernst & Young’s decision to resign before the review’s completion, suggesting the departure may align with staff reductions amid declining demand, potentially signaling a shift away from higher-risk projects.

Mosesmann anticipates further management updates during the first-quarter fiscal 2025 earnings call scheduled for Nov. 5. Given current uncertainties around Super Micro’s financials, the analyst suspended his rating, price target, and estimates until a clear outcome allows for a definitive recommendation.

Also on Thursday, Argus Research analyst Jim Kelleher also downgraded Super Micro from Buy to Hold.

In August, Hindenburg published a short report accusing Super Micro of accounting manipulation, self-dealing with related parties, and evading sanctions.

The report draws on findings from litigation records, company documents, and interviews with former senior employees.

Price Action: SMCI stock is down 10.5% at $29.58 at last check Thursday.

Also Read:

  • Roblox Q3 Earnings: Bookings Jump 34%, User Base Hits 89 Million, Raises Annual Outlook

Photo: Shutterstock

Continue Reading...

Popular

What to know about the fatal shooting of the UnitedHealthcare CEO

The chief executive of UnitedHealthcare, one the nation's largest insurers, Wednesday in midtown Manhattan in what police described as a targeted attack by a shooter outside a hotel where the company was holding a conference.

A Huge Crack Is Forming in the US Economy - Ad

A former Trump Advisor has uncovered alarming information that could impact your financial security over the next few months. These new stock market highs are built on shaky foundations. A huge crack is forming in the American economy. The elites know all about it, but most ordinary citizens have no idea.

Tom Lee Predicts S&P 500 To Reach 6,300, Bitcoin To Break $100K By Year-End, Says Trump's Tariffs Can Be Effective 'Negotiating Tools'

On Monday, Tom Lee, Chief Investment Officer at Fundstrat Capital, predicted that the S&P 500 tracked by SPDR S&P 500 (NYSE:SPY) will rally to 6,300 by year-end, citing favorable market conditions

Death sentence for real estate tycoon Truong My Lan upheld in Vietnam's largest fraud case

HANOI, Vietnam (AP) — The death sentence for real estate tycoon was upheld Tuesday in Vietnam's largest fraud case, the scale of which had raised concerns about the country's economy.

Forget Nvidia, Apple, Tesla, and Google - Ad

Market Wizard Larry Benedict: "Forget 99% of stocks: It's possible to make all the money you need for a happy retirement with just this one."

Joe Biden Pardons Hunter -- Donald Trump Likely To Pardon January 6 Protestors, Polymarket Traders Speculate

Trump may pardon January 6th rioters, Hunter Biden, Edward Snowden, Julian Assange, and Steve Bannon, showcasing his views on justice and loyalty.

Cathie Wood Sees $400B Opportunity In Biologics — How Have Her Bets Fared?

Cathie Wood, CEO of ARK Invest, is doubling down on biologics, seeing unprecedented potential at the intersection of artificial intelligence, genetic sequencing, and gene editing technologies.

Crypto Stocks Are Heating Up - Ad

At the center of this transformation is a game-changing platform that's experiencing explosive growth with $41 million in revenue in just nine months. The stock has doubled in the last 45 days, but this is only the beginning.

SEC Approves America's First 24-Hour Stock Exchange — What It Means For You

U.S. regulators approved the nation's first 24-hour stock exchange on Wednesday, marking a significant shift in American securities trading as retail investors increasingly demand round-the-clock market access.

Crypto Stocks Are Heating Up - Ad

At the center of this transformation is a game-changing platform that's experiencing explosive growth with $41 million in revenue in just nine months. The stock has doubled in the last 45 days, but this is only the beginning.

Joe Rogan Says Harris Avoided Podcast Due To One Issue

Joe Rogan opened up about the reasons why an interview with Kamala Harris before the 2024 election never happened.

SpaceX To Launch Tender Offer, Valuing Company At Over $250 Billion: Report

SpaceX, under the leadership of Elon Musk, is reportedly preparing to initiate a tender offer next month.

Debts, Deficits & Destruction of the US Dollar - Ad

The economist Time Magazine called "out of step with economic reality" for predicting the U.S. economy would implode in his 2005 best-selling book Empire of Debt over two years before the Financial Crisis tore America and the global economy apart... is back to issue his next warning. Before you invest a single dollar in the markets -- or make any investment decisions -- it's critical you see this alarming video right away.

Why retailers still see Black Friday as the high point of the holiday shopping season

NEW YORK (AP) — After weeks of plugging increasingly inviting discounts, retailers in the United States and several other countries are preparing for prime time: , the bargain bonanza that still reigns as the unofficial kickoff of the holiday shopping season even if it's lost some luster.

Walmart's DEI rollback signals a profound shift in the wake of Trump's election victory

NEW YORK (AP) — Walmart's sweeping rollback of its diversity policies is the strongest indication yet of a profound shift taking hold at U.S. companies that are re-evaluating the legal and political risks associated with bold programs to bolster historically underrepresented groups.

Discover the $2 Stock That Has Institutional Attention - Ad

With a $1.3B market cap and forecasts to grow 2X faster than the sector, dozens of investment banks are betting big. Strong leadership, cash on hand, and a $3 target make it a must-see.

Dogecoin Is 'Harder Money' Than Bitcoin, Says Raoul Pal: Here's What The Numbers Say

Dogecoin (CRYPTO: DOGE) rallied 17% over the past week, spurred by speculation around Elon Musk's X Payments platform potentially incorporating DOGE.

Palantir Board Member In A Deleted X Post Said Nasdaq Move Will 'Force Billions In ETF Buying And Deliver Tendies': Here's What This Meme-Stock Term Means

Palantir Technologies Inc has been making headlines after its board member, and partner at 8VC, Alex Moore deleted his X (formerly Twitter) account after saying in a tweet that its move to Nasdaq will "force billions in ETF buying."

Rogue Economist Comes Out of Shadows to Issue Shocking Warning - Ad

The man who correctly predicted the 2008 Financial Crisis two years before it unfolded... Now says that by the end of 2025 the US dollar could lose its status as the world reserve currency. In his new presentation, he'll show you how you can avoid the fallout and possibly even profit from it.

Volkswagen and Chinese partner SAIC to sell joint venture plant in west China's Xinjiang

BANGKOK (AP) — and Shanghai's SAIC Motor have agreed to sell a factory in China's far western Xinjiang region that drew criticism due to accusations by western governments of .

BlackRock Set To Acquire Private Credit Manager HPS For $12B: Report

BlackRock, the world's largest asset manager with $11.5 trillion in assets, is finalizing a deal to acquire HPS Investment Partners, a prominent private credit firm managing nearly $150 billion.

Wall Street Warns: Stocks Could Be "Dead Money" for Next 10 Years - Ad

Well-connected billionaires like Warren Buffett have been selling off US stocks at an alarming rate. Today, one of America's most trusted market experts is stepping forward to explain what's really going on behind the scenes of this bull market - and why you could soon face losses of 50% or more if you do nothing.

Moody's credit rating upgrade for Cyprus opens the door to investment, president says

NICOSIA, Cyprus (AP) — Moody’s two-notch upgrade of Cyprus' credit rating to A3 from Baa2 opens the threshold to quality foreign investment that will generate new jobs, the president said Saturday.

What Trump's DOT Pick Could Mean For EVs, Airlines, Railroad Stocks

President-elect Donald Trump announced Sean Duffy as his pick for secretary of the Department of Transportation (DOT) on Monday. Here's a look at how the latest Trump selection could affect companies in the transportation sector:

Analysts Are Projecting "Safe-Haven" Stock Will Nearly Double - Ad

Already up nearly 50% in the last 6 months this gold company has an analyst target nearly twice its current price. With 45 investment banks and funds already invested it's no wonder this $1.3B company (trading under $2) is grabbing investor attention.

India's Adani says his group is committed to compliance after US bribery and fraud charges

NEW DELHI (AP) — Indian tycoon Gautam Adani said his conglomerate is committed to “world-class regulatory compliance” after being indicted and an alleged bribery scheme worth millions of dollars, his first remarks since the accusations surfaced.

Black Friday, Cyber Monday Shopping Set To Break Sales Records

Retailers are expecting a record-breaking Black Friday to Cyber Monday shopping period as cash-strapped consumers are expected to shop early in the holiday season for sales promotions and savings.

How Musk & Trump Could Launch These Stocks Higher - Ad

Tesla (TSLA) stock has surged. But the real opportunity? Musk's AI venture, xAI. With Trump's presidency, xAI could soon lead the AI race, backed by strong government connections and fewer regulatory barriers. This powerhouse collaboration could fuel massive growth in the AI sector, and xAI may become Elon's biggest company yet.

Crypto Analyst Sees Shiba Inu Surging More Than 2,000% In Coming Rally

A market analyst says Shiba Inu (CRYPTO: SHIB) could experience a massive rally, predicting gains exceeding 2,000%. What Happened: The forecast has sparked excitement among the cryptocurrency's community as SHIB continues to gain traction as a leading meme coin.

Conference Of Justice Ministers Approves Proposal To Revise German Cannabis Law

The Conference of Justice Ministers on Thursday approved a proposal from Baden-Württemberg and Berlin to revise the cannabis law.

Elon's New Tech Could Be Bigger Than Tesla & SpaceX... Combined - Ad

Forget rockets or brain implants... Elon's new AI product could be his biggest invention yet. Jeff Brown tried it himself recently and caught his experience on camera. See this footage because according to Tesla Magazine, this new product "could well shape the technological and economic future of our society."

Charlotte airport workers voting on whether to strike during busy Thanksgiving travel week

CHARLOTTE, N.C. (AP) — Service workers at Charlotte Douglas International Airport filled out paper ballots on a busy Friday before Thanksgiving to decide whether to go on a 24-hour strike during the holidays.

As Nvidia Maintains Chip Supremacy, Jim Cramer Says Foes Of Semiconductor Giant 'Aren't Really Enemies'

NVIDIA Corp. continues solidifying its dominance in the artificial intelligence semiconductor market, with CNBC's Jim Cramer emphatically declaring that no company can successfully challenge the tech giant's technological supremacy.

Former Trump Advisor: "This Could Destroy Families" - Ad

A huge change is coming to America, and it scares the life out of former Trump advisor Brad Thomas. He calls it "America's next big economic crisis" and warns it will forever reshape our country, potentially destroying lives and ripping families apart. And according to him, even President Trump can't stop it.

What to know about Lori Chavez-DeRemer, Trump's pick for labor secretary

WASHINGTON (AP) — on Friday named Oregon Rep. Lori Chavez-DeRemer to lead the Department of Labor in , elevating a Republican congresswoman who has strong support from unions in her district but lost reelection in November.

3 killed, 1 seriously injured in Tesla Cybertruck crash in Northern California

PIEDMONT, Calif. (AP) — Three people were killed and one seriously injured early Wednesday when a Tesla Cybertruck crashed and caught fire in Northern California, officials said.

Wall Street Legend Issues Inauguration Buy Alert - Ad

If you've underperformed this raging bull market, if you've lost money or missed out... this is your final chance to potentially profit.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright systemtrading.ca
Privacy Policy | Terms of Service