Stock Track | Super Micro Computer Plunges 5% in Pre-Market on Lingering Auditor Concerns

Stock Track12-10

Super Micro Computer Inc (SMCI) shares plunged 5.05% in pre-market trading on Tuesday, underperforming the broader market. The sell-off comes amid lingering investor concerns over the company's auditor resignation last October.

In a stunning move on October 24th, auditing firm Ernst & Young abruptly resigned as Super Micro's auditor, citing an unwillingness to be associated with the company's financial statements. This sent shockwaves through the market, with SMCI stock crashing 32% on that day and over 53% in the subsequent week.

While Super Micro has staged an impressive comeback rally since hitting lows in mid-November, the stock remains well below its March highs of $109. Investors appear to still be nervous about the auditor issues and what they could mean for the company's financials and future prospects.

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Comments

  • bluekiwiseed
    12-10
    bluekiwiseed
    This is market manipulation by institutional investors, not weak company fundamentals. Everything is turning positive for this company, except for the NVDA China probe which may have a direct impact. We should expect SMCI to fall within the range of $46-49. 
    • Colddogbun: 
      I wonder how many can actually see past the curtain and see what’s really going on with our “fair” markets.
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