Super Micro Stock Soars Another 8% After a 28% Rally in Prior Session

Tiger Newspress12-03 17:00

Super Micro Computer stock continued to jump 8% in premarket trading after soaring more than 28% on Monday. The company said that the committee’s probe into the circumstances behind the resignation found no evidence of fraud or misconduct.

The company also said it would immediately begin a search for a new chief financial officer. David Weigand, the current CFO, will continue to serve in that position until his successor has been appointed.

Super Micro has been swept up in the frenzy around artificial intelligence, and the stock has had big swings, moving up or down by 10% or more in 10 of November’s 19 trading days.

Analysts have started to weigh in on the announcement. “We believe these are key steps in the right direction,” writes Needham analyst N. Quinn Bolton. “Until the company is current with its financial filings, we maintain our Suspended Rating.”

Independent auditor BDO is reviewing the company’s financials following Ernst & Young’s resignation. The server maker has said it expects to be able to file accounts now and won’t have to revise past ones. Still, risks remain: The company has yet to file its annual report or results from the most recent quarter.

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