Super Micro stock set to notch 70% weekly gain as company hires new auditor

Yahoo Finance01:23

Super Micro Computer (SMCI) stock continued its rebound Friday, with shares on track to record a weekly gain of more than 70%. Shares of Super Micro — the AI server maker that uses Nvidia's (NVDA) ...

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Even with that gain, shares are still far below highs above $120 in March following SMCI’s addition to the S&P 500.The stock’s rally kicked off Monday in anticipation of Super Micro’s submission of a compliance plan to the Nasdaq  as it looks to avoid delisting. Shares skyrocketed when the company officially announced it had submitted the plan as well as hired a new auditor, BDO. Super Micro's prior accountant, Ernst & Young, resigned in late October.He added that “even if the best case scenario plays out, we believe EY's resignation will necessarily still create some lingering concerns around the health of SMCI'","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"NVD2.UK":"2X NVIDIA ETP","SNVD.UK":"LS -1X NVIDIA","BK4598":"佩洛西持仓","LU0106831901.USD":"贝莱德世界金融基金A2","NVD3.UK":"LS 3X NVIDIA","NVDS":"Tradr 1.5X Short NVDA Daily ETF","NVDS.UK":"LS -1X NVIDIA","NVDU":"Direxion Daily NVDA Bull 2X Shares","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","NVDA":"英伟达","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU0444971666.USD":"天利全球科技基金","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","NVDX":"T-REX 2X LONG NVIDIA DAILY TARGET ETF","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0251131958.USD":"FIDELITY AMERICA \"A\" (USD) ACC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","SMCI":"超微电脑","NVDY":"YIELDMAX NVDA OPTION INCOME STRATEGY ETF","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","3NVD.UK":"LS 3X NVIDIA","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0238689110.USD":"贝莱德环球动力股票基金","BK4141":"半导体产品","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","2NVD.UK":"2X NVIDIA ETP","LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU0056508442.USD":"贝莱德世界科技基金A2","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","BCS":"巴克莱银行","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","NVD":"GraniteShares 2x Short NVDA Daily ETF","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","SG9999002232.USD":"Allianz Global High Payout USD","NVDD":"Direxion Daily NVDA Bear 1X Shares","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","LU1861127337.USD":"ALLIANZ GLOBAL MULTI ASSET SUSTAINABILITY BALANCED \"AMG\" (USD) INC"},"translate_title":"随着公司聘请新审计师，超微股价每周上涨70%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BCS":1,"SMCI":0.9,"NVDA":0.9,"NVD":0.6,"NVD2.UK":0.6,"NVD3.UK":0.6,"NVDD":0.6,"NVDS":0.6,"NVDS.UK":0.6,"NVDU":0.6,"NVDX":0.6,"NVDY":0.6,"SNVD.UK":0.6,"3NVD.UK":0.6,"2NVD.UK":0.6},"content_text":"Super Micro Computer (SMCI) stock continued its rebound Friday, with shares on track to record a weekly gain of more than 70%.\nShares of Super Micro — the AI server maker that uses Nvidia's (NVDA) chips and has a major deal with Elon Musk's xAI — rose over 8% in Friday trading to roughly $32. Even with that gain, shares are still far below highs above $120 in March following SMCI’s addition to the S&P 500.\nThe stock’s rally kicked off Monday in anticipation of Super Micro’s submission of a compliance plan to the Nasdaq (^IXIC) as it looks to avoid delisting. Shares skyrocketed when the company officially announced it had submitted the plan as well as hired a new auditor, BDO. Super Micro's prior accountant, Ernst & Young, resigned in late October.\nSuper Micro has been grappling with the fallout from an August report by short seller firm Hindenburg Research, which pointed to alleged accounting malpractices, violations of export controls, and shady relationships between top executives and Super Micro partners. Following the Hindenburg report, Super Micro delayed filing its annual 10-K and most recent quarterly 10-Q reports to the Securities and Exchange Commission, which put the company at risk of being delisted from the Nasdaq. Super Micro is also reportedly being investigated by the Department of Justice.\nThe deluge of bad news has sent shares tumbling over the last few months. EY’s resignation in particular, pushed Super Micro stock down more than 30% in a single day in late October. The accountant wrote in its resignation letter that it was \"unwilling to be associated with the financial statements prepared by [Super Micro] management.”\nAdding to its woes, Super Micro’s fiscal first quarter earnings report on Nov. 5 missed Wall Street’s expectations. As Wedbush analyst Matthew Bryson wrote in a note to investors at the time, the company blamed lighter sales on delays of Nvidia’s Blackwell AI chips and issues with its SEC filings. Bryson maintains a neutral rating on the stock and recently lowered his price target for shares to $24 from $32.\nOther firms such as Barclays (BCS), Wells Fargo (WFC) and KeyBanc have suspended coverage of the stock.\nSuper Micro said Monday that it is on track to submit delayed filings to the SEC \"and become current with its periodic reports within the discretionary period available to the Nasdaq staff to grant.\"\n\n\n\n  Logos of Super Micro Computer are pictured at COMPUTEX Taipei. REUTERS/Ann Wang\n \n\n  REUTERS / Reuters\n \n\nWedbush’s Bryson wrote in a separate note on Nov. 19 in response to Monday's news: “We see retaining a new auditor is a significant positive step for SMCI as it resolves perhaps the most substantial concern regarding SMCI's ability to remain listed…and creates a potential path for SMCI to file its financials and restore NASDAQ compliance.”\nHe added that “even if the best case scenario plays out, we believe EY's resignation will necessarily still create some lingering concerns around the health of SMCI's financials” given concerns about the reported DOJ investigation, questionable relationships between Super Micro’s top executives and its customers and suppliers, and its new accountant BDO’s own regulatory issues.\nSuper Micro shares this week were also helped by Nvidia’s blowout earnings report, and the company’s assurances that Blackwell production is on pace. Nvidia CEO Jensen Huang gave Super Micro a shoutout during the AI chipmaker’s earnings call, mentioning SMCI as one of its “great partners.”\nLaura Bratton is a reporter for Yahoo Finance. Follow her on X @LauraBratton5.\nClick here for the latest stock market news and in-depth analysis, including events that move stocks\nRead the latest financial and business news from Yahoo Finance","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Executive Changes","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485291326"}