Super Micro Stock Falls Despite Nvidia Shout-Out. Why It's Still Bumpy. -- Barrons.com

Dow Jones11-21

By Brian Swint

Shares of Super Micro Computer, the server maker that has been volatile because of problems with its accounting, was extending declines early Thursday after chip maker Nvidia mentioned the company as a client.

Super Micro slipped 0.9% in premarket trading to $25.56. It fell 8.7% Wednesday after gaining more than 30% the day before, just after it said it had hired a new auditor and that it had a plan to submit its late earnings results that would allow it to remain listed on the Nasdaq.

Two things have happened since then. One, it put out a statement late Wednesday saying that Nasdaq had informed it of its noncompliance. That wasn't really a surprise, since the company had already said it would be late with its filings.

Second, semiconductor giant Nvidia, one of the most valuable companies in the world, listed Super Micro as one of its reliable partners alongside Dell, Foxconn, Micron, and Vertiv, in its earnings call Wednesday.

That shout-out briefly pushed up Super Micro in after-hours trading, but it lost ground after that. Options trading suggests that traders expect the stock to remain volatile for weeks to come.

Missed filing deadlines aren't Super Micro's only problems. Short seller Hindenburg Research put out a report attacking the company in late August, and profit margins have also been weakening.

Write to Brian Swint at brian.swint@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 21, 2024 05:13 ET (10:13 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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