Super Micro Stock Rises After Nvidia Shout-Out. Why It’s Not Out of the Woods Yet

Dow Jones11-21 23:19

Super Micro Computer stock was rising Thursday after chip makerNvidiamentioned the company as a client. Shares of the server maker have been volatile because of problems with its accounting and those issues are not resolved yet.

Super Micro rose 8% to $27.86 in early trading Thursday. 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.

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