By Brian Swint
Super Micro Computer, the server maker whose shares have swung wildly this year, was rising in line with the wider market at the start of the holiday week.
The stock, which rose 1.1% on Friday, added 1.9% in Monday's premarket to $32.20. Futures for the S&P 500 were up 0.3%.
Super Micro has had a wild year, first being driven up by optimism about its role in the artificial-intelligence sector before being dragged down by problems with accounting that saw its auditor, Ernst & Young, resign. The shares have ranged between $18 and $119 since Jan. 1. They're down 18% in the past month, but are still up 11% since the start of the year.
That volatility makes the price moves of the past few days look gentle. And, with many traders taking time off for the holidays, the stock may get less attention than usual.
Separately, an investigation by Barron's showed that Super Micro founder and chief executive Charles Liang has limited results to show from his philanthropic environmental efforts over the past few years.
The company has until Feb. 25 to file its earnings for last fiscal year. It's not under immediate threat of delisting, but it has a tight timescale to straighten out the books with new auditor BDO. It's also looking for a new chief financial officer and chief accounting officer.
An internal investigation by Super Micro found no evidence of fraud by executives.
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
December 23, 2024 05:21 ET (10:21 GMT)
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