To The Moon

-- Super Micro Computer Inc. said it will delay filing its annual financial disclosures, setting off the stock’s largest intraday decline in almost six years.The San Jose, California-based server maker requires additional time “to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting,” the company said in a filing Wednesday morning.Super Micro said it “has not made updates to its results” for the previously reported fiscal year and quarter.This filing delay comes a day after short-seller Hindenburg Research released a critical report alleging “glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues.”Super Micro shares fell as much as 26%, the stock’s biggest intraday drop since October 9, 2018.

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Super Micro Computer disclosed an expected delay in filing its Annual Report on Form 10-K for the fiscal year ended June 30, 2024.At 10:12 EST SMCI stock was down 24.1%.The company plans to submit a Notification of Late Filing on Form 12b-25 on August 30, 2024, stating that filing the Annual Report within the prescribed time frame would require unreasonable effort or expense.The company confirmed there have been no updates to its fiscal year and quarter results previously announced on August 6, 2024.SMCI shares fell 2.6% yesterday after the release of a critical report from Hindenburg Research, which targeted the company's accounting practices and corporate governance.The report's concerns focus on accounting practices that may be seen as red flags, specifically relating to how the company recognizes revenue and its re-engagement with executives previously involved in accounting scandals.Super Micro Computer, which has a market valuation of $35 billion, has faced challenges in the pa

Super Micro Computer wasn't priced for any trouble. A lot of trouble is going to prove costly.The maker of specialized AI servers saw its shares sink 26% early Wednesday after it announced a delay in filing its 10-K. That may seem a steep price for late paperwork, but it came just a day after a scathing report from Hindenburg Research. The famed short-selling firm claimed to have found "glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export-control failures, and customer issues.". Investors mostly shrugged off those claims initially; Super Micro's stock was down only 2.6% by Tuesday's close. However, the delayed 10-K filing seemed to confirm at least the potential for problems. "Additional time is needed for SMCI's management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting," Wednesday's statement read.

Here are Wednesday’s biggest calls on Wall Street:Wells Fargo reiterates Nvidia as overweightWells Fargo said it is bullish on Nvidia’s Blackwell chip following an industry conference. The company als