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Super Micro shares plunge 35% as auditor after raising concerns months before

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Super Micro was hit with short seller report this year has delayed filing its financial statement for 2024 and under federal investigation.

Young and Ernst resigned as Super Micro auditor past week after raising concerns over company internal controls, board independence and accounting practices.

Super Micro makes computers that companies use as servers for websites, data storage and applications consisting AI algorithms.

The company customer consist of mega players in AI like AMD, Intel.

Super Micro has run into trouble with regulators over accounting practices.

It paid a $17.5 million penalty to Securities and Exchange Commission in 2020 after regulator alleged it prematurely and recorded revenue.

The company hired law firm Cooley and forensic accounting firm to review Super Micro internal controls.

The company said in regulatory filing.

Representatives for Super Micro and Ernst and Young did not return a request for comment.

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EY had been hired to audit Super Micro for first time 2024 financial year the company added.

Super Micro has not issued its financial statements for this year and under federal investigation.

“We are resigning due to information that has recently come to our attention which has led us to no longer be able to rely on management and the Audit Committee representation.”

EY said in resignation letter EY concerns were raised before to short seller report that took aim at Super Micro financial controls and accounting practices.

The company hired law firm Cooley and forensic accounting firm to review Super Micro internal controls.

Review remains ongoing the company said in regulatory filing.

 

CrowdStrike, GoDaddy, KKR to join benchmark S&P 500 : crwd ir : kkr stock : godaddy stock : dollar tree stock:crwd earning reports: s&p credit rating lists : s&p inclusion dates

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The S&P Dow Jones Indices said on Friday that private equity firm KKR & Co cybersecurity company crowdstrike and internet servies provider GoDaddy will join benchmark S&P 500 before markets open on June 24.
Shares of CrowdStrke climb 6% in trading KKR and GoDaddy spiked 9% and 3.6% respectively.
Share of Robert Half fell 2.2% Comerica was last dwon 0.4% while Illumian was o.6% lower.
The companies will replace recruitment services from Robert Half US regional lender Comerica and gene sequencing machine maker Illumia in index.
Hertz Global, Leggett & Platt Grocery Outlet, Penn Entertainment, Integra Lifesciences, Werner Enterprises, RB Global Altair Engineering Nextracker, Warner Music, BioMarin Pharmaceutical and Texas Pacific Land in S&P Midcap 400.
Energy plays Cactus and Tidewater climb solidly Friday night on joining S&P Small Cap 600.
Altair Engineering and Nextracker near buy points climb Friday night on S&P Midcap 400 entrance.
Cerence, TTEC Holdings, Medifast, Marcus Corp, OraSure Technologies, Cactus, Tidewater Virtu Financial, Step Stone and Krystal Biotech in S&P SmallCap 600.
ATN International. Resources Connection, Xperi, Northfield Bancorp Chatham Lodging Trust Methode Electronics, Grocery Outlet, Penn Entertainment in S&P SmallCap 600.

 

Tech Stock That Underdeliver: 3 Names to Avoid :texas stock exchange: roaring kitty livestream: gamestop stocks: stock market today india

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These struggling tech stocks are not as flashy as they once were.

These companies continue to let down under delivering, overpromising in tech sector.

Palo Alto Networks PANW

The cybersecurity firms earning continue to disappoint.

Intel INTC

The company pivot to become microchip foundry is not going as planned.

Roblox RBLX

The online video game platform growth is stalling.

The main reason tech stocks are in red while rest of market is in green is that companies behind securities have failed to deliver on promises they made.

Results have missed targets forward guidance has been lowered and new products have not materialized when expected.

To avoid falling victim to tech stocks, investors should take good look at each companies on list.

Company heading in future can prevent costly investment mistakes in high volatile market segment.

Roblox RBLX

The company behind popular online video game platform posted a Q1 loss of 43 cents which beat a loss of 53 cents expected on Wall Street.

Revenue totaled $923.8 million up 19% from year earlier and analyst estimates of $919 million.

Roblox said it expect revenue of $870 million to $900 million in second quarter analyst call for $929 million.

Roblox management team said they planned to deliver 20% revenue growth over next few years. Those growth projection now seem in doubt.

Palo Alton Networks PANW

The company share price just down 8% after it again reported quarterly billing that missed Wall Street targets.

Palo Alto Networks billings for year first three months came in at $2.33 billion.

PANW stock is up 7.5% on year trading 18% below its 52 week high and trailing rival firms.

Corporate America is spending less on cybersecurity as firms struggle with inflation and uncertain economic outlokk Palo Alto executives.

The company expects billing of $10.13 billion to $10.18 billion.

The guidance is lower than previous range of $10.1 billion to #10.2 billion

The latest print was not as worse as previous one PANW stock it was not comeback investors wanted.

Intel INTC

Intel opened up a new AI microchip called the Gaudi 3 that company say can be used to train and deploy big AI models and chatbots in launching the Gaudi 3 chip.

Intel add it is over twice as power efficient and one and half time rapid than Nvidia competing H!00 microchip.

Intel will be able to deliver with new chip investor are doubtful.

The company delivered lates in series of quarterly financial reports its share price down 8% as result.

Intel continues to struggle as it pivots to becoming a microchip foundry and designer of chips and semiconductors.

INTC stock is down 35% and one of worst securities listed on benchmark S&P 500 index.

It is one of top overhyped tech stocks right now.