Super Micro's New Auditor 🌟

Plus, XRP reaches three-year high.

November 19, 2024

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Today is Tuesday, November 19, 2024.

The Early Bird Index today is 80.56.

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Super Micro's New Auditor 🌟

Could the bad times finally be over for Super Micro Computer (Nasdaq: SMCI)? The company jumped 39.79% (wow!) in after-hours trading on Monday after announcing a new auditor.

Details: Super Micro announced that BDO USA would serve as its new auditor immediately. The tech company also submitted a compliance plan to Nasdaq to avoid a potential delisting.

Background: It’s been a bad few months for Super Micro. There have been accusations regarding the company’s accounting, which resulted in the departure of its auditor. Super Micro also delayed its financial filing. There were rumors that the stock would be delisted.

Stock Price: Super Micro rose to prominence due to the AI wave, with the stock jumping 1,000% from March 2023 to March 2024. The stock is down 54% in the last 30 days because of the recent challenges.

Early Bird’s Nest Egg Gains: Super Micro Computer's recent troubles appear to be primarily company-specific issues rather than indicative of broader problems across the AI industry. 

  • Other major AI-related companies continue to show strong growth and performance. 

  • There's no indication of a systemic slowdown or accounting problems across the AI sector.

Final Thoughts: Super Micro is not out of the woods yet, but it might be headed in the right direction. 

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Notables

Notable Earnings Today: Walmart (NYSE: WMT), Lowe's (NYSE: LOW), La-Z-Boy (NYSE: LZB), Powell Industries (Nasdaq: POWL), Energizer (NYSE: ENR), AZEK (NYSE: AZEK), Keysight (NYSE: KEYS), ZTO Express (NYSE: ZTO), Vipshop (NYSE: VIPS), Dolby Labs (NYSE: DLB), Viking Holdings (VIK), Danimer Scientific (NYSE: DNMR), Futu Holdings (Nasdaq: FUTU), Jacobs Solutions (NYSE: J), KORE Group Holdings (NYSE; KORE), Medtronic (NYSE: MDT), MYT Netherlands (NYSE: MYTE), Oaktree Specialty Lending Corp (Nasdaq: OCSL), Qifu Technology (Nasdaq: QFIN), Star Bulk Carriers (Nasdaq: SBLK), Varex Imaging (Nasdaq: VREX), Workhorse Group (Nasdaq: WKHS), XPeng (NYSE: XPEV).

Notable IPOs Today: Creative Global Technology Holdings Limited Ordinary Shares (Nasdaq: CGTL).

Notable Equity Crowdfunding Campaigns Ending Today: Le Garage (SMBX).

Notable Economic Events Today: Building Permits (8:30 a.m. ET), Housing Starts (8:30 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

XRP Reaches Three-Year High

The cryptocurrency XRP jumped about 6% at one point on Monday, part of a recent trend that saw the popular digital asset reach its three-year high over the weekend.

Details: XRP surged because of increased positive sentiment after the election, which might result in more crypto-friendly government policies. That might mean less pressure for Ripple, the system XRP is the native crypto for. Investors are betting that XRP will continue its climb.

Final Thoughts: XRP’s price has doubled in the last 30 days.

Trump Might Buy Crypto Platform Bakkt

Crypto platform Bakkt Holdings (NYSE: BKKT) jumped 162.46% on Monday and another 16.63% in after-hours trading after the Financial Times reported that Donald Trump’s social media company is in talks to buy Bakkt.

Final Thoughts: Despite Monday’s price jump, Bakkt is still down 40% this year.

Entering Chapter 11: Discount Airline Spirit Files for Bankruptcy (Wall Street Journal)

A Bridge to the Future: Cardano-Bitcoin bridge may be first step to true Bitcoin DeFi (Cointelegraph)

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.