Super Micro's Special Committee

And, Dogecoin’s Election Day rally.

November 06, 2024

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Today is Wednesday, November 6, 2024.

The Early Bird Index today is 73.76.

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Super Micro's Special Committee

Super Micro Computer (Nasdaq: SMCI) plunged 15.88% in after-hours trading on Tuesday after giving an update about its dire financial situation.

Powering the Story: The company said that a special committee looking into financial concerns found “no evidence of fraud or misconduct on the part of management or the Board of Directors.”

Details: Super Micro gave some preliminary financial information but couldn’t say when it will file its official financial results.

Background: It’s been a terrible last few months for Super Micro. A short seller accused the company of accounting manipulation and its auditor resigned last week. The stock is down 43% in the last 90 days.

Early Bird’s Nest Egg Gains: Lost in these accounting accusations is the company’s lackluster financial performance. The company faces increasing competition from established tech giants in the AI server market.

Final Thoughts: Things are so bad that the company could face delisting from Nasdaq.

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Notables

Notable Earnings Today: Arm Holdings (Nasdaq: ARM), AMC Entertainment (NYSE: AMC), CVS Health (NYSE: CVS), Zillow (Nasdaq: ZG), Qualcomm (Nasdaq: QCOM), Novo Nordisk (NYSE: NVO), Beyond Meat (Nasdaq: BYND), Take-Two Interactive Software (Nasdaq: TTWO), Bumble (Nasdaq: BMBL), Lyft (Nasdaq: LYFT), Celsius (Nasdaq: CELH), TripAdvisor (Nasdaq: TRIP), e.l.f. Beauty (NYSE: ELF), AppLovin (Nasdaq: APP), Duolingo (Nasdq: DUOL), Dutch Bros (NYSE: BROS), Albemarle (NYSE: ALB), Upwork (Nasdaq: UPWK), Starwood Property Trust (NYSE: STWD), Howmet Aerospace (NYSE: HWM), Teva Pharmaceutical Industries (NYSE: TEVA), Sunoco (NYSE: SUN), Aurora Cannabis (Nasdaq: ACB), Coeur Mining (NYSE: CDE), MercadoLibre (Nasdaq: MELI), ZipRecruiter (NYSE: ZIP), Johnson Controls (NYSE: JCI), Hecla Mining (NYSE: HL), IonQ (NYSE: IONQ), American Electric (Nasdaq: AEP), ACADIA Pharmaceuticals (Nasdaq: ACAD), Amicus Therapeutics (Nasdaq: FOLD), Arcus Biosciences (NYSE: RCUS), Astec Industries (Nasdaq: ASTE), Autohome (NYSE: ATHM), Bally's (NYSE: BALY), Brinks (NYSE: BCO), Brookfield Infrastructure (NYSE: BIP), Cadre Holdings (NYSE: CDRE), Cencora (NYSE: COR), Centuri Holdings (NYSE: CTRI), Clarivate (NYSE: CLVT), Clover Health Investments (Nasdaq: CLOV), Coherent (NYSE: COHR), Conduent (Nasdaq: CNDT), Corsair Gaming (Nasdaq: CRSR), Delek US Holdings (NYSE: DK), Deluxe (NYSE: DLX), Digital Turbine (Nasdaq: APPS), Dine Brands (NYSE: DIN), Encore Capital (Nasdaq: ECPG), Energy Transfer (NYSE: ET), Enovis (NYSE: ENOV), EVERTEC (NYSE: EVTC)  Fair Isaac (NYSE: FICO), Fastly (NYSE: FSLY), Freshworks (Nasdaq: FRSH), Gilead Sciences (Nasdaq: GILD), Guardant Health (Nasdaq: GH), HubSpot (NYSE: HUBS), Ionis Pharmaceuticals (Nasdaq: IONS), Iron Mountain (NYSE: IRM), Jazz Pharmaceuticals (Nadaq: JAZZ), Joby Aviation (NYSE: JOBY), Kennametal (NYSE: KMT), Klaviyo (NYSE: KVYO), LXP Industrial Trust (NYSE: LXP), MarketAxess (Nasdaq: MKTX), MasterCraft (Nasdaq: MCFT), NMI Holdings (Nasdaq: NMIH), ODP Corp (Nasdaq: ODP), OraSure (Nasdaq: OSUR), Owens Corning (NYSE: OC), Pacira BioSciences PCRX Paycor (Nasdaq: PYCR), Performance Food Group (NYSE: PFGC), Pinnacle West (NYSE: PNW), PTC (Nasdaq: PTC), Rapid7 (Nasdaq: RPD), Revolution Medicines (Nasdaq: RVMD), Schneider National (NYSE: SNDR), Scotts Miracle-Gro (NYSE: SMG), Sempra Energy (NYSE: SRE), SmartRent (NYSE: SMRT), Sinclair Broadcast (Nasdaq: SBGI), SiTime (Nasdaq: SITM), SolarEdge Technologies (Nasdaq: SEDG), Southwest Gas (NYSE: SWX), TKO Group Holdings (NYSE: TKO), Trimble (Nasdaq: TRMB), Veeco Instruments (Nasdaq: VECO), Veracyte (Nasdaq: VCYT), Vertex (Nasdaq: VERX), Vishay (NYSE: VSH), Workiva (NYSE: WK).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Pegasus Aerospace Corp (Wefunder).

Notable Economic Events Today: Crude Oil Inventories (10:30 a.m. ET).

Dogecoin’s Election Day Rally

The price of the cryptocurrency Dogecoin jumped about 25% on Tuesday, which was Election Day.

Final Thoughts: Elon Musk, a staunch supporter of Donald Trump, actively promotes Dogecoin, which is why it jumped on Tuesday. It is also up 80% in the last 30 days.

Lumen Technologies Reports Weak Results

Telecommunications company Lumen Technologies fell 2.37% in after-hours trading on Tuesday after reporting a loss of 13 cents per share in the quarter, which was lower than expected.

Final Thoughts: Despite the loss, the stock is up 300% (wow!) in 2024.

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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.