markets

Yiwen Lu11/5/24

Super Micro tumbles on lower guidance, further delay in filing

The embattled semiconductor company Super Micro Computer cut guidance for its first-quarter earnings and said that it “remains unable at this time to predict” when it will be able to file its annual report. Shares of Super Micro fell over 13% in after-hours trading.

In a press release, Super Micro announced preliminary results for the first quarter of 2025. The company expected net sales for the quarter to be $5.9 billion to $6 billion, down from a previous guidance of $6 billion to $7 billion. Analysts were expecting an average of $6.4 billion, according to FactSet.

The company also lowered the upper end of expected earnings per share. It is now expecting non-GAAP earnings per share to be between $0.75 to $0.76, instead of previous guidance of $0.67 to $0.83. Wall Street expected $0.73.

Super Micro “continues to work diligently on matters related to the Form 10-K for the fiscal year ended June 30, 2024,” the company said. The annual filing was due on August 29, 2024 but Super Micro said it was not able to file the report on time. This followed a short-seller’s report alleging accounting irregularities, questionable governance, and sanctions evasion at Super Micro. Just last month, auditor Ernst & Young resigned, dragging shares down as much as 30%.

However, Super Micro said in the release that an independent committee of its board of directors had completed an investigation based on EY’s concerns, which revealed “no evidence of fraud or misconduct.”

In a call with investors, Super Micro CEO Charles Liang said he was confident the challenges would not affect the company’s ability to serve its customers.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Paige Oamek6/30/26

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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