Buffett's Favorite Chart Just Hit 209% - Here's What That Means For Gold

Buffett's favorite market signal just hit its highest level in history-stocks are more overvalued than 1929. He's sitting on $325B in cash... and may be about to buy one overlooked gold miner. I've identified it-plus 4 others with up to 100X potential.

Super Micro Computer Stock Plummets Over 4% In Thursday Pre-Market: What's Going On?

Benzinga Neuro
October 31, 2024

Shares of Super Micro Computer Inc (NASDAQ:SMCI) took a hit, dropping 4.38%, following the resignation of its independent auditor, Ernst & Young.

What Happened: SMCI closed 32.68% lower at $33.07 on Wednesday and at the time of writing, SMCI was trading at $31.56 during pre-market hours on Thursday, according to Benzinga Pro.

The company announced in a regulatory filing that EY had stepped down as its registered public accounting firm. The auditing firm, which had been engaged since March 2023 to review Super Micro’s financials for the fiscal year ending June, resigned before completing any reports on the company’s financials or internal controls.

Back in July, EY raised concerns about governance, transparency, and the completeness of communications, warning that the timely filing of Super Micro’s annual report was at risk. In response, Super Micro’s board established a special committee to investigate these issues, which submitted preliminary information to both the company and its auditor.

See Also: Dogecoin Lifts 15% Amid Rising Odds Of Trump Victory In Betting Markets And Expectations Of Elon Musk Heading ‘DOGE’ Department

The resignation letter from Ernst & Young highlighted a lack of confidence in the integrity and ethical values of the company, questioning the board’s independence and the reliability of information from certain management members. Although Super Micro disagrees with the resignation, it plans to address the concerns raised and continue the investigation.

Read Next:

  • Shytoshi Kusama Touts Shiba Inu Lifetime Gains Of 33774726%: ‘We Still Have Far To Go And Much Work To Be Done’

Image via Shutterstock

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari

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