It's happened to my company, because of a last minute audit issue, that they sprang up on us.Anastasia Beaverhaven said:The major issue with this is that it lends credence to Hindenburg's report yesterday about company disfunction.kyle field 94 said:
How does this really happen? Why can't they get their act together and file timely?
I don't believe the whole report but SMCI is definitely showing cracks.
I think just yesterday you said you were about to take a breather after 1 last play. He's back for more baby!!CC09LawAg said:
ETA: In on DELL at 108.80 too. This drop was too good and right at the bottom of the range I had identified.
South Platte said:I think just yesterday you said you were about to take a breather after 1 last play. He's back for more baby!!CC09LawAg said:
ETA: In on DELL at 108.80 too. This drop was too good and right at the bottom of the range I had identified.
I'm not right now, because the shorts are pounding every uptick. I'm not selling any and it's now a longer hold for me than I originally thought it'd be. I don't think you'll get hurt at this price as long as you stomach the volatility in the short term.WestTexasAg said:
What do you think Prog? Should we be buying SMCI now that it has dipped below $400?
Chef Elko said:
Personally, I wouldn't move into individual stocks. You could keep it in index funds and hopefully graduate with a nice little head start with possibly $20-30k or so.
CC09LawAg said:
It was a pretty good rant too
ProgN said:CC09LawAg said:
It was a pretty good rant too
Respectfully, this is an awful learning time unless the lesson you want to learn is how to buy into an incredibly overvalued market with the backdrop of an economy teetering on the edge.HoustonAg2014 said:Chef Elko said:
Personally, I wouldn't move into individual stocks. You could keep it in index funds and hopefully graduate with a nice little head start with possibly $20-30k or so.
Respectfully I disagree. He is in college and can afford to take risks. He has a lifetime to put into index funds if he wishes. This is a great learning time for him and he won't learn anything putting into an index fund.
Would you say investing in index funds at this time would be a good learning lesson? I guess you are implying that he should just stay out of the market for now which is fine. But investing in index funds in college won't teach you how to trade OR invest.Heineken-Ashi said:Respectfully, this is an awful learning time unless the lesson you want to learn is how to buy into an incredibly overvalued market with the backdrop of an economy teetering on the edge.HoustonAg2014 said:Chef Elko said:
Personally, I wouldn't move into individual stocks. You could keep it in index funds and hopefully graduate with a nice little head start with possibly $20-30k or so.
Respectfully I disagree. He is in college and can afford to take risks. He has a lifetime to put into index funds if he wishes. This is a great learning time for him and he won't learn anything putting into an index fund.
No, I would not be investing in index funds unless you have a short term target and defined stop.HoustonAg2014 said:Would you say investing in index funds at this time would be a good learning lesson? I guess you are implying that he should just stay out of the market for now which is fine. But investing in index funds in college won't teach you how to trade OR invest.Heineken-Ashi said:Respectfully, this is an awful learning time unless the lesson you want to learn is how to buy into an incredibly overvalued market with the backdrop of an economy teetering on the edge.HoustonAg2014 said:Chef Elko said:
Personally, I wouldn't move into individual stocks. You could keep it in index funds and hopefully graduate with a nice little head start with possibly $20-30k or so.
Respectfully I disagree. He is in college and can afford to take risks. He has a lifetime to put into index funds if he wishes. This is a great learning time for him and he won't learn anything putting into an index fund.
Quote:
- Less than 3 months after paying a $17.5 million SEC settlement, Super Micro began re-hiring top executives that were directly involved in the accounting scandal, per litigation records and interviews with former employees.
Quote:
- Former CFO Howard Hideshima left the company in January 2018 and was later individually charged by the SEC with accounting violations. In May 2023, he was hired by a key related party owned by Super Micro CEO's brother.
Quote:
- Beyond fresh questions around its revenue accounting, we found that Super Micro's relationships with both disclosed and undisclosed related parties serve as fertile ground for dubious accounting.
- For example, disclosed related party suppliers Ablecom and Compuware, controlled by Super Micro CEO Charles Liang's brothers, have been paid $983 million in the last 3 years. Ablecom is also partly owned by Super Micro CEO Charles Liang and his wife.
- The relationships seem oddly circular. Super Micro provides components to the entities which assemble them and sell them back to Super Micro. They also rent warehousing and factory space to Super Micro even though it has its own sprawling factory.
- The related parties seem to do little other business: ~99.8% of Ablecom's exports to the U.S. since 2020 were to Super Micro, and ~99.7% of Compuware's U.S. exports were to Super Micro, per trade records.
Quote:
- When Russia invaded Ukraine in February 2022, the U.S. government imposed stringent restrictions and bans on exports to Russia of high-performance computers and components.
- Super Micro disclosed that some of its products were subject to export bans and said it was halting all sales and had "not recorded revenue" from Russia since the day before the war started.
- Exports of Super Micro's high-tech components to Russia have spiked ~3x since the invasion of Ukraine, apparently violating U.S. export bans, according to our review of more than 45,000 import/export transactions.
- At least 46 companies that handled Super Micro products to Russia since the invasion are now under OFAC sanctions or on U.S. government watchlists.
- Almost two-thirds of Super Micro's exports to Russia since the invasion correspond to "high priority" components that the Russian military may be diverting to the battlefield, per U.S. government warnings.
- One of the biggest importers of Super Micro products in Russia is a supplier to one of Russia's largest "supercomputers" at a once-secret, now-sanctioned research center. That importer, Niagara Computers, has received at least $46.3 million worth of Super Micro products since the start of the Russia-Ukraine war, per trade data.
- The sales were initially made through a distributor in California, but were later made through 3 newly-formed Turkish shell companies, including one that was eventually sanctioned for smuggling restricted items to Russia.
I still want to see what their CEO says, but the analyst at JPM addresses that report.harge57 said:
Assuming everyone in SMCI has read the report?Quote:
- Less than 3 months after paying a $17.5 million SEC settlement, Super Micro began re-hiring top executives that were directly involved in the accounting scandal, per litigation records and interviews with former employees.
Quote:
- Former CFO Howard Hideshima left the company in January 2018 and was later individually charged by the SEC with accounting violations. In May 2023, he was hired by a key related party owned by Super Micro CEO's brother.
Quote:
- Beyond fresh questions around its revenue accounting, we found that Super Micro's relationships with both disclosed and undisclosed related parties serve as fertile ground for dubious accounting.
- For example, disclosed related party suppliers Ablecom and Compuware, controlled by Super Micro CEO Charles Liang's brothers, have been paid $983 million in the last 3 years. Ablecom is also partly owned by Super Micro CEO Charles Liang and his wife.
- The relationships seem oddly circular. Super Micro provides components to the entities which assemble them and sell them back to Super Micro. They also rent warehousing and factory space to Super Micro even though it has its own sprawling factory.
- The related parties seem to do little other business: ~99.8% of Ablecom's exports to the U.S. since 2020 were to Super Micro, and ~99.7% of Compuware's U.S. exports were to Super Micro, per trade records.
Quote:
- When Russia invaded Ukraine in February 2022, the U.S. government imposed stringent restrictions and bans on exports to Russia of high-performance computers and components.
- Super Micro disclosed that some of its products were subject to export bans and said it was halting all sales and had "not recorded revenue" from Russia since the day before the war started.
- Exports of Super Micro's high-tech components to Russia have spiked ~3x since the invasion of Ukraine, apparently violating U.S. export bans, according to our review of more than 45,000 import/export transactions.
- At least 46 companies that handled Super Micro products to Russia since the invasion are now under OFAC sanctions or on U.S. government watchlists.
- Almost two-thirds of Super Micro's exports to Russia since the invasion correspond to "high priority" components that the Russian military may be diverting to the battlefield, per U.S. government warnings.
- One of the biggest importers of Super Micro products in Russia is a supplier to one of Russia's largest "supercomputers" at a once-secret, now-sanctioned research center. That importer, Niagara Computers, has received at least $46.3 million worth of Super Micro products since the start of the Russia-Ukraine war, per trade data.
- The sales were initially made through a distributor in California, but were later made through 3 newly-formed Turkish shell companies, including one that was eventually sanctioned for smuggling restricted items to Russia.
I still want to hear from the company though. This is another reason that small float stocks need to split their stocks more often, more shares means less volatility. If they'd have split their stock 10:1 when it was $1,000/shr, then retail could support a $40/shr stock and battle the shorts. The dumbasses didn't though and shorts can manipulate a 55M shr float stock. POWL is also dumb for not splitting at least 3:1 but they should've done a 5:1. POWL is even easier for the shorts to manipulate due to their tiny float.Quote:
The stock is up more than 47% year to date, but investors were spooked on Tuesday after Hindenburg Research disclosed a short position in the company. Hindenburg said it identified "fresh evidence of accounting manipulation," according to its report. CNBC could not independently verify Hindenburg's claims. It is unclear if the delay in Super Micro's annual report is related to Hindenburg's findings.
Analysts at JPMorgan said some of Hindenburg's claims are "tough to verify," and they think the report is "largely void of details around alleged wrong doings from the company."
Even so, the analysts said Super Micro still has room for improvement when it comes to communicating with investors and establishing clear governance and transparency, especially since it has grown so rapidly due to demand for its AI servers.
As we dig into the details of the report, we believe there to be limited evidence of accounting mistreatments beyond revisiting the 2020 charges from the SEC, and limited new information relative to the existing and already known business relationship with related companies owned by the siblings of the founder of SMCI," the analysts wrote in a Tuesday note.
I'd like to see one more high after holding today's low. If not, I really don't want to see below $26 again.tlh3842 said:
HA, latest thoughts on SLV?
I don't know anything of your finances but why not add the 14 shares for ~$6k at this point and do weekly CC's? your costs basis lowers and premium is always juiced. might be able to make a little extra on it and if it recovers and get your shares called out then no harm?Brian Earl Spilner said:
Boy I'll feel a hell of a lot better about things if SMCI can recover to 460-480 range at least.
Up to 86 shares @ $546. Probably nearing what I feel comfortable holding for now. Maybe I'll up that 100 if we start seeing clear indications of a bottom, but that's it.
That was actually my thinking prior to this whole debacle and why I bought more SMCI yesterday. I think we would have seen a big push up on SMCI on good NVDA news, and it has a much higher ceiling. I am very uncertain on how that will all play out now.Brian Earl Spilner said:
So in the event (which is hopeful at this point) that NVDA beats, y'all think they pull up SMCI along with them?
