markets

Yiwen Lu9/26/24

DOJ investigates Super Micro: report

It’s one thing when a short seller raises questions about your company. It’s another thing entirely when the US Department of Justice comes calling.

The Wall Street Journal reports that the DOJ is investigating former AI darling Super Micro Computer.

This came about a month after short-selling firm Hindenburg Research put out a report about the company’s questionable business practices, including accounting irregularities, and said that it would bet against the stock, shares tumbling. The next day, management announced a delay in the filing of its annual report because it need to reassess its accounting.

Shares of Super Micro are down about 13% on Thursday as of 11:30 a.m. ET, hitting their lowest level since January.

The DOJ’s probe appears to be related to a former employee’s lawsuit against Super Micro and its CEO over alleged accounting violations, according to the WSJ. That lawsuit was also referenced in Hindenburg Research’s report.

Super Micro sells servers that can handle AI workloads. Earlier this year, its shares skyrocketed amid the broader AI boom, rising more than 300% over the first three months of 2024. Now, the stock has fallen nearly 70% from its March peak.

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This came about a month after short-selling firm Hindenburg Research put out a report about the company’s questionable business practices, including accounting irregularities, and said that it would bet against the stock, shares tumbling. The next day, management announced a delay in the filing of its annual report because it need to reassess its accounting.

Shares of Super Micro are down about 13% on Thursday as of 11:30 a.m. ET, hitting their lowest level since January.

The DOJ’s probe appears to be related to a former employee’s lawsuit against Super Micro and its CEO over alleged accounting violations, according to the WSJ. That lawsuit was also referenced in Hindenburg Research’s report.

Super Micro sells servers that can handle AI workloads. Earlier this year, its shares skyrocketed amid the broader AI boom, rising more than 300% over the first three months of 2024. Now, the stock has fallen nearly 70% from its March peak.

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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."

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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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