Why Super Micro Computer Stock Fell Today
Super Micro Computer's (NASDAQ: SMCI) share price closed out the daily session down 8.3%. Meanwhile, the S 500 (SNPINDEX: ^GSPC) ended the day up 0.4%, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) ended the session up 1.2%.
Supermicro stock lost ground today following news that the company may be looking to raise funds through stock sales or new debt. The company's share price likely also took a hit due to the stock being removed from the Nasdaq-100 index.
After the market closed on Friday, Bloomberg reported that Supermicro had hired Evercore to help it raise new sources of capital. The report stated that the server specialist was open to taking on new lines of credit and selling new stock in order to raise funds. Through Evercore, Supermicro is said to be approaching private equity firms to gauge potential investment interest. The prospective new fundraising push is said to be in the early stages.
Source Fool.com
