Why Super Micro Computer Stock Reversed Course Today
Shares of Super Micro Computer (NASDAQ: SMCI) soared yesterday after the company announced that it filed a plan to remain listed on the Nasdaq Stock Exchange and, maybe more importantly, hired a new independent auditor.
The stock spiked about 31% on that news, after it had been in free fall in recent weeks. But Supermicro shares were giving back some of yesterday's gains in the current session. As of 3:17 p.m. ET, shares were down by 10.1% today.
Appointing a new auditor was critical, and maintaining its listing on the Nasdaq exchange is also important for the company and the stock. But there are still going to be ramifications from Supermicro's accounting questions.
Source Fool.com
