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Investopedia
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Shares of Super Micro Computer (SMCI), or Supermicro, dropped 15% to lead S&P 500 decliners Thursday on a report that the U.S. Department of Justice (DOJ) is investigating the server maker over possible accounting and other violations.
reported that the probe came after well-known short seller Hindenberg Research claimed last month that it saw "fresh evidence of accounting manipulation, sibling self-dealing and sanctions evasion" at Supermicro.
Hindenberg said in the report that it uncovered "glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues."
The paper said that the investigation is in its early stages, and that a prosecutor in the U.S. attorney's office in San Francisco has contacted people who might have relevant information.
It added that officials appear to be looking into accusations from a former employee who filed a whistleblower lawsuit against the company and Chief Executive Officer (CEO) Charles Liang in April, charging Supermicro with improper accounting.
Last month, Supermicro announced that it would delay the release of its annual report, saying that management needed additional time "to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024."
Supermicro didn't respond to an request for comment.
Super Micro Computer shares hit an all-time high in March, quadrupling in value for the year at that point as the company benefited from the artificial intelligence (AI) boom. However, the stock has lost ground since, although it remains up about 38% in 2024. Recently, shares were off 15% at $387.21 each.
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Instablog9ja
5 hrs
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Lagos Police PRO, Benjamin Hundeyin has said the policemen who hara§§ed and extorted corps members of over N1 million have been identified and are being interrogated.
He said they are men of Area C, Surulere. The Area Commander has been contacted. The men have been identified. They are being interrogated. However, we need more than a verbal accusation. Kindly tell us more. The spy camera would have captured the exchange of money too, be it cash or transfer. Give us something to work it. Update as regards the outcome of the ongoing interrogation will be made available.
Investopedia
5 hrs
12
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U.S. equities advanced at midday Thursday as chip stocks surged, led by Micron Technology (MU) after the memory chip maker reported strong sales driven by AI demand. The Dow, S&P 500, and Nasdaq all rose.
Jabil Circuit (JBL) shares also jumped after the company reported revenue that topped estimates, announced a restructuring, and gave an upbeat outlook.
Shares of Southwest Airlines (LUV) took off as the carrier, which as been under pressure from activist investor Elliott Investment Management, laid out a three-year turnaround plan.
CarMax (KMX) shares rose after the biggest U.S. used car retailer posted better-than-anticipated results on higher retail vehicle sales.
Super Micro Computer (SMCI) was the worst-performing stock in the S&P 500 following a report that the Justice Department is investigating the tech firm over alleged accounting violations.
Shares of Diamondback Energy (FANG) and others in the oil industry sank along with crude futures after Saudi Arabia committed to a production increase.
Pfizer (PFE) shares dropped as the pharmaceutical firm withdrew all of its sickle cell disease drug, Oxbryta, worldwide because of safety concerns.
Prices for gold and silver rose. The yield on the 10-year Treasury note was up. The U.S. dollar gained on the yen, but fell to the euro and pound. Most major cryptocurrencies traded higher.
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Instablog9ja
6 hrs
11
VeryDarkMan has shower praises on the Minister of Interior, Bunmi Tunji-Ojo, for suspending senior prison officials in connection with Bobrisky’s bribery allegations.
He said the honorable minister of interior Olubunmi Tunji Ojo you have proven himself to him before so he was just relaxed watching and boom he did it again with the suspension of some officers that might be involved with this whole bobrisky saga.
Click to watch
Pending Home Sales Barely Rose From Record Low In August
Pending Home Sales Bounced Back In ...
Investopedia
6 hrs
15
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Pending home sales bounced back in August from a record low, but the bounce was more like a deflated thud than the modest rebound forecasters had anticipated.Pending home sales, a forward-looking measure based on purchase contract signings, rose 0.6% in August from July, the National Association of Realtors said Thursday. The uptick left the index still close to the all-time low it hit in July and was less than the 1% increase forecasters had expected, according to a survey of economists by and .
The slow sales highlight how high prices and mortgage rates hurt the housing market. According to housing affordability measures by the association and the Federal Reserve Bank of Atlanta, monthly mortgage payments for typical homes are out of reach for buyers with typical incomes.Mortgage rates have fallen recently as the Federal Reserve has moved to slash borrowing costs, but rates are still far higher than the ultra-low ones available during the pandemic. The average mortgage rate fell to 6.09% last week, below the recent peak of 7.79% last October, but far above the 2021 low of 2.65%. The drop hasn’t been enough to bring priced-out buyers back into the market. Lower mortgage rates have also enticed more owners to put their homes up for sale, though inventory remains below pre-pandemic levels.“Despite having more buying power and more for-sale home options, buyers are proceeding cautiously, perhaps waiting to see homeownership costs soften further,” Hannah Jones, economic research analyst at Realtor.com, said in a research note.
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Instablog9ja
7 hrs
14
The Federal Government has suspended the officers in charge of the Maximum and Minimum Custodial Centres, Kirikiri, Lagos State, following an audio leak indicating that cross dresser, Idris Okuneye aka Bobrisky who was convicted of a crime and sentenced to six months in jail was given an apartment outside the custodial centre.
Secretary of the Civil Defence, Correctional, Fire and Immigration Services Board, CDCFIB, Ja’afaru Ahmed disclosed this in a statement issued on Thursday in Abuja.
The Minister of Interior, Dr Olubunmi Tunji-Ojo had on Wednesday initiated a probe of the allegations.
In the statement Ahmed said the suspension of the officers is to allow for further investigation on the various allegations, upholding that the result would be made available to the public.
He said, “Following the viral video trending on social media on alleged infractions by Officers of the Nigerian Correctional Service relating to Mr. Idris Okuneye, widely known as Bobrisky, the Civil Defence, Correctional, Fire and Immigration Services Board has suspended forthwith the following Senior Officers of the Service. Michael Anugwa, Deputy Controller of Corrections (DCC), In-Charge of Medium Security Custodial Centre (MSCC), Kiri-kiri, Lagos State; and Sikiru Adekunle, Deputy Controller of Corrections (DCC), In-Charge of Maximum-Security Custodial Centre (MSCC), Kiri-kiri, Lagos State.”
