Why Super Micro Computer Stock Just Crashed 17%
Recently red-hot Super Micro Computer (NASDAQ: SMCI) stock -- up 765% over the last 52 weeks -- turned ice cold Friday, falling 17.2% through 11:20 a.m. ET. And believe it or not, Wells Fargo is to blame.
This morning the bank reiterated its equal weight (i.e., hold) rating on the popular artificial intelligence (AI) stock, saying it thinks the shares are worth $960. Considering the stock closed at $928 Thursday evening, that doesn't sound so bad... except for one thing.
Super Micro Computer announced this morning that it will report its fiscal third-quarter 2024 earnings on Tuesday, April 30. Now, here's the thing: Seven of the last eight times Super Micro has announced an upcoming earnings report, says Wells Fargo, the company paired this news with a preannouncement of better-than-expected earnings.
Source Fool.com
