2024-04-19 12:37:44 ET
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.
For further details see:
Why Super Micro Computer Stock Just Crashed 17%