Super Micro Computer (SMCI) continued to sell off on Thursday. Today, it risks falling even more, after markets digested the news of its auditor resigning from its position.
SMCI cannot continue its listing or inclusion on the S&P 500 (IVV) index if it does not file its annual report. To do so, it needs an auditor willing to sign off on the report.
Avoid SMCI stock until the company resolves its uncertainties.
In the automotive market, Ford Motor (F) will likely fall below $10.00 by next week. Although it has strong buying support there, the firm’s production idling of the F-150 Lightning is a major setback. It will stop production for seven weeks starting on November 15, resuming production after January 6, 2025.
Ford may need to stop making this EV since losing $5 billion on this model annually is not sustainable.
Continue to avoid Lucid Group (LCID). It announced it would take orders for its Gravity EV. But shorts are in control, holding a 9.4% short interest. EV leader Tesla (TSLA) risks falling below $220. CEO Elon Musk’s $1 million voter giveaway is under scrutiny. His involvement with the election hurts the brand.
Robinhood (HOOD) lost 16.7% yesterday after missing the EPS forecast by only a penny. This is a solid company that investors should consider holding.