Market When Closed, Wednesday 30 October
DISCLAIMER: This note is intended for US recipients only and, in particular, is not directed at, nor intended to be relied upon by any UK recipients. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Cestrian Capital Research, Inc., its employees, agents or affiliates, including the author of this note, or related persons, may have a position in any stocks, security, or financial instrument referenced in this note. Any opinions, analyses, or probabilities expressed in this note are those of the author as of the note's date of publication and are subject to change without notice. Companies referenced in this note or their employees or affiliates may be customers of Cestrian Capital Research, Inc. Cestrian Capital Research, Inc. values both its independence and transparency and does not believe that this presents a material potential conflict of interest or impacts the content of its research or publications.
Apparently SEC Filings Do Matter
by Alex King, CEO, Cestrian Capital Research, Inc
Well, $SMCI dropped >30% today on the entirely unsurprising but no less amusing move that their auditor E&Y resigned. My favorite part of this saga was the letter that E&Y wrote to the SEC stating that they could at least agree with parts of the company's filings, like the name of the company and the accounting period and such. Priceless.
The market has run up of late and took this news on $SMCI - news which would have been much anticipated in Bigsville, USA - as a catalyst to bank some gains. Semiconductor took a hit, because it had another catalyst in $AMD earnings. And with the mood tending to somber, $META and $MSFT earnings reactions were both muted, each stock down about 3-4% on earnings that on a sunnier day would have seen green candles.
Well, let's see what all this means when we zoom out and look at the index and sector ETFs; and let's see what is happening in bonds, oil and volatility too.
But before we do - last call to get your new AI-driven investment research at launch pricing.
Last Day To Join SignalFlow AI At Launch Prices
If you’d like to lock in launch pricing for our new SignalFlow AI service - prices rise 1 November - you can learn all about the service, and sign up, right here: