Readers will wonder why the share price of three companies fell sharply.
The problems of Super Micro Computer (SMCI) supplying AI servers to Chinese firms are re-emerging. SMCI stock fell by 11.30% on Thursday to close at $26.99. The Department of Justice is focusing its probe on NVIDIA (NVDA). Unfortunately, that might tie its investigations to SMCI and Megaspeed.
Currently, the investigation did not indicate that NVIDIA or former CEO Jensen Huang are facing any criminal charges. Additionally, SMCI noted that Megaspeed has never been one of its clients.
Corteva (CTVA) lost nearly one-quarter of its value yesterday. In the third quarter, the firm posted a six-cent non-GAAP EPS. Revenue fell by 8.6% Y/Y to $1.59 billion. The agricultural chemical and seed company is struggling from pressures in Brazil.
Brazil is a difficult market, suffering from high interest rates, an unfavorable currency, and El Niño weather patterns. That resulted in Latin America organic sales falling by 31% in Q3.
In the fintech segment, Global Payments (GPN) lost 12.01% to close below $90. Reuters reported on Nov. 12 that private equity firms walked away from negotiations for a buyout. The drop sent its peers, Fidelity National Information, Fiserv (FISV), PayPal (PYPL), and Shift4 Payments (FOUR) lower.
Among its peers, FISV stock might pull back further. The stock enjoyed a recent run-up after posting quarterly results.
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