隨著退市風險減弱，超微電腦股價擴大每週漲幅

（彭博）—超微電腦公司股價的過山車走勢可能會持續一段時間，因為投資者正在權衡該公司下一步的行動，以避免被納斯達克摘牌。

Shares of Super Micro Computer Inc. (NASDAQ:SMCI) soared on Friday as investors continue to weigh the company’s next steps to avoid being delisted by Nasdaq Inc.

超微電腦公司（納斯達克股票代碼：SMCI）的股價週五飆升，投資者繼續權衡該公司下一步的行動，以避免被納斯達克公司摘牌。

The San Jose, California-based firm delayed filing its annual 10-K, following a damaging report earlier this year from short seller Hindenburg Research, and has said it would be late with quarterly reports. The company this week said that it believes it can file its delayed 10-K and 10-Q reports in the period available under Nasdaq rules. If accepted, Super Micro would likely get until mid-February to file.

這家總部位於加州聖荷西的公司在今年稍早賣空者 Hindenburg Research 發布了一份具有破壞性的報告後，推遲了年度 10-K 報告的提交，並表示將推遲提交季度報告。該公司本週表示，相信可以在納斯達克規則規定的期限內提交延遲的 10-K 和 10-Q 報告。如果被接受，超微可能會在二月中旬之前提交申請。

Shares of the server maker rose as much as 13% in early trading Friday, extending its weekly gains to about 78%, putting the company on track for its best week on record. The sharp rebound in shares is the latest twist in a saga that saw the stock hit a record high in March before seeing those gains evaporate amid allegations of accounting and governance issues and filing delays.

這家伺服器製造商的股價在周五早盤交易中上漲了 13%，將週漲幅擴大至 78% 左右，使該公司有望創下有史以來最好的一周表現。股價大幅反彈是該股傳奇故事的最新轉折，該股在三月創下歷史新高，但由於會計和治理問題以及提交延遲的指控，這些漲幅蒸發了。

The firm’s previous auditor, Ernst & Young LLP, resigned in October, citing concerns over the company’s transparency and governance. Super Micro is also facing a US Department of Justice probe.

該公司的前審計師安永會計師事務所 (Ernst & Young LLP) 於 10 月辭職，理由是對該公司的透明度和治理感到擔憂。超微還面臨美國司法部的調查。

Nasdaq must now review and approve the company’s plan, a process that is expected to take about two weeks. If the exchange doesn’t accept the proposal, Super Micro can appeal the decision. Shares will remain listed in the meantime.

納斯達克現在必須審查並批准該公司的計劃，這一過程預計需要大約兩週的時間。如果交易所不接受該提議，超微可以對該決定提出上訴。同時，股票仍將保持上市狀態。

Others on Wall Street are more bullish, seeing Super Micro as too important to be delisted and booted from the S&P 500 Index. The company won inclusion in the benchmark gauge in March, further juicing its staggering returns to that point.

華爾街的其他人則更樂觀，認為超微公司太重要了，不能被除名並從標準普爾 500 指數中剔除。該公司於三月被納入基準指數，進一步提高了其驚人的回報率。

“We really think it’s just a complete coin toss right now,” said Larry Tentarelli, chief technical strategist at Blue Chip Daily, of the stock's wild moves. Tentarelli said he previously held shares of Super Micro but sold near the end of July when the stock was in the $80 range.

Blue Chip Daily 首席技術策略師 Larry Tentarelli 在談到該股的瘋狂波動時表示：“我們確實認為，現在這完全是一次拋硬幣。” Tentarelli 表示，他之前持有 Super Micro 的股票，但在 7 月底附近股票價格在 80 美元區間時賣出。

“I sold because the stock was up so much so quickly that I really didn’t see how it could continue to go up from there and I didn’t want to get caught holding the bag if it went down quickly,” he added.

他補充說：“我之所以賣出，是因為該股上漲得如此之快，以至於我真的不知道它如何能夠從那裡繼續上漲，而且我不想在它快速下跌時陷入困境。”

Representatives for Super Micro and Nasdaq declined to comment.

超微和納斯達克的代表拒絕置評。

Bloomberg Intelligence analyst Woo Jin Ho is reserving judgment on whether Super Micro can recover.

彭博資訊分析師 Woo Jin Ho 對超微能否復甦持保留判斷。

“The filing extension gives the company until late February to file the documents, yet the delisting overhang appears likely to persist until it’s compliant,” he wrote. “Given the challenges that Ernst and Young noted working with Super Micro’s board, it’s unclear if BDO will face similar issues.”

他寫道：“備案延期讓該公司在二月下旬之前提交文件，但退市懸而未決的情況似乎可能會持續到其合規為止。” “鑑於安永會計師事務所指出與 Super Micro 董事會合作所面臨的挑戰，目前尚不清楚 BDO 是否會面臨類似的問題。”

Several other analysts aren’t willing to make a call, with at least seven firms suspending coverage on the stock since the end of October, when previous auditor Ernst & Young LLP resigned, according to data compiled by Bloomberg.

根據彭博社彙編的數據，其他幾位分析師不願做出決定，自 10 月底前審計師安永會計師事務所 (Ernst & Young LLP) 辭職以來，至少有 7 家公司暫停了對該股的研究。

While weighing up Super Micro’s prospects, investors also have their eye on competitors. The company’s woes could be a potential boon to rival server makers including Dell Technologies Inc. (NYSE:DELL), Lenovo Group Ltd. (HK:0992) Wiwynn Corp. (TW:3231), Hon Hai Precision Industry Co. (TW:2317) and Pegatron Corp. (TW:4938), according to Bloomberg Intelligence. Dell shares have risen in November while Super Micro slumped.

在衡量超微前景的同時，投資人也關注競爭對手。該公司的困境可能會給戴爾科技公司（NYSE：DELL）、聯想集團有限公司（香港股票代碼：0992）、緯穎科技（台灣股票代碼：3231）、鴻海精密工業股份有限公司（台灣股票代碼：3231）等競爭對手的伺服器製造商帶來潛在的福音。 11 月戴爾股價上漲，而超微股價下跌。

On the flip side, with the possibility of a Super Micro delisting now reduced, hardware peers such as Dell may “stand in danger of a stock fade,” Lynx analyst KC Rajkumar wrote.

另一方面，隨著超微退市的可能性現已降低，戴爾等硬體同行可能“面臨股票下跌的危險”，Lynx 分析師 KC Rajkumar 寫道。

“The company's woes have helped buoy Dell shares in recent weeks, but that could quickly change if Super Micro manages to regain its footing,” Rajkumar added.

「最近幾週，該公司的困境幫助提振了戴爾股價，但如果超微能夠重新站穩腳跟，這種情況可能很快就會改變，」拉吉庫馬爾補充道。

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