Bad Forecasts
Super Micro blasted by their auditors on the way out
Wow. In the strongest statement I’ve seen in a long time by an auditor, Ernst and Young has resigned as Super Micro Computer’s auditing firm saying that it is “unwilling to be associated with the financial statements prepared by management.”
This happens just six days ahead of their earnings November 5, which the company has reiterated will still take place.
Janus International Group’s stock is in freefall after bad quarter & bad guidance
Q3 earnings are out and storage building company Janus International saw its sales fall 18% from last year. Its EPS was half of what analysts were expecting and it completely the triple crown by guiding this year’s full revenue forecast from over 1 billion to $917.5. Good thing they were able to squeeze in that extra 500k.
The stock has continued falling from -16% pre-market to a nice red -31% currently.
Oof
HelloFreefall
Sponsoring every podcast in existence must not be what it used to be. Shares of meal kit delivery service HelloFresh have shed 42% of their value on a weak 2024 forecast and the retraction of its 2025 targets. Deutsche Bank calls the report “disappointing” while UBS bemoans that the guidance is “far worse” than anticipated.
This caps off a disastrous two-year period where the share price has fallen from €90 to €6.70 today.
Source: CNBC
Victoria’s Secret plunges 30% on falling sales guidance
Crotchless panties anyone? Apparently not as Victoria’s Secret is in freefall after projecting lower revenues next year. This coming off a year where same-store sales already saw a 6% drop so with over $3 billion in debt, we can understand why the street is hitting the panic button.
But hey, maybe AI will turn things around!
