Super Micro Computer (SMCI), from the hardware and semiconductor industry, reported a big beat in earnings on November 2. The stock gapped out of a cup base and formed a 6 day handle. This bullish move has been presenting alternate entries as SMCI held its gains and traded sideways before breaking higher.
Summary
This morning semiconductors are trading higher, after a dip on Thursday.
Applied Materials (AMAT) is higher (+4.90%) on earnings.
Semiconductors and Tech In-Play
The company makes server and storage systems for data centers, cloud computing and artificial intelligence.
Fiscal first-quarter revenue surged higher by 79% to $1.85 billion, eclipsing a half dozen straight quarters of accelerating revenue growth.
Management reinterated bullish guidance for the current quarter. SMCI produced Q2 revenue of $1.7 billion to $1.8 billion, well above the $1.5 billion consensus. 2023 earnings popped to $10.10/share.
Management sees adjusted profit of $2.64 to $2.90 a share, also handily above the $1.91 consensus.
The company shows earnings growth of 38% with relative strength rising to a best of 99. Volume continues above average readings. Accumulation/distribution rating “A” tells us to look for this to continue as institutions accumulate positions.
Join us today in the trading room for our LIVE broadcast during market hours, as we navigate the current environment. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
Considering joining us as a member? Check details here
Technical Analysis Resources
MarketSmith
Investors Business Daily
https://bit.ly/IBD_Special_Offers
Swing Trader:
https://bit.ly/IBD_SwingTrader_Special_Offers
Leaderboard:
Considering joining us as a member? Check details here