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Super Micro Computer’s ( SMCI ) stock dropped nearly 30% on Wednesday, Oct. 30, after the AI server maker’s auditor resigned. Ernst & Young (EY) resigned while auditing Super Micro’s fiscal year ending June 30, 2024, according to Yahoo Finance. The move comes after Hindenburg Research released a brief report in August alleging “accounting manipulation” at Super Micro. “We are resigning due to information that has recently come to our attention, which has led us to no longer be able to rely on management’s and the Audit Committee’s representations and to be unwilling to be associated with the financial statements prepared by management,” EY stated in its resignation letter. The accounting firm added that it can no longer provide audit services in compliance with “applicable laws or professional obligations.” In August, Hindenburg stated that its three-month investigation uncovered “glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export...
Not everyone is an investor. But thanks to platforms like Public and Robinhood , you do not have to have a degree in economics or work at Goldman Sachs to get in on the stock market action. Once reserved for only the most savvy of analysts and the wealthiest of investors, the playing field is far more level — at least in terms of accessibility. However, having access to opportunities and knowing what to do with them are two very different stories. In particular, there is something known as the Fear and Greed Index (developed by CNN) and it directly impacts how successful one can trade traditional stocks or even crypto currencies like Bitcoin. So, if traders are ready to dabble those toes into the stock market, crypto, or both, keep on reading to learn about this critical tool. What Is The Fear And Greed Index? Whether a person is trading crypto or traditional common stocks , the Fear and Greed Index is a trading tool that helps decide when to jump into a commodity, when to hold it...
Tiffany James is ensuring financial literacy will be accessible to Black women. As AfroTech previously told you, the 27-year-old is the founder of Modern Blk Girl (MBG). The digital platform was created to ensure minority women have a safe space to be themselves and learn about the stock market. For James creating MBG stemmed from her Caribbean upbringing in which financial literacy was nonexistent. It was not until the age of 21 that James became more conscious of how stocks could transform her ways of living. In fact, after investing in various stocks including Tesla she turned $10,000 into two million within three years. “If I had the knowledge I have now about financial literacy when I was younger, a lot of things could have been different for me. One experience that I went through is not having money for simple things like high school prom, senior trip, and a cap and gown but if I knew I could invest in Apple my junior or senior year I would have been fine,” James told...
Goalsetter is making sure the next generation of Black and Latinx Americans is free from the financial burdens that have held us back for so long! As previously reported by AfroTech, Vista Equity Partners’ Robert F. Smith and Goalsetter’s Tanya Van Court announced the “One Stock. One Future.” initiative in October 2021. The initiative served as a call to action for both organizations and corporations to build up young people of color and set them on a path to financial freedom. It kicked off after Smith gifted five shares of stock — equivalent to about 15,000 total shares — to nearly 3,000 students, educators and staff members at the Eagle Academies for Young Men, a network of public, all-boys schools serving young men of color in New York City and Newark, NJ, according to a press release. As this called for a celebration, those Black students, the Black Billionaire, Black tech entrepreneur, Black educator and young Black men from the Morehouse Class of 2019 all graced the NYSE...
As countries begin to vaccinate their populations, businesses will begin to reopen. With those re-openings, and the jobs that will be restored in their wake, the economy will gradually begin to make up lost ground. As workers are rehired and incomes begin to grow, so too will consumer confidence. And both mass vaccinations and rising consumer confidence will also allow us to begin to venture out again and be social once again, which ill provided ballast to the ailing hospitality, outdoor recreation, travel, and restaurant sectors. Some businesses are better positioned to take advantage of these expected developments than others. If you’re looking to invest in stocks sure to surge when the economy reopens, look no further than these five stocks. Expedia The biggest company in travel-related search and bookings, Expedia’s stock should grow nicely as consumers begin to travel more frequently. The company owns large players in the online booking space like Orbitz, Travelocity, and...
“Just answer yes or no,” California Rep. Maxine Waters repeatedly said in a recent hearing, “I’m reclaiming my time.” This was Waters’ mood the entire time she questioned Robinhood CEO Vlad Tenev during the “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide,” virtual hearing on Thursday, Feb. 18. Tenev and a group of other CEOs and financial experts were called to testify before the U.S. House Committee on Financial Services following the events of the stock market frenzy on Jan. 25. That frenzy came after the Reddit group of young day-to-day traders called WallStreetBets caught wind of hedge fund short sellers in GameStop last month. When WallStreetBets shared its findings on Reddit, retail investors began grabbing GameStop stock up, driving its share price through the rough, and ultimately costing some hedge funds millions of dollars. Check out what Black millennials had to say about this debacle. Despite this being absolutely legal,...
New year. New resolutions. New winning habits. If it hasn’t been on your list, investing some of your money in the stock market should be. People all over the country are making real money in the stock market every day, and you can too. Maybe you’re skeptical, having heard horror stories from others about large losses. Or maybe you think you need to know a lot or spend time or money you don’t have to be a successful investor. Don’t let these thoughts and feelings stop you. Here are three things to think about as you consider buying your first share. Risk and Reward Few investment options rival the stock market. Some people, wary about its risks, park their money in savings accounts or investment properties. However, over time, the stock market has returned approximately 7% (post-inflation) each year since 1940. Compare that to a 1.5% post-inflation return for real estate. You can earn more than that by parking your money in certain savings accounts, and without the headaches of...
Despite the widespread economic pain the pandemic has inflicted across the country, the U.S. stock market indices posted record highs lately, making many investors quite a bit richer. There are real opportunities to build wealth by investing today and you don’t have to miss out. Financial firms have made it easier than ever to invest with smartphone apps that can get you started with just a few dollars. If you’re new to investing, it’s understandable if you’re not sure which app-based investing platforms are reputable, which ones fit your investing needs, and what the investing requirements of each are. Here’s a quick guide to three of the most reputable app-based brokerage services (as reviewed by Bankrate , NerdWallet , and Forbes ) on the market today: Acorns When you sign up for this app and link a credit or debit card to it, Acorns will round up your purchases to the nearest dollar and invest your spare change, if you’d like. You can also make recurring contributions for as...
According to the Selig Center for Economic Growth , the Black buying power was $1.4 trillion in 2019. However, that figure doesn’t translate into dollars that are put back or stay circulating continuously within Black communities versus others–causing a true generational economic crisis. But many are finding more ways to teach Black people financial literacy, investing, and for Tiffany James , her prized bull is the stock market and helping Black girls and women get their generational coins up. The global stock market is $85 trillion , which the United States market represents 40% of the overall figure. Unfortunately, the Federal Reserve reported that only 33.5% of Black households, hold any stocks versus white households which are at 61%. However, ModernBlkGirl was created to be a catalyst in shrinking the wealth gap by teaching stock market literacy–disproving that it was made for white men in wrinkly suits. James sat down with AfroTech to explain why now is the best time to learn...
It’s never too late to start investing. And with today’s online discount brokerage options, you don’t need thousands of dollars to get started. You can actually invest with as little as $5 using some app-based brokerage platforms and start down the road to achieve your financial goals. Here are five tips to help you get started. Establish an Emergency Savings Account Make sure you have some cash aside for common emergencies when you begin investing. Relying on your investment portfolio for relatively common but sudden expenses like emergency car repairs is a bad idea because it will take time to access your money — time you may not have. You’ll also lose out on potential gains, and if you withdraw your funds from a retirement account, you may have to pay penalties to the IRS. Set Clear Investment Goals Don’t let that hot stock tip you saw online guide your investment purchases. Instead, look at your finances, your personal and professional goals, and your budget. Then write down...
It’s never too early to learn the trades of the stock market, and this teen expert is living proof. Christon “The Truth” Jones — a 13-year-old investor and stock market prodigy — is a model example of what it means to invest in your future. He recently amassed $18,000 in just three days teaching adults how to get involved in stocks. View this post on Instagram A post shared by The Truth Jones (@thetruth2024) He was able to reach this goal after 36 people signed up for his online course on how to invest in the stock market, according to Black Business. His original goal was to teach 200 people and earn a profit of $100,000 total, but he was still satisfied with the rewarding outcome. “It was not even half, but it was still something,” said Jones, as reported by Black Business . “My mother encourages me to never limit myself so I am proud I made an effort. I’m disappointed the ads were rejected but I’m grateful I didn’t give up and utilized the resources I had.” Jones, according to...
Teaching kids about investing is a great way to encourage life-long money management and wealth-building habits. But given how complicated investing can be, how do you get started? Well, forget about all the complex technical jargon (for now). Instead, help them identify brands they like, explain briefly what stock ownership is, and then buy a couple of shares of the companies behind those brands for them. Periodically show them how those stocks are performing and what the different financial statements mean. Leverage their excitement for the brands and products they like to teach them about stock investing! Get started by talking with them about the companies behind the brands they love: Entertainment and Gaming Companies If your children enjoy Disney, Star Wars, or Marvel movies and toys, buy a share or two of Disney stock (DIS). You can also choose from popular toy companies like Mattel (MAT) and Hasbro (HAS). Mattel’s toys include Barbie, Matchbox, Fisher Price, and Thomas &...
One of the most time tested methods of building and growing wealth is with stock investments. When we invest in a stock, we are buying a piece of a company, the value of which rises and falls with market demand. While stock market returns can vary greatly from year-to-year, stock market returns have averaged 10 percent a year over the long-term. And when we add to our initial investment by buying more stocks over time, the returns can truly be substantial. Buying stock starts with: Educating yourself Identifying your goals Researching your options Selecting a brokerage Educate Yourself Stock market investing is not as simple as buying a banking product, like a certificate of deposit. A banking product typically provides a guaranteed return if you buy it and hold it for a certain period of time. However, when you buy a stock for a period, there’s no guarantee that its value will have increased. In fact, you may lose some — or even, in extreme cases, all of your money. It’s therefore,...
The legendary investor Warren Buffet has long shared that he only invests in companies he understands. For that reason, he’s long avoided tech stocks. However, since Buffet began investing, many technology firms have developed products that are part of our everyday lives. Growing up in the digital era, we understand how some of these companies make their money, and we can effectively assess their prospects. You should definitely invest in companies you understand. Chances are you’re more than familiar with at least a few of the following companies: Google (GOOGL) A company so ubiquitous it’s become a verb, Google is the world’s pre-eminent search engine. The firm makes most of its money through its extensive advertising platform. However, computing products like Chromebooks and SaaS products also contribute to its revenue. Overall, the firm is flush with cash, with a minimal amount of debt. Facebook (FB) The world’s biggest social media platform, Facebook’s sprawling reach has...