SMCI, MELI, And VRSN Faced Selling Pressure

(MENAFN- Baystreet) After enjoying its best rally after November 13, 2024, Super Micro Computer (SMCI) gave back 10% last week. Investors expressed relief on SMCI hiring an auditor but headwinds remain.

SMCI needs to file its quarterly and annual reports or risk delisting. Last week, SMCI paid back lenders, who are protecting their outstanding loans. On November 27, SMCI reported that it prepaid loan agreements with two lending firms. It paid back Cathay Bank, along with a Security Agreement with Bank of America N.A.

Expect selling pressure for SMCI stock to continue.

MercadoLibre (MELI) pulled back from a recent rally, breaking a seven-straight positive trading streak. The internet retail firm trades at a premium. Still, bargain buyers may accumulate MELI stock if shares fall below $1,900.

Verisign (VRSN) has traded in a range of between $175 and $190 since July. The recent spike to $195 did not last, as buyers pressured the stock toward a $185 support level. In its Q3 report posted on October 24, 2024, Verisign earned $2.07 a share. Revenue grew by 3.8% Y/Y to $390.6 million. Cash flow from operations increased to $253 million, up from $245 million the year before. With deferred revenue rising, Verisign's selling pressure will not last.

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