11:41 AM EDT, 08/28/2024 (MT Newswires) -- The Nasdaq Composite was down over 1% in late-morning trading Wednesday, as participants in the tech-heavy index wait for the highly anticipated release of Nvidia's ( NVDA ) latest earnings report after market close.

In company news, Super Micro Computer ( SMCI ) said Wednesday it does not expect to file its annual Form 10-K on time for the fiscal year ended June 30. Additional time is needed for the management to complete its assessment of its internal controls over its financial reporting, the company said, adding that it expects to file a notification of late filing on Form 12b-25. The announcement comes a day after short-seller Hindenburg Research released a report alleging that Super Micro has engaged in accounting manipulation. Shares of the company were down 26.3% around midday.

Shares of Berkshire Hathaway (BRK.A, BRK.B) rose in early-morning trading Wednesday, pushing the company's market capitalization past $1 trillion for the first time. Berkshire Hathaway Class A shares and Class B shares were up 1.2% each.

The Competition Commission of India has approved the $8.5 billion merger of Reliance Industries and Walt Disney's ( DIS ) Indian media assets, subject to certain voluntary modifications, the regulator said in a post on its verified account on social media platform X. Disney ( DIS ) shares were down 2.0%.

Dick's Sporting Goods (DKS) said Wednesday that on Aug. 21 it uncovered that an unauthorized third-party gained access to its information systems. The breach included parts of the system with confidential information, the company said in a filing with the US Securities and Exchange Commission. Dick's Sporting said it has activated a cybersecurity response plan and has contacted external experts to investigate, isolate and contain the threat. It also said it has notified federal law enforcement. Shares of the company were down 0.8%.

Apple ( AAPL ) is cutting about 100 jobs from its digital services group, Bloomberg News reported Wednesday, citing people with knowledge of the matter. The biggest cuts will impact the company's Apple Books division, according to the report, which added that Apple News will also be affected. Impacted employees have been notified they have 60 days to find other positions at Apple ( AAPL ) before being terminated, the people reportedly told Bloomberg. Apple ( AAPL ) shares were down 0.6%.

The US Securities and Exchange Commission has retreated from a plan to impose so-called swing pricing for mutual funds during periods of high redemptions in an apparent victory for asset managers like BlackRock ( BLK ) and T. Rowe Price ( TROW ) , Bloomberg reported Wednesday. The SEC's meeting agenda for Wednesday does not include any mention of a discussion on swing pricing, which, if enacted, would make it costlier for investors to cash out when markets are volatile. BlackRock ( BLK ) shares were up 0.6%, while those of T. Rowe Price ( TROW ) were up 0.3%.

Price: 403.65, Change: -143.99, Percent Change: -26.29