Arrow Electronics (ARW) NewsBite - ARW Earnings Exceed Estimates

Posted on Wednesday, July 23, 2008 2:22 PM

Arrow Electronics Inc. (ARW) opened at 32.64. So far today, the stock has hit a low of 32.31 and a high of 34.87. ARW is now trading at 32.97, up 2.65 (8.12%). The stock hit its 52 week high of 44.95 in October and set its 52 week low of 26.50 in April. ARW has been slipping for the past year. Arrow Electronics posted today second quarter profit of $96.2 million despite the economic downturn. The company reported adjusted earnings of 84 cents per share on sales of $4.35 billion, while analysts forecast a profit of 77 cents per share on sales of $4.04 billion. Technical indicators for the stock are bullish but slightly deteriorating while S&P gives ARW a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider a September bull-put credit spread below the $27.50 range.ARW stock could fall up to 16.6% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]