Biden's $400B vaccination plan Galaxy S21 preorders Google Doodle celebrates basketball inventor Drivers License breaks Spotify records WandaVision review Oculus Quest multiuser support Track your stimulus check

Arrow comfy with 4Q estimates

Arrow Electronics, Inc. (NYSE: ARW) said Tuesday it is comfortable with the original fourth quarter earnings expectations of 1.07 a share, as compiled by First Call's consensus estimate.

Shares in the distributor of electronic components and computer products were up 1.13 to 24, or 5 percent. Arrow recently bought Merisel Inc.'s (Nasdaq: MSEL) open computing alliance unit for $110 million.

The company said that though it has seen some signs of an inventory correction that have been discussed publicly by some large customers, particularly in the networking and telecom arenas -- such as weakened short-term order flows and increased rescheduling of existing orders -- it does not believe they will prevent Arrow from achieving fourth quarter estimates.

Arrow said its broad customer base in North America, coupled with a diversified customer base in Europe and Asia, is mitigating the impact of the inventory correction.