Tech Stocks in Motion
Shares of Tech Data (TECD) fell 10% after the computer products distributor cut its second-quarter outlook. The company now expects pro forma earnings of $12.5 million to $16.5 million, or 21 cents to 28 cents a share. Previously, the company expected earnings of $24 million to $27 million, or 40 cents to 45 cents a share. Sales, meanwhile, are expected to be between $4.8 billion and $4.82 billion, which is at the high end of its previous range of $4.7 billion to $4.85 billion. Analysts had been expecting earnings of 43 cents a share on sales of $4.77 billion. "While our Americas region continues to perform well, challenges in our European operations have impacted our overall earnings expectations for the quarter," the company said. Shares were trading down $3.85 to $35.23.
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