On August 7, Arrow Electronics fell 5.53% in after-hours trading, trading at $213.7/share, with turnover of $2.5046 million.
On the news front, the company released its second-quarter earnings report showing adjusted EPS of $5.45, significantly exceeding the consensus estimate of $4.46, while revenue came in at $9.992 billion versus the $9.564 billion expected. Despite a comprehensive beat on all metrics, the stock exhibited a classic profit-taking pattern. The company had previously guided Q2 revenue of $9.15 billion to $9.75 billion and adjusted EPS of $4.32 to $4.52, with actual results surpassing the upper end of both ranges.
Prior to the earnings release, analysts had anticipated strong year-over-year growth of 33.56% in revenue and 115.04% in adjusted EPS. The stock had already priced in significant improvement, with Truist recently raising its price target to $260 from $240 while maintaining a Buy rating. The average analyst consensus target stood at $214.50, suggesting limited upside from pre-earnings levels, which likely contributed to the sell-the-news reaction.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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