Avnet issues Q2 profit warning

Semiconductor and electronic component distributor Avnet warned after the bell Monday that it will miss analysts' earnings estimates in its second quarter.Avnet shares closed off $4.

Semiconductor and electronic component distributor Avnet warned after the bell Monday that it will miss analysts' earnings estimates in its second quarter.

Avnet shares closed off $4.75, or 17 percent, to $22.69 ahead of the announcement.

CEO Roy Vallee told analysts during the firm's annual shareholders meeting that it now expects to post a profit of between 75 cents to 80 cents a share in its second quarter.

First Call Corp. consensus was expecting a profit of 85 cents a share in the quarter. Full story. -- Larry Barrett, ZDNet Inter@ctive Investor