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 $4.75, 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