Fly News Breaks for August 2, 2019
Aug 2, 2019 | 08:34 EDT
Wells Fargo analyst Joe Quatrochi thinks Arrow Electronics offered a constructive view on the current inventory correction and demand environment, as the company believes the market is "bouncing along the bottom," which could point to a potentially quick recovery. However, this was "overshadowed" by questions about the broader macro implications of President Trump's tweet that the U.S. will place an additional 10% tariff on the remaining $300B of Chinese goods that are not already being subject to tariffs. Quatrochi, who has a positive view of Arrow's actions focused on driving profitability in this period of slower demand, trimmed his price target on the shares to $83 from $85 and keeps an Outperform rating on the stock.
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