Slow Sales Send Ingram Stock Down

Shares of Ingram Micro Inc., the world’s largest personal-computer distributor, fell 8.2% Wednesday, the day after it warned that fourth-quarter earnings would fall short of forecasts because of slowing sales.

Ingram fell $3.06, to $33.94, in New York Stock Exchange trading of 7.37 million shares, more than 10 times the three-month daily average. Earlier in the day, the shares touched a 10-month low of $32.88.

PC distributors such as Santa Ana-based Ingram have struggled all year with lower prices and supply shortages. Some of Ingram’s biggest reselling customers have set up direct distribution agreements with computer manufacturers, and those agreements are starting to hurt Ingram’s results, analysts said.

“This is their first stumble, and their stock was carrying a big premium,” said William Cage, an analyst with J.C. Bradford & Co. in Nashville, who rates the stock “buy.”

The company said late yesterday it expected profit of $73 million to $75 million, or 48 cents to 50 cents a share, in the quarter ending Jan. 2. Ingram was expected to earn 56 cents, the average estimate of analysts surveyed by First Call Corp.

The company is scheduled to release fourth-quarter results Feb. 18. Ingram had profit of $69 million, or 47 cents a share, in the year-earlier quarter.