Ingram Micro’s Cheery Outlook Lifts Stock

Ingram Micro Inc. shares moved up 11% Friday as the Santa Ana-based computer distributor gave an upbeat presentation to Wall Street analysts.

The company is comfortable with Wall Street estimates for the year, Chief Executive Jerre Stead said after the session. Analysts surveyed by First Call Corp. estimated that Ingram will earn $1.61 per share this year, compared with $1.66 per share in 1998. Stead also said he is confident the company can reach revenue of $28 billion this year, compared with $22 billion in 1998.

Ingram was recently named one of four computer distributors that will work with Compaq Computer Corp. Compaq previously had 39 distribution partners, but announced this month that it would streamline the process. This will probably be a billion-dollar boon for each company. Stead said it won’t be clear until August exactly how much of Compaq’s business each distributor will handle.

The stock rose $3.13 a share, or 11%, to $31 on the NYSE. Volume totaled nearly 3.2 million shares, more than quadruple the daily average over the last three months.