Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Ingram Micro (NYSE: IM) popped 12% in intraday trading today after reporting in-line second-quarter earnings, and stating that it expects global demand to remain "relatively consistent" in the third quarter.

So what: Investors must be relieved that the company didn't repeat last quarter's massive EPS miss. EPS of $0.37 declined 10% year over year, but met the consensus estimate. Revenue of $8.75 billion increased 7% year over year; excluding currency effects, it climbed 1% year over year.

Now what: The botched IT transition in Australia that drove last quarter's disappointment seems to be getting back on track. Management expects third-quarter sales to be "roughly in line with historical seasonality," which is encouraging, given all the gloomy macroeconomic news. Looking longer-term, the CEO stated, "...we believe our investments in system enhancements and other strategic initiatives will lead the way to enhanced service for our customers, and a more competitive and profitable company." Despite the potential for margin improvement, the P/E ratio is a low 9.6.

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