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: Shares of electronic components specialist Arrow Electronics (NYSE: ARW) sank as much as 10.5% today after its quarterly results and guidance disappointed Wall Street.

So what: Arrow shares have trended higher over the past six months on signs of increased technology spending, but the first-quarter miss -- adjusted EPS of $1.05 versus the consensus of $1.08 -- is drowning some of that optimism. Sales were particularly weak in Asia and Europe, suggesting that Arrow is still fighting against strong global economic headwinds.   

Now what: For the current quarter, management now sees adjusted EPS of $1.08-$1.20 on revenue of $5.04 billion-$5.44 billion, versus Wall Street's view of $1.23 and $5.2 billion. "Our return on capital continues to be strong with return on invested capital well in excess of our weighted average cost of capital," Chairman and CEO Michael Long said. "We continue to invest in businesses that will provide above market growth opportunities over the long term." More important, with the stock now off about 17% from its 52-week highs and trading at a paltry forward P/E of seven, buying into that bullishness won't cost much

Interested in more info on Arrow? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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