Avnet CEO on EPS Beat, Stock Buyback

Wednesday, 10 Aug 2011 | 6:49 PM ET
Avnet CEO Talks Earnings
Insight on whether cloud computing could add a silver lining to the stormy market, with Mad Money host Jim Cramer, and

While Wall Street tumbled 4 percent on Wednesday, Cramer noted Avnet's stock rallied.

Based in Phoenix, Avnet is world's top distributor of electronic components and information technology hardware. Its stock shot up after the company reported strong quarterly results before the bell. The company delivered $1.22 of earnings per share—a 7 cent beat—on revenues that rose 32.6 percent year-over-year, but still came in lighter than expected. Cramer said its guidance for next quarter wasn't so promising either.

While Avnet's results were solid, Cramer didn't think they were spectacular. So with the stock having popped considerably, is there something else going on here?

To learn more, Cramer welcomed CEO Rick Hamada onto the program. Check out the video to see the full interview.

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