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Electronics distributor Tech Data (TECD) is up fractionally today following an initiation-of-coverage note from Ladenburg Thalmann analyst Nancy Hull, set a “Buy” rating and a $41 price target. Hull says the company has done an admirable job of controlling costs to increase profit despite tough times in the industry.

She also thinks a deal announced in March to distribute Dell (DELL) computers validates the importance of the company’s sales channel.

Ingram Micro (IM) this afternoon issued a stark warning on Q1 revenues.

For its fourth quarter ended January 3, the company posted revenue of $8.68 billion, a bit below the Street at $8.87 billion. But non-GAAP profits of 59 cents a share were sharply above the Street at 37 cents, as the company posted sharp margin improvements. The company noted that non-GAAP operating margin was up more than 100 basis points in Europe, Middle East and Africa, and ahead 168 basis points in North America.

Ingram Micro (IM) today laid off about 8% of the distribution company’s North American workforce, resulting in the loss of about 300 jobs, according the Web site ChannelWeb. According to the report, the company cut 100 jobs in Williamsville, New York, 50 in Canada, and 150 at its Santa Ana, California campus and other U.S. locations.