CTS Down on Warning
TSC Staff
06/14/01 - 10:55 AM EDT
Electronic component maker
CTS (CTS Quote) was down 12.6% in midmorning after warning it will post a second-quarter loss of 5 to 10 cents a share on revenue of $150 million.
Analysts were expecting earnings of 8 cents a share, according to
Thomson Financial/First Call.
The company blamed weak sales in the auto industry, which accounts for a large part of its business. CTS has cut its workforce by 28% this year as part of a cost-cutting effort.
