CTS Down on Warning - TheStreet

Electronic component maker CTS (CTS) - Get Report 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.