Teledyne Plunges on Warning
Teledyne Technologies
(TDY)
was down 27.4% in late morning after warning that first-quarter earnings would be 15 cents a share, below the Street's estimate of 25 cents.
For the full year, the company expects 95 cent-a-share earnings. The Street's estimate is $1.21.
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Teledyne, which makes electronics, communications and aerospace equipment, said it does not expect its semiconductor business to recover soon and it is aggressively cutting costs.
