Teledyne Technologies

(TDY) - Get Report

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.

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.