Broadband access company Tut Systems (TUTS) was down 18.7% in preopen Island trading after it warned that fourth-quarter earnings would be lower than expected due to tight capital markets and a slowdown in orders for telecommunications equipment. The company did not provide earnings-per-share figures, but said revenue would be $6 million to $7 million, down from a previous estimate of $15 million to $18 million. The company issued a previous warning about fourth-quarter revenue at the end of November.