Control Data cut its earnings after SEC objections.

The troubled Minneapolis-based computer firm restated its earnings for 1984 to $5.1 million from the previously reported $31.6 million, and results for the second quarter of 1985 swung from a reported profit of $3.8 million to an actual loss of $4.8 million. Control Data said SEC regulators disallowed some tax benefits that the company claimed last year in the phase-out of a major computer-parts business.