Coinstar Falls 27.1% After Lowering Guidance (CSTR)

Shares of Coinstar, Inc. CSTR ended the day down 27.1% at $41.50 per share. The company's share price plummeted after it reduced its 4th quarter earnings from continuing operations forecast to a range between 65 cents and 69 cents per share, down from earlier guidance in the range of 79 cents to 85 cents per share. Chief executive officer Paul Davis said, "Overall, the performance of the redbox business during the fourth quarter was not in line with our forecast. This was redbox's first holiday season with 28-day delayed titles, and we underestimated the impact that the delay would have on demand during the fourth quarter. We also expected much better performance from Blu-ray and had purchased to a higher level of demand." Today's trading range for shares of Coinstar, Inc was between $41.44 and $44.25 per share. The consensus price target of analysts covering the company's stock is $68.14 per share. Volume of 19.3 million shares was more than 12 times the daily average volume of 1.5 million shares. Coinstar, Inc. (CSTR) is a leading provider of automated retail solutions offering convenient services that make life easier for consumers and drive incremental traffic and revenue for retailers. Read more from Benzinga's Company news.