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Rising Consumer Prices Weighs Down Markets

Rising consumer prices weighed the markets down to a lower open with the Dow tumbling 94 points to 12,892. Nasdaq dropped 38 points to 3017.

On the upside

Coinstar (Nasdaq: CSTR) lifted its revenue guidance for the first quarter and full year due to stronger than expected demand at its Redbox movie rental kiosks.

Deutsche Bank upgraded Johnson Controls (NYSE: JCI) to a Buy rating.

Primo Water (Nasdaq: PRMW) announced that a senior lender entered into a new long-term $20 million senior revolving credit facility.

On the downside

Infosys (Nasdaq: INFY) reported higher fourth quarter earnings but the results fell short of analyst expectations and the company forecast current quarter results below estimates.

Powerwave Technologies (Nasdaq: PWAV) blamed market weakness for forecasting first quarter revenue well below analyst expectations.

Sony (NYSE: SNE) announced yesterday that it will eliminate 10,000 jobs.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by more than 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 9 points to 799.

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