Posted
Oct 29 2007, 09:45 PM
by
Kim Peterson
Blue Nile's stock should be on a roll, heading into the holidays with lots of momentum. Instead, the shine is gone. Still, the online jeweler got a nice smooch from Forbes last week. According to the magazine, Blue Nile is selling more engagement rings and wedding bands than Tiffany & Co. -- $197 million in bling last year compared with Tiffany's $186 million. Says Forbes:
"The retail experience just serves to sucker and intimidate the customer, especially men who often feel as out of their depth in a jewelry store as they do inside Victoria's Secret--no wonder three quarters of Blue Nile's Internet ice-buyers are guys."
Oh come on, do men really feel that awkward in a jewelry store? Anyway, that's beside the point. I want to know what's going on with this company's stock. After crossing the $100 mark three weeks ago, the share price has dropped 20% to $80. Are investors feeling jittery before Blue Nile's Nov. 6 earnings release?
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