Merriman Downgrades, Cuts Estimates; Stock Slides (BIDZ) shares are down sharply today after Merriman Curhan Ford analyst Eric Wold cut his rating on the online jewelery auction site to Neutral from Buy. He cut his 2008 EPS estimate to 55 cents, from 58 cents, and trimmed 2009 to 63 cents, from 71 cents. His revenue estimates drop to $235.3 million from $240.5 million for this year, and to $272.7 million from $287.4 million for next year.

Wold writes in a research note that while is “uniquely positioned to offer consumers a discounted way to purchase jewelery,” he adds that “we cannot assume that will be immune from an overall slowdown in consumer spending.”

Wold notes that he had cut numbers on the company just last week, based on his view that the company was being hurt by worsening economic trends. But he says trends have already declined further.

Read the rest of this post

Must-Reads from other Websites

Panos Mourdoukoutas

Why Apple Should Buy China’s Xiaomi

Paul Graham

What I Didn’t Say

Benjamin Bratton

We Need to Talk About TED

Mat Honan

I, Glasshole: My Year With Google Glass

Chris Ware

All Together Now

Corey S. Powell and Laurie Gwen Shapiro

The Sculpture on the Moon

About Voices

Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Websites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other websites, and for clarity’s sake, all outside posts run against a pink background.

We also solicit original full-length posts and accept some unsolicited submissions.

Read more »