Blue Nile: Will They Miss Q4?
On the list of things you might want to cut back on in a recession, you might start with diamonds.
Ergo, you can see why American Technology Research analyst Tim Boyd this morning warned that Blue Nile (NILE)–an online diamond retailer–could suffer a big miss in the fourth quarter. He writes that checks find jewelery retailers had a “horrid” October and November. He says his checks confirm the obvious: “folks aren’t buying a whole lot of jewelery these days.” He says retails stores have seen a huge drop in traffic, with “virtually zero interest at higher price points.” He says some couples may even be postponing engagement plans due to job insecurity and general economic uncertainty.