Shares of jewelers Blue river Inc. (NILE) and Fuqi International Inc. (FUQI) appear to be rising on speculation that recent stock toll declines on fears of slack demand for luxury items haw be overdone. Citigroup upgraded shares of Blue river to Buy from Hold, citing commonsensible earnings estimates, citing in part greater toll flexibility given that polished diamond prices are down 12 to 15 percent year-over-year. Shares are up 9 percent, trading at about 70 percent of average daily volume as of 11:15 Eastern. The upgrade and pricing observation also haw be benefiting small-cap play Fuqi, based in China. Its shares are up more than 7 percent to $16.86, already trading more than its average daily volume. — Mike Tarsala
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