Shares of jewelers Blue Nile Inc. (NILE) and Fuqi International Inc. (FUQI) appear to be rising on speculation that recent stock price declines on fears of slack demand for luxury items haw be overdone. Citigroup upgraded shares of Blue Nile to Buy from Hold, citing reasonable earnings estimates, citing in part greater price 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 cipher daily intensity as of 11:15 Eastern. The raise and pricing observation also haw be benefiting small-cap endeavor Fuqi, based in China. Its shares are up more than 7 percent to $16.86, already trading more than its cipher daily volume. — Mike Tarsala
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