Blue Nile (NILE) NewsBite - Blue Nile Drops on Downgrade

Posted on Friday, October 12, 2007 2:58 PM

Blue Nile Inc. (NILE) opened at 91.00. So far today, the stock has hit a low of 87.74 and a high of 93.70. NILE is now trading at 90.80, down 6.78 (-7.45%). The stock hit its 52 week high of 106.16 in September and set its 52 week low of 33.05 in December. The stock has been generally up for the past year. Shares of Blue Nile have been tumbling today after a Citigroup analyst downgraded the stock to sell from hold. Technical indicators for the stock are bullish and steady. If you’re looking for a hedged play on this stock, consider a November bear-call credit spread above the $120 range. NILE stock could rise up to 32.2% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]