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Blue Monday At Blue Nile.
Online diamond retailer Blue Nile reported that Profits fell 28 percent to $1.8 million and sales rose 27 percent to $53.2 million during its third quarter, which ended October 1, 2006.
Blue Nile attributed the drop in profits to it's competitive price discounting and increased cost of the precious metals, Gold and Platinum for it's Jewelry and Diamond Engagement Rings.
Piper Jaffrey has downgraded the stock to 'Underperform'.
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