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Famous auction house Sotheby's ( BID ) on Wednesday posted disappointing second quarter earnings results, hurt by weak auction results, sending its shares tumbling lower in premarket trading.

The New York-based company reported second quarter net income of $85.4 million or $1.24 per share, compared with $127 million, or $1.81 per share, in the year-ago period.

Revenue fell nearly 18% from last year to $304 million.

On average, Wall Street analysts expected a much higher profit of $1.49 per share, on much larger revenue of $330 million.

Sotheby's shares fell $2.37, or -7.7%, in premarket trading Wednesday.

The Bottom Line
Shares of Sotheby's ( BID ) have a 1.04% dividend yield, based on last night's closing stock price of $30.77. The stock has technical support in the $26-$28 price area. If the shares can firm up, we see overhead resistance around the $34-$35 price levels.

Sotheby's ( BID ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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