Famous auction house Sotheby's (
) 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
The Bottom Line
Shares of Sotheby's (
) 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.
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.1 out of 5 stars.
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