Auction giant Sotheby's (
) late Wednesday posted lower-than-expected fourth quarter earnings
results, sending its shares plunging in aftermarket trading.
The New York-based company reported fourth quarter net income of
$71.5 million, or $1.04 per share, compared with $96.2 million, or
$1.38 per share, in the year-ago period.
Revenue fell 10% from last year to $284.2 million.
On average, Wall Street analysts expected a much higher profit
of $1.25 per share, on larger revenue of $298.4 million,
Sotheby's shares plunged $3.34, or -8.5%, in premarket trading
The Bottom Line
Shares of Sotheby's (
) have a .81% dividend yield, based on last night's closing stock
price of $39.34. The stock has technical support in the $30-$35
price area. If the shares can firm up, we see overhead resistance
around the $45 price level.
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.2 out of 5 stars.
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