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Sotheby’s Shares Plummet as Q4 Earnings Badly Miss View (BID)

By Dividend.com,  March 01, 2012, 08:33:24 AM EDT

Auction giant Sotheby's ( BID ) 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 Thursday.

The Bottom Line
Shares of Sotheby's ( BID ) 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.

Sotheby's ( BID ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 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 .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: BID



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