Sothebys Swings to Q1 Loss, Matching View (BID)


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Famous auction house Sothebys ( BID ) late Thursday said it swung to loss in the first quarter, hurt by lower revenues and higher expenses, but results still met analyst expectations.

The New York-based company reported a first quarter net loss of $10.7 million, or -16 cents per share, compared with a net profit of $2.4 million, or 3 cents per share, in the year-ago period.

Revenue fell 12% from last year to $105 million.

On average, Wall Street analysts expected a matching loss of 16 cents per share, on lower revenue of $96 million.

Sothebys shares closed down nearly 4% in Thursday trading.

The Bottom Line
Shares of Sotheby's ( BID ) have a .94% dividend yield, based on today's closing stock price of $34.04. The stock has technical support in the $30 price area. If the shares can firm up, we see overhead resistance around the $40-$41 price levels.

Sothebys ( BID ) is not recommended at this time, holding a 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 Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: BID

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