Famous auction house Sothebys (
) late Thursday said it swung to loss in the first quarter, hurt by
lower revenues and higher expenses, but results still met analyst
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 (
) 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.
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.2 out of 5 stars.
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