Traders 'Hit the Bid' on Sotheby's (BID) Despite Record Sale
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Last night's record $119.9 million sale of the painting "The Scream" is doing nothing for Sotheby's (NYSE: BID) stock. While the sale won't be an immediate boon to financial results for Sotheby's, this has investors scratching their heads. Just the publicity around the record sale was expected to put a bid into the stock. Instead, shares are down nearly 4%.
The downside action could suggest investors are getting nervous with the company setting its first quarter earnings date on Thursday, May 10, 2012. With shares up 32% YTD they may be busy locking in gains.
The downside action could suggest investors are getting nervous with the company setting its first quarter earnings date on Thursday, May 10, 2012. With shares up 32% YTD they may be busy locking in gains.
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