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Sotheby's rallies after earnings

Published 11/07/2016, 12:58 PM
Sotheby's rallies after earnings
  • Sotheby's (BID +9.3%) trades higher despite showing a sizable loss in Q3.
  • An increase in the company's commission margin rate to 16.5% from 15.3% couldn't offset a lower level of sales in the soft art market.
  • In the auction house's release, CEO Tad Smith referred to some green shoots that could be seen as encouraging.
  • "Underneath our seasonally low level of sales, there were encouraging but tentative indicators that the market could be looking for a rallying point," Smith noted.
  • Previously: Sotheby's misses by $0.16, beats on revenue (Nov. 7)

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