Sotheby's (BID) NewsBite - BID Earnings Miss Estimates

Posted: Friday, November 06, 2009 11:30 AM EDT

Sotheby's (NYSE: BID) opened at $17.70. So far today, the stock has hit a low of $16.80 and a high of $18.59. BID is now trading at $18.01, down $0.20 (-1.1%). Over the last 52 weeks the stock has ranged from a low of $6.05 to a high of $19.48. BID reported a third-quarter loss last night of $57.798 million, or 89 cents per share, on revenue of $44.9 million. Analysts had forecast a loss of 31 cents per share on revenue of $60.7 million. Technical indicators for the stock are bearish and S&P does not currently have a STARS rating for BID. If you are looking for a hedged play on BID the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 20 range. [ABR-Seven Summits Strategic Investments NewsBite]

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