Sotheby's says Loeb slate 'adds no incremental relevant expertise' Sotheby's last night in a regulatory filing presented a slide presentation against Third Point's slate of board nominees. The auction house said its capital allocation strategy "creates and delivers long term value to shareholders." Sotheby's claims Third Point has made "no case that change is warranted" while the slate of board nominees recommended by Dan Loeb "adds no incremental relevant expertise" to the board.
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Sotheby's should report higher than expected Q2 EPS, says Stifel Stifel expects Sotheby's Q2 EPS to beat the consensus estimate. The firm thinks that the company's auction sales were strong last quarter, while its commission margin was boosted by its increased use of guarantees. The firm keeps a $65 price target and Buy rating on the shares.