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Stock Market & Financial Investment News

News Breaks
April 17, 2014
13:47 EDTBIDSotheby's issues presentation refuting Third Point's claims
Sotheby's issued an investor update presentation refuting claims made by Dan Loeb's Third Point, which holds a considerable stake in the company and is seeking to place members on the company's board, among other things. Sotheby's said, in part, that it has, "consistently delivered strong, long-term performance and is executing a clear strategy to drive continued growth and profitability." The company said that its FY13 revenue grew 11% with earnings growing 20%, and the company notes that Loeb has said the company did not have a strong FY13. Sotheby's said that it does not believe Loeb possesses the long-term focus necessary to drive value for all shareholders of the company. Shares of Sotheby's are unchanged in afternoon trade. Reference Link
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January 21, 2015
15:41 EDTBIDSotheby's Q1 catelogs accelerating topline potential, says Stifel
Stifel said Sotheby's may be regaining some traction and believes Q1 catalogs indicate accelerated top-line trend potential. The analyst said upcoming aggregated auction estimates imply sales up 9% year-over-year vs. the firm's prior estimate of +6%. Stifel believes Sotheby's is a mispriced trophy asset with potential improved execution and balance sheet structure. Shares are Buy rated with a $50 price target.

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