Sothebys (BID) : Traders are bullish on Sothebys (BID) as it has outperformed the S&P 500 by a margin of 7.28% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 10.02%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 10.69% in the last 1 week, and is up 14.53% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Sothebys (NYSE:BID): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $30.66 and $30.42 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $31.26. The buying momentum continued till the end and the stock did not give up its gains. It closed at $31.06, notching a gain of 1.11% for the day. The total traded volume was 997,187 . The stock had closed at $30.72 on the previous day.
The stock has recorded a 20-day Moving Average of 11.24% and the 50-Day Moving Average is 7.78%. Sothebys is up 10.53% in the last 3-month period. Year-to-Date the stock performance stands at 20.57%.
Sothebys is a global art business company. The Company operates in three segments: Agency, Principal and Finance. The Companys Agency segment accepts property on consignment, stimulates buyer interest through professional marketing techniques, and matches sellers (also known as consignors) to buyers through the auction or private sale process. The Companys Principal segment is engaged in the sale of artworks that have been purchased by Sothebys, including property acquired for sale at auction in the near term in lieu of the Agency segment providing an auction guarantee to a potential consignor. The Companys Finance segment provides certain collectors and art dealers with financing secured by works of art that Sothebys either has in its possession or permits borrowers to possess.