Sotheby’s (BID) has jumped more than 15% following its earnings release this morning. Cowen’s Oliver Chen and team explain why:The stock is now up 19% ($6.27) at $38.55.
Solid 2Q EPS Beat on Robust Auction Commission Margin, Cost Discipline & Share Buybacks. We expect the stock to trade up +mid-single digits given Sotheby’s reported 2Q adj. EPS of $1.51 above Street’s $1.04E with 2Q auction comm. margin better than expected at 16.4% vs. Cowen’s 15.8%....MORE
A good sign for wealth-flow trackers.