-=Sotheby's (BID) to be acquired by Patrick Drahi for $57/share

• Altice founder Patrick Drahi’s privately held BidFair USA will acquire the auction house in a cash deal with an enterprise value of $3.7 billion, Sotheby’s said Monday in a news release.

Sotheby's to be acquired by Patrick Drahi for $57/share in cash, or $3.7 bln 
The closing of the deal is subject to customary conditions, including regulatory clearance and shareholder approvals, but is not subject to the availability of financing. The transaction is expected to close in the fourth quarter of 2019 following shareholder approval. The offer price represents a premium of 61% to Sotheby's closing price on June 14, 2019, and a 56.3% premium to the company's 30 trading-day volume weighted average share price. The transaction would result in Sotheby's returning to private ownership after 31 years as a public company traded on the New York Stock Exchange.

-=Sotheby's (BID) reported earnings on Mon 6 Aug 2018 (b/o)

The auctioneer posted weaker-than-expected profit for the second quarter.
New York-based Sotheby's said it had net income of $57.3 million, or $1.08 a share, in the quarter, down 26% from $76.9 million, or $1.43 a share, in the year-earlier period. The decline was partly due to the movement of certain Spring Hong Kong sales to the first quarter of 2018 that traditionally have been held in the second quarter, the company said in a statement. The schedule change moved $130 million in net auction sales and $20 million in operating income to the first quarter. Revenue rose 2% to $345.6 million from $339.9 million. The FactSet consensus was for EPS of $1.55 and revenue of $330 million. Shares have gained 2.5% in 2018, while the S&P 500 (SPX) has gained 6.2%.

Earnings this week : Aug 6 - 10, 18 (wk 32)

Notable earnings out this week

Monday (August 6)

• Morning: CTB  BID CAH NWL  SEAS TSN 
• Afternoon: CDEV ETSY HTZ MAR MOS  RNG Z  ZG  TWLO TLND WTW  AEL AKCA AMRS ANDV ANDX ANSS APLE ARNA ATSG AVD AWR BHF BKD BKH BRKS BWXT CBT   CMP CPE CRY CRZO CVCO DCO DPLO DVAX EDIT   EVBG FATE FIVN FRGI FRPT  HHC   ITRI KMT KRNT LGND LMNX     MTSC MTW MWA MXWL NCMI NGHC NPTN NSA NVGS OAS OFIX OTTR PI PLOW PLYA RBC REN   RPD SNHY SYKE TCMD THC  TRTX TUSK  WMC  ZGNX 

Tuesday (Aug 7)

• Morning:  ACM AES AFI AMRC ANIP AQUA ARMK ATKR AVNS AYR BHC BIOS BLD BOLD BR CEVA CORE CROX DEA DF DISCA DNR DQ EGN EGRX EMR EPC EXPD FSS GSKY GTN HAE HLNE HZN IIVI IONS JELD LABL LGIH LPX MGP MNK NHI NJR NS NWN ODP OMI ONCE ONDK PPL PRIM QNST RDUS RHP SAGE SATS SN SNH SPNS TAST TDG TECH TGH TGNA TRS USAC USCR VGR VPG VSH VSM XRAY ZBRA 

• Afternoon:   AAOI  AAXN AIZ ALB ALRM AMBR ANDE ARA BECN BIO BLDR BOFI BOOT BTG CAR CARG CBLK CGBD CIVI CLR CSOD CUTR CWH CYBR DCP DDD DHT DIOD DIS DK DXC DXPE ENV ESE EVH EVRI FGEN FOSL FTK G GCP GWPH HALO HCKT HDP HST ICHR IFF INFN INGN INSP IOSP IPAR IVC IVR JAZZ KAR KRO LC LRN MMI MODN MTCH MXL NEWR NNI NP NVTA OPK ORA PAA PAGP PBPB  PE  PEN PLT POWL PRA PRAA PRI PRMW PRSC PTCT PUMP PXD PZZA QDEL QTWO RLJ RWT SFLY SIEN SNAP SRC SUPN SWX TPC TPIC TRHC TWNK TWO VSLR WEN WK WRD XEC XOG 

Wednesday (Aug 8)

• Morning:   ATHM   CARS CBB CHH CLNY CNDT CNK CRL CSTE CUB CVS DEPO DLPH EBIX ENDP ETM EXTR FI FRTA GEL GOGO GVA HRI HZNP ITG JLL KDP KELYA KORS LAMR LITE LXP MGA MIDD MYL NOVT NXST NYT SBGI SINA  SO STE STWD SUP TGI TLRA TPB TRI WAAS WB WWW WYND

• Afternoon: ACAD ACTG ADT AINV AMBC AMPH ANGI AOSL APEI ATO AVT AYX AZPN BKNG BREW BV CISN COLL CPA CTL CVNA CXW DAR DNB DOOR ECPG ELF ENS EQIX ETE ETP EVRG FANG FG FLO FLS FNV FOXA FSM GBDC GDOT HPR IAC IAG INSY JACK KAMN KIDS LASR LOPE MBI MELI MFC MNST MRAM MUR NEU NKTR NNBR NTES NTRA NUAN NVAX OCLR ORIG OSUR OUT OXY PAAS PDCE PEGA QHC RGLD ROKU RPT SAIL SD SEMG SENS SGMO SJI SLF SRPT SUN TCX TIVO TTGT UHAL UPLD VNOM VRTU WMGI XPER YELP ZTO

Thursday (Aug 9)

• Morning:   BAM BPMP CABO CCE CDAY DDS DSKE FBM GCI GOOS HIMX HL HPT IMOS KOP LAUR LNG LOXO MMS MNTA MPAA NCLH NICE NOMD OGE PEGI PLUG PQG PRGO PRTY PTLA RDNT SGRY SMI SND SNR SPH TRCO TTI UNT  UPL VIAB VRTV VSTO WBT WIN WMS WP

• Afternoon:  ACXM AIRG AL ALTR ASYS AVID AVLR BW CDNA  CHUY COLD CORT CYRX DBX ECOM  ELGX  EPAY FNKO FSCT ICUI INVH JAG JCOM LGF.A MCHP MIME NWSA OLED OMER OSTK  PBYI PCTY PLNT RBA RDFN ROAD RUN  SPPI SSRM SYNA  TRUE  TTD UNIT VSAT WOW WPRT WTTR XON

Friday (Aug 10)

• Morning:  AIT ERF MDP RUTH

-=Sotheby's (BID) reported earnings on Wed 28 Feb 2018 (a/h)

Sotheby's beats by $0.15, beats on revs 

• Reports Q4 (Dec) earnings of $1.47 per share, excluding non-recurring items, $0.15 better thanthe Capital IQ Consensus of $1.32; revenues rose 2.2% year/year to $315.56 mln vs the $306.7 mln Capital IQ Consensus.
• Aggregate Auction Sales of Contemporary Art and Impressionist and Modern Art improved 29% and 33%, respectively, from 2016 to 2017.
• Board of Directors approves $100 millionincrease to share repurchase authorization, resulting in an updated share repurchase authorization of $196 million as of today.

=Sotheby's (BID) reported earnings on Mon 27 Feb 17 (b/o)

Sotheby's beats by $0.18, beats on revs :

• Reports Q4 (Dec) earnings of $1.35 per share, excluding non-recurring items, $0.18 better than the Capital IQ Consensus of $1.17; revenues fell 8.1% year/year to $308.69 mln vs the $271.89 mln Capital IQ Consensus.
• "These results reflect growing confidence in the market as collectors responded enthusiastically to the great collections and works we secured for sale. Even more importantly, the quarter demonstrated that when the market stabilizes, let alone when it returns to its secular growth trajectory, our company is poised to capitalize on the upturn and do very well for our shareholders."

=Sotheby's (BID) reported earnings on Mon 9 May 2016 (b/o)

Sotheby's misses by $0.15, misses on revs :

• Reports Q1 (Mar) loss of $0.35 per share, $0.15 worse than the Capital IQ Consensus of ($0.20); revenues fell 31.6% year/year to $106.5 mln vs the $122.73 mln Capital IQ Consensus. 
• "Completely consistent with the market-driven decline in our Net Auction Sales, our Agency revenues were down $53.9 mln in dollar terms versus one year ago. To put the impact of this decline into perspective, our total swing in Adjusted Operating Results for the quarter was $48.4 mln, thus indicating the decline in Agency Segment revenue accounted for more than 100% of the change. In a nutshell, that is the major takeaway of this quarter."