"We are now embarking on a new Long March, and we must start all over again!" Xi Jinping said.Marketsread more
U.S. aviation officials believe a bird strike may have led to the deadly crash of an Ethiopian Airlines Boeing 737 Max in March, according to a person familiar with the...Aerospace & Defenseread more
CNBC's Jim Cramer says Morgan Stanley cutting its worst-case forecast on Tesla so drastically from $97-per-share appears to be a gimmick.Investingread more
The Time's Up Legal Defense Fund, the American Civil Liberties Union and fast-food workers coalition Fight for $15 said Tuesday that they have filed 23 new complaints against...Restaurantsread more
U.K. Prime Minister Theresa May has offered lawmakers a vote on whether to have a Brexit second referendum if they approved her withdrawal agreement.Europe Marketsread more
Sales of existing U.S. homes fell 0.4% in April compared with March to a seasonally adjusted annualized rate of 5.19 million units, according to the National Association of...Real Estateread more
The move, which was expected, has set up an early legal test of the president's strategy of fighting off congressional oversight by rejecting the legitimacy of subpoenas he...Politicsread more
"Let me be clear: This committee will hear Mr. McGahn's testimony, even if we have to go to court to secure it," Nadler says.Politicsread more
Morgan Stanley analysts said the reduction was driven by concerns around Chinese demand for Tesla products.Autosread more
Japanese automakers say they generated more than 1.6 million jobs in the U.S. at manufacturing plants, dealerships and suppliers. Of those jobs, more than 94,000 people are...Autosread more
The California state Senate is considering legislation that would ban law enforcement's use of facial recognition technology in body cameras.The proposal passed the Assembly...Politicsread more
A tumbling market can hurt many stocks, but Sotheby's is one name that usually feels a lot of pain.
High-end auction sales rely particularly on the confidence of the high net worth consumer and their willingness to spend lavishly. Any plunge in the stock market can make the rich more conscious of their spending, especially when it comes to luxury pieces auctioned at Sotheby's. In fact, Sotheby's stock performance has historically correlated highly with the S&P 500, according to Cowen analyst Oliver Chen, who downgraded the iconic auction house to market perform from outperform, citing the December stock market tumble.
"As financial volatility looms, we believe consumers will be more conscious of their spending, which can be a factor contributing to weaker auction sales," Chen said in a note Thursday. "As consumers become less optimistic about valuation, they will likely hold back on putting their pieces up for auctions, leading to contracted supply gathering for Sotheby's."
Cowen also slashed its 12-month price target for Sotheby's to $44 from $50. Shares of the premium auction house tumbled more than 6 percent to $38.56 on Thursday after the negative call.
"We believe supply gathering is key to Sotheby's success and a combination of lower consumer confidence at the high-end, S&P 500 market volatility, and tough comparisons given prior years of solid momentum are all negatives for 2019," Chen said.
Sotheby's has suffered from weaker sales globally. Sales in Asia were down about 20 percent in October, while sales growth in continental Europe declined by 2.4 percent in 2018, Chen pointed out.
The slowing global economy is also putting more pressure on Sotheby's and luxury sector stocks, he added.