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Here's Why Sotheby's (BID) Stock is Surging Today

NEW YORK (TheStreet) -- Sotheby's (BID - Get Report) shares are soaring by 6.6% to $29.07 in Monday's afternoon trading session, as the company disclosed that an outside investor is looking to take at least a 10% stake in the company.

According to CFO Michael Goss, the investor may buy shares through a private transaction or on the open market, Bloomberg reports. Details regarding the identity of the investor were not disclosed.

This announcement came right after the company's 2016 first quarter earnings this morning, which overshadowed the company's weak results.

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