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Tale of the Tape: Sotheby’s Stock at Yesterday’s Close

This chart from Sotheby’s website says it all:
It’s a graphic illustration of the auction house’s stock in freefall. It closed yesterday at 35.84, rebounding from a low of 30.80, but down 14.23 (28.42%) from the previous day’s close. Volume, shown in the bar graph at the bottom, was off the charts: 24.11 million shares traded yesterday, compared to the previous day’s 2.78 million shares.
Is the stock market overreacting to one bad night? Sotheby’s website shows that its auction totals for the month of October were $139.7 million higher than in October 2006, and its year-to-date total at the end of October was $1.11 billion more than the previous year.

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