Calls Purchased on Sotheby’s (BID)

Shares of Sotheby’s BID are higher on the session by 2.65%, currently trading $31.41. The stock has been drifting lower for the past seven weeks, but appears to have found support on the $30 strike. Calls are being purchased on the stock today with the July $35 call line purchased 1,073 times; open interest on the strike is only 757 contracts, indicating new, bullish positioning. Call volume is now running at 2.88x the daily average with 82% of all calls traded being purchases on the offer. Sotheby's is an auctioneer of authenticated fine and decorative art, jewelry and collectibles. Sotheby's operations are organized under three segments: Auction, Finance and Dealer