NEW YORK (
) -TheStreet Ratings' stock model upgraded
to 'Buy' from 'Hold'. The net income at this premier auction house increased seven-fold to $86 million when compared to the same quarter one year prior.
TheStreet Ratings released rating changes on 43 additional U.S. common stocks for August 9, 2010. In total, just five stocks were downgraded and 39 stocks have been upgraded by our stock model. The number of upgrades exceeding downgrades by nearly an eight-to-one margin today bolsters the bullish trend coming from our model.
Since the same quarter one year prior, revenues at Sotheby's grew 68% to $281 million. A portion of the quarter's success was credited to auctions of Impressionist and Contemporary art and a decrease in salaries as a percentage of operating expenses.
Another company being upgraded to 'Buy' from 'Hold' is
Warner Chilcott Plc
. This Irish specialty pharmaceutical company reported quarterly jumps of 225% in revenue and 106% in net income on gains from sales of several drugs acquired from
Procter & Gamble
The largest upgrade to 'Buy' today is
with a market capitalization of $54.6 billion. Fiscal third quarter revenues at Visa climbed 23% over the same quarter last year. Gains were seen in total processed transactions and included growth in cross border volume and payment volume.
-- Reported by Kevin Baker in Jupiter, Fla.
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Kevin Baker became the senior financial analyst for TheStreet Ratings upon the August 2006 acquisition of Weiss Ratings by TheStreet.com, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.