News Snapshot:
Nov 2 (Reuters) - Estee Lauder Cos Inc (EL.N) cut its full-year forecasts on Wednesday ahead of the most important holiday season, blaming lockdowns in China and American retailers cutting stocks of its cosmetics and fragrances on worries of a slowdown in demand. The company's shares were down about 9% in premarket trade after it also forecast second-quarter sales and profit below market expectations. Renewed lockdowns under China's zero-COVID policy are weighing heavily on the country's business activity and consumer confidence, and hampering sales growth of many U.S. companies such as Estee. Many companies in China are stuck with piles...
