News Snapshot:
Estee Lauder (EL) reported mixed fiscal 2023 third-quarter results before the opening bell Wednesday. However, what's really pressuring shares and troubling the Club as shareholders was a very weak outlook for Q4. Shares of prestige beauty giant plunged more than 20% at their worst levels of the session. Revenue fell about 12% year-over-year to $3.76 billion, beating analysts' expectations for $3.71 billion, according to estimates compiled by Refinitiv. Adjusted earnings-per-share (EPS) sank more than 75% to 47 cents, missing analyst forecasts of 51 cents. However, EPS did match the upper end of management's prior guidance. The results included a 3%...
