News Snapshot:
Shares of Estee Lauder (EL) plummeted on Wednesday after the cosmetics company delivered mixed fiscal first quarter and slashed its guidance — the latter of which forces us to question management's credibility. Revenue fell 10% year over year to $3.52 billion, missing the Street's consensus estimate of $3.53 billion, according to LSEG. Sales were down nearly 11% on an organic basis. Adjusted earnings-per-share (EPS) cratered 92% to 11 cents, but still beat the loss of 20 cents expected by analysts. Bottom line The quarterly numbers really don't matter. We were expecting a bad quarter, but we were led to believe...
