Estée Lauder shares plunge 20% as cosmetics giant yanks forecast on weak sales

Estée Lauder shares plunged more than 20% on Thursday after the cosmetics giant withdrew its full-year earnings forecast and revealed weak demand for its luxury fragrance and cosmetic products.Shares of the 78-year-old company, founded and controlled by New York’s Lauder family, on Thursday were recently off 22% at $68.03 — their lowest level in a decade.Estée Lauder said it expects second-quarter profit per share between 20 cents and 35 cents — sorely short of analysts’ estimates of $1.06, according to LSE ...