Estée Lauder, Canada Goose, Norwegian: Trending tickers
Estée Lauder (EL) shares slid as the cosmetics company tempered its 2024 forecast, citing slowing China sales and business risks from the Israel-Hamas conflict in the Middle East.
Canada Goose (GOOS) shares tumble after the winter apparel maker missed second-quarter revenue estimates and reduced full-year guidance. It faces consumer cutbacks amid inflation.
Norwegian Cruise Line (NCLH) trims its profit outlook as surging fuel expenses weigh on margins. The company has struggled to offset soaring costs even as travel demand continues.
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Video Transcript
BRAD SMITH: Stocks they are higher to start in November amid a deluge of earnings out before and after the bell. Investors are also anticipating another hawkish pause from the Federal Reserve.
- Meantime, let's take a look at some individual names. Luxury goods companies are under some pressure today. Estee Lauder cut its fiscal 2024 outlook amid slowing growth in China. The company also cited possible risk to business in the Middle East as the war between Israel and Hamas continues with no ceasefire in sight. Estee Lauder saw sales drop 10% in its most recent quarter, driven by a plunge in skincare, which declined some 22%.
BRAD SMITH: And another-- well, another luxury company feeling the pain, Canada Goose. Wow, the luxury parker maker whose coats usually go for about a grand missed analyst expectations for revenue as growth in China faltered and North American revenue that fell 7%. The company also cut its full year guidance for revenue and profit as consumers grow more cautious.
- Another company trimming its profit forecast, that would be Norwegian Cruise Lines. The company is feeling the pressure from rising fuel costs, which haven't been fully offset by higher ticket prices and resilient demand. Norwegian is also closely watching the potential impact of the ongoing Israel-Hamas war. We know the cruise liners had seen benefit earlier in the year, but now we've seen some pullback.
