Spotify delivered on earnings and investors still sold

As shares of Estee Lauder Companies slid on Monday amid widespread weakness in the consumer packaged goods stocks, Cramer came out in defense of the decades-old beauty giant.

“The truth is Estee Lauder’s miles ahead of its peers and the stock deserves to be a lot higher,” Cramer said. “Bizarrely, this stock’s been getting slammed … as investors didn’t like everything they heard on the conference call.”

Estee Lauder’s third-quarter earnings report beat analysts’ top- and bottom-line estimates, with 13 percent sales growth and a 17 percent boost to net income.

But the post-earnings conference call sparked some bearish worries among investors. On the call, Estee Lauder President and CEO Fabrizio Freda indicated that growth in the cosmetics space was starting to level off after years of expansion.

The CEO also disclosed that some claims the company made about how long its makeup stays on weren’t entirely accurate.

“It’s not the end of the world, but the company’s about as well-run as it gets, so the idea that there was a group of rogue employees who [were] basically lying to the customers struck a pretty downbeat chord,” Cramer said.

Still, Cramer had faith in Freda, who took over as CEO in 2009 after nearly 30 years at Procter & Gamble.

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