Consumer
Estée Lauder Surges Most Since 2011 on Plan for Job Cuts
- Shares rise 19% as company boosts operating-profit outlook
- Cosmetics giant is ‘at an inflection point,’ CEO Freda says
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Estée Lauder Cos. said it’s cutting as many as 3,000 positions as part of a restructuring plan to put one of the world’s largest beauty companies back on track.
The shares jumped as much as 19%, the most since November 2011, in New York trading.