Estee Lauder pulls guidance for its current fiscal year, but what insight it did provide for the current quarter spooked investors badly. The cosmetics company projects a F2Q sales drop between 8% and 6%, and adjusted EPS well below what analysts were expecting. The main culprit is the ongoing problems in China and the Asia retail market. While outgoing CEO Fabrizio Freda expects stimulus measures there to eventually stabilize the high-end beauty market, it’s going to take some time. Estee Lauder does buy some breathing room for new leadership, with a halved dividend to free up some resources. Estee Lauder plunges 23% premarket to $66.55.