Cosmetics maker Estee Lauder beat Wall Street estimates for third-quarter sales on Friday, driven by improving sales in China and Europe as CEO Stephane de La Faverie's turnaround plan takes hold, sending its shares up 16% premarket. The company, which has been in talks to merge with Jean Paul Gaultier-owner Puig, posted quarterly sales of $3.71 billion, compared with analysts' estimates of $3.69 billion, according to data compiled by LSEG. The company also revised its job cut target to a range of 9,000 to 10,000 from the previously estimated range of 5,800 to 7,000.
