What's on Jim Cramer's mind?
Cramer told TheStreet that he's paying close attention to Estee Lauder and what it means for the American consumer.
Here's what he had to say.
"he reason why [investors] are short the stock was that there's a belief that so much of the businesses in China and in Hong Kong that how could they possibly guide up? Sure, they could have a good quarter. But the idea would be that with the Hong Kong airport is such an important thing because that's where a lot of people go to buy cosmetics. There would be a slowdown and with China, there'd be a slowdown. Instead, [it's] the opposite, [CEO Fabrizio Freda] came out and said, listen, we're going to really accelerate our business in Asia...But when you have EL be your flagship name for the day, that does say a lot because that's high-end cosmetics, and prestige brands...I don't think people realize that people are paying up for prestige brands. The things that people pay up for in this country are Uber, Apple iPhones, and make-up," said Cramer.
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