Estee Lauder (EL) plunged sharply in just two trading sessions. EL stock lost nearly 20% after the firm said that it is in discussions to merge with Puig.
Puig (PUIGF) confirmed the discussion, saying on March 24 that the firms did not make a final decision. Investors may watch the reaction from Estee’s peers. In the consumer staples sector, watch Dollar Tree (DLTR), Target (TGT), and Colgate-Palmolive (CL) trade steadily. Risks are mounting that the global economy will slow, as high oil prices hurt consumer spending levels.
Meta (META) lost a case against New Mexico. A jury ordered the firm to pay a hefty $375 million penalty. The jury found that the firm violated sections of the Unfair Practices Act. It ignored evidence that its algorithms exposed children to harmful content.
Meta closed near a 52-week low.
Epic Games, which is 40% owned by China’s Tencent (TCEHY), cut 1,000 jobs. Its once popular game, Fortnite, is facing a drop in engagement. In the last two months, user activity fell. The company identified over $500 million in cost savings. It will cut positions in the contracting, marketing, and open roles.
Be wary of the gaming sector. Nintendo (NTDOY) is underperforming, while Unity (U), Take-Two Interactive (TTWO), and EA, owned by Microsoft (MSFT), trade near 52-week lows. Roblox (RBLX) also closed down by 32% in 2026.
