Shares of Estee Lauder Cos. EL rallied 5.1% in premarket trading Monday, after the New York Post reported that activist investor Nelson Peltz was pushing the beauty products company to oust Chief Executive Officer Fabrizio Freda and explore a sale of the company. The Post report over the weekend, which cites sources close to the situation, said it couldn’t immediately learn whether Peltz had acquired shares in Estee Lauder. The latest 13F of Peltz’s Trian Fund Management L.P. didn’t list Estee Lauder has a holding. The report comes after Estee Lauder’s stock suffered a record one-day loss on May 3, after the company reported quarterly results that missed expectations and slashed its full-year outlook. The Post report cited a source as saying a number of directors and institutional investors think CEO Freda, who has held the role since July 2009, has lost his touch, and are now recruiting shareholder activists. The company did not immediately respond to a request for comment. The stock has tumbled 21.5% over the past three months through Friday, while the S&P 500 SPX has gained 0.5%.
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