Good Afternoon. Washington’s budget brinkmanship is looking less like a pause and more like a permanent exit strategy. Starbucks is closing hundreds of stores in a $1B reset, people aren’t buying cars like they used to and BlackBerry proved it’s still alive and surprisingly profitable. Lets get into it.

—Rosie, Wyatt, Evan & Conor

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1. Stocks Dip as Growth Data Surprises to the Upside

The News: U.S. equities slid for a third straight day Thursday, with the S&P 500, Dow, and Nasdaq all in the red. Oracle fell 6% after selling bonds to fund its AI buildout, Micron weakened, and CarMax’s poor quarter rattled the tariff-hit auto sector. Meanwhile, Intel bucked the trend, jumping 5% on reports it approached Apple for an investment.

Why It Matters: Stronger-than-expected GDP growth (3.8% vs. 3.3% prior), falling jobless claims, and a rebound in durable goods show the real economy still has momentum. That complicates the Fed’s rate-cut calculus and sent Treasury yields higher. What to watch: whether markets can shake off this week’s losing streak or if Powell’s “tightrope” talk keeps valuations under pressure. Sometimes, even good news feels like too much of a good thing.
Source: wsj.com

2. CarMax Hits 52-Week Low on Earnings Miss

The News: CarMax stock sank as much as 20% Thursday, touching a new 52-week low, after the used-car giant reported weaker-than-expected results. For the quarter ending August 31, EPS came in at $0.64, well below analyst estimates of $1.03, while revenue fell 6% year-over-year to $6.59 billion, missing forecasts of $7.02 billion. The company’s sales declines were broad-based: retail used vehicle sales dropped, comparable store sales fell, and wholesale volumes also slipped. CEO Bill Nash described the quarter as “challenging,” while outlining plans to cut at least $150 million in expenses over the next 18 months. Still, the stock’s sharp drop rattled the auto retail sector, with shares of AutoNation and Carvana each slipping around 4%.

Why It Matters: CarMax’s struggles highlight just how much high rates, rising repair costs, and shaky consumer sentiment are weighing on the used-car market. Inventory has swelled to a 43-day supply nationwide, near multi-year highs, leaving retailers with fewer pricing levers. What to watch: Whether CarMax’s cost-cutting stabilizes margins, or if broader industry weakness keeps dragging results lower. And for bargain hunters, with Price to Earnings and Price to Book near a decade low point, the selloff raises a classic value-investor question: is this a lemon, or Warren Buffett’s next test drive?
Source: finance.yahoo.com

3. White House Orders Agencies to Prep Mass Layoff Plans

The News: The Trump administration told federal agencies to draft permanent layoff plans if the government shuts down Oct. 1, a break from past shutdowns where furloughs were temporary. OMB said jobs tied to programs without mandatory funding should be eliminated outright, while essential services like Social Security, Medicare, and defense would continue.

Why It Matters: Shutdowns are usually messy but reversible; this one could shrink the federal workforce for good. What to watch: whether Congress averts a shutdown with a stopgap deal, or if Trump uses the threat of permanent cuts as leverage. Either way, the markets will be on edge until we get some concrete news from Washington.
Source: politico.com

4. Starbucks to Cut 900 Jobs, Close Stores in $1B Overhaul

The News: Starbucks announced a $1 billion restructuring plan that will cut 900 corporate jobs and shutter underperforming stores, mostly in North America, with a net reduction of about 1%—meaning more than 150–200 locations will close, primarily in the United States and Canada. Urban regions with high concentrations of Starbucks outlets and lower recent sales performance. The company flagged closures in markets where cafés “can’t deliver the brand experience or show a path to profitability.” The move comes after six straight quarters of same-store sales declines, with U.S. transactions down 4% in Q3.

Why It Matters: Starbucks is betting that pruning weak spots will clear the way for growth, but the closures highlight how tough it is to keep a global chain fresh when customers are price-sensitive. What to watch: whether cost-cutting restores profitability or just leaves fewer places to grab your pumpkin spice fix. After all, sometimes even coffee can’t keep sales awake.
Source: reuters.com

5. BlackBerry: Earnings Beat, Outlook Raised

The News: BlackBerry — yes, that BlackBerry — surprised Wall Street again with its second straight profitable quarter. The Canadian firm reported adjusted EPS of $0.04 (vs. $0.01 expected) and revenue of $129.6M, up 3% YoY. Net income swung to $13.3M from a $19.7M loss last year as gross margins expanded. The real driver was its QNX automotive software unit, which saw revenue jump 15% to $63.1M and logged its most profitable quarter ever thanks to demand for advanced driver assistance and autonomous vehicle tech. Cybersecurity also chipped in, with recurring revenue hitting $213M despite headline declines.

Why It Matters: Don’t call it a comeback, BlackBerry isn’t a phone maker anymore, it’s a bet on connected cars and cyber defense. Raising its 2025 revenue guidance signals confidence that transformation is sticking. What to watch: whether QNX wins with big automakers can offset lingering doubts on the cybersecurity side. Proof that sometimes, old tech dogs can still teach Wall Street new tricks.
Source: investing.com

1. EU Chief Pushes for Social Media Age Limits

The News: European Commission President Ursula von der Leyen threw her weight behind setting a “digital majority age” for social media, signaling Brussels could soon impose bloc-wide restrictions on kids’ access to platforms. Inspired by Australia’s under-16 ban taking effect in December, she pledged to assemble an expert panel by year’s end.

Why It Matters: If Brussels imposes bloc-wide rules, Big Tech faces higher compliance costs and the loss of millions of young users in one of its most valuable markets. France and Spain are already piloting age-verification apps, and momentum is growing for restrictions that could set global precedent. What to watch: whether the EU settles on 15, 16, or 18 as the cutoff and how quickly platforms adapt. Europe may be about to put teens on a digital curfew, satisfying all parents’ wishes since the dawn of TikTok.
Source: barrons.com

2. Xiaomi Unveils 15T Phones to Undercut Samsung, Apple

The News: Xiaomi launched its 15T and 15T Pro smartphones in Munich, pricing them at €649 and €799, cheaper than Samsung’s Galaxy S25, while touting Leica-engineered cameras, brighter 6.83-inch OLED displays, and a unique offline direct voice calling feature that works up to 1.9 km apart without Wi-Fi or cellular.

Why It Matters: Europe’s #3 smartphone brand is doubling down on its “affordable flagship” playbook, offering premium specs at lower price points as it pushes further into Samsung and Apple territory. The strategy could expand its market share, but pressure margins in an already crowded industry. What to watch: whether consumers bite on Xiaomi’s mix of high-end cameras and budget pricing and if Apple and Samsung are forced into price tweaks, pressuring their financials in Europe. Xiaomi’s pitch is simple: why pay for an Ultra when you can zoom in on a bargain?
Source: cnbc.com

3. India: Reliance Bought $33B of Russian Oil Since Ukraine War Began

The News: Mukesh Ambani’s (India’s Richest Man) Reliance Industries has imported nearly $33 billion worth of Russian crude since 2022, making it Russia’s largest single corporate buyer. The discounted barrels have boosted Reliance’s profits while helping Moscow sidestep Western sanctions. The move has also strained ties with Washington, where President Trump hiked tariffs on Indian goods to 50% and warned that India’s imports are “fueling the Russian war machine.”

Why It Matters: Reliance’s buying spree shows how energy security and corporate profits can undercut Western sanctions, keeping Russian oil flowing despite efforts to isolate Moscow. For India, it’s a balancing act: cheap energy strengthens its economy but risks trade retaliation from the U.S. What to watch: whether Washington escalates to direct sanctions on Indian firms or whether Ambani’s $13B annual deal with Rosneft locks in India’s role as Moscow’s lifeline. India calls it energy security, the U.S. calls it enabling Putin, Ambani just calls it good business.
Source: slguardian.org

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