Top Midday Stories: CarMax Shares Fall After Earnings, Revenue Misses; Intel Seeks Apple Investment

11:36 AM EDT, 09/25/2025 (MT Newswires) -- All three major US stock indexes were down in late-morning trading Thursday after the Commerce Department reported a significant upward revision to Q2 gross domestic product and weekly jobless claims came in below expectations.

US economic growth, measured by GDP, was revised up to a 3.8% increase in Q2 from the previously reported 3.3%, the Commerce Department said Thursday. Meanwhile, jobless claims fell to 218,000 in the week ended Sept. 20 from an upwardly revised 232,000 in the previous week, the US Labor Department reported Thursday.

In company news, CarMax (KMX) reported fiscal Q2 net earnings Thursday of $0.64 per diluted share, down from $0.85 a year earlier and below the FactSet consensus analyst estimate of $1.01. Fiscal Q2 total net sales and operating revenue was $6.59 billion, down from $7.01 billion a year ago and below the FactSet consensus estimate of $7.01 billion. CarMax (KMX) shares were down about 21% around midday.

Intel (INTC) is seeking an investment from Apple (AAPL) to boost its business as part of a turnaround bid, Bloomberg reported late Wednesday, citing people familiar with the matter. Separately, Apple (AAPL) asked the European Union Wednesday to repeal the Digital Markets Act because it has negatively impacted user experiences, delayed the rollout of new features, increased safety threats and reduced consumer choices, the company said in a blog post. Intel (INTC) shares were up 4.8%, while those of Apple (AAPL) were up 0.5%.

CoreWeave (CRWV) said Thursday that it has expanded its agreement with Microsoft (MSFT)-backed (MSFT) OpenAI by up to $6.50 billion to power the training of its most advanced next-generation models. The expansion, announced Thursday, brings its total contract value with OpenAI up to $22.40 billion. CoreWeave (CRWV) shares were up 1.8%, while those of Microsoft (MSFT) were down 0.4%.

Blackstone (BX) is exploring its strategic options for Ancestry.com, including an initial public offering or a sale of the business, Reuters reported Thursday, citing people familiar with the matter. The private-equity giant is in talks with banks about Ancestry's potential IPO, which could value the company at $10 billion, the report said. Separately, Blackstone, Warburg Pincus and Nordic Capital are among firms vying to acquire a stake in French diagnostics provider Sebia, which could be valued at about 5 billion euros ($5.85 billion), Bloomberg reported Thursday, citing people familiar with the matter. Blackstone shares were down 1.5%.

Starbucks (SBUX) said Thursday in a regulatory filing its board has approved a restructuring plan that will close a number of its stores and reduce its non-retail partner roles by about 900. Starbucks (SBUX) shares were down 1.3%.

BP (BP) said Thursday it now expects world oil consumption to keep rising until 2030 instead of 2025, as it projected last year. BP shares were slightly lower.

Blue Owl (OWL) and the Qatar Investment Authority said Thursday they have formed a partnership to create a digital infrastructure platform with more than $3 billion of initial data center assets. Blue Owl shares were down 0.4%.

Price: 44.71, Change: -12.34, Percent Change: -21.63

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.