Starbucks announces restructuring, CoreWeave expands OpenAI pact: Morning Buzz

The major averages were broadly lower near noon, reflecting a shift toward more defensive posturing ahead of key inflation data and further signals from the Fed. Oracle (ORCL) was one of the more notable laggards, with the shares on track for a third consecutive day of losses amid questions over the state of the AI trade.

In terms of economic data, U.S advance indicators data imply an August narrowing in the overall goods and services trade balance, while U.S. existing home sales fell 0.2% to 4M in August. Additionally, U.S. chain price data revealed a Q2 PCE core chain price growth pace of a revised 2.6% after a 3.3% Q1 clip, leaving rates that notably exceed the Fed’s 2% target.

Looking to commodities, gold was little changed, while oil was marginally lower, curtailing some of this week’s gains.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Starbucks (SBUX) announced a restructuring plan that will involve the closure of coffeehouses as well as cutting 900 current non-retail partner roles
• CoreWeave (CRWV) expanded its agreement with Microsoft-backed (MSFT) OpenAI by up to $6.5B
• Amazon (AMZN), Apple (AAPL), and JPMorgan (JPM) are being pushed by U.S. Senators on H-1B visa workers, WSJ reports
• Accenture (ACN) reported better-than-expected Q4 results and provided Q1 and FY26 guidance
• CarMax (KMX) reported downbeat Q2 earnings and revenue

2. WALL STREET CALLS:

• Oracle (ORCL) initiated with a Sell at Rothschild & Co Redburn
• Scotiabank upgraded CrowdStrike (CRWD) to Outperform on growth reacceleration
• MoffettNathanson upgraded Chewy (CHWY) to Buy on “smart offensive strategy”
• Lululemon (LULU) downgraded at Needham, here’s why
• Northcoast downgraded Wendy’s (WEN) to Sell on launch delays

3. AROUND THE WEB:

• SAP (SAP) is the subject of a European Union antitrust probe into whether the company distorted competition for maintenance and support services related to a management program it sells, Bloomberg says
• Toyota (TM) was forced to stop production at two plants in Brazil on Tuesday after heavy rain and winds severely damaged its Porto Feliz factory, Reuters reports
• Blackstone (BX) is considering options for ancestry.com, including a possible sale or IPO, Reuters reports
• BNP Paribas (BNPQY) has eased a policy that banned the bank from financing “controversial weapons” as the company tries to boost its work with defense firms amid Europe’s rearmament drive, FT reports
• Stablecoin issuer Circle (CRCL) is evaluating ways to make it possible to reverse transactions involving its tokens as refunds in cases of fraud or disputes, which could help stablecoins become more mainstream, FT says

4. MOVERS:

• Capricor (CAPR) increases after announcing a regulatory update for its BLA for Deramiocel
• GeoPark (GPRK) gains in New York after entering an agreement with Pluspetrol to acquire 100% working interest in Loma Jarillosa Este and Puesto Silva Oeste blocks
• Stitch Fix (SFIX) falls after reporting Q4 results and providing guidance for FY26
• DeFi Technologies (DEFT) lower after announcing a $100M share offering
• Transocean (RIG) declines after announcing a 100M share offering

5. EARNINGS/GUIDANCE:

• TD Synnex (SNX) reported Q3 results, with EPS and revenue beating consensus
• Rave Restaurant (RAVE) reported results for FY25
• H.B. Fuller (FUL) reported Q3 results and narrowed its guidance for FY25
• BlackBerry (BB) reported Q2 results, with CEO John Giamatteo commenting, “BlackBerry delivered year-over-year revenue growth and expanded gross margins while reducing operating expenses”
• Jabil (JBL) reported Q4 results and provided guidance for Q1 and FY26

INDEXES:

Near midday, the Dow was down 0.14%, or 65.75, to 46,055.53, the Nasdaq was down 0.22%, or 50.38, to 22,447.47, and the S&P 500 was down 0.32%, or 21.27, to 6,616.70.