Stock Movers: Tesla's European Sales Drop, Intel Approaches Apple, CarMax Misses Earnings

Tesla's European Sales Decline

• 📉 Tesla (TSLA) experienced its biggest intraday drop since July, falling over 5% and currently down about 4%.
• 🚗 This decline is attributed to data showing a 22% drop in European sales for August, resulting in a market share of just 1.9% in the region.
• 💡 Despite Tesla's struggles, overall EV sales in Europe rose in August, with hybrids showing particular strength.

Intel Seeks Investment from Apple

• 📈 Intel (INTC) extended its gains for a third day, rising 7%, following a Bloomberg report that the chipmaker approached Apple about an investment.
• 🤝 The talks are in early stages and may not result in an agreement, but they signal Intel's efforts to bolster its business, which is partially owned by the US government.
• 💡 This follows other recent positive headlines for Intel, including a $5 billion investment from Nvidia and investment from the US government.
• 🍎 Apple was a longtime Intel customer but switched to in-house processors in the past five years.

CarMax Reports Significant Shortfalls

• 💥 CarMax (KMX), the used car retailer, plunged 20% to 5-year lows after reporting significant shortfalls in earnings per share, net sales, and operating revenue.
• 📊 Truist Financial Services described the earnings as a "miss across the board with really nothing good to see."
• 🚗 Used vehicle sales were down 7.2% year-over-year and missed estimates.
• ⚠️ CarMax cited a fallout from tariffs and rising consumer distress as reasons for the poor performance, a sentiment that contrasts with other market observations.
• 📊 The report highlights the uncertainty faced by business leaders, a concern echoed by Federal Reserve Chair Jerome Powell.