Wall Street Breakfast Adobe beats, CEO exits
5 snips
Mar 13, 2026 Adobe posts record quarterly results even as its long-time CEO plans to step down. The U.S. grants a temporary waiver to free stranded Russian oil cargoes. Meta pauses rollout of its new AI model after underwhelming tests. Quick hits cover App Store fee cuts in China, U.S. trade probes over forced labor, and Amazon shifting Prime Day to June.
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Adobe Beats Yet Stocks Drop On Leadership Change
- Adobe reported record Q1 results but shares fell about 9% pre-market despite adjusted EPS of $6.06 and revenue of $6.4 billion, both beating consensus.
- CEO will step down after 18 years yet stay as board chair and remain until a successor is named, creating leadership transition risk.
US Temporary Waiver Frees Stranded Russian Oil
- The U.S. issued a 30-day waiver letting countries buy Russian oil already stranded at sea to ease global supply pressure and lower prices.
- Bloomberg ship tracking showed ~30 tankers hold at least 19 million barrels crude and 310,000 tons refined products eligible for purchase under the waiver.
Meta Delays Avocado After Tests Lag Rivals
- Meta's new AI model Avocado underperformed top competitors in internal tests for reasoning, coding, and writing, so Meta delayed its rollout to at least May.
- Reports say Avocado beat Meta's prior model and Google's Gemini 2.5 but lagged behind Gemini 3.0, prompting discussions about licensing Gemini temporarily.