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Adobe (ADBE) slips despite record Q1 results; long-time CEO reveals plan to step down. (00:13) U.S. grants 30-day waiver for purchases of Russian oil stranded at sea. (01:22) Meta Platforms (META) delays rollout of new AI model ‘Avocado’ amid performance concerns, NYT reports. (02:34)

This is an abridged transcript.

Adobe (ADBE) is down 9% in premarket action after reporting its first quarter fiscal 2026 financial results.

Adobe also revealed that its CEO Shantanu Narayen plans to step down after 18 years.

For the quarter ended February 27, Adobe reported adjusted earnings per share of $6.06 versus the consensus estimate of $5.87.

Revenue for the first quarter increased 12% year over year to $6.4B, which was more than the $6.28B consensus.

Looking ahead, Adobe expects second-quarter revenue to range from $6.43B to $6.48B, with a midpoint of $6.455B, which is more than the $6.43B consensus. The company expects adjusted EPS to range from $5.80 to $5.85 versus the $5.68 estimate.

Narayen plans to remain as CEO until a successor has been appointed. He will retain his position as chair of the board.

The United States has issued a 30-day waiver allowing countries to purchase sanctioned Russian oil and petroleum products already stranded at sea, expanding a temporary exemption granted last week to India alone.

The move aims to ease pressure on global oil prices as the war in the Middle East continues.

The waiver makes Russian crude and fuel aboard about 30 tankers in Asian waters potentially available for purchase, provided the cargoes were already at sea when the exemption was granted.

According to ship-tracking data compiled by Bloomberg, the vessels are carrying at least 19M barrels of Russian crude and about 310,000 tons of refined products.

The U.S. has taken several steps to curb surging crude and fuel prices since strikes on Iran began two weeks ago. These include plans to release 172M barrels from the Strategic Petroleum Reserve.

Still, Brent crude (CO1:COM) is trading over $100 a barrel, on track for a 9% weekly surge. Crude oil futures (CL1:COM) are at $96 a barrel, on track for a 6% weekly surge.

Meta’s (META) new foundational A.I. model has reportedly fallen short of the performance of leading A.I. models from its rivals.

The New York Times reported on Thursday, citing sources, that internal tests for reasoning, coding and writing fall short of Google (GOOG) (GOOGL), OpenAI (OPENAI) and Anthropic (ANTHRO).

The model, code-named Avocado, outperformed Meta’s previous A.I. model and did better than Google’s Gemini 2.5 model from March. But they said it has not performed as strongly as Gemini 3.0 from November.

As a result, the people said, Meta (META) has delayed Avocado’s release to at least May from this month. They added that the leaders of Meta’s A.I. division had instead discussed temporarily licensing Gemini to power the company’s A.I. products, though no decisions have been made.

What’s Trending on Seeking Alpha

Apple cuts App Store commission fees in China to 25%

More tariffs? U.S. launches new trade probes into 60 economies over forced labor

Retail jolt: Amazon plans to move Prime Day into June for the first time

Dow, S&P and Nasdaq futures are treading cautiously. Crude oil is down 0.2% at $96. Bitcoin is up 1.9% at $71,000. Gold is up 0.2% at $5,093.

The FTSE 100 is down 0.5% and the DAX is down 0.8%.

The biggest movers for the day premarket: Eastman Kodak (KODK) +8% – Shares surged after the company reported Q4 revenue of $290M, up 9% Y/Y, while gross profit jumped 31% to $67M.

Economic calendar:

• 8:30 am GDP

• 8:30 am Personal Income and Outlays

• 10:00 am Consumer Sentiment

• 10:00 am JOLTS

• 1:00 pm Baker Hughes Rig Count

Don’t forget to check out the Seeking Alpha Investment News Quiz!

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Taylor Swift’s net worth has climbed to $2 billion, according to Forbes’ March 2026 celebrity billionaires update, making her the richest female musician and placing her ahead of Kim Kardashian and Rihanna.

Forbes ranks the 36-year-old singer-songwriter at No. 7 on its celebrity billionaires list, up from prior estimates. She first hit billionaire status in October 2023 — the first musician to do so mainly through music earnings, touring and royalties rather than diversified brands.

The bulk of her fortune — nearly $1 billion — comes from royalties, streaming, touring and performance income. Her music catalog is valued at roughly $900 million, boosted by the 2025 repurchase of her first six albums’ masters for about $360 million. Real estate holdings add another $100 million, including properties in Nashville, Los Angeles, New York and Rhode Island.

The Eras Tour, which wrapped in 2024 as the highest-grossing concert tour ever, drove massive gains. Post-tour momentum continued with strong streaming, merchandise sales and the October 2025 release of “The Life of a Showgirl,” which sold over four million copies in its first week.

Swift stands out among celebrity billionaires for building her wealth almost entirely through music. In contrast, Kim Kardashian’s $1.9 billion Forbes estimate stems largely from Skims and SKKN by Kim, while Rihanna’s $1.4 billion ties to Fenty Beauty and Savage X Fenty. Beyoncé joins the list at $1 billion from music and business ventures.

Her success highlights the power of owning masters, direct fan engagement and blockbuster touring. The Eras Tour alone generated billions in revenue, with economic ripple effects dubbed “Swiftonomics” in host cities.

Forbes calculates net worth conservatively, accounting for taxes, debts and market conditions. Some outlets estimate slightly higher figures, but $2 billion aligns with the March update.

As Swift continues releasing music and exploring new projects, her trajectory shows no signs of slowing. Her rise underscores a shift toward artist empowerment in the music industry, where retaining creative control and maximizing live and streaming revenue can yield extraordinary wealth.

Two-time major champion Collin Morikawa withdrew from The Players Championship on Thursday after playing just one hole, citing a back injury that flared up during a practice swing on the second tee.

The 29-year-old Californian, who entered the week as the FedExCup points leader and one of the tournament favorites, made par on the opening par-4 10th at TPC Sawgrass before experiencing discomfort. On the par-5 11th tee — his second hole — Morikawa grimaced while taking a warmup swing, then stretched and consulted with a trainer. After a few more attempts to swing, he officially withdrew, according to PGA Tour officials and on-course announcers.

“It’s a tough break for Collin and for the tournament,” said PGA Tour commissioner Jay Monahan in a brief statement. “He’s been playing some of the best golf of his career this season, and we wish him a speedy recovery.”

Morikawa, ranked No. 5 in the world, had been in strong form heading into The Players. He won the AT&T Pebble Beach Pro-Am in February, tied for seventh at the Genesis Invitational and finished solo fifth at the Arnold Palmer Invitational. Those results propelled him to the top of the FedExCup standings, giving him momentum as one of the hottest players early in 2026.

The withdrawal comes as a surprise blow to the field at the PGA Tour’s flagship event, often called the “fifth major,” which features a $25 million purse and 750 FedExCup points for the winner. Morikawa was among the pre-tournament picks to contend, with his precision iron play and ball-striking well-suited to the demanding Stadium Course designed by Pete Dye.

This marks the latest in a history of back issues for Morikawa. He dealt with lingering problems during the 2021 Tokyo Olympics and withdrew from the 2023 Memorial Tournament due to similar discomfort. Back ailments are common in golf due to the rotational stress of the swing, and Morikawa has worked with trainers to manage the condition.

No immediate timeline for his return was provided. The next major is the Masters in April, and Morikawa — a former PGA Championship and Open Championship winner — will likely prioritize recovery to be ready for Augusta National.

The incident overshadowed the opening round at TPC Sawgrass, where play began under partly cloudy skies with light winds. Other top players, including Rory McIlroy, who arrived late after dealing with his own back concerns from the prior week, teed off later in the day. McIlroy called his status a “game-time decision” but proceeded to play after treatment.

Morikawa’s exit opens the door wider for contenders like Scottie Scheffler, Xander Schauffele and Ludvig Åberg, who were grouped with him in the early wave. Åberg and Si Woo Kim continued without their partner after the withdrawal.

Fans expressed disappointment on social media, with many noting Morikawa’s surge this season made him a must-watch. His iron accuracy ranks among the Tour’s best, and TPC Sawgrass rewards precision on approach shots and around the infamous island-green 17th.

The Players Championship continues through Sunday, March 15, with the cut after 36 holes. Morikawa’s WD means no official score for the week, preserving his FedExCup lead for now, though strong performances by chasers like Akshay Bhatia or others could close the gap.

Morikawa’s team has not commented beyond the official withdrawal. He is expected to undergo further evaluation in the coming days.

The abrupt end to his week highlights the physical demands of professional golf and the fine line between peak performance and injury. For a player who has quietly built one of the most consistent games on Tour, the hope is rest and rehab will have him back swinging soon.

CA Rudramurthy BV, MD, Vachana Investments highlighted the continued pressure from foreign institutional investors (FIIs). “See, if you look at Nifty and Bank Nifty which were just relatively better compared to mid and smallcap or the broader market, you saw a clear correction in both of them as FII selling aggravated. In fact, FIIs, if you see the numbers, they have sold over ₹45,000 crore just in a period of last one month.” He added that macro factors, including the rupee touching all-time lows against the dollar and Brent crude crossing $100 per barrel, have intensified market stress. “Because of the reasons of Strait of Hormuz being closed, it has been very, very jittery in terms of the Brent crude price and that will definitely affect a country like India, even though the fight is between Iran, Israel, and the US,” he said.

Rudramurthy described the market as a “sell on rise” environment, cautioning investors against buying indiscriminately. “All supports are getting broken, and now the next support to the market comes closer to 23,200 for a very short term. Once you break that, a move towards 22,000 eventually can happen on Nifty. Those investors who feel this is a great opportunity to buy for long-term, do not go all out once and then buy everything at this level. Just in a piecemeal manner, on every fall, it is good to invest.”

He emphasized the importance of selective investing in the current environment. “You have to be very sector-specific and stock-specific in this market. On the buy side, where you have relative strength, it will be pharma. You also see certain public sector undertakings where you have valuation comfort, and finally, metals which have now started correcting. If you get some more dip, that offers a good buying opportunity for someone looking for one- to two-year horizons.” Rudramurthy advised caution in sectors showing sustained weakness. “This fall in the market will continue with banks leading the fall, IT continues the fall for a long time, and even autos and real estate are very, very weak. I would definitely avoid IT, autos, private banks, and real estate for the short term.”

On stock-specific recommendations, Rudramurthy shared a mix of buy and sell calls. He said, “PG Electroplast has broken all crucial supports, and there is a lot of open interest built up today. The stock is moving down. Initial targets for PG Electroplast are around 475. Keep a stop loss of 525, and every rise is a selling opportunity in this very weak counter.” For buying opportunities, he pointed to pharma. “From pharma, I want to definitely look at a buying opportunity, and that is Aurobindo Pharma. This stock has consolidated and given a clear breakout above levels of 1,200–1,250. Any dip you get because of overall market weakness will be a buying opportunity. No doubt, even Dr Reddy’s looks strong, and pharma as a pack is relatively far better compared to the overall market. I am picking Aurobindo Pharma for a target of 1,400, and one can have a stop loss of 1,270 for this long call.”

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As market participants navigate heightened uncertainty, experts stress patience, selective sector exposure, and staggered investing as key strategies to manage risk in the near term.

GameStop Corp. (GME) shares traded modestly higher in early March 2026 trading, closing at $24.46 on March 11 after a 0.37% gain, as the video game retailer continues to outperform many peers in the meme-stock category amid ongoing speculation about a major acquisition and CEO Ryan Cohen’s transformation efforts.

The stock opened March 12 around $24.40 and climbed to $24.51 by mid-morning, up about 0.20% from the previous close, according to real-time data from Yahoo Finance and other platforms. Volume remained moderate at around 833,000 shares in the opening hours, below the average daily figure of roughly 5 million.

GameStop has gained more than 20% year-to-date in 2026, rising from about $20.08 at the end of 2025 to current levels near $24.50. This performance stands in contrast to other meme stocks like AMC Entertainment and SoundHound AI, which have declined sharply over the same period. Analysts attribute GME’s relative strength to renewed short-squeeze interest, a robust cash position and persistent buzz around Cohen’s plans to deploy the company’s roughly $8.8 billion in cash reserves for a significant acquisition.

In late January 2026, reports surfaced that Cohen was eyeing a “very big” deal involving a publicly traded consumer company, sparking a rally that pushed shares above $24 in early February. Michael Burry, the investor famous from “The Big Short,” disclosed a long position in GameStop around the same time, further fueling optimism despite his comments downplaying the odds of another massive short squeeze like the one in 2021.

The company has maintained a strong balance sheet, bolstered by previous equity raises and cost-cutting measures, including hundreds of store closures as it shifts away from traditional brick-and-mortar retail toward collectibles, partnerships and potential new ventures. GameStop’s Q3 2025 revenue came in at $821 million, down 4.57% year-over-year, reflecting ongoing challenges in physical game sales amid the rise of digital downloads.

Options activity has shown mixed sentiment in recent sessions. On March 11, call volume was relatively light but directionally varied, with some moderately bullish trades noted earlier in the week. TipRanks reported mixed options sentiment on March 9 with shares up 0.9%, while other days saw moderately bullish or neutral flows.

Analyst coverage remains cautious. The consensus rating leans toward “Reduce,” with a median price target around $13.50 from a handful of firms, well below current levels. No major Wall Street upgrades have materialized recently, and some forecasts highlight risks from declining core business fundamentals. However, institutional interest persists — Van ECK Associates increased its stake by 58.3% in the third quarter of 2025 to over 3 million shares.

GameStop’s next earnings report is expected around March 24 or 31, 2026, depending on scheduling, with investors watching for updates on cash deployment, store rationalization and any progress on strategic initiatives. The board previously approved a performance-based stock option award for Cohen in January 2026, contingent on shareholder approval at a special meeting likely in March or April, tying his compensation to ambitious long-term goals.

The stock’s 52-week range spans $19.93 to $35.81, with the high reached in May 2025 during earlier volatility. Recent trading has stayed in a tighter band around $23-$25, reflecting a stabilization after the January-February surge.

Broader market context includes steady U.S. equity gains in early 2026, though meme stocks remain highly volatile and sentiment-driven. GameStop’s ability to decouple somewhat from the pack underscores evolving narratives: from pure speculation to a cash-rich entity potentially pivoting under Cohen’s leadership.

Short interest data has not shown extreme levels recently, tempering squeeze fears, but retail enthusiasm on platforms like StockTwits and Reddit keeps the name in focus. Traders note that any confirmed acquisition news could trigger sharp moves, while continued silence might lead to drift.

As GameStop navigates its post-meme era, the stock’s performance in March 2026 illustrates resilience amid uncertainty. With earnings approaching and acquisition rumors lingering, volatility is likely to persist for shareholders.