Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.

It's good to be with you on this Friday, March 13th. I'm Julie Morgan.

Adobe is down 9% in pre-market action after reporting its first quarter fiscal 2026 financial results.

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

For the quarter ended February 27th, Adobe reported adjusted earnings per share of $6.6

versus the consensus estimate of $5.87. Revenue for the first quarter increased

12% year-over-year to $6.4 billion, which was more than the consensus. Looking ahead, Adobe

expects second quarter revenue to range from $6.43 to $6.48 billion, with a midpoint of $6.455 billion,

which is more than the consensus. The company expects adjusted EPS to range from $5.80 to $5.85

versus the $5.68 estimate. The current CEO plans to remain in his position until the board

appoints someone to take his place. 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 19 million 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 began on Iran about two weeks ago. These include plans to

release 172 million barrels from the Strategic Petroleum Reserve.

Still, Brent Crude is trading over $100 a barrel, on track for a 9% weekly surge.

Crude oil features are at $96 a barrel, on track for a 6% weekly surge.

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