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 Thursday, March 12th. I'm Julie Morgan.

Stock index futures are in the red as oil prices continue to rise. The Dow is down 0.4%. And the S&B 500 and NASDAQ are both down around

0.3%. Brent Crude is up 6% at $98. West Texas Intermediate is up 6% as well at $92 a barrel.

We'll take a look at one of the biggest movers in pre-market action in just a few minutes.

Atlassian announced that it is reducing its global headcount by about 10% or 1,600 rolls.

The company will reallocate capital toward artificial intelligence and enterprise sales.

Atlassian is up 2.3% in pre-market action.

The CEO said in a blog post that for Atlassian, AI is not replacing employees,

but it would be disingenuous to pretend AI does not change the mix of skills that they need or the number of roles

required in certain areas. He wrote that this is primarily about adaptation. He said they're

reshaping their skill mix and changing how they work to build for the future. Atlassian expects to

incur a cost between $225 and $236 million due to these changes.

This includes around $169 million to $174 million for severance and employee benefits

and approximately $56 million to $62 million for costs related to reducing office space. The company plans to

exclude these costs from its non-gap financial measures. Most of these expenses are anticipated

to occur in the third quarter of fiscal year 2026, with significant completion expected by the

end of the fourth quarter, depending on local laws.

Rivian Automotive will debut the R2 today at South by Southwest in Austin, Texas,

with pricing expected to place the vehicle competitively with Tesla's Model Y, the Hyundai Ionic

5, and the Ford Mustang Machi.

T.D. Cowan upgraded Rivian to buy from hold amid expectations for favorable demand projections

...