Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Wednesday, November 26th, and I'm your host, Kim Khan.

Our top story so far. Consumers have already spent nearly $80 billion online this holiday season.

Adobe says early spending is

running about 7.5% ahead of last year's pace. Adobe highlighted that early deals are

driving a lot of the momentum. Over the first 23 days of the season, discounts for

electronics peaked at 12%, but are expected to jump to 29% on Cyber Monday. For other

categories, Cyber Monday is set to have the

biggest discounts of apparel at 25% and for computers at 23%. Meanwhile, Black Friday is

forecast to have the steepest markdowns for televisions at 23%. Toys and appliances are also set for big

discounts. The data from Adobe indicated that shoppers are also trading up to higher ticket items,

taking advantage of deals to get greater value. Generative AI is also becoming a major holiday

shopping factor. In the first 23 days, AI traffic jumped 830% year-over-year. The tools were most

used for toys, video games, appliances, personal care, and electronics.

Adobe also observed that shoppers landing on a U.S. retail site from an AI service were 30 times more likely to buy something.

And 32% of respondents said they've used AI to aid their online shopping journey.

Nearly half have used or planned to use it specifically for holiday shopping.

Among active stocks, urban outfitters

reached record Q3 sales and record net income, beating expectations and sending shares sharply

higher. Autodesk is up after a quarterly beat and new 2026 revenue targets of $7.15 to $7.165 billion,

driven by platform and AI momentum. And Workday is slumping after analysts cited

investor concerns over current remaining performance obligations growth being driven by M&A.

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