Adobe’s New CEO Takes Over in December. Is the Open CFO Search the Bigger Risk?

The US Department of Labor suspended eight IT firms, including Infosys, TCS, Wipro, HCL, Cognizant, Capgemini, Microsoft, and Adobe, from applying for permanent residency for foreign workers. This move, ahead of US mid-term elections, aims to address domestic political concerns. Existing applications are on hold, and new ones will not be accepted, impacting H1B visa holders' prospects for permanent residency.

The Trump administration has suspended Microsoft, Adobe, and other tech firms from the PERM program, which aids foreign workers in obtaining green cards, citing alleged visa fraud. The suspensions, lasting up to 180 days, prevent these companies from processing new or pending labor certification applications. The move is seen as unprecedented and signals heightened immigration compliance risks for employers.

Microsoft and 7 other tech companies face U.S. restrictions on sponsoring foreign workers for green cards, announced by the Trump administration on Oct. 8, 2026. The affected companies include Adobe, Cognizant, Infosys, Tata Consultancy Services, Wipro, HCL Technologies, and Capgemini. The Department of Labor will stop accepting new labor certification applications and processing pending ones for these companies, citing concerns about hiring practices.

The U.S. Department of Labor suspended PERM processing for Microsoft, Adobe, and six IT firms, affecting green card paths for tech workers. The suspension is limited to these companies and does not impact other green card options like EB-2 NIW or EB-1A. Pending PERM applications are paused but not denied, and new applications from these employers cannot proceed. Workers at affected companies may explore alternative green card pathways.

Bank of America upgraded Salesforce (CRM) to Buy, raising its price target to $285, citing AI adoption and strong free cash flow. Barclays downgraded Dell (DELL), HPE (HPE), NetApp (NTAP), HubSpot (HUBS), and monday.com (MNDY) due to AI growth concerns. Deutsche Bank upgraded Walmart (WMT) to Buy, targeting $136, citing inflation benefits. RBC downgraded GoDaddy (GDDY) to Sector Perform, citing AI's impact. MongoDB (MDB) ratings reaffirmed by Needham and BofA.

The U.S. Department of Labor (DOL) suspended PERM applications for Adobe, Cognizant, Infosys, Tata Consultancy Services, Wipro, HCL Technologies, and Capgemini. The action follows investigations into alleged fraud and worker exploitation. No fixed dates or legal basis were announced, but the suspension may last up to 180 days. Employers are advised to review compliance and prepare for audits.