NARAYEN SHANTANU sold $31.3M of ADBE (indirect holdings)

U.S. Secretary of State Marco Rubio stated that recent changes to U.S. work visa rules are global and not targeted at India. The U.S. Labor Department suspended six major IT outsourcing firms, including Infosys, Tata Consultancy Services, and Wipro, from the PERM program. Rubio emphasized the measures aim to protect American workers and address fraud in business-related immigration programs. India has expressed concerns, stating the measures do not support shared objectives.

ServiceNow (NOW) and Fortinet (FTNT) missed earnings expectations, leading to declines in their shares and other SaaS stocks. NOW reported adjusted earnings of $1.00, below the $1.17 estimate, while FTNT's product revenue grew 37% YoY, down from 52% in Q2. Alphabet's (GOOGL) weaker-than-expected results added to the pressure, with GOOGL stock dropping 10%. Key SaaS stocks like PANW, CRM, INTU, and ADBE also fell in sympathy.

JPMorgan (JPM), Coca-Cola (KO), Dell (DELL), AMD (AMD), Adobe (ADBE), Applied Materials (AMAT), and Sandisk (SNDK) objected to OKX and ICE's plan to offer tokenized shares. 33 of 62 notified companies have objected. OKXICE aims to trade tokenized US stocks on Uniswap v4 liquidity pools, settling in stablecoins like USDC, under SEC's Innovation Exemption.

Adobe released patches for 8 critical security flaws in Campaign Classic, with CVSS scores ranging from 9.1 to 9.9. The vulnerabilities could allow code execution, security bypass, and privilege escalation. Affected versions include 7.4.4 build 9402 and earlier for Windows and Linux. Additionally, a critical code injection flaw in Adobe Connect Desktop and Mobile was resolved. Adobe stated no exploits have been detected in the wild.

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.