Adobe (ADBE) news that moved the stock

What happened

Anthropic unveiled a suite of workplace productivity tools at an event in San Francisco on Tuesday, November 10, taking direct aim at Microsoft Office and Google Workspace. The new tools are Claude Sheets — a collaborative spreadsheet with tabs, formulas and dropdowns that exports to Excel — Claude Whiteboards, a shared planning canvas, and Claude Meetings, an agent that joins Google Meet calls to take notes, draft plans and update documents in real time. Anthropic also made Claude Data (formerly Claude Dashboards) generally available and upgraded its interactive connectors so partner apps such as Adobe, Atlassian and HubSpot run inside Claude. Sheets and Whiteboards are in beta for paid plans; Meetings is in beta for Team and Enterprise customers. Microsoft shares dropped as much as 3% intraday after the news, per CNBC, and were down more than 2% in afternoon trading, while Alphabet reversed lower.

What happened

Wells Fargo downgraded Adobe to Underweight from Overweight and slashed its price target to $225 from $270, per Barron's stock-movers coverage on Monday. The analyst cited worsening organic growth, executive instability, and a fundamental shift from pricing power toward freemium customer acquisition. Adobe shares fell 1.9% to $237.71 following the call.

What happened

RBC reiterated its Outperform rating on Intuit (INTU) with a $385 price target, according to Ground News reporting surfaced October 9. The affirmation comes with Intuit trading near $304 — roughly 27% below RBC's target — after shares rallied 2.71% Thursday to $303.88, their fourth consecutive daily gain. The target sits below the 31-firm consensus of $431.55 but well above current levels, and it marks the most bullish fresh analyst signal on INTU since the September guidance fallout.

What happened

On Thursday, Oct 8, Vice President JD Vance and Labor Secretary Keith Sonderling announced the indefinite suspension of Microsoft, Adobe, Cognizant, Infosys, Tata, Wipro, HCL Technologies, and Capgemini from the Department of Labor's PERM permanent-labor-certification program, accusing them of fraud and abuse. The government will accept no new PERM applications and will not process pending ones involving these companies — cutting off a key employer-sponsored route to green cards for skilled foreign workers. Vance singled out Microsoft, saying 'no company in the United States... has abused this system more than Microsoft,' and cited Microsoft laying off 6,000 U.S. workers while using 6,300 H-1B visas and nearly 3,000 green cards. Microsoft defended its visa use and said it looks forward to sharing more information with the administration. Separately, officials announced J-1 visa-program abuse probes into nine universities including Harvard, Yale, and Stanford. MSFT shares fell more than 1.3% Thursday.