Today is Friday, June 12, 2026.

The Early Bird Index today is 87.26.

New to this newsletter? Sign up here

Adobe $ADBE ( ▼ 6.25% ) posted good financial earnings on Thursday, but concerns about leadership pulled the stock down 5.54% in after-hours trading.

Financials: Adobe reported earnings of $5.96 per share in the past quarter and revenue of $6.62 billion. Both were better than expected.

Details: The company’s annual recurring revenue was $27.10 billion, which was better than expected. Revenue increased in every customer group. And the current quarter revenue outlook of $6.67 billion to $6.72 billion was better than expected.

Powering the Story: Adobe also announced that CFO Dan Durn was leaving the company (he is joining Marvell $MRVL ( ▲ 11.13% ), which ticked up 0.46% in after-hours trading). It’s another leadership departure for Adobe.

Background: In March, long-time Adobe CEO Shantanu Narayen announced his departure from the company.

Early Bird’s Nest Egg Gains: The stock’s decline in after-hours trading points to investor concern about continuity and execution rather than just a routine staffing change. Adobe is losing leaders while already facing skepticism about AI disruption to its core software franchise.

Final Thoughts: Adobe has lost over one-third of its stock value in 2026.

Trading options can be highly profitable; it can also be highly unprofitable. The problem is that trading options is tough:

Liquid allows anyone to trade perpetual futures, or “perps”. Perps are options without an expiration date.

This means you don’t need to worry about Greeks, simply

Getting started is simple too; start to finish in less than 10 minutes:

Trading volatility doesn’t need to be harder than absolutely necessary.

Start trading perps now

Notable Earnings Today: N/A.

Notable IPOs Today: Space Exploration Technologies Corp. (Nasdaq: SPCX).

Notable Equity Crowdfunding Campaigns Ending Today: Power Hero Corp. (Wefunder).

Notable Economic Events Today: Michigan Consumer Expectations / Sentiment (10:00 a.m. ET).

Homebuilder Lennar $LEN ( ▲ 5.68% ) fell 2.74% in after-hours trading on Thursday after reporting mixed financial earnings results.

Financials: Lennar reported earnings of $1.31 per share in the past quarter, which were better than expected. But revenue was just $7.9 billion, which was lower than expected.

Quote: “Our second quarter of fiscal year 2026 was defined by the same stubborn headwinds that have challenged the housing market for the past several years – persistently elevated mortgage rates, constrained affordability, and cautious consumer sentiment, exacerbated by geopolitical uncertainty creating a resurgent inflation reading of 4.2% driven by higher energy prices.” - CEO Stuart Miller.

Final Thoughts: Lennar’s lousy year continues. The stock was already down 8.89% in 2026.

The home-furnishings company RH $RH ( ▲ 7.15% ) ticked up 0.47% in after-hours trading on Thursday after reporting good financial results.

Financials: RH reported a loss of $1.97 per share in the past quarter and revenue of $800.3 million. Both were better than expected.

Final Thoughts: While the results were good, investors were not pleased with the financial outlook for the current quarter. And it’s not easy to get excited about a stock that is down 76% over the past 5 years.

Major IPO Today: SpaceX locks in IPO price of $135, making it largest stock debut ever (NBC News)

That’s Unfair: Private Medicare Plans Often Deny Access to Rehab Care, Analysis Shows (New York Times)

Ethereum’s Attempted Comeback: ETH futures traders lean into $1.6K range lows: Will Ether lead market recovery? (Cointelegraph)

Still Facing Trouble: Bitcoin ETFs Shed $2.1B in June So Far as Market Selloff Deepens (Decrypt)

Gloomy Forecast: World Bank cuts global growth outlook to 2.5%, warns of drop to 1.3% if war fallout spreads to markets (Reuters)

Forward to a friend and tell them to sign up here.

Pick winning stocks: Upgrade to Early Bird Prime.

Become a smarter investor: Get Early Bird Exclusives

Want more investing tips? Listen to the podcast.

Show Your Support: Buy Me a Coffee.

Questions or comments? Hit reply to reach out.

_{The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations, and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.}