Top Midday Stories: Adobe Q1 Earnings Top Estimates, to Pay $150 Million Settlement; Nvidia Chips to Fuel ByteDance R&D Outside China

11:21 AM EDT, 03/13/2026 (MT Newswires) -- The Dow Jones and S&P 500 were up slightly, while the Nasdaq Composite was down in late-morning trading Friday, as oil prices pulled back slightly and the US Bureau of Economic Analysis published a downwardly revised Q4 GDP figure.

The BEA downwardly revised Q4 GDP to a 0.7% increase from a 1.4% gain in the advance estimate. No revision was expected in a survey compiled by Bloomberg.

In company news, Adobe (ADBE) reported fiscal Q1 adjusted earnings late Thursday of $6.06 per diluted share, up from $5.08 a year earlier and above the FactSet consensus analyst estimate of $5.87. Fiscal Q1 revenue was $6.4 billion, up from $5.71 billion a year ago and above the FactSet consensus of $6.28 billion. For fiscal Q2, the company said it expects adjusted EPS of $5.80 to $5.85 on revenue of $6.43 billion to $6.48 billion. Analysts polled by FactSet expect EPS of $5.68 on revenue of $6.43 billion. Separately, Adobe said Friday it has reached a settlement with the US Department of Justice to conclude a June 2024 lawsuit concerning its subscription disclosure and cancellation procedures. The software company said it has agreed to pay $75 million to the federal government and distribute an extra $75 million in free services to eligible users. Adobe shares were down 6.4% around midday.

Nvidia (NVDA) chips are slated to be used by ByteDance outside China to increase its computing power for artificial intelligence research and development plans, The Wall Street Journal reported Thursday, citing people familiar with the matter. Nvidia (NVDA) shares were down 0.5%.

Sable Offshore's (SOC) email correspondence with the US Interior Department over permissions related to the company's California pipeline was ordered to be disclosed by a federal judge, Bloomberg reported Friday. The judge found "sufficient evidence" of a rushed approval process, the report said. Sable shares were down 6.5%.

Apple (AAPL) said late Thursday it will lower the commission it chargers developers in China for standard in-app purchases and paid app transactions to 25% from 30%. Apple (AAPL) shares were down 0.8%.

Ulta Beauty (ULTA) reported fiscal Q4 earnings late Thursday of $8.01 per diluted share, down from $8.46 a year earlier and below the FactSet consensus of $8.10. Fiscal Q4 net sales were $3.90 billion, up from $3.49 billion and above the FactSet consensus of $3.84 billion. The company expects fiscal 2026 diluted EPS of $28.05 to $28.55, below the FactSet consensus of $28.64. Ulta shares were down 11.1%.

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