Adobe is trimming it's staff 10% or so. The earnings didn't seem too bad; the stock price rose on the news. There's a press release and initial reports at TUAW , j/d's twitter list, and Techmeme. "Yikes" was a comment that resonated here, even if favored teams are not effected.
Update: Mike Seymour at Fxguide does a quick survey of the landscape in melt down.