Text Shaping Tool on Taskbar Doesn't Work After Last Update

A few days ago, there was a Photoshop update.  I noticed that the tool on the menubar modifying with "wave," "arc" or other modifications no longer works.  Has anyone else had this problem?   Also, suddenly, all of the layered master files which had been saved as .psd files now being red a Winzip files and won't open.  What gives?  These Adobe updates are getting pretty destructive...I think.   Any solutions out there?