On September 4, Adobe fell 3.13% overnight, trading at $276.80/share, with turnover of $1.99 million.

On the news front, Adobe's board announced a CEO succession plan: current CEO Shantanu Narayen will transition to executive chairman effective December 1, while Anil Chakravarthy, currently president of Adobe's Customer Experience Orchestration business and worldwide field operations, will assume the role of president and CEO and join the board. The leadership transition comes at a sensitive juncture, as Adobe is set to report fiscal Q3 earnings on September 10, with consensus EPS estimate at $4.86. The overlap of a management change with an earnings window has elevated near-term uncertainty.

Notably, the decline reverses recent momentum — multiple investment banks had just raised their price targets on Adobe, including RBC to $315, Citi to $301, and Jefferies to $285, citing expectations of in-line Q3 results and potential annual recurring revenue upside above the $27.5 billion consensus. RBC had also flagged potential CEO and CFO announcements as key items to watch alongside the earnings release.

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