Adobe Inc. (NASDAQ: ADBE) finished the Christmas Eve trading session with only modest movement, closing at $352.98 after U.S. equities wrapped up early at 1:00 p.m. ET. In thin after-hours trading, Adobe shares were last seen slightly lower around $352.70 late in the session. [1]
The biggest “tomorrow” detail for U.S. investors: the U.S. stock market is closed on Thursday, Dec. 25, 2025 (Christmas Day), and trading resumes Friday, Dec. 26. That means there’s no regular market open tomorrow—and any price discovery for Adobe will largely wait until Friday’s session. [2]
Adobe stock price action after the bell: what happened on Dec. 24, 2025
On the holiday-shortened session, Adobe traded in a relatively tight range:
- Open: $352.21
- High: $354.75
- Low: $351.11
- Close (1:00 p.m. ET): $352.98
- After-hours (as of 4:59 p.m. ET): $352.70 [3]
Volume was also notably light—about 1.1 million shares, far below Adobe’s recent average trading pace. [4]
That low activity matters because after-hours moves on a holiday session can be noisy: fewer participants, wider spreads, and small orders can have an outsized impact.
The market backdrop: a “quiet tape” on Christmas Eve, but indexes keep pushing higher
Adobe’s calm close came as U.S. stocks drifted higher in a holiday-shortened, low-volume session. The Associated Press reported the S&P 500 rose to a fresh record, alongside gains for the Dow and Nasdaq, with trading volume far below normal. [5]
This broader tone is relevant for Adobe because mega-cap and large-cap tech sentiment has been a major driver of late-year flows. In other words: on a day like today, Adobe didn’t need company-specific headlines to move—macro mood and “Santa rally” positioning can do a lot of the work.
Is the market open tomorrow? The key schedule investors must know
If you’re preparing for “tomorrow morning,” here’s the actionable schedule reality for Adobe holders:
- NYSE/Nasdaq:Closed Thursday, Dec. 25 (Christmas Day)
- Next regular U.S. equity session:Friday, Dec. 26
- Christmas Eve (today):Early close at 1:00 p.m. ET [6]
So the practical setup is: the next meaningful catalysts and price reaction window is Friday.
Today’s Adobe-specific “news and analysis” roundup: what analysts focused on on Dec. 24
Adobe did not appear to publish a major fresh corporate announcement on Dec. 24 itself (the latest major earnings and product announcements remain centered earlier in December). Instead, today’s Adobe coverage leaned heavily into valuation debates and AI monetization narratives—the themes that have dominated the stock’s 2025 tape.
1) “Pullback = opportunity” takes: Trefis and others highlight margin strength and valuation
A widely circulated piece from Trefis (published Dec. 24) framed Adobe’s pullback as an opportunity, arguing the company’s high margins and cash generation look discounted versus prior periods. The article pointed to Adobe’s strong gross margin profile and discussed Adobe’s AI monetization arc (noting these are estimates/projections in their framework). [7]
A related Great Speculations/Forbes headline today echoed the same general framing—calling the setup a potential “golden chance” to buy, again leaning on high margins and the idea that the stock is priced at a discount. (Full text access may vary by reader.) [8]
2) Intrinsic value modeling: Simply Wall St’s DCF implies a large gap (model-based)
A Simply Wall St analysis dated Dec. 24 argued Adobe may look undervalued on their valuation checks. Their write-up cites a DCF-based intrinsic value estimate around $519.90 per share and described the shares as trading at a sizable discount to that model value. This is not a forecast of where the stock must trade—it’s a model-driven estimate that depends heavily on assumptions (growth, margins, discount rate). [9]
3) Factor screens: Nasdaq/Validea flags Adobe as a “patient investor” fit
A Nasdaq.com article posted Dec. 24 (from Validea) said Adobe scores highly in a “Patient Investor” model based on Warren Buffett-style criteria, listing several “pass” marks (earnings predictability, free cash flow, share repurchase, and other checks). [10]
4) Institutional-position headlines: filings reflect prior-quarter repositioning, not today’s trade
A cluster of “instant alert” articles today highlighted institutions trimming or adjusting Adobe holdings (based on 13F-type reporting). These can influence sentiment but typically reflect earlier-quarter positioning rather than new same-day information. [11]
The core fundamentals investors are still digesting (even after today’s close)
Even though today’s session was quiet, Adobe’s stock narrative is still anchored to a few big, recent pillars:
Adobe’s latest earnings and FY2026 outlook reset expectations
Adobe’s most recent earnings update (released earlier in December) included record Q4 and full-year FY2025 revenue and set initial expectations for FY2026. [12]
Reuters also reported in December that Adobe’s annual revenue outlook came in above estimates, with the company discussing reporting/forecast changes around subscription revenue and year-ending ARR. [13]
AI distribution: Adobe’s tools inside ChatGPT (a major “reach” catalyst)
One of the most important recent Adobe headlines is its integration of Photoshop, Adobe Express, and Acrobat into ChatGPT, aimed at letting users perform creative/productivity tasks via a conversational interface—potentially expanding Adobe’s reach to a much wider audience. [14]
M&A and “marketing intelligence” expansion: the Semrush deal
Adobe’s planned acquisition of Semrush (announced in November) remains a major strategic thread. Adobe’s own announcement said the transaction is expected to close in the first half of 2026, subject to approvals and other customary closing conditions. [15]
This matters for the stock because it puts Adobe squarely in the conversation about how brands win visibility in an AI-shaped search world—while also adding deal execution and regulatory timing to the checklist.
Next key date: Adobe’s Q1 FY2026 earnings call
Adobe’s investor relations calendar lists its Q1 FY2026 earnings call for Thursday, March 12, 2026 at 2:00 p.m. Pacific Time. That’s the next scheduled moment when Adobe can materially update guidance, AI monetization metrics, and the market’s confidence in the 2026 roadmap. [16]
What to watch before trading resumes: the “tomorrow” checklist (really for Friday, Dec. 26)
Because U.S. markets are closed Dec. 25, the most useful setup is: what could move Adobe when the market reopens Friday.
1) Liquidity snap-back after the holiday
Today’s tape was thin (Adobe volume ~1.1M shares), so Friday can bring more reliable price discovery as normal participation returns. [17]
2) Options-implied range into the next session
One way traders frame near-term risk is the options “expected move.” A third-party options calculator pegged the expected move for options expiring Dec. 26, 2025 at about ±$4.56, implying a rough range around $349 to $358. Treat this as market-implied volatility, not a directional call. [18]
3) Near-term technical reference points from today’s range
Even without complex charting, today’s levels give simple markers:
- $351 area: today’s low zone (possible near-term support reference)
- $355 area: today’s high zone (possible near-term resistance reference) [19]
4) The “bull vs. bear” debate is still about AI economics
The bullish camp is arguing Adobe’s scale, margins, and distribution (including ChatGPT) position it to monetize AI broadly. [20]
The skeptical camp continues to question whether AI lowers barriers for competitors and compresses software moats—an argument that has surfaced repeatedly in analyst commentary over 2025. [21]
5) Macro conditions heading into 2026
Even for a company-specific story like Adobe, the macro framing matters. Reuters’ 2026 market outlook coverage emphasized themes like rate cuts, corporate profit growth expectations, and AI-driven capex as market drivers—factors that can influence software multiples and risk appetite. [22]
Bottom line
Adobe stock’s after-hours action on Dec. 24, 2025 was muted—a small drift lower after a flat-to-slightly-up close in a shortened, low-volume session. The more important takeaway is calendar-driven: there is no U.S. market open tomorrow (Dec. 25), so the next real moment for the stock to react to new information is Friday, Dec. 26. [23]
Between now and then, Adobe’s story remains the same high-stakes mix of AI distribution (ChatGPT), AI product cadence (Firefly and video), FY2026 execution, and deal follow-through on Semrush—with valuation arguments split depending on whether you view AI as a moat-expander or a moat-eroder.
This article is informational only and not investment advice.
References
1. stockanalysis.com, 2. www.nasdaq.com, 3. stockanalysis.com, 4. stockanalysis.com, 5. apnews.com, 6. www.nasdaq.com, 7. www.trefis.com, 8. www.forbes.com, 9. simplywall.st, 10. www.nasdaq.com, 11. www.marketbeat.com, 12. www.adobe.com, 13. www.reuters.com, 14. www.reuters.com, 15. news.adobe.com, 16. www.adobe.com, 17. stockanalysis.com, 18. optioncharts.io, 19. stockanalysis.com, 20. www.reuters.com, 21. www.barrons.com, 22. www.reuters.com, 23. www.nasdaq.com
