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This was going to be the big week for Adobe (ADBE): the long-awaited launch of Creative Suite 3 on Tuesday, and an eagerly anticipated analyst meeting Wednesday.

Those two events were seen by many on the Street as potential catalysts for the stock. So guess what happened: Adobe is selling off.

In part, this is a sell-on-the-news situation; everyone has known for months about the CS3 launch. The analysts' meeting, according to various analyst accounts, was upbeat, with the launch the focus but with management discussion as well about future opportunities. But nothing market moving.

Heather Bellini, an analyst at UBS, asserted in a research note that the company Wednesday provided “disappointing share buyback commentary.” She notes that management said it would be more aggressive near-term with share repurchases, but that “investors were expecting to hear a definitive dollar amount as high as $1 billion instead of just ‘aggressive’ terminology.”

Adobe yesterday was down 35 cents at $41.23; the stock was down 4.4% since closing Monday at $43.16; on Tuesday the stock traded as high as $43.95, an all-time high.

Source: Adobe Slips After 'Disappointing Share Buyback Commentary'