Adobe stock rose more than 10% after the news broke that the company would not be acquiring the online publishing company.
The stock gained nearly 50% from its closing price of $53.25 on Monday.
The share price is the highest it’s been since June 2012.
Adobe said Monday that it would instead be buying a smaller company, which could mean fewer layoffs.
Adobe shares have gained nearly 20% this year.
The company’s stock has increased by nearly 60% since it closed at $52.96 in July 2012.
The deal has sparked a backlash in the tech industry, which has long had a reputation for keeping its price low and its stock value relatively high.
Adobe stock has been up more than 120% in the last 12 months, according to data compiled by Bloomberg.
The most recent quarter ended in March.
Adobe shares fell more than 15% on Tuesday, to $57.90.
They have gained more than 8% this month.
The next day, the stock was trading up more that 12%.