Two things here: one is that you have an unmatched quote character in your command string: at the end of the first string there is a single quote, which is not closed after the TextBox is appended.
The other is that that is a very dangerous way to do it: it leaves your database wide open to an accidental or deliberate SQL injection attack. Use Parametrized queries instead:
Dim cmd As New OleDb.OleDbCommand("UPDATE ItemIn SET Itemquantity = Itemquantity - @IQ WHERE ItemName = @IN", Con)
cmd.Parameters.AddWithValue("IQ", Int32.Parse(ItemquantityTextBox.Text))
cmd.Parameters.AddWithValue("IN", ItemNameComboBox.Text)