Movement Alert｜Intuit Falls 6.01% in Regular Trading, Software Sector Broadly Pressured After IBM Preliminary Results

Market Focus07-14 21:35

On July 14, Intuit fell 6.01% in regular trading, trading at $273.955/share, with turnover of $136 million. The decline deepened from a pre-market loss of approximately 3.3%-4.7% as selling pressure intensified throughout the session.

On the news front, IBM released preliminary earnings results that triggered a broad selloff across US software stocks. ServiceNow fell 5.8%, Salesforce dropped 5%, and Accenture also declined in pre-market trading, setting a negative tone for the sector heading into the regular session.

Within the Application Software sector, Palantir Technologies fell 4.88%, Salesforce declined 4.07%, and Circle Internet Corp. dropped 2.37%, while CleanSpark rose 11.49% and Strategy gained 2.39%. The sector-wide weakness compounded existing headwinds for Intuit, which has faced fundamental concerns including Goldman Sachs downgrading the stock to Sell in early June with a $276 price target, citing intensifying competition in the tax software space and slowing Mailchimp growth. More recently, Rothschild&Co Redburn lowered its target price from $600 to $540.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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