Intuit Inc

JPMorgan has identified a basket of consumer-facing stocks it says are vulnerable to the rise of agentic AI, warning that companies depending on users visiting their websites and apps could face growing pressure as AI agents take over tasks on consumers' behalf. The firm's U.S. Consumer Agentic AI Vulnerable basket spans travel, discovery and advertising, marketplaces, fintech and insurance, with the common thread being a reliance on consumers interacting directly with a site or app. JPMorgan says businesses built around consumer inertia, search friction, switching costs or control of traffic could see the value of owning the customer interface weaken, particularly those centered on discovery, comparison and lead generation. If agentic AI becomes the default interface for searching, comparing prices, booking travel or shopping for financial products, those platforms could see fewer visits and leads, pressuring margins. The basket's largest weights include Ally Financial at 7.1%, Rocket Cos at 7.0%, and Booking Holdings, Expedia Group and Airbnb at 6.8% each, alongside Intuit at 6.6%, Block at 6.4% and New York Times Co at 5.7%.

The Dow Jones Industrial Average on the New York Stock Exchange closed down more than 600 points on Tuesday (September 8), pressured by a surge in oil prices due to escalating tensions in the Middle East, while investors closely watch inflation data this week to assess the Federal Reserve's interest rate outlook. The Dow Jones Industrial Average closed at 52,786.07 points, down 628.18 points, or 1.18%. The S&P 500 closed at 7,673.52 points, down 45.08 points, or 0.58%, and the Nasdaq closed at 26,421.41 points, down 85.58 points, or 0.32%. WTI crude oil prices rose 1.7% after Iran-backed Houthi rebels in Yemen attacked energy infrastructure in Saudi Arabia, a US ally, injuring more than 70 people and raising concerns that the Middle East conflict could drag on and impact global oil supplies. Meanwhile, the yield on the 10-year US Treasury note rose to 4.796%, and higher bond yields increase borrowing costs and reduce appetite for risk assets. Eight of the 11 S&P 500 sectors closed lower, led by healthcare, which fell 2.55%, followed by financials, down 1.43%. Energy stocks rose the most, gaining 1.01%, followed by utilities, up 0.85%. Software and software services stocks in the S&P 500 fell 1.4%, marking a second consecutive day of declines, with Intuit down 4.14%, Salesforce down 3.9%, and ServiceNow plunging 5% after OpenAI announced the launch of its latest AI model, "GPT-6 Astra," touting it as the most powerful and efficient flagship model ever created. Analysts at Argent Capital Management commented that OpenAI's release of GPT-6 Astra has sparked a new wave of concerns that AI technology could disrupt the software business, reviving an old trend: semiconductor stocks and those benefiting from data center investment perform well, while software stocks lag. Intel shares surged 9% and Qualcomm rose 3.2% after reaching agreements with Amazon to develop custom-designed AI chips. Apple shares fell 1.2% just one day before the company unveils its latest smartphone under new CEO John Ternus, with the product launch event scheduled for today (September 9) at Apple Park in Cupertino, California, under the theme "Surprise and Shine." Cryptocurrency-related stocks declined as Bitcoin fell below $80,000, with Coinbase down 3.1% and MicroStrategy plunging 4.4%. Investors are watching US inflation data this week for clues on the Fed's rate path. The US Labor Department is set to release the Producer Price Index (PPI) on Thursday, September 10, and the Consumer Price Index (CPI) on Friday, September 11. Analysts expect CPI to rise 3.4% year-over-year in August, matching July's increase, and core CPI, which excludes food and energy, to rise 2.4% year-over-year in August, down from 2.5% in July. The CME Group's FedWatch Tool indicates investors assign a 60% probability that the Fed will raise interest rates by 0.25% at its September 15-16 meeting.

Intuit, the US software company with a market cap of about $98.3 billion, faces a new class action lawsuit alleging it misled investors about generative AI risks to its core businesses and overstated Mailchimp's growth. The complaint claims Intuit understated threats that generative AI could pose to its tax business and concealed key business challenges. The lawsuit follows Intuit's reported full-year revenue of $21.4 billion and net income of $4.6 billion for fiscal 2026, along with ongoing share repurchases and a higher quarterly dividend of $1.38. Investors should watch how Intuit updates guidance and segment disclosures, especially for TurboTax, Mailchimp, and Credit Karma, to gauge the lawsuit's impact.

All 18 S&P 500 companies that reported earnings last week beat Wall Street's EPS estimates and posted year-over-year earnings growth, with 17 of 18 also beating revenue estimates. Notable results included CrowdStrike, which surged after Q2 revenue rose 25.8% to $1.47B, and Nvidia, whose Q2 revenue more than doubled to $96.22B. HP lifted its FY2026 adjusted EPS outlook to $3.19-$3.29, while Best Buy raised its FY2027 revenue outlook to $42.3B-$42.8B. Marvell Technology delivered Q2 revenue of $2.74B, up 37% year-over-year, and Autodesk raised its FY2027 billings outlook to $8.575B-$8.65B. Intuit beat Q4 estimates but fell on softer FY2027 guidance. Upcoming reports include Palo Alto Networks, Broadcom, Medtronic, and lululemon athletica.

Intuit Inc. shares fell after its TurboTax segment underperformed, with revenue growing 7% versus an expected 8%, according to Baron Financials ETF's second-quarter 2026 investor letter. The fund noted that management acknowledged volume losses among lower-income filers who traded down to cheaper alternatives, fueling concerns about competition and AI-driven disruption. Negative sentiment was compounded by a 17% workforce reduction, which some investors saw as a defensive move. Despite these headwinds, overall growth remains robust, with management expecting earnings growth of 18% this year and mid-teens growth over the coming years. Intuit closed at $348.00 per share on August 27, 2026, with a market capitalization of $95.19 billion, and its stock has declined 47.83% over the past 52 weeks.

Rothschild & Co Asset Management released its LongRun Equity Strategy second-quarter 2026 investor letter, highlighting Intuit Inc. as a key detractor due to slightly lower-than-expected revenues in its TurboTax business. The letter notes that management reduced the full-time workforce by 17%, demonstrating the platform's conduciveness to AI implementation. Intuit's stock closed at $348.00 per share on August 27, 2026, with a market capitalization of $95.19 billion, having declined 47.83% over the past 52 weeks. The fund's strategy increased 7.6% in the second quarter, compared to its benchmark's 15.8% rise.

Intuit Inc. reported fiscal 2026 revenue of $21.4 billion, up 14%, but guided fiscal 2027 growth to just 9% to 10%, with TurboTax growing only 2% to 3%. The company is deliberately accepting lower initial revenue per DIY tax customer to attract and retain users, betting that cross-selling with Credit Karma and upgrades to TurboTax Live will boost monetization. Management noted that customers using both TurboTax and Credit Karma generate roughly twice the average revenue of single-product users, and TurboTax Live customers grew 38% in fiscal 2026. However, total U.S. TurboTax units fell 2% to 39.0 million, and the company lost quality DIY customers to lower-cost providers. Intuit ended July with $7.2 billion in cash and investments against $7.7 billion of debt, repurchased $5.5 billion of stock, and raised its dividend by 15%. Fiscal 2027 non-GAAP EPS guidance of $22.88 to $23.12 includes an estimated $5.81 impact from share-based compensation, which will no longer be excluded from non-GAAP measures.

Intuit reported Q2 CY2026 revenue of $4.35 billion, up 13.7% year over year and 2% above analyst estimates, with adjusted EPS of $4.03 beating by 12.3%. However, the company guided Q3 revenue to $4.31 billion, 1.3% below consensus, and set FY2027 EPS guidance at $23, missing estimates by 15.7%. CEO Sasan Goodarzi attributed the quarter's strength to momentum in mid-market and money businesses, plus AI-driven expansion, with "Big Bets" growing 34%. Management is deliberately accepting lower initial DIY tax ARPC to acquire more customers and grow e-file share, while ramping investment in QuickBooks Free and AI features, which will pressure near-term margins but aim for durable long-term growth.

BofA Securities downgraded Intuit to Neutral from Buy, citing AI-driven pressure on its tax products and slower customer growth. The firm cut its price target to $360 from $400 and lowered fiscal 2027 revenue estimates to $23.4 billion from $23.9 billion, with adjusted EPS reduced to $23.02 from $27.23. TurboTax growth is expected at just 2.2%, well below the Street's 6.8%, as customers shift to lower-cost AI alternatives. Intuit also trimmed its long-term growth target for Global Business Solutions to 10%-15% from 15%-20%, while online customer growth slowed to about 3%. Despite strengths in Assisted Tax, Money, and Mid-Market, which grew 34% collectively and represent 30% of revenue, BofA expects fiscal 2027 to be an investment year with adjusted earnings declining 5.2% before returning to growth.

All three major U.S. stock indices closed lower, with the Dow falling 113.52 points, or 0.21%, to 53,463.88, after the Personal Consumption Expenditures (PCE) price index came in higher than expected. Investors held back trading ahead of Nvidia's earnings, the AI industry leader, due after the close. The S&P 500 closed at 7,675.70, down 0.02%, and the Nasdaq closed at 26,130.20, down 0.08%. The Commerce Department reported that the overall PCE index rose 3.7% year-over-year in July, above the 3.6% analysts had forecast, while the core PCE index rose 3.3%, in line with expectations. The data increased market expectations that the Fed may raise interest rates at its September meeting, with CME FedWatch indicating a 38.1% probability. Nvidia shares fell 1.6% ahead of its earnings release, while Meta rose 1% after reaching a settlement of up to $18 billion in a lawsuit over harm to young users. CrowdStrike gained 2% ahead of its second-quarter results. Healthcare stocks fell the most, down 1%, with Moderna down 5.8% and Intuit down 3.2% after issuing weaker revenue guidance. J.M. Smucker rose 4.3% after forecasting a smaller-than-expected sales decline. On other economic data, durable goods orders rose 1.1% in July, above expectations, and second-quarter GDP grew 1.5%, unchanged from the initial estimate. European stocks were flat, with the STOXX 600 closing at 656.41, down 0.01%, while the FTSE 100 fell 0.07%, but the CAC-40 rose 0.27% and the DAX rose 0.08%. Investors are watching talks between Iran and Oman over the Strait of Hormuz, a route for up to a fifth of the world's oil and gas. European bank stocks led gains, up 1%, with Deutsche Bank surging 4.3% to its highest level since 2011, and Commerzbank up 2.8% after reports that Germany's finance minister plans to discuss a potential acquisition of Commerzbank with UniCredit's CEO. Sources said the ECB is ready to raise interest rates in September to counter the impact of the war in Iran. WTI crude oil fell 0.16% to close at $82.23 per barrel, and Brent fell 0.84% to close at $87.84 per barrel.

Abercrombie & Fitch soared 37% after trouncing fiscal second-quarter estimates and raising its full-year outlook, with adjusted earnings of $2.42 per share and revenue up 5% to $1.27 billion, helped by tariff refunds and stronger growth at its Abercrombie unit. Intuit fell 4% after offering disappointing fiscal year 2027 guidance of $23.3 billion to $23.5 billion in revenue, below the $23.7 billion analyst estimate, though its fiscal fourth-quarter earnings and revenue beat expectations. Meta Platforms jumped 3% after reaching a settlement with state attorneys general in a case alleging it made its apps addictive to teenagers. Zoom Communications dropped 7% after its third-quarter forecast of $1.46 to $1.48 earnings per share missed the $1.50 estimate. Kohl's rose 2% after raising its full-year outlook, partly due to $150 million in tariff refunds, and announced share buybacks of up to $100 million in 2026. J.M. Smucker climbed 3% on fiscal first-quarter revenue of $2.22 billion, topping the $2.13 billion consensus. SolarEdge Technologies jumped nearly 8% after a UBS upgrade to buy, citing an FCC policy expected to boost market share and pricing power. Semtech rose over 8% on second-quarter earnings beat, with adjusted EPS of 71 cents versus 61 cents expected. Boston Scientific fell 5% after reporting a cybersecurity incident causing product disruptions. SAP declined 3% after a UBS downgrade to neutral, citing slow delivery of agentic AI.

Intuit shares fell 10% early Wednesday after the software company issued a fiscal 2027 outlook below Wall Street expectations. The company projects next year's revenue between $23.279 billion and $23.512 billion, putting the midpoint about $324.5 million below the LSEG consensus, with adjusted earnings expected at $22.88 to $23.12 per share. The weaker forecast follows a solid fourth quarter, where revenue rose 14% to $4.35 billion, topping the $4.27 billion estimate, while fiscal 2026 revenue reached $21.45 billion. Management expects slower growth from key consumer businesses, with TurboTax revenue projected to rise 2% to 3% compared with 7% growth in fiscal 2026, and Mailchimp revenue expected to remain flat or decline 1%. Intuit said lower entry prices are part of an effort to attract more customers, and it plans to include stock-based compensation in adjusted earnings, reducing fiscal 2027 adjusted EPS by $5.81 under the revised presentation.

Intuit stock fell 4% through 10:50 a.m. ET Wednesday despite reporting strong fiscal Q4 and full-year 2026 earnings, as guidance for fiscal 2027 came in weaker than expected. The company earned $4.03 per share on sales over $4.3 billion, beating analyst estimates of $3.59 per share on sales under $4.3 billion. For fiscal 2026, revenue grew 14% to $21.4 billion, with GAAP earnings of $16.46 per share, up 20% year over year. However, Intuit forecast Q1 2027 sales growth of 11% to about $4.3 billion, and full-year sales growth of only 9% to 10% to about $23.4 billion, with GAAP earnings between $20.12 and $20.36 per share. Despite the slowdown, the company still expects earnings growth of 22% to 24%, which could make the stock attractive to value investors.

U.S. stock futures hovered around the flatline on Wednesday as investors awaited the latest inflation data and Nvidia's quarterly results. Among premarket movers, Intuit tumbled 11.8% to $315.30 after issuing fiscal 2027 guidance that fell well short of expectations, overshadowing a strong fourth-quarter earnings beat. Semtech surged 4.7% after reporting record fiscal second-quarter results, with revenue of $341.9 million and adjusted EPS of $0.71 beating estimates, and data-center revenue hitting a record $100 million. SolarEdge rose 5.6% after UBS upgraded it to Buy, citing the FCC's decision to add foreign-produced power inverters to its national-security Covered List, which could tighten supply and benefit domestic suppliers. Spyre Therapeutics fell 11.7% after deciding not to develop its drug SPY072 as a standalone rheumatoid arthritis treatment despite positive statistical results, while Boston Scientific dropped 3.2% on a cybersecurity incident disrupting operations.

Intuit shares plunged 11% in premarket trading after the financial technology platform issued fiscal 2027 revenue guidance of $23.279 billion to $23.512 billion, below the $23.7 billion analysts expected, though its fiscal fourth-quarter earnings and revenue beat estimates. The disappointing outlook dragged other software stocks lower, with the iShares Expanded Tech-Software ETF down over 1%, ServiceNow off more than 2.5%, and Workday and Salesforce each down 2%. Zoom Communications fell 7% after its third-quarter earnings per share guidance of $1.46 to $1.48 came in short of the $1.50 FactSet consensus. Kohl's declined 5% after reporting a 0.9% drop in second-quarter comparable sales, worse than the 0.6% decline expected, but the retailer raised its full-year outlook, partly due to $150 million in tariff refunds, and restarted share buybacks of up to $100 million in 2026. On the upside, J.M. Smucker climbed 5.6% after fiscal first-quarter revenue of $2.22 billion topped the LSEG consensus of $2.13 billion, SolarEdge jumped nearly 7% following a UBS upgrade to buy on a new FCC policy, and Semtech rose more than 5% after beating earnings estimates with adjusted EPS of 71 cents versus 61 cents expected. Box gained over 2% on revenue beat, while Boston Scientific fell more than 3% after disclosing a cybersecurity incident causing product disruptions, and SAP dropped almost 4% after a UBS downgrade to neutral on slow agentic AI delivery.

U.S. stock futures rose on Tuesday as investors awaited Nvidia earnings and key inflation data, while the White House expanded sanctions against Iran and Bitcoin extended its rally above $80,000. Dow futures were up 89 points, or 0.2%, S&P 500 futures gained 20 points, or 0.3%, and Nasdaq 100 futures advanced 165 points, or 0.6%. Treasury Secretary Scott Bessent unveiled new economic measures against Iran, describing them as an economic onslaught against Iran's financial connections, and warned that any entity facilitating money laundering on behalf of Iran would be excluded from the U.S. dollar system. Brent crude futures fell 0.6% to $91.58 a barrel as traders played down immediate supply risks, while Intuit is scheduled to report earnings after the close following its announcement of a 17% workforce reduction. Bitcoin gained 4.0% to $80,415.7, its highest level in more than three months, supported by strong inflows into spot Bitcoin ETFs and short-covering.

Intuit and several top executives are facing a new class action lawsuit alleging they misled investors about generative AI competition and Mailchimp performance. The Bruce v. Intuit case claims the company understated competitive threats from generative AI tools to products like TurboTax and misrepresented trends in Mailchimp's business. The suit covers buyers of Intuit stock between 25 February 2025 and 1 June 2026 and alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act. Plaintiffs have expanded the suit to cover a longer class period, building on earlier litigation focused on similar issues. If the class is certified and plaintiffs succeed, Intuit could face damages, legal fees, and potential changes to how it communicates about AI competition and Mailchimp.

Intuit trades at $367, a little over half the $694.29 high it set within the past year, after a tax season the company concedes fell short of its own expectations, and amid securities class actions alleging misstatements about the strength of its tax business. The company says it lost on price with the most price-sensitive do-it-yourself filers earning under $50,000 a year, a group inside a DIY category it sizes at $5 billion, or 12% of TurboTax's addressable market. Operating margin has risen in each of the last three years, from 21.6% to 23.9% to 25.7%, and to 27.5% on a trailing-twelve-month basis now. Intuit is reducing its full-time workforce by 17%, and the CFO has said the majority of the cost savings are expected to flow to the bottom line, alongside a commitment to annual earnings-per-share growth of at least the mid teens in the coming years. At 22.1 times trailing earnings, inside a ten-year range of 15.7 to 83.9, the price appears to give little credit for the earnings side.

The Law Offices of Howard G. Smith reminds investors that securities fraud class action lawsuits have been filed against Hub Group, Planet Fitness, Intuit, and Nano-X Imaging, with lead plaintiff deadlines approaching. For Hub Group, the class period is April 28, 2023 to May 11, 2026, with a deadline of August 28, 2026; the complaint alleges material misstatements in financial statements from Q1 2023 to Q4 2024 and Q1 2025 to Q3 2025. Planet Fitness faces a class period of November 6, 2025 to May 6, 2026 and a deadline of September 14, 2026, over claims it misled investors about membership growth and a Black Card price increase. Intuit's class period runs from August 22, 2025 to May 20, 2026, with a September 8, 2026 deadline, alleging overstated competitive advantages and unrealistic TurboTax revenue guidance. Nano-X Imaging has a class period of March 31, 2025 to April 17, 2026 and the earliest deadline of August 11, 2026, accused of overstating efficiency gains and demand while facing rising operating expenses.

A securities fraud class action lawsuit has been filed against Intuit Inc. on behalf of investors who purchased or acquired Intuit securities between August 22, 2025 and May 20, 2026. The lawsuit, captioned Baldwin v. Intuit Inc. in the United States District Court for the Northern District of California, alleges that Intuit made materially false and misleading statements and failed to disclose adverse facts about its business, including that it overstated competitive advantages and growth, was losing significant business in its tax-related operations due to competitive and pricing pressures, and that its full-year 2026 TurboTax revenue growth guidance was unreliable. The complaint points to a May 20, 2026 Reuters report that Intuit was laying off about 17% of its global workforce, or about 3,000 employees, and winding down two offices, which caused the stock to drop 3.9% that day, and to Intuit's subsequent third-quarter fiscal 2026 earnings release after market close that same day, which revealed revenue growth of only 7% year-over-year versus consensus estimates of at least 8% and an acknowledgment that TurboTax online paying units were expected to grow by only 2%, leading to a further 20% stock decline. Investors have until September 8, 2026 to seek lead plaintiff status through Kessler Topaz Meltzer & Check, LLP or other counsel.

The Law Offices of Frank R. Cruz reminds investors that class action lawsuits have been filed on behalf of shareholders of Intuit, Planet Fitness, and GPGI, with lead plaintiff deadlines in September 2026. For Intuit, the class period is August 22, 2025 to May 20, 2026, and the deadline is September 8, 2026; the complaint alleges the company overstated its competitive advantages and growth while losing significant business in its tax-related segment, particularly TurboTax, due to increasing competitive and pricing pressures, rendering its fiscal 2026 TurboTax revenue growth guidance unreliable. Planet Fitness faces a class period from November 6, 2025 to May 6, 2026, with a September 14, 2026 deadline, over claims it could not sustain membership growth or proceed with a planned Black Card price increase without a major marketing overhaul. GPGI's class period runs from November 3, 2025 to May 6, 2026, also with a September 14, 2026 deadline, alleging the company overstated the value of Husky and that the Husky acquisition was motivated by generating fees for Resolute Holdings and individual defendants rather than creating long-term value for CompoSecure shareholders.

Rosen Law Firm reminds purchasers of Intuit Inc. securities between August 22, 2025 and May 20, 2026 of the September 8, 2026 lead plaintiff deadline in a securities class action. The lawsuit alleges that Intuit made materially false and misleading statements and failed to disclose that it had overstated its competitive advantages and growth, was losing significant business in its tax-related segment due to increasing competitive and pricing pressures, and that its full year 2026 TurboTax revenue growth guidance was unreliable. Investors who purchased Intuit securities during the class period may be entitled to compensation through a contingency fee arrangement without out-of-pocket costs. A class action has already been filed, and investors seeking to serve as lead plaintiff must move the Court by the September 8 deadline.

A securities class action lawsuit has been filed against Intuit Inc. on behalf of shareholders who purchased securities between August 22, 2025 and May 20, 2026. The complaint names Chairman and CEO Sasan K. Goodarzi and CFO Sandeep S. Aujla as individual defendants, alleging they controlled the company's public communications and signed Sarbanes-Oxley certifications during the class period. Intuit shares fell $76.86, or 20.02%, to $307.07 on May 21, 2026, after the company disclosed a 17% workforce reduction and TurboTax revenue that missed expectations. The suit claims the two officers sold a combined total of over $41 million in shares during the period of alleged misstatements, with Goodarzi selling 55,756 shares for over $36 million and Aujla selling 8,782 shares for over $5 million. The court has set September 8, 2026 as the deadline for investors to apply for lead plaintiff appointment.