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    INTU   US4612021034

INTUIT INC.

(INTU)
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Intuit : Wall Street dips as choppy recovery, looming tax hikes weigh on sentiment

09/14/2021 | 02:17pm EDT

(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.)

* August CPI comes in cooler than expected

* Financials worst performers as bond yields drop

* Apple down slightly after product launch event

* Indexes down: Dow 0.65%, S&P 500 0.38%, Nasdaq 0.15%

NEW YORK, Sept 14 (Reuters) - Wall Street lost ground on Tuesday as investors looked past lower-than-expected inflation data, focusing instead on economic uncertainties and growing chances of a corporate tax rate hike.

All three major U.S. indexes initially bumped higher following the Labor Department's consumer price index report, but optimism quickly faded and they turned negative in a reminder that September is a historically rough month for stocks.

Dropping yields for benchmark U.S. Treasuries pressured financial stocks and investor favor pivoted back to growth at the expense of value.

"We're in a seesaw market," said Greg Bassuk, chief executive at AXS Investments in Port Chester, New York. "Until there is more consistency in the trajectory of economic recovery, the double rotation trades we're seeing right now will continue."

The advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.

"Investors are still cautious," Bassuk added. "Besides the economic data, they care about the continued spread with delta variants, uncertainty with the Fed, as well as geopolitical concerns."

The CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell's assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.

The long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden's $3.5 trillion budget package inching closer to passage.

The Dow Jones Industrial Average fell 226.96 points, or 0.65%, to 34,642.67; the S&P 500 lost 16.76 points, or 0.38%, at 4,451.97; and the Nasdaq Composite dropped 22.32 points, or 0.15%, to 15,083.26.

Financial stocks suffered the biggest percentage drop among the 11 major sectors in the S&P 500, while healthcare led gainers.

Apple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares were last down 0.7%.

Intuit Inc gained 2.2% after the TurboTax maker announced it would acquire digital marketing company Mailchimp for $12 billion.

CureVac slid 8.3% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.

Declining issues outnumbered advancing ones on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.83-to-1 ratio favored decliners.

The S&P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 45 new highs and 71 new lows. (Reporting by Stephen Culp; additional reporting by Krystal Hu in New York and Ambar Warrick in Bengaluru)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 0.75% 144.84 Delayed Quote.9.16%
INTUIT INC. 1.54% 552.16 Delayed Quote.43.16%
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Analyst Recommendations on INTUIT INC.
More recommendations
Financials (USD)
Sales 2022 11 167 M - -
Net income 2022 2 115 M - -
Net cash 2022 2 547 M - -
P/E ratio 2022 72,5x
Yield 2022 0,48%
Capitalization 151 B 151 B -
EV / Sales 2022 13,3x
EV / Sales 2023 11,7x
Nbr of Employees 13 500
Free-Float 97,1%
Chart INTUIT INC.
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Intuit Inc. Technical Analysis Chart | INTU | US4612021034 | MarketScreener
Technical analysis trends INTUIT INC.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 22
Last Close Price 552,16 $
Average target price 603,11 $
Spread / Average Target 9,23%
EPS Revisions
Managers and Directors
Sasan K. Goodarzi President, Chief Executive Officer & Director
Michelle M. Clatterbuck Chief Financial Officer & Executive Vice President
Brad D. Smith Executive Chairman
Atticus Tysen Chief Information Officer & Senior Vice President
Marianna Tessel Chief Technology Officer & Executive VP
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