New York, Feb 4, 2026, 07:29 (EST) — Premarket
- Intuit shares slipped roughly 0.7% in premarket trading following a steep 10.9% tumble on Tuesday.
- A sharp selloff in software and data stocks is linked to renewed concerns about AI-driven disruption.
- Traders are focusing on Intuit’s earnings call on Feb. 26, seeking guidance and insights on tax season.
Intuit Inc shares slid 0.7% to $431.03 in premarket trading Wednesday, following a steep 10.9% drop at Tuesday’s close. Premarket trading happens in the thin window before the Nasdaq opens at 9:30 a.m. ET. (StockAnalysis)
Intuit’s slump has become a quick gauge for risk appetite in software, as investors have dumped cloud stocks over the past few sessions. The software and services index has dropped in five straight sessions, losing over 12%, Reuters reported. Traders are also watching for ADP’s private payrolls report at 8:15 a.m. ET and Alphabet’s earnings coming after the close. (Reuters)
The sell-off accelerated Tuesday after AI developer Anthropic introduced plug-ins for its Claude Cowork agent that automate tasks in legal, sales, marketing, and data analysis. Investors, rattled by the potential for AI to squeeze pricing power among established software companies, fled. “Sometimes the market just shoots first and asks questions later,” said Mike Archibald, a portfolio manager at AGF Investments in Toronto, as the S&P 500 dropped 0.84% and the Nasdaq tumbled 1.43%. (Reuters)
Intuit plans to release its fiscal second-quarter results on Feb. 26, followed by a conference call at 4:30 p.m. EST, per its investor calendar. This call stands as the next key catalyst for Intuit shares, with investors eager for insights on this year’s TurboTax filing season and small-business demand trends linked to QuickBooks. (Intuit Inc.)
Oppenheimer stuck with its Outperform rating on Intuit but lowered the price target sharply to $696 from $868 on Tuesday, according to a note summary on GuruFocus. Remember, a price target reflects where analysts think a stock might head in the next year—not a promise. (GuruFocus)
Intuit is pushing for more payment flexibility within QuickBooks. On Monday, the company announced a multi-year deal with Affirm, making Affirm the exclusive pay-over-time option integrated into QuickBooks Payments. The rollout will begin “in the coming months” for qualifying U.S. businesses. “We are giving businesses a powerful new way to increase conversion and improve cash flow,” said Intuit executive David Hahn. (Intuit Inc.)
The selloff looks less like an isolated hit and more like a sector-wide reset. JP Morgan’s Toby Ogg said software stocks were being “sentenced before trial.” Ben Barringer at Quilter Cheviot noted investors are “choosing to shun the software market altogether” amid mounting doubts about AI agents’ capabilities. Intuit slipped 0.6% in U.S. premarket trading, according to Reuters’ broader sector review. (Reuters)
Nvidia CEO Jensen Huang pushed back against the disruption story at a Cisco event in San Francisco, dismissing the notion that AI will replace software tools as “illogical.” He said the recent advances actually build on existing tools instead of tearing them down and starting over. (Reuters)
Traders will be watching to see if Intuit shares hold steady after the open as the software sector reacts to new AI news. All eyes then shift to Feb. 26, when Intuit’s earnings and outlook drop amid the busiest stretch of tax season.
