INTUIT GREEN WHILE ADOBE BLEEDS
Today, Wells Fargo double-downgraded Adobe to Underweight, and Adobe slid. Intuit went the other way and traded up about 1–1.5%, with the rest of the software rebound.
Adobe call came from Wells Fargo analyst Michael Turrin. I found no Intuit-specific rating change today, so this move is about how money is moving between software stocks.
The market is treating the Adobe downgrade as an Adobe problem. Turrin's worries are Adobe's own: losing creative budget share to AI tools, a hard Q4 net new ARR target, and a CEO change on Dec 1. Meanwhile, BofA's Salesforce upgrade argued that platforms built on business data and workflows benefit from AI. Intuit's TurboTax, QuickBooks and Credit Karma fall into that camp.
Intuit is still deep below its 200-day average after a rough year. A clean bounce from the 262 monthly low to 307 is the kind of move value buyers look for, but the bigger trend hasn't flipped yet.
$INTU.US trading at $306.89 (+1.37% today). Day high 314.95.
⏱ 1Hr chart Analysis
Hold 300 = the bounce keeps its shape
Reclaim 315 = the push continues toward 322
Lose 295 = the whole bounce was a fake pump
📅 Daily chart Analysis
Below the 50D (~322) and far below the 200D (~383). The bigger trend is still down.
Hold 285 = a higher low forms
Reclaim 322 = the first real trend change, aiming for 342
Lose 262 = back to the monthly lows
Today, Wells Fargo double-downgraded Adobe to Underweight, and Adobe slid. Intuit went the other way and traded up about 1–1.5%, with the rest of the software rebound.
Adobe call came from Wells Fargo analyst Michael Turrin. I found no Intuit-specific rating change today, so this move is about how money is moving between software stocks.
The market is treating the Adobe downgrade as an Adobe problem. Turrin's worries are Adobe's own: losing creative budget share to AI tools, a hard Q4 net new ARR target, and a CEO change on Dec 1. Meanwhile, BofA's Salesforce upgrade argued that platforms built on business data and workflows benefit from AI. Intuit's TurboTax, QuickBooks and Credit Karma fall into that camp.
Intuit is still deep below its 200-day average after a rough year. A clean bounce from the 262 monthly low to 307 is the kind of move value buyers look for, but the bigger trend hasn't flipped yet.
$INTU.US trading at $306.89 (+1.37% today). Day high 314.95.
⏱ 1Hr chart Analysis
Hold 300 = the bounce keeps its shape
Reclaim 315 = the push continues toward 322
Lose 295 = the whole bounce was a fake pump
📅 Daily chart Analysis
Below the 50D (~322) and far below the 200D (~383). The bigger trend is still down.
Hold 285 = a higher low forms
Reclaim 322 = the first real trend change, aiming for 342
Lose 262 = back to the monthly lows