Posts for Ticker ‘INTU’

Top 10 Analyst Upgrades, Downgrades, Initiations (BHP, DFG, FITB, GNTX, HRB, INTU, POT, RTP, RVBD, STI)

These are this Monday’s top ten analyst calls from Wall Street for upgrades, downgrades, and initiations:

BHP Billiton (NYSE: BHP) Started as Neutral at HSBC.
Delphi Financial (NYSE: DFG) Started as Outperform at KBW.
Fifth Third Bancorp (NASDAQ: FITB) Cut to Sell from Neutral at Rochdale.
Gentex (NASDAQ: GNTX) Raised to Outperform at Wells Fargo.
H&R Block (NYSE: HRB) Cut to Underweight at Morgan Stanley.
Intuit (NASDAQ: INTU) Started as Overweight at Barclays.
Potash Corp. of Saskatchewan (NYSE: POT) Started as Buy at Genuity.
Rio Tinto plc (NYSE: RTP) Started as Neutral at HSBC.
Riverbed Technology (NASDAQ: RVBD) Raised to Overweight at Piper Jaffray.
SunTrust Banks, Inc. (NYSE: STI) Cut to Sell from Neutral at Rochdale.

You can join our open email distribution list to get updates on top analyst upgrades and downgrades, top day trader alerts, IPO’s, secondary offerings, Warren Buffett and other guru activity, M&A and more.

JON C. OGG
OCTOBER 26, 2009

Posted on: October 26, 2009 – 8:14 am in Analyst Calls, , , , , , , , , ,

Media Digest 9/15/2009 Reuters, WSJ, NYTimes, FT, Bloomberg

newspaperReuters:   China say data show the US tire tariffs are unfair.

Reuters:   A Fed policy debate has begun now that the recession is over.

Reuters:   The world’s wealth is down 11% and the number of millionaires has fallen

Reuters:   A pact between Bank of America (BAC) and the SEC was killed in court. Read More »

Posted on: September 15, 2009 – 4:04 am in Press Digest, , , , , , , , , , ,

Intuit Continues Diversification Path (INTU)

Intuit LogoIt used to be that Intuit Inc. (NASDAQ: INTU) was a company whose life revolved around tax season as Joe Public went to buy new versions of TurboTax® software, and the offset to the seasonality was for sales of QuickBooks® and Quicken®.  While the company may never get entirely away from some of that seasonality, it has made small acquisitions where it could to drive more complimentary financial service and financial information data services that have sales and revenues throughout the year.  To continue in its diversification the company announced a $170 million acquisition of privately-held Mint.com.
Read More »

Posted on: September 14, 2009 – 12:15 pm in Financial Stocks, Internet, Mergers and Buy Outs, Software,

Access To GPS In US Gets Cheap As Apple (AAPL) iPhone Apps Grow

appleTwo years ago, GPS products cost more than $1,000. Car companies charged as much as $2,500 for the systems. Tom Tom and Garmin (GRMN) stocks hit remarkably high levels on demand for GPS  devices and on the rich prices that they could charge consumers. Less than two years ago, Gamin shares traded at over $125. The commoditization of GPS functions has helped push that price below $30.

The sales of expensive GPS products have been irreparably damaged by products like Google (GOOG) Maps which can run on smartphones. That process is continuing with Tom Tom’s release of a download product for the Apple (AAPL) iPhone. The cost of the software is only $100. Read More »

Posted on: August 17, 2009 – 5:56 am in Software, Wireless, , , , , ,

Top Analyst Upgrades (DOX, CVX, GS, ILMN, INTU, KBH, HOT, WU)

These are the top pre-market analyst upgrades and positive research calls we have seen from Wall Street early this Thursday morning:

Amdocs (DOX) Raised to Outperform at Oppenheimer.
Chevron (CVX) Started as Buy at Societe Generale.
Goldman Sachs Group (GS) Raised to Buy at BofA/Merrill.
Illumina (ILMN) Raised to Buy at Auriga.
Intuit (INTU) Started as Buy at Deutsche Bank.
KB Home (KBH) Raised to Outperform at Credit Suisse.
Starwood Hotels (HOT) Raised to Market Perform at FBR.
Western Union (WU) Raised to Outperform at Credit Suisse.

JON C. OGG

Posted on: July 9, 2009 – 6:43 am in Analyst Calls, , , , , , , ,

Top Analyst Downgrades (BJS, BUCY, BNI, INTU, JOYG,PBR, TKC, WFMI)

These are some of the top pre-market analyst downgrades we have seen early this Monday morning from Wall Street:

BJ Services (BJS) Cut to Market Perform at Wachovia.
Bucyrus (BUCY) Cut to Neutral at Baird.
Burlington Northern Santa Fe (BNI) Cut to Sell at Citigroup.
Intuit (INTU) Cut to Hold at Jefferies.
Joy Global (JOYG) Cut to Neutral at Baird.
Petroleo Brasileiro (PBR) Cut to Neutral at HSBC.
Turkcell (TKC) Cut to Neutral at UBS.
Whole Foods (WFMI) Cut to Sell at UBS.

JON C. OGG

Posted on: April 27, 2009 – 6:47 am in Analyst Calls, , , , , , , ,

Top Analyst Downgrades (GLW, ETN, EBAY, GMCR, INTU, WFR, VDSI, WFC, WYNN)

These are most of the top pre-market analyst downgrades and cautious research notes we have seen from Wall Street analysts this Monday morning:

Corning (GLW) Cut to Perform at Oppenheimer.
Eaton (ETN) Cut to Neutral at UBS.
eBay (EBAY) Cut to Sell at Collins Stewart.
Green Mountain Coffee (GMCR) Cut to Neutral at Sun Trust Robinson Humphrey.
Intuit (INTU) Cut to Neutral at UBS.
MEMC Electronic Material (WFR) Cut to Neutral at Piper Jaffray.
VASCO Data Security (VDSI) Cut to Neutral at FBR.
Wells Fargo (WFC) Cut to Market Perform at KBW.
Wynn Resorts (WYNN) Cut to Underperform at Oppenhemer.

JON C. OGG

Posted on: April 13, 2009 – 6:50 am in Analyst Calls, , , , , , , , ,

Top Pre-Market Analyst Downgrades (ADBE, AGU, CMI, INTU, MOS, NST, PENN, CRM, SCG, SGP, SYMC, TEX, XRTX)

These are the top analyst downgrade calls we are seeing this Friday morning with two hours to the open:

  • Adobe Systems (ADBE) Cut to Sell at UBS.
  • Agrium (AGU) Cut to Hold at Canaccord.
  • Cummins Inc. (CMI) Cut to Market Perform at Wachovia.
  • Intuit (INTU) Cut to Sell at UBS.
  • Mosaic (MOS) Cut to Hold at Canaccord.
  • Nstar (NST) Cut to Neutral at Merrill Lynch.
  • Penn National Gaming (PENN) Cut to Hold at Deutsche Bank.
  • Salesforce.com (CRM) Cut to Sell at UBS.
  • Scana (SCG) Cut to Underperform at Merrill Lynch.
  • Schering-Plough (SGP) Cut to Underperform at Merrill Lynch.
  • Symantec (SYMC) Cut to Neutral at UBS.
  • Terex Corp. (TEX) Cut to Market Perform at Wachovia.
  • Trimble Navigation (TRMB) Cut to Perform at Oppenheimer.
  • Xyratex (XRTX) Cut to Market Perform at FBR.

Jon C. Ogg
October 3, 2008

Posted on: October 3, 2008 – 6:38 am in Analyst Calls, , , , , , , , , , , , ,

Top 10 Pre-Market Analyst Downgrades (ACE, DRIV, EIG, PAC, INTU, NOK, NCX, OMX, VMW)

There are many research calls out this morning. Here are ten downgrades or negative analyst calls we are monitoring this morning:

  • ACE Ltd. (NYSE: ACE) Cut To Hold From Buy By Citigroup.
  • Digital River (NASDAQ: DRIV) Downgraded to Sell from Neutral at Goldman Sachs.
  • Employers Holdings (NYSE: EIG) Downgraded to Market Perform at KBW.
  • Grupo Aeroportuario del Pacifico (NYSE: PAC) Downgraded to Sell at Citigroup.
  • Intuit (NASDAQ: INTU) Downgraded to Sell from Neutral at Goldman Sachs.
  • Nokia (NYSE: NOK) lowered price target but maintained Buy at Merrill Lynch.
  • NOVA Chemicals (NYSE: NCX) Downgraded to Sell at Citigroup.
  • OfficeMax (NYSE: OMX) Downgraded to Neutral from Buy at Piper Jaffray.
  • VMware (NYSE: VMW) Downgraded to Hold at Jefferies (may be yesterday afternoon call).

Jon C. Ogg
July 9, 2008

Posted on: July 9, 2008 – 6:22 am in Analyst Calls, , , , , , , , ,

Top 10 Pre-Market Analyst Calls (AA, ACAS, NLY, ARRS, BYD, CCJ, INTU, ISRG, MCHP, PETM)

These are ten of the analyst calls we are focusing on this Wednesday morning in the early pre-market hours:

  • Alcoa (NYSE: AA) cut to Neutral at JP Morgan.
  • American Capital (NASDAQ: ACAS) started as Neutral at Robert W. Baird.
  • Annaly Mortgage (NYSE: NLY) cut to Neutral at JPMorgan.
  • Arris (NASDAQ: ARRS) cut to Perform at Oppenheimer.
  • Boyd Gaming (NYSE: BYD) raised to Neutral at Banc of America.
  • Cameco (NYSE: CCJ) raised to Buy at UBS.
  • Intuit (NASDAQ: INTU) started as Neutral at Goldman Sachs.
  • Intuitive Surgical (NASDAQ: ISRG) started as Outperform at William Blair.
  • Microchip (NASDAQ: MCHP) cut to Neutral at JPMorgan.
  • PETsMART (NASDAQ: PETM) raised to Overweight at JPMorgan.

Jon C. Ogg
June 11, 2008

Posted on: June 11, 2008 – 6:31 am in Analyst Calls, , , , , , , , , ,

Top 10 Pre-Market Analyst Calls (CENT, CSUN, EP, FSLR, INTU, MDT, MU, NOV, NUE, PALM)

These are ten of the analyst calls we are focusing on this morning:

  • Central Garden (NASDAQ: CENT) raised to Buy at Piper Jaffray.
  • China Sunergy (NASDAQ: CSUN) raised to Hold at Jefferies.
  • El Paso (NYSE: EP) Cut to Neutral from Buy By Goldman Sachs.
  • First Solar (NASDAQ: FSLR) Cut To Underperform From Mkt Perform By FBR.
  • Intuit (NASDAQ: INTU) Cut To Hold From Buy By Citigroup.
  • Medtronic (NYSE: MDT) Raised to Buy from Neutral at Goldman Sachs.
  • Micron Technology (NYSE: MU) Raised to Buy from Hold at Deutsche Bank.
  • National Oilwell Varco (NYSE: NOV) Cut to Add from Buy at Calyon.
  • Nucor Corp (NYSE: NUE) Cut to Neutral from Buy at UBS.
  • Palm (NASDAQ: PALM) Cut to Sell from Neutral at UBS.

Jon C. Ogg
May 21, 2008

Posted on: May 21, 2008 – 7:03 am in Analyst Calls, , , , , , , , , ,

Investors Await Intuit’s Key Quarter (INTU)

Intuit Inc. (NASDAQ: INTU) reports earnings after the close of trading today.  The tax and business software provider is expected to post $1.33 EPS on $1.29 Billion in revenues.  As this is the quarter that had all the Turbo Tax revenues, this is the quarter of importance similar to Christmas for retailers.

First Call has estimates for this next quarter, a total throw away quarter, at -$0.04 EPS on $471.68 million in revenues.  That will also be the fiscal year-end.  If the company offers any long-term guidance, First Call has estimates for fiscal July-2009 at $$1.80 EPS and $3.3 Billion in revenues (up 13% on EPS and up 9% on revenues from 2008 to 2009).

While Intuit has been trying diversify itself away from being a tax software company into a personal finance and business software company, the company hasn’t really performed that well over the last two and a half years.  With shares basically flat at $27.45, shares are only about 10% off the 52-week lows; its 52-week trading range is $25.08 to $33.10.  In late 2006 shares were briefly as high as $35.00.

While it isn’t as widely followed as one might expect, the analysts that cover Intuit have an average target price of $35.00.  Over the last 60 days, Credit Suisse started coverage with an Outperform rating.

It is obvious that Wall Street isn’t expecting much from today’s numbers.  As far as valuations go and as long as the company hits its targets for fiscal July-2008, the company trades with a current year implied P/E ratio of 17.26 and trades at 3-times revenues.  As long as no serious threats arise to its dominance in tax software and as long as the company can keep making strategic  acquisitions that fit within its business plan then shares are marginally cheap by most metrics and fairly valued according to other metrics.

Jon C. Ogg
May 20, 2008

Posted on: May 20, 2008 – 9:41 am in Earnings, Software,

52-Week Lows, Massive List (ALU, BGP, CELL, BBW, CVO, DENN, GCI, INFY, INTU, KLAC, NT, NWA, NXTM, PDLI, PFE, Q, SVVS, SNE, BID, TWX)

This was a massive list of lows today.  Not all closed on lows, but the list was chopped down greatly just to accommodate the size of it.  If you look at the list, there are no brokerage firms listed nor anymajor banks.  The major banks weren’t hitting the list but mostbrokerage firms were.  You can thank a firm called Bare Spurns for that. Here goes the eulogy:

  • Advance America (NYSE: AEA).. down over 10%, no real news released; financial exposure, although they are probably getting more and more pay day loans now. $6.08 at 3:30, old low $6.08.
  • Alcatel-Lucent (NYSE: ALU)… down almost 5% at $5.29, although late day got back above that $5.27 year low.
  • Borders Group (NYSE: BGP)… down another 6% ahead of earnings next week. The people that still buy books may be headed to the used book stores in tough times.  Maybe even the library.
  • Brightpoint (NASDSAQ: CELL)… day in and day out this one has been getting hit.
  • Build-a-Bear Workshop (NYSE: BBW)… now it can be even more opportunistic after ending strategic review and adding a larger buyback plan.
  • Cenveo (NYSE: CVO)… down 14% after earnings.
  • Denny’s (NASDAQ: DENN)… under $3.00 now… stock cheaper than the Grand Slam breakfast?  Maybe people can’t afford $3.00 breakfasts.
  • Gannett Co. Inc. (NYSE: GCI)… after earnings people still wary of newspaper operations.
  • General Motors (NYSE: GM)… flirting with 5-year lows.
  • Infosys Tech (NASDAQ: INFY)… This didn’t close under the old $33.80 low of the year, but was there intraday.  Maybe outsourcing is peaking.
  • Intuit (NYSE: INTU)… had no news, that pre-tax season trade getting cheaper and cheaper.
  • KLA-Tencor (NASDAQ: KLAC) hit hard again after downgrade already shaved off almost 10% earlier in wee.  Down 4.4% at $36.40 with 15 minutes to close.
  • Nortel Networks (NYSE: NT) at $6.34 at 3:45… High is $27.71.  What more can you say? It’s always on the list.
  • Northwest Airlines (NYSE: NWA) down over 3.5% at $9.50 with 15 minutes to close. What ever happened to that merger they were supposed to be in?
  • Nxstage Medical (NASDAQ: NXTM)… are kidney dialysis treatments economically sensitive?
  • PDL Biopharma (NASDAQ: PDLI).. so much for that buyout hope, that’s already been called off.  Almost under a $1 Billion market cap.
  • Pfizer (NYSE: PFE)… a true surprise to see this one here again.  Will it bust $20? Shares down 3% at $20.55 with 10 minutes to close.
  • Qwest Communications (NYSE: Q)…. now under $5.00.
  • Savvis Inc. (NASDAQ: SVVS)… down more than 5% to under the old $15.14 low. Doing IT, bandwidth, storage, network infrastructure, not as great when you have huge exposure to financial institutions.
  • Sony Corp. (NYSE: SNE)… just when it was getting its act back together… $41.81 right before close; old 52-week low was $42.10.
  • Sothebys (NYSE: BID)… down more than half from highs.  Wall Street’s "Even the rich are bitching!" must apply to high-end auctioneers too.
  • Time Warner (NYSE: TWX)….. now under $14.00.

Jon C. Ogg
March 14, 2008

Posted on: March 14, 2008 – 3:04 pm in HI/LOW, , , , , , , , , , , , , , , , , , , ,

Pre-Market Stock News (December 20, 2007) (ACN, ATVI, ALTU, ARRY, ATHX, BSC, BX, CAKE, ECHO, INTU, FDX, MLHR, IDEV, LDK, LEG, LOCM, NKE, ORCL, PIR, RIMM, RAD, RUTH, SMOD, SCS, DEEP, TRB)

This is not every bit of news on individual stocks but this is the major news affecting many shares in pre-market activity this Thursday morning:

  • Accenture (ACN) stock up 4% after posting $0.60 EPS vs. estimate of $0.56.
  • Activision (ATVI) again guided earnings higher.
  • Altus Pharmaceuticals (ALTU) traded down almost 20% after it reacquired ALTU-238 development and commercialization rights for North America from Genentech, an end to the development pact.
  • Array BioPharma (ARRY) traded down almost 20% after it announced initial results from a Phase II study comparing its monotherapy with temozolomide in the first-line treatment of advanced melanoma showed no apparent difference in efficacy for the primary endpoint.
  • Athersys (ATHX) and Angiotech announce authorization of Phase I stem cell trial for heart attacks.
  • Bear Stearns (BSC) expected to post first loss.
  • Blackstone (BX) plans to sell a $9 Billion CMBS offer backed by Hilton Hotels in Q1 2008.
  • Cheesecake Factory (CAKE) had a 10% stake taken by activist Nelson Peltz.
  • Electronic Clearing house (ECHO) getting acquired by intuit for $17.00 per share.
  • FedEx (FDX) $1.54 EPS vs. $1.50 estimates (had been lowered) but next quarter $1.15-1.30 vs. $1.38 est.; $6.40 to $6.70 for year bvs. $6.47 estimate.
  • Herman Miller (MLHR) $0.72EPS Vs. estimate of $0.59; stock rose about 10%.
  • Indevus Pharma (IDEV) trading down about 5% on a non-approvable letter from the FDA for VALSTAR NDA supplement (submitted May 2007).
  • Intuit (INTU) paying $131 Million for ECHO.
  • LDK Solar (LDK) $0.37 EPS on $157M revenues vs. $0.37/$143.22M est.; Q4 guidance $0.40-$0.41 on $180-$185M revenues vs. $0.41/$167.5M est.; stock indicated down 5%.
  • Leggett & Platt (LEG) stock down about 5% on lower guidance.
  • Local.com (LOCM) announced a strategic partnership with IAC/Interactive’s Citysearch; stock trading up 7% on news.
  • Nike (NKE) traded up 3% after $0.71 EPS on $4.3 Billion revenues vs. estimates $0.66/$4.3B.
  • Oracle (ORCL) traded up 6% after beating earnings and giving slightly higher guidance; sees enterprise spending lasting into 2008.
  • Pier 1 (PIR) -$0.11 EPS vs -$0.24 estimate.
  • Research-in-Motion (RIMM) reports earnings after the close today.
  • Rite Aid (RAD) indicated down about 5% after posting loss.
  • Ruths Chris (RUTH) gave an earnings warning.
  • Smart Modular Tech (SMOD) $0.18 EPS vs. $0.17 estimate.
  • Steelcase (SCS) $0.30 EPS vs. $0.28 estimate.
  • Superior Offshore (DEEP) signed a letter of intent with a strategic partner for ownership of a DP-III deepwater construction and dive support vessel expected to be delivered in late 2008.
  • Tribune (TRB) buyout supposedly set to close today.

Jon C. Ogg
December 20, 2007

Posted on: December 20, 2007 – 8:02 am in Pre-Market Activity, , , , , , , , , , , , , , , , , , , , , , , , , ,

Intuit Continues Diversification Strategy (INTU, ECHO)

Intuit Inc. (NASDAQ:INTU) is continuing to diversify away from being a tax and "Quickbooks" company.  It has signed a new agreement to acquire Electronic Clearing House Inc. (NASDAQ:ECHO) for $17.00 per share in cash.  The total purchase price is approximately $131 million on a fully diluted basis. 

Electronic Clearing House is a provider of e-payment processing solutions for checks, debit cards, credit card processing, check verification, collection, and guarantee services and automated clearing house capabilities.

This isn’t the first dance for these two.  Intuit had previously signed a definitive agreement to acquire ECHO in December 2006, but the parties mutually terminated the arrangement in March 2007.

Shares were halted shortly after the announcement. ECHO closed the day up 2% at $7.90 and the 52-week range is $7.70 to $18.73.  At $17.00, this is greater than a 100% premium acquisition.  Intuit’s market cap is $10 Billion, so the size or price of this is irrelevant for all practical purposes.

We noted with its last earnings how the company’s diversification away from tax prep was a boost, and this is one more incremental move in that direction.

Jon C. Ogg
December 19, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he produces the SPECIAL SITUATION INVESTING NEWSLETTER covering buyouts, merger-arb, spin-offs, and more.  He does not own securities in the companies he covers.

Posted on: December 19, 2007 – 5:25 pm in Mergers and Buy Outs, Software, ,

Intuit Holds Its Own, Despite Losses (INTU)

Intuit Inc. (NASDAQ:INTU) has posted revenues of $444.9 million, which is up 27% from the year ago quarter.  Its non-GAAP loss was -$0.10 EPS.  First Call had estimates at -$0.12 EPS on $437.5 million in revenues.  the losses are actually immaterial here as this is traditionally a throw-away quarter for the company.  Here is a break-down of the revenue segments, and the gains are listed as year-over-year unless specifically noted:

  • QuickBooks revenue was $146.9 million, up 9%.
  • Payroll & Payments revenue was $131.3 million, up 5%.
  • Consumer Tax revenue was $13.3 million, up 18 %.
  • Professional Tax revenue was $11.0 million, up 13%.
  • Financial Institutions revenue was $72.2 million and includes the results of Digital Insight, which was acquired in February 2007.
  • "Other" revenue was $70.2 million, up 11%.

Intuit reaffirmed its previously given revenue and earnings per share guidance for the second quarter of fiscal 2008: Revenue of $833 million to $848 million, or growth of 11 percent to 13 percent.  On a non-GAAP basis, diluted EPS is expected to be $0.34 to $0.36, compared with non-GAAP diluted EPS of $0.44 in the year-ago quarter.  Intuit would have expected second-quarter revenue growth of 8 percent to 10 percent and second-quarter non-GAAP diluted EPS of $0.40 to $0.42.  It is difficult to draw exact comparisons because of a unit shift, but we show First Call estimates at $0.38 EPS and $848.75 million in revenues.

Steve Bennett, Intuit’s president & CEO: “QuickBooks 2008 is off to a great start and Payroll and Payments growth continues to be strong. With the launch of TurboTax for the 2007 tax year coming next week, we’re looking forward to another great year for Intuit.” Of course the company can say a myriad of things on the conference call that might change this, but it sure looks like and sounds like Intuit is diversifying into a broader company with revenues and earnings that is becoming far less dependent only upon tax season each year.

Shares closed down 0.5% at $29.26, and shares are indicated up about 3% from teh closing price in after-hours trading.  The 52-week trading range is $26.14 to $34.94.

Jon C. Ogg
November 15, 2007

Jon Ogg produces the 24/7 Wall St. Special Situation Investing Newsletter; he does not own securities in the companies he covers.

Posted on: November 15, 2007 – 4:29 pm in Earnings, Software,

Intuit Thinks Its Key Quarter Will Keep Going (INTU)

Intuit (INTU-NASDAQ) is a true odd-bird in technology and software, particularly since its last quarter is the crux of its entire year EPS year in and year out.  The company fell 8% in march on weak TurboTax sales although it stuck by guidance. Then it gave reiterated guidance again in April.  Mysteriously today, the company beat and suddenly "guided higher."  It sure sounds like these guys get overly pumped each year right after the first tax season rush.  Shares were less than 10% above the 52-week lows, yet all of a sudden shares are up 8% in after-hours up at $30.00.

INTU posted earnings of $1.13 non-GAAP EPS vs $1.08 estimates and revenues of $1.15 billion versus $1.12 billion estimates.  It also raised fiscal July-07 guidance: Revenue prior guidance: $2.625 billion to $2.675 billion, representing annual growth of 12-14%. New guidance: $2.685 billion to $2.7 billion, representing annual growth of approximately 15%. GAAP diluted earnings per share – Former guidance: $1.10 to $1.14. New guidance: $1.15 to $1.17.  Non-GAAP diluted earnings per share – Former guidance: $1.33 to $1.37. New guidance: $1.38 to $1.40. The new guidance represents annual EPS growth of 14-16%.

Intuit also announced today a new stock repurchase program for up to $800 million over the next three years. Intuit used all remaining funds in its last $500 million repurchase program, authorized in May 2006, during its third-quarter 2007, which ended on April 30. Since authorizing its first stock repurchase program in May 2001, Intuit has spent approximately $3.7 billion to repurchase approximately 159 million shares of its stock.

It’s always amazing how some companies that have major seasonal operations like a tax software company are able to be so optimistic after their key quarter.  Oh well, it’s America and everyone is happier when they receive a one-time check.  This one is even more dependent upon your "trust of a company" than most, so skeptics may view this one with more questions even if it does actually all look good. 

Jon C. Ogg
May 17, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Posted on: May 17, 2007 – 4:06 pm in Earnings, Software,