On July 14, Intuit fell 6.01% in regular trading, trading at $273.955/share, with turnover of $136 million. The decline deepened from a pre-market loss of approximately 3.3%-4.7% as selling pressure intensified throughout the session.

On the news front, IBM released preliminary earnings results that triggered a broad selloff across US software stocks. ServiceNow fell 5.8%, Salesforce dropped 5%, and Accenture also declined in pre-market trading, setting a negative tone for the sector heading into the regular session.

Within the Application Software sector, Palantir Technologies fell 4.88%, Salesforce declined 4.07%, and Circle Internet Corp. dropped 2.37%, while CleanSpark rose 11.49% and Strategy gained 2.39%. The sector-wide weakness compounded existing headwinds for Intuit, which has faced fundamental concerns including Goldman Sachs downgrading the stock to Sell in early June with a $276 price target, citing intensifying competition in the tax software space and slowing Mailchimp growth. More recently, Rothschild&Co Redburn lowered its target price from $600 to $540.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)