Intuit Inc. (NASDAQ:INTU) plunged ~20% May 20–21 after a 17% global job cut and restructuring, weak Q3 tax-season results and TurboTax price pressure tied to class-action claims, while Morgan Stanley downgraded the stock even as Intuit launched a QuickBooks-linked Business Credit Card for SMBs.
Previous Week Recap
- Intuit Inc. Plunge After Cutbacks: INTU plunged ~20% May 20–21, 2026 after Intuit disclosed a 17% global job cut and restructuring. Weak Q3 2026 tax-season results and TurboTax price pressure followed; linked to class-action claims.
- Intuit Inc. Downgrade To Equal-Weight: Morgan Stanley downgraded Intuit Inc. (INTU) from overweight to equal-weight; the action reflects a change in the firm’s analyst rating for Intuit Inc. (INTU) as reported in the news summary.
- Intuit Launches Business Credit Card: Intuit (INTU) launched a Business Credit Card for U.S. small firms, natively syncing with QuickBooks, offering unlimited 2% cash back (5% on Intuit), flexible limits and customizable employee cards.
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