Intuit (INTU) rallies 3%+ Monday, leading software rebound as investors look past AI-disruption fears (Oct 12)
What happened
Intuit rallied more than 3% just after Monday's opening bell, making it one of the top performers in the Nasdaq-100, as software stocks rebounded broadly. Salesforce jumped 3-4% on Bank of America's double-upgrade to Buy with a $285 price target, and the bid spread to ServiceNow, Workday, and Intuit. The move is a relief bounce for Intuit specifically: the stock has been crushed by AI-disruption fears — most recently Anthropic's 'Managed Agents' launch, which knocked it 8.3% in a single session — leaving it down roughly 45% year to date. Analysts quoted in coverage called the disconnect between near-term fundamentals and long-term AI fears 'enormous,' and the rotation suggests some short sellers are covering.
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Start your free 14-day trialWho’s affected
- INTU (Intuit): up more than 3% shortly after the open, among the top Nasdaq-100 performers Monday
- CRM (Salesforce): +3-4% on the BofA double-upgrade to Buy, $285 target — the sector catalyst
- WDAY (Workday): +3%, fellow Nasdaq-100 software outperformer
- NOW (ServiceNow), MSFT (Microsoft): up 1-3% in the software rotation