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INTU None

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Intuit - INTU - close: 46.51 chg: +1.35 stop: 43.90

Company Description:
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses, consumers and accounting professionals. Its flagship products and services, including QuickBooks, Quicken and TurboTax software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries and Lacerte are Intuit's leading tax preparation software suites for professional accountants. Founded in 1983, Intuit had annual revenue of nearly $1.9 billion in its fiscal year 2004. The company has nearly 7,000 employees, with major offices in 13 states across the United States and offices in Canada and the United Kingdom. (source: company press release or website)

Why We Like It:
After a month of churning sideways it looks like INTU is ready for the next leg higher. Shares have been climbing since the late April lows but it's been somewhat of a slow, patience testing ride higher. Today's move and yesterday's rebound were both fed by above average volume suggesting the next significant move higher could have begun. We also like the Point & Figure chart which shows INTU in a bullish triangle breakout pattern that points to a $70.00 target. Looking at the weekly chart you can also see what looks like an inverse or bullish head-and-shoulders pattern with a slanting neckline. We are willing to buy calls at current levels and target a move toward the $50.00 region before the company's next earnings report.

Suggested Options:
We are suggesting the August calls.

BUY CALL AUG 42.50 IQU-HV OI=120 current ask $4.60
BUY CALL AUG 45.00 IQU-HI OI=471 current ask $2.55
BUY CALL AUG 47.50 IQU-HW OI=779 current ask $1.10

Picked on July 07 at $ 46.51
Change since picked: + 0.00
Earnings Date 08/17/05 (unconfirmed)
Average Daily Volume = 1.7 million
 

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None today.
 

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