FTSE 100 movers: Intuit knocks stuffing out of Sage

21st Aug 2009 11:14

Intuit, a major US rival to accounting software firm Sage Group, announced a net loss of $70.7m for the three months to 31 July yesterday but, perhaps more importantly from the perspective of a Sage shareholder, it painted a gloomy picture of prospects for this year and next.Intuit's chief executive officer Brad Smith said most of the company's business was recession proof but the company's QuickBooks software suite, which competes with Sage's offerings in the small business market, could be vulnerable to an increase in company failures.Intuit said that for the current fiscal year to 31 July 2010 it expects adjusted earnings of between $1.89 and $1.96 per share, a figure which sent analysts scurrying to revise their earnings estimates downwards.Intuit's statement took the shine off Sage's shares which have risen by almost a fifth over the last month.The oil price has been trending higher over the last month but that has not dampened demand for airline British Airways, which has risen by around one-third over the same period.The stock is the top performer among blue-chips this morning as investors continue to get on board what is seen as a recovery play as the global economy improves. FTSE 100 - RisersBritish Airways (BAY) 184.50p +5.13%Legal & General Group (LGEN) 76.85p +4.27%SABMiller (SAB) 1,403.00p +3.01%Aviva (AV.) 400.50p +2.88%3i Group (III) 292.50p +2.70%International Power (IPR) 275.70p +2.61%Old Mutual (OML) 91.70p +2.57%Lonmin (LMI) 1,475.00p +2.43%National Grid (NG.) 595.00p +2.23%Prudential (PRU) 533.50p +2.20%FTSE 100 - FallersWPP Group (WPP) 496.10p -2.25%Randgold Resources (RRS) 3,442.00p -1.80%Autonomy Corporation (AU.) 1,285.00p -1.53%Sage Group (SGE) 221.60p -1.47%British Land Co (BLND) 462.00p -1.45%Hammerson (HMSO) 387.60p -0.82%Cable & Wireless (CW.) 139.70p -0.50%Vodafone Group (VOD) 130.75p -0.49%Serco Group (SRP) 444.20p -0.38%Morrison (Wm) Supermarkets (MRW) 266.50p -0.37%