How did INTU's Q3 2024 EPS surprise impact short-term traders?

Intuit's (INTU) Q3 2024 EPS surprise of $0.5, compared to the consensus estimate, had a significant impact on short-term traders, leading to mixed reactions:

1. **Positive Reaction from Analysts**: The positive EPS surprise likely led to increased confidence among analysts, as evidenced by the consensus rating of "Strong Buy" based on 22 "Strong Buy" ratings. This suggests that analysts believe the stock has potential for further price appreciation.
2. **Stock Price Movement**: Despite the positive earnings surprise, the stock fell by 8.4% the following day due to investor concerns about the sustainability of demand for its AI-powered financial products amidst a cooling broader market. This indicates that some short-term traders may have sold their positions due to uncertainty about the company's future performance.
3. **Investor Sentiment**: The market's reaction to the leadership transition at Credit Karma may have also influenced trader sentiment. The uncertainty surrounding this transition could have led some traders to become more cautious or even sell their positions.
4. **Dividend Increase and Buyback Program**: Intuit's decision to increase its dividend by 15% to $0.90 per share and its significant buyback program may attract certain short-term traders looking for income or seeking to capitalize on potential stock price appreciation. These factors could positively influence traders interested in short-term gains.

In conclusion, while the EPS surprise was positive and could have attracted some short-term traders due to the company's growth prospects and strategic initiatives, the overall market reaction, including concerns about product demand and leadership changes, likely led to mixed outcomes for short-term traders.