Updates at market open

** Intuit INTU.O shares hit over five-year low, falling 19.6% in early trading

** Co lowered its annual TurboTax revenue forecast on Wednesday and said it would cut 17% of its full-time workforce

** Co cutting nearly 3,000 jobs globally, as reported by Reuters, seeking to streamline operations and sharpen focus on key areas such as AI

** Morgan Stanley, which removed INTU from its top pick, says "while one focus of the announced restructuring was to drive more free cash flow from the asset, this does little to improve the growth equation"

** Co reported $8.56 bln in revenue for the February–April quarter, missing analysts’ estimates of $8.61 bln

** 28 of 35 brokerages rate the stock "buy" or higher, 7 "hold"; their median PT is $558 - LSEG-compiled data

** INTU shares have plunged about 53.4% YTD, compared with a 12.5% rise in the Nasdaq .IXIC, and are trading ~62% below their all-time intraday high