What's Intuit up to? It looks like something big. In the last two months, the company has filed shelf registrations with the SEC for nearly $2 billion in securities. Shelf registrations don’t necessarily mean a company is about to issue all that stock at once. But you have to wonder.

The one that is really catching competitors’ eyes is a $925 million stock registration in late December that specifies that the proceeds are to be used to acquire assets or companies. Naturally, there’s little more detail and we aren’t going to get much unless the stock is issued. But just remember, the last time Intuit registered a lot of stock, it raised $400 million to purchase Lacerte. Some observers at the time thought it was a pretty high price. But if a company’s stock appreciates, as Intuit’s did at the time, it’s a pretty cheap deal since the $400 million in cash wasn’t in Intuit’s money.

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