Paychex (PAYX.US) stock plunged more than 5%, despite the company reporting fiscal third-quarter profit that topped expectations. The human resources services company reported earnings of 97 cents per share, which came in above market estimates of 92 cents per share. Sales of $1.1 billion met the expectations of analysts. “Client retention remains strong and at record levels, and our results for the third quarter show that our resilient business model has helped us navigate the uncertainties created by COVID-19. We continue to see progress in our key indicators and remain committed to providing our clients the flexibility, technology, and resources they need to respond and adapt to the uncertainties of the COVID-19 environment,” says CEO Martin Mucci.
Paychex (PAYX.US) stock reached a new record at $101.21 yesterday ahead of quarterly earnings. However figures were not well received by investors and stock price fell sharply during today's session. Nevertheless buyers managed to halt declines at local support at $93.80 which is additionally strengthened by 50 SMA (green line). Source: xStation5
