Paychex Lower Despite Q4 Beat

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Paychex, Inc. PAYX shares are trading lower by $1.00 (2 percent) at $57.68 in Wednesday's session.

The stock is in the red despite a Q4 EPS beat of a penny along with a slight sales beat. Perhaps the Street was looking for better than its FY 2018 payroll services being up more than 1-2 percent and HRS sales up more than 8-10 percent.

After a lower open, Paychex attempted to rally but found sellers at $58.00 and continued its move lower. The ensuing decline took the stock all the way to $56.56 before mounting a rebound. That low coincides perfectly with its May 17 low of $56.57.

At this time, the stock is re-approaching its early-morning high climbing as high as $57.72 as of 11:15 a.m. EST.

Posted In: TechnicalsIntraday UpdateMoversTrading Ideas
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