Paycom Shares Plunge on Grim Growth Forecast, Loss of Bullish Sentiment

Paycom shares were on track for their worst day on record Wednesday.

At least seven former bulls just cut bait on Paycom shares, which were melting down after the grim growth forecast.

Paycom projected 10-12% revenue growth next year, essentially half of what analysts had expected.

Management said Paycom's Beti payroll product was cannibalizing some other services.

Paycom shares were melting down after the company delivered a grim growth forecast.