Paycom Shares Plunge on Grim Growth Forecast, Loss of Bullish Sentiment
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Paycom shares were on track for their worst day on record Wednesday.
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At least seven former bulls just cut bait on Paycom shares, which were melting down after the grim growth forecast.
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Paycom projected 10-12% revenue growth next year, essentially half of what analysts had expected.
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Management said Paycom's Beti payroll product was cannibalizing some other services.
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Paycom shares were melting down after the company delivered a grim growth forecast.