Goldman: Paychex Profit, Sales View To Hurt Stock

NEW YORK (AP) — Shares of Paychex Inc., which provides payroll and personnel services, dropped after a Goldman Sachs analyst added the stock to his "Americas Conviction Sell" list amid rising unemployment.

Analyst Julio Quinteros said in a note to investors Thursday that Paychex's shares will likely suffer after it reports its fourth-quarter earnings and forecast for 2010 on May 25.

He expects earnings per share to fall 8 percent in the fiscal year ending in May 2010 to $1.37 per share, and sales to drop 5 percent as the company's checks-per-client decline and new sales are limited. ...