Jim Cramer Is Watching Paychex Earnings Report on Wednesday

TheStreet's Jim Cramer will be watching Paychex (PAYX) when it reports its first quarter fiscal 2016 earnings before the market opens on Wednesday. Cramer said Paychex is a play on higher interest rates. 'If you think rates are going to go higher, they are going to make more money off the float,' explained Cramer. 'There are so many analysts who are negative on this because the Fed has kept rates at zero. This is a terrific play, not on employment, which is pretty good, but on higher rates.' Analysts are expecting the company to earn 51-cents a share, on revenue of $717.52-million. In the year ago quarter, Paychex earned 47-cents a share on revenue of $666.8-million. Paychex provides payroll, human resource, insurance, and benefits outsourcing services to small to medium-sized businesses in the U.S. and Germany.