Diamonds and Dogs

10/1/24

 

Paychex (PAYX) is up 4% to a new all time high thanks to earnings. The Rochester firm beat by 2 cents as revenue rose 2% to $1.32 billion. The company reaffirmed guidance as small and medium size businesses remain resilient.

Risk off today with heightened tensions in the Middle East. AI stocks took a hit with Nvidia down 3% on concerns of slowing short term demand. Apple is also down 3% on concerns of weak iphone demand according to Citigroup analyst. Yesterday, Morgan Stanley made positive comments on future iphone sales. Micron is down 3% as well after a big run up last week on strong earnings.

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