Key Points
Nov 1 (Reuters) - Paycom Software's (PAYC.N) shares lost over a third of their value before the bell on Wednesday, after the payroll processor forecast a weak revenue for the fourth quarter as economic uncertainty persists...
After markets closed on Tuesday, the company said it was expecting fourth-quarter revenue in the range of $420 million to $425 million, compared with analysts' average estimate of $452.3 million, according to LSEG data...
"With higher uncertainty and lower visibility, we do not have a basis to recommend shares," brokerage TD Cowen wrote in a note, cautioning that trading in the stock would remain range-bound as investors seek more detail on a potential recovery...
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