The stock market closed lower on Friday and capped its worst week since September, as worries persisted on continuous rate hikes and on recession.
Overall, S&P 500 and NASDAQ both declined 0.7% to 3,934 and 11,005, respectively.
Tweet of the Day
Wholesale prices rose 0.3% in November, more than expected, despite hopes that inflation is cooling https://t.co/4Bx81Ol3KG
— CNBC (@CNBC) December 9, 2022
Chart of the Day
Our chart of the day is the ten-year chart of Paycom Software (PAYC) as of November 25, 2022, when the stock was at $327.
Paycom Software offers a complete cloud-based HR program for small and medium sizes businesses (50-10,000 employees) that human resource personnel can log into online to process payroll and benefits for employees. This software makes it easy to do talent acquisition and background checks, to payroll and time-off requests, as well as compliance tasks such as government registrations, benefits administration, COBRA and retirement.
PAYC is now building a new base, after the stock proceeded to crash then had a parabolic run higher last year. The company is doing extremely well considering the economic backdrop. It is seeing no recession in its platform. Revenue and profits jumped 30% and 38%, respectively. With a P/E of 44, this stock is a value. PAYC is part of the Growth Portfolio.
