Shares of Paychex Inc, (NASDAQ: PAYX) slumped about 5.70% by mid-day trade. The Rochester, NY based Company, which handles employee benefits and provides human resources related services, late last evening reported nearly flat earnings growth for the fiscal fourth quarter as higher revenue was offset by jump in income tax expenses.
For the quarter, Paychex posted a profit of $123.5 million or 34 cents a share up from net income of $123.3 million or 34 cents a share, in the same quarter of last fiscal year. Analysts had forecasted for earnings of 38 cents a share. During the quarter, the Company’s tax liabilities rose to $89.7 million from $74 million, in the year-earlier quarter. Revenue increased 6% to $585.3 million from $551.5 million, in the year-earlier quarter. Analysts’ consensus estimate was for revenue of $585.96 million, according to a data compiled by Thomson Reuters.
Shares of Progress Software Corporation (NASDAQ: PRGS) gained about 6% by mid-day trade. The business software maker, late last evening, said that it swung into fiscal second quarter profit. Higher revenue and favorable comparables (lower charges related to a sale of an asset) boosted the bottom line. The Company however provided cautious guidance for the current quarter. For the third quarter, Progress Software expects revenue to be in the range of $76 million to $77 million while analysts’ consensus estimate was for $78.9 million. for the second quarter, the Company earned 27 cents a share (on adjusted basis) while analysts forecast was for 22 cents a share. Revenue soared 10% to $81.7 million, edging past analysts’ expectation of $79 million, according to Factset survey. Sales of software licensing surged 43% to $29.3 million.
Shares of ConAgra Foods Inc. (NYSE: CAG) climbed about 5.50% by mid-day trade. The food company swung into fiscal fourth quarter profit. For the recently concluded quarter, ConAgra reported net income of $192.2 million or 45 cents a share compared to a loss of $86.2 million or 21 cents a share. Stripping out onetime expenses, adjusted earnings jumped to 60 cents from 51 cents a share. Analysts polled by Thomson Reuters had forecasted for earnings of 59 cents a share. Sales soared 33.7% to $4.594 billion from $3.435 billion. Analysts’ consensus estimate was for revenue of $4.60 billion.
Shares of Seaspan Corporation (NYSE: SSW) plunged about 5.40% by afternoon trade the charter containership stock was downgraded to “underperform” from “market-perform” by Wells Fargo on Thursday.
NII Holdings Inc (NASDAQ: NIHD) fell about 5% by afternoon trade. Analysts at Zacks reiterated
“neutral” rating on the stock on Wednesday. The firm current keeps a price target of $6.25.
“We are maintaining our Neutral recommendation on NII Holdings based on its low-level of current valuation and recent strategic decisions,” said Zacks equity research analysts in a note to clients on Wednesday. Last year, the stock fell almost 85%.
Shares of KB Home (NYSE: KBH) edged up after the homebuilder reported narrower-than-expected loss for the fiscal second quarter on Thursday. Revenue soared73% to $524.4 million from $302.9 million as both home deliveries and average sales price rose.
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