S&P 500 top movers: Paycom Software Inc (PAYC) gains nearly 5% on upbeat earnings
|- S&P 500 looks to close the day in the negative territory.
- Paycom Software Inc (PAYC) post strong gains on better-than-expected earnings figures.
- Cisco Systems Inc (CSCO) shares fall sharply on disappointing Q1 forecasts.
Wall Street's main indexes opened mixed on Thursday and the S&P 500 Index (SPX) struggles to push higher toward the all-time highs it set at 3,393 in late-February. As of writing, the SPX was down 0.23% on a daily basis at 3,373.
Earlier in the day, the US Department of Labor's weekly publication revealed that the Initial Jobless Claims dropped below 1 million for the first time in nearly five months but this data failed to provide a boost to sentiment.
Among the 11 major S&P 500 sectors, the Communication Services Index is up 0.3% on the day while the Energy Index is losing 1.75%.
S&P 500 top movers
Earlier in the day, Paycom Software Inc (PAYC) reported quarterly adjusted earnings of 62 cents per share for the quarter ended in June. This figure came in line with the mean expectation of 12 analysts earnings. Furthermore, the company reported that the revenue rose by 7.2% to $181.59 million from a year ago. On the back of the upbeat quarterly report, PAYC is up 4.9% on the day at $301.88 as the top-performer.
On the other hand, Cisco Systems Inc (CSCO) said that it expects the current-quarter revenue to drop between 9% and 11% from last year. The company also said that is forecasts adjusted earnings of 69 cents to 71 cents per share, compared to analysts' estimate of 76 cents. As of writing, CSCO was down 11.61% on the day at $42.50 as the biggest decliner.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.