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.

Eren Sengezer FXStreet

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.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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