Paychex Reports Downbeat Sales, Joins BlackBerry And Other Big Stocks Moving Lower On Thursday

U.S. stocks traded higher, with the Dow Jones index gaining around 200 points on Thursday.

Shares of Paychex, Inc. (NASDAQ:PAYX) moved lower during Thursday’s session after the company reported worse-than-expected second-quarter revenue results and issued FY24 guidance.

Paychex reported second-quarter FY24 sales growth of 6% year-on-year to $1.26 billion, slightly missing the analyst consensus estimate of $1.27 billion. Adjusted EPS of $1.08 beat the analyst consensus estimate of $1.07, according to Benzinga Pro.

Paychex shares fell 5.4% to $120.96 on Thursday.

Here are some other big stocks recording losses in today’s session.

Jin Medical International Ltd. (NASDAQ:ZJYL) shares fell 14.3% to $71.62. On Dec 18, Jin Medical International received Nasdaq letter notifying that the company failed to give detailed plan to support decision for further time for compliance.

Ispire Technology Inc. (NASDAQ:ISPR) declined 14.1% to $11.78.

BlackBerry Limited (NYSE:BB) declined 12.3% to $3.5950 following the release of third-quarter results.

Cassava Sciences, Inc. (NASDAQ:SAVA) shares fell 10.7% to $24.78.

MorphoSys AG (NASDAQ:MOR) fell 7.9% to $8.61.

Diversified Energy Company PLC (NYSE:DEC) dipped 7.6% to $14.04.

Zai Lab Limited (NASDAQ:ZLAB) fell 6.6% to $26.93.

Nanobiotix S.A. (NASDAQ:NBTX) declined 6.4% to $6.21.

Value Line, Inc. (NASDAQ:VALU) fell 6% to $45.80.

Mullen Automotive, Inc. (NASDAQ:MULN) fell 5.5% to $7.56. Mullen announced that it delivered 38 additional Class 3 vehicles to Randy Marion Automotive Group and sent the company an invoice for $2.5 million.

Warner Bros. Discovery, Inc. (NYSE:WBD) fell 4.8% to $11.10. David Zaslav, CEO of Warner Bros. Discovery, and Bob Bakish, CEO of Paramount Global, met on Tuesday and spoke for several hours about a potential merger.

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