Diamonds and Dogs
Paychex (PAYX) reports strong earnings. Local firm, Paychex is up 4% moving toward its all-time high following better than expected earnings and raised guidance. Paychex's fiscal 2022 is off to a strong start as the company achieved double-digit growth in both revenue and earnings. Paychex has benefited from the pandemic as businesses streamlined their business by outsourcing their payroll and HR departments.
Profit-taking in CarMax (KMX) as the stock is down 16% following earnings. CarMax has been producing record sales during the pandemic as the chip shortage for new cars pushed people toward used cars. However, the chip shortage should ease going forward and higher purchasing costs and administrative costs are eating into profits. Going forward, CarMax will struggle to produce the earnings and sales they did during the pandemic.
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