Paycom Craters in Premarket

By George Banko

November 1, 2023

Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures were down on Wednesday ahead of the Federal Reserve’s latest interest rate decision. It’s expected the Fed will hold rates steady at a 22-year high for a second meeting. It’s also possible it could raise interest rates in December if the economy stays resilient.

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Here’s a look at the top-moving stocks this morning.

Paycom Software (NYSE: PAYC)

Paycom Software is down 37.15% premarket. The payroll processor is projected to wipe more than $5 billion its market capitalization after fourth-quarter revenue lagged estimates. The company projected revenue in the $420-425 million range, but analysts were expecting $452 million. The stock is set to open at its lowest since early 2019, if current levels hold.

First Solar, Inc. (Nasdaq: FSLR)

First Solar is up 4.23% premarket after posting a profit for the latest quarter. It now expects full-year earnings per share of $7.20 to $8.00, raising its outlook to $7.60 from $7.50. The U.S. solar industry expects to add a record 32 gigawatts of production capacity this year, up 53% on new capacity in 2022.

Caesars Entertainment (Nasdaq: CZR)

Caesars Entertainment is up 5.92% premarket. The entertainment group reported $2.99 billion in revenue for the quarter ending September 2023, representing a year-over-year increase of 3.7%. earnings per share of $0.34 for the same period compares to $0.24 a year ago. The EPS surprise came in at 25.93%.