Paycom’s stock craters toward worst day on record as former bulls head for the hills

At least seven former bulls just cut bait on Paycom Software Inc. shares, which were melting down Wednesday after the company delivered a grim growth forecast.

Paycom’s PAYC projection for 10% to 12% revenue growth next year was essentially half of what analysts had been projecting heading into the company’s third-quarter report. Management noted that the company’s Beti payroll product was cannibalizing some other services.

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