Automatic Data Processing (ADP) NewsBite – ADP Downgraded By Bernstein
Posted on | January 31, 2009 | Comments Off
Posted on Tuesday, January 27, 2009 1:30 PM
Automatic Data Processing (ADP) was downgraded today by analysts at Bernstein and the stock is now at $37.27, down $0.37 (-0.98%) on volume of 4,186,125 shares traded. The analysts downgraded the stock to “Market Perform” from “Outperform.” Over the last 52 weeks the stock has ranged from a low of $30.83 to a high of $45.97. Automatic Data Processing stock has been showing support around $36.23 and resistance in the $38.79 range. Technical indicators for the stock are neutral and S&P gives ADP a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on ADP the stock seems like it could be a candidate for a March out-of-the-money bear-call credit spread above the 42.50 range. [ABR-Seven Summits Strategic Investments NewsBite]
Given the doom and gloom stories we are seeing every day on the news, seeing ADP being downgraded from “outperform” to “market perform,” does not sound that bad for our industry. ADP, because of their size alone, can almost be considered an economic bellwether for our industry. We will continue to post stock market reports of the larger HRIS and Payroll software providers in the industry.
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