Paychex (PAYX) Message Board

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Technology Stocks : Paychex (PAYX)

PAYX 110.50

+0.2%

Jan 15 3:59 PM EST

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To: HRM who wrote (156)	6/14/1999 5:31:00 AM
From: Jim Garrison	Read Replies (1) of 210

Harry: Thanks for your input. I had a similar idea to yours on the trading range and since it's nearing the lower level of the range, looked like might be a buy. I have investigated some more, and factoring in other input: 1) The recent price action on short term graph (6 months) sure looks a lot like a "falling knife". Not good in a down market. Per Peter Lynch, best to wait for it to hit bottom and bounce around for a while. 2) I was concerned about the recent around 30% dive. After looking at it some more, I think that a large part of this is that it has suffered from the carnage that the high p/e stocks have been suffering lately (ala PFE, AOL, DELL, etc). I was surprised at it's pe even at these price levels. I have p/e's at 44 ttm and 36 next 12 months with 35 the average p/e over last 5 years. Fundamentally, appears around fair value around this price level, but not particularly cheap. And with definite technical short term downtrend. ================= My conclusion is to wait until it finds some support and not try to "bottom fish". Maybe after earnings later this month (6/29). jim g

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