The fear trade is on this morning as investors wring their hands looking everywhere for something to worry about.
The payroll processor and human-resources services provider Paychex reported a quarterly profit of $169.4 million on revenue of $704.3 million. Payroll service revenue increased 2% and human resources revenue leapt 19%. Paychex shares have increased 11% since the beginning of the year, while the stock has climbed 21% in the last 12 months. (AP)
ConAgra the Omaha, Nebraska-based maker of Reddiwip, Swiss Miss and Banquet posted a quarterly loss of $952.7 million after reporting a profit in the same period last year. Total sales were $3.88 billion for the period. ConAgra shares have decreased nearly 4% since the beginning of the year, but have increased 16% over the last 12 months. (AP)
American Express may cut jobs if it can't keep clients who got their Amex cards through a relationship with Costco. The 16-year deal between the two parties will expire next year and Costco has already signed a deal with Visa and Citigroup to replace the American Express deal. (CNBC)