For Wednesday September 30, TheStreet notes one major company set to release its quarterly earnings results. Paychex (PAYX) is scheduled to report its numbers before the market open. Paychex is a provider of payroll and other human resources-related services. Overall, analysts are expecting the company’s top and bottom line to increase year-over-year. For the first quarter of fiscal 2016, analysts are calling for earnings of $0.51 a share on revenue of $717.52 million. Some of the things that may boost its long-term growth strategy are joint ventures, acquisitions and product launches. Over the past few quarters, its payroll segment has seen a steady growth. On top of that, the small business market is also expected to see a greater employment growth. TheStreet’s Jim Cramer said, ‘Paychex reports tomorrow and you know what? This is really much more of a play on higher rate. If you think rates are going to go higher, they’re going to make more money off the float. There are so many analysts who are negative on this because the Fed has kept rates at 0. This is a terrific play not on employment, which is pretty good, but on higher rates and I think higher rates are coming.’ Several key economic reports are due out on Wednesday. At 7 a.m. Eastern, the MBA mortgage applications will be released. This is a leading indicator for single-family home sales and housing construction. Then at 8:15 a.m., we get the ADP employment report showing us how the private sector did. At 9:45 a.m., the Chicago purchasing managers’ index (PMI) will come out tell us more about the business activity in the Midwest region. Last but not least, the Energy Information Administration (EIA) releases its weekly data on oil inventories. TheStreet’s U-Jin Lee reports from New York.
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