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	<title>Trefis Insights &#187; ADP</title>
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		<title>With Small Business Hiring on a Roll, ADP&#8217;s Good for $58</title>
		<link>http://www.trefis.com/articles/97900/with-small-business-hiring-on-a-roll-adps-good-for-58/2012-01-12</link>
		<comments>http://www.trefis.com/articles/97900/with-small-business-hiring-on-a-roll-adps-good-for-58/2012-01-12#comments</comments>
		<pubDate>Thu, 12 Jan 2012 14:25:20 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[4]]></category>
		<category><![CDATA[ADP]]></category>
		<category><![CDATA[Company Summaries]]></category>
		<category><![CDATA[IT Services & Computers]]></category>
		<category><![CDATA[Kabeer Jain]]></category>
		<category><![CDATA[Trammel Martin]]></category>
		<category><![CDATA[Automatic Data Processing]]></category>
		<category><![CDATA[employment]]></category>
		<category><![CDATA[IPhone]]></category>
		<category><![CDATA[Paychex]]></category>
		<category><![CDATA[Small business]]></category>
		<category><![CDATA[Trefi]]></category>
		<category><![CDATA[United States]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=97900</guid>
		<description><![CDATA[Last week ADP (NYSE:ADP) released its December 2011 employment report indicating the largest jump in employment in the year. According to the report, private-sector employment grew by 325,000 jobs from November to December across the nation. Service industry was the largest contributor creating 273,000 new jobs. Payrolls in the goods-producing industries increased by 52,000 employees, including 22,000 in [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/97900/with-small-business-hiring-on-a-roll-adps-good-for-58/2012-01-12/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Uncertainty for ADP and Paychex Rises as Small Business Loans Fall</title>
		<link>http://www.trefis.com/articles/93938/concerns-for-adp-and-paychex-as-small-business-loans-fall/2011-12-21</link>
		<comments>http://www.trefis.com/articles/93938/concerns-for-adp-and-paychex-as-small-business-loans-fall/2011-12-21#comments</comments>
		<pubDate>Wed, 21 Dec 2011 19:20:37 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[10-20]]></category>
		<category><![CDATA[3]]></category>
		<category><![CDATA[4]]></category>
		<category><![CDATA[ADP]]></category>
		<category><![CDATA[Company Summaries]]></category>
		<category><![CDATA[IT Services & Computers]]></category>
		<category><![CDATA[Kabeer Jain]]></category>
		<category><![CDATA[Paychex]]></category>
		<category><![CDATA[Trammel Martin]]></category>
		<category><![CDATA[Business]]></category>
		<category><![CDATA[employment]]></category>
		<category><![CDATA[Federal Deposit Insurance Corporation]]></category>
		<category><![CDATA[NFIB]]></category>
		<category><![CDATA[Small business]]></category>
		<category><![CDATA[United States]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=93938</guid>
		<description><![CDATA[The small business loans of $1 million or less have been falling in number for the past three years are having a damaging effect on small business jobs, according to data from Federal Deposit Insurance Corporation. The lack of funding seems to be taking its toll with only 7 percent of small businesses planning to [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/93938/concerns-for-adp-and-paychex-as-small-business-loans-fall/2011-12-21/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Despite Difficult Jobs Environment, Paycheck (PAYX) Has a Bright Future</title>
		<link>http://www.trefis.com/articles/85852/despite-difficult-employment-environment-paycheck-payx-has-a-bright-future/2011-12-15</link>
		<comments>http://www.trefis.com/articles/85852/despite-difficult-employment-environment-paycheck-payx-has-a-bright-future/2011-12-15#comments</comments>
		<pubDate>Thu, 15 Dec 2011 20:45:38 +0000</pubDate>
		<dc:creator>Josh Vizer</dc:creator>
				<category><![CDATA[10-20]]></category>
		<category><![CDATA[4]]></category>
		<category><![CDATA[ADP]]></category>
		<category><![CDATA[Contributor]]></category>
		<category><![CDATA[Financials]]></category>
		<category><![CDATA[Paychex]]></category>
		<category><![CDATA[Trammel Martin]]></category>
		<category><![CDATA[Automatic Data Processing]]></category>
		<category><![CDATA[Business]]></category>
		<category><![CDATA[employment]]></category>
		<category><![CDATA[HR outsourcing]]></category>
		<category><![CDATA[NASDAQ]]></category>
		<category><![CDATA[Paycheck]]></category>
		<category><![CDATA[Payroll]]></category>
		<category><![CDATA[payroll outsourcing]]></category>
		<category><![CDATA[payroll services]]></category>
		<category><![CDATA[Trefi]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=85852</guid>
		<description><![CDATA[Paychex (NASDAQ:PAYX) offers payroll processing to businesses of varying sizes around the country. The company charges per employee at its client firms. At first glance, the poor workforce figures in the U.S. with 9% unemployment might indicate a difficult landscape for the company. However, Paychex has actually remained relatively healthy. In the fiscal year ending [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/85852/despite-difficult-employment-environment-paycheck-payx-has-a-bright-future/2011-12-15/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>ADP Offers Higher Credit Rating and Yield Than the Federal Government</title>
		<link>http://www.trefis.com/articles/87781/adp-adp-offering-higher-credit-rating-and-dividend-than-the-federal-government/2011-12-08</link>
		<comments>http://www.trefis.com/articles/87781/adp-adp-offering-higher-credit-rating-and-dividend-than-the-federal-government/2011-12-08#comments</comments>
		<pubDate>Thu, 08 Dec 2011 13:00:05 +0000</pubDate>
		<dc:creator>Josh Vizer</dc:creator>
				<category><![CDATA[10-20]]></category>
		<category><![CDATA[4]]></category>
		<category><![CDATA[5]]></category>
		<category><![CDATA[ADP]]></category>
		<category><![CDATA[Financials]]></category>
		<category><![CDATA[Pro]]></category>
		<category><![CDATA[Trammel Martin]]></category>
		<category><![CDATA[Automatic Data Processing]]></category>
		<category><![CDATA[dividend yield]]></category>
		<category><![CDATA[ExxonMobil]]></category>
		<category><![CDATA[Johnson & Johnson]]></category>
		<category><![CDATA[Microsoft]]></category>
		<category><![CDATA[NASDAQ]]></category>
		<category><![CDATA[Paychex]]></category>
		<category><![CDATA[payroll outsourcing]]></category>
		<category><![CDATA[payroll processing]]></category>
		<category><![CDATA[Trefi]]></category>
		<category><![CDATA[U.S. bonds]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=87781</guid>
		<description><![CDATA[Automatic Data Processing (NASDAQ: ADP) is one of four remaining American companies with a Triple A credit rating from the major credit rating agencies. The other firms include Microsoft (NASDAQ:MSFT), Johnson &#38; Johnson (NYSE:JNJ) and Exxon Mobil (NYSE:XOM). The Triple A rating is actually greater than the U.S. government which was downgraded in August by [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/87781/adp-adp-offering-higher-credit-rating-and-dividend-than-the-federal-government/2011-12-08/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>ADP Updates: Investors Get Higher Dividend Amid Choppy Markets</title>
		<link>http://www.trefis.com/articles/84242/adp-weekly-notes/2011-11-13</link>
		<comments>http://www.trefis.com/articles/84242/adp-weekly-notes/2011-11-13#comments</comments>
		<pubDate>Sun, 13 Nov 2011 15:30:49 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[10-20]]></category>
		<category><![CDATA[3]]></category>
		<category><![CDATA[ADP]]></category>
		<category><![CDATA[Company Summaries]]></category>
		<category><![CDATA[IT Services & Computers]]></category>
		<category><![CDATA[Kabeer Jain]]></category>
		<category><![CDATA[Trammel Martin]]></category>
		<category><![CDATA[Automatic Data Processing]]></category>
		<category><![CDATA[CBIZ]]></category>
		<category><![CDATA[employment]]></category>
		<category><![CDATA[Paychex]]></category>
		<category><![CDATA[Payroll]]></category>
		<category><![CDATA[Private sector]]></category>
		<category><![CDATA[United States]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=84242</guid>
		<description><![CDATA[Automatic Data Processing (NASDAQ:ADP), a leading provider of payroll processing and other human resource and tax services to businesses of varying sizes around the globe, announced on Tuesday that its board approved a 10% increase in its annual dividend marking the 37th year of continued dividend increases by the payroll giant. The increase will result in [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/84242/adp-weekly-notes/2011-11-13/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>ADP&#8217;s Fundamentals Support $57 Value, New Offerings Will Drive Growth</title>
		<link>http://www.trefis.com/articles/82523/adps-fundamentals-outlook-are-solid-new-offerings-will-drive-growth/2011-11-10</link>
		<comments>http://www.trefis.com/articles/82523/adps-fundamentals-outlook-are-solid-new-offerings-will-drive-growth/2011-11-10#comments</comments>
		<pubDate>Thu, 10 Nov 2011 22:05:58 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[10-20]]></category>
		<category><![CDATA[4]]></category>
		<category><![CDATA[ADP]]></category>
		<category><![CDATA[IT Services & Computers]]></category>
		<category><![CDATA[Kabeer Jain]]></category>
		<category><![CDATA[Trammel Martin]]></category>
		<category><![CDATA[Automatic Data Processing]]></category>
		<category><![CDATA[Business]]></category>
		<category><![CDATA[employment]]></category>
		<category><![CDATA[European sovereign debt crisis of 2010–present]]></category>
		<category><![CDATA[Paychex]]></category>
		<category><![CDATA[Trefi]]></category>
		<category><![CDATA[Trefis]]></category>
		<category><![CDATA[United States]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=82523</guid>
		<description><![CDATA[Automatic Data Processing (NASDAQ:ADP), the world’s largest payroll processor, reported strong revenue growth of 13% to $2.5 billion in its recent third quarter earnings. However, the stock dropped as seesawed following earnings as operating margins shrank and the company expected lower revenue growth of 7-9% for the full year. We believe the concerns for ADP [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/82523/adps-fundamentals-outlook-are-solid-new-offerings-will-drive-growth/2011-11-10/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Business Survey Gives Cautious Read on Small Business Hiring</title>
		<link>http://www.trefis.com/articles/69737/ad/2011-08-08</link>
		<comments>http://www.trefis.com/articles/69737/ad/2011-08-08#comments</comments>
		<pubDate>Mon, 08 Aug 2011 20:05:18 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[20-30]]></category>
		<category><![CDATA[4]]></category>
		<category><![CDATA[ADP]]></category>
		<category><![CDATA[IT Services & Computers]]></category>
		<category><![CDATA[Kabeer Jain]]></category>
		<category><![CDATA[Paychex]]></category>
		<category><![CDATA[Trammel Martin]]></category>
		<category><![CDATA[Automatic Data Processing]]></category>
		<category><![CDATA[Business]]></category>
		<category><![CDATA[Payroll]]></category>
		<category><![CDATA[Small business]]></category>
		<category><![CDATA[SurePayroll]]></category>
		<category><![CDATA[Trefis]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=69737</guid>
		<description><![CDATA[We recently discussed ADP’s (NASDAQ:ADP) increasing focus on small businesses that are creating the majority of the jobs in the U.S. even as economic uncertainty continues and unemployment remains a major concern. See our note titled ADP Goes for Small Businesses to Beat Dismal Jobs Reports. However, according to a recent survey performed by Paychex [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/69737/ad/2011-08-08/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>ADP Goes for Small Businesses to Beat Dismal Jobs Reports</title>
		<link>http://www.trefis.com/articles/69247/adp-2/2011-08-04</link>
		<comments>http://www.trefis.com/articles/69247/adp-2/2011-08-04#comments</comments>
		<pubDate>Thu, 04 Aug 2011 21:35:48 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[20-30]]></category>
		<category><![CDATA[3]]></category>
		<category><![CDATA[4]]></category>
		<category><![CDATA[ADP]]></category>
		<category><![CDATA[IT Services & Computers]]></category>
		<category><![CDATA[Kabeer Jain]]></category>
		<category><![CDATA[Paychex]]></category>
		<category><![CDATA[Trammel Martin]]></category>
		<category><![CDATA[Automatic Data Processing]]></category>
		<category><![CDATA[employment]]></category>
		<category><![CDATA[IPhone]]></category>
		<category><![CDATA[Outsourcing]]></category>
		<category><![CDATA[Small business]]></category>
		<category><![CDATA[Trefis]]></category>
		<category><![CDATA[Workday]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=69247</guid>
		<description><![CDATA[ADP (NASDAQ:ADP) recently reported that job creation is slowing which could spell a troubling trend for largest payroll process in the U.S.; however recent moves to focus more on small businesses that are creating the most jobs support the company&#8217;s outlook. ADP reported the number of jobs created dropped to 114,000 in July from 145,000 in [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/69247/adp-2/2011-08-04/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>ADP&#8217;s Grows Beyond Payrolls Lifting Stock Value to $62.50</title>
		<link>http://www.trefis.com/articles/61598/adp/2011-07-11</link>
		<comments>http://www.trefis.com/articles/61598/adp/2011-07-11#comments</comments>
		<pubDate>Mon, 11 Jul 2011 12:30:11 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[10-20]]></category>
		<category><![CDATA[4]]></category>
		<category><![CDATA[ADP]]></category>
		<category><![CDATA[IT Services & Computers]]></category>
		<category><![CDATA[Kabeer Jain]]></category>
		<category><![CDATA[Trammel Martin]]></category>
		<category><![CDATA[Business]]></category>
		<category><![CDATA[Facebook]]></category>
		<category><![CDATA[Outsourcing]]></category>
		<category><![CDATA[Paychex]]></category>
		<category><![CDATA[Payroll]]></category>
		<category><![CDATA[United States]]></category>
		<category><![CDATA[Web 2.0]]></category>
		<category><![CDATA[Workday]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=61598</guid>
		<description><![CDATA[ADP (NASDAQ:ADP), the leading provider of payroll services and human resource outsourcing in the U.S., is making move to modernize its services and expand the range of services it provides to consumers. ADP handles payroll for one in six working Americans and competes with other established players like Paychex (NASDAQ:PAYX) as well as startups like Workday. [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/61598/adp/2011-07-11/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>ADP Targets Small Business Clients through Android Payroll Platform</title>
		<link>http://www.trefis.com/articles/59539/adp-targets-small-business-clients-through-android-payroll-platform/2011-05-27</link>
		<comments>http://www.trefis.com/articles/59539/adp-targets-small-business-clients-through-android-payroll-platform/2011-05-27#comments</comments>
		<pubDate>Fri, 27 May 2011 15:45:28 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[10-20]]></category>
		<category><![CDATA[5]]></category>
		<category><![CDATA[ADP]]></category>
		<category><![CDATA[IT Services & Computers]]></category>
		<category><![CDATA[Kabeer Jain]]></category>
		<category><![CDATA[Ryan Crane]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=59539</guid>
		<description><![CDATA[ADP (NASDAQ:ADP), a leading provider of human resource outsourcing and payroll services in the U.S., serves many large businesses and also caters to a sizeable number of small businesses (fewer than 50 employees).  The firm recently announced that its popular payroll management platform for small businesses, RUN Powered by ADP, is now also available for [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/59539/adp-targets-small-business-clients-through-android-payroll-platform/2011-05-27/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>An Upside/Downside Scenario for ADP</title>
		<link>http://www.trefis.com/articles/58553/an-upside-downside-scenario-for-adp/2011-05-20</link>
		<comments>http://www.trefis.com/articles/58553/an-upside-downside-scenario-for-adp/2011-05-20#comments</comments>
		<pubDate>Fri, 20 May 2011 13:05:17 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[10-20]]></category>
		<category><![CDATA[ADP]]></category>
		<category><![CDATA[IT Services & Computers]]></category>
		<category><![CDATA[Kabeer Jain]]></category>
		<category><![CDATA[Trammel Martin]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=58553</guid>
		<description><![CDATA[ADP’s (NASDAQ:ADP) most important business division &#8211; payroll processing &#8211; accounts for roughly 86% of our $62.54 Trefis price estimate for the company’s stock. ADP is a leading payroll processor in the U.S. along with Paychex (NASDAQ:PAYX) and serves many large businesses as well as caters to a sizable number of small businesses (fewer than 50 employees). Below [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/58553/an-upside-downside-scenario-for-adp/2011-05-20/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Paychex Gains from ePlan Deal but Stock Price Still Too Rich</title>
		<link>http://www.trefis.com/articles/58550/eplan-acquisition-extends-paychexs-client-base-tm/2011-05-20</link>
		<comments>http://www.trefis.com/articles/58550/eplan-acquisition-extends-paychexs-client-base-tm/2011-05-20#comments</comments>
		<pubDate>Fri, 20 May 2011 13:00:07 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[ADP]]></category>
		<category><![CDATA[IT Services & Computers]]></category>
		<category><![CDATA[Kabeer Jain]]></category>
		<category><![CDATA[Micro Takes]]></category>
		<category><![CDATA[Paychex]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=58550</guid>
		<description><![CDATA[Paychex (NASDAQ:PAYX) recently acquired online 401(k) administrator ePlan Services which serves nearly 4,000 401(k) plans in all 50 states, though the terms of the deal were not disclosed. This purchase will help Paychex expand its reach in the fee-based retirement services market where it competes primarily with ADP (NASDAQ:ADP) and provides payroll processing and other HR [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/58550/eplan-acquisition-extends-paychexs-client-base-tm/2011-05-20/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Small Business Employment Struggles Could Outweigh Positive Earnings for Paychex</title>
		<link>http://www.trefis.com/articles/34076/small-business-employment-struggles-could-outweigh-positive-earnings-for-paychex/2011-01-06</link>
		<comments>http://www.trefis.com/articles/34076/small-business-employment-struggles-could-outweigh-positive-earnings-for-paychex/2011-01-06#comments</comments>
		<pubDate>Thu, 06 Jan 2011 15:18:11 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[ADP]]></category>
		<category><![CDATA[IT Services & Computers]]></category>
		<category><![CDATA[Paychex]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=34076</guid>
		<description><![CDATA[Paychex (NASDAQ:PAYX) competes primarily with ADP (NASDAQ:ADP) in the payroll processing market. Its profitability is strongly tied to the success of small businesses, which constitute the majority of its client base. We estimate that the payroll processing business generates nearly 70% of the $28.33 Trefis price estimate for Paychex&#8217;s stock. Our price estimate is roughly 10% below market price. [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/34076/small-business-employment-struggles-could-outweigh-positive-earnings-for-paychex/2011-01-06/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Payroll Processing 83% of ADP&#8217;s Stock</title>
		<link>http://www.trefis.com/articles/11736/payroll-revenues-83-of-adps-stock/2010-05-21</link>
		<comments>http://www.trefis.com/articles/11736/payroll-revenues-83-of-adps-stock/2010-05-21#comments</comments>
		<pubDate>Fri, 21 May 2010 16:07:32 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[ADP]]></category>
		<category><![CDATA[Paychex]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=11736</guid>
		<description><![CDATA[Automatic Data Processing (NASDAQ:ADP), which competes with Paychex (NASDAQ:PAYX), reported a decline in its payroll revenues from large businesses for 2009 due to the economic environment in the US.  We expect ADP&#8217;s payroll revenue declines to continue in 2010 for ADP. Payroll Processing 83% of ADP&#8217;s stock ADP is the largest payroll processing company around [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/11736/payroll-revenues-83-of-adps-stock/2010-05-21/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
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		<title>Near-Term Decline in ADP&#8217;s Payroll Revenues From Small Businesses Expected</title>
		<link>http://www.trefis.com/articles/16147/near-term-decline-in-adps-payroll-revenues-from-small-businesses-expected/2010-05-13</link>
		<comments>http://www.trefis.com/articles/16147/near-term-decline-in-adps-payroll-revenues-from-small-businesses-expected/2010-05-13#comments</comments>
		<pubDate>Thu, 13 May 2010 21:14:36 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[ADP]]></category>
		<category><![CDATA[Paychex]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=16147</guid>
		<description><![CDATA[ADP (NASDAQ:ADP), a leading payroll processor along with Paychex (NASDAQ:PAYX), serves many large businesses in the US and also caters to a sizeable number of small businesses (fewer than 50 employees).  ADP served a total of 425,000 small business clients in 2008 before the economic crisis began. This number decreased by more than 10,000 in [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/16147/near-term-decline-in-adps-payroll-revenues-from-small-businesses-expected/2010-05-13/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
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		<title>Weak Economic Conditions Continue to Mar Paychex&#8217;s Payroll Revenues</title>
		<link>http://www.trefis.com/articles/14259/weak-economic-conditions-continue-to-mar-paychexs-payroll-revenues/2010-05-06</link>
		<comments>http://www.trefis.com/articles/14259/weak-economic-conditions-continue-to-mar-paychexs-payroll-revenues/2010-05-06#comments</comments>
		<pubDate>Thu, 06 May 2010 15:41:27 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[ADP]]></category>
		<category><![CDATA[Paychex]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=14259</guid>
		<description><![CDATA[Paychex (NASDAQ: PAYX), which competes with ADP (NASDAQ:ADP), provides payroll processing and other HR services related to insurance, retirement and health benefits.  Compared to its competitor ADP, a significant percentage of Paychex&#8217;s client base consists of small and medium sized businesses (fewer than 50 employees). Payroll processing is the most important division for Paychex, constituting [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/14259/weak-economic-conditions-continue-to-mar-paychexs-payroll-revenues/2010-05-06/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
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		<title>ADP’s Stock Depends on Large National Payroll Accounts</title>
		<link>http://www.trefis.com/articles/14886/adp%e2%80%99s-stock-depends-on-large-national-payroll-accounts/2010-04-14</link>
		<comments>http://www.trefis.com/articles/14886/adp%e2%80%99s-stock-depends-on-large-national-payroll-accounts/2010-04-14#comments</comments>
		<pubDate>Wed, 14 Apr 2010 18:36:59 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[ADP]]></category>
		<category><![CDATA[IT Services & Computers]]></category>
		<category><![CDATA[Paychex]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=14886</guid>
		<description><![CDATA[ADP (NASDAQ:ADP) and Paychex (NASDAQ:PAYX) are the leading payroll processors in the US.  The stocks of both companies are dependent on employment levels and the overall state of the economy.  More than 80% of ADP&#8217;s stock value comes from its payroll processing business compared to around 70% for the stock of its competitor Paychex. ADP [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/14886/adp%e2%80%99s-stock-depends-on-large-national-payroll-accounts/2010-04-14/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
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		<title>Featured Forecast: 550K+ Paychex Payroll Clients</title>
		<link>http://www.trefis.com/articles/11334/featured-forecast-550k-paychex-payroll-clients/2010-02-12</link>
		<comments>http://www.trefis.com/articles/11334/featured-forecast-550k-paychex-payroll-clients/2010-02-12#comments</comments>
		<pubDate>Sat, 13 Feb 2010 02:21:34 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[ADP]]></category>
		<category><![CDATA[IT Services & Computers]]></category>
		<category><![CDATA[Paychex]]></category>

		<guid isPermaLink="false">http://www.trefis.com/articles/?p=11334</guid>
		<description><![CDATA[View Full Model Trefis price for Paychex:$28.77 Paychex (NASDAQ:PAYX) competes primarily with ADP (NASDAQ:ADP) in the payroll processing market and is dependent on the success of the small businesses that make up the majority of its clients.  We estimate that the payroll processing business constitutes nearly 70% of the $29 Trefis price estimate for Paychex&#8217;s [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>How GM and Chrysler impact payroll processor ADP</title>
		<link>http://www.trefis.com/articles/316/how-gm-and-chrysler-impact-payroll-processor-adp/2009-12-02</link>
		<comments>http://www.trefis.com/articles/316/how-gm-and-chrysler-impact-payroll-processor-adp/2009-12-02#comments</comments>
		<pubDate>Wed, 02 Dec 2009 05:00:00 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[ADP]]></category>
		<category><![CDATA[IT Services & Computers]]></category>

		<guid isPermaLink="false">http://www.trefis.com/blog/316/how-gm-and-chrysler-impact-payroll-processor-adp/</guid>
		<description><![CDATA[General Motors announced plans earlier this year that it would close about 40% of its total 6,200 auto dealers by 2010.  Similarly Chrysler has closed down about a third of the 3,200 dealerships that it had at the beginning of the year. ADP, which is primarily known as a payroll processor, offers services for auto [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/316/how-gm-and-chrysler-impact-payroll-processor-adp/2009-12-02/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
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		<title>When companies have layoffs, Paychex&#8217;s stock suffers</title>
		<link>http://www.trefis.com/articles/390/when-companies-have-layoffs-paychexs-stock-suffers/2009-08-04</link>
		<comments>http://www.trefis.com/articles/390/when-companies-have-layoffs-paychexs-stock-suffers/2009-08-04#comments</comments>
		<pubDate>Tue, 04 Aug 2009 09:00:00 +0000</pubDate>
		<dc:creator>Trefis Team</dc:creator>
				<category><![CDATA[ADP]]></category>
		<category><![CDATA[IT Services & Computers]]></category>
		<category><![CDATA[Paychex]]></category>

		<guid isPermaLink="false">http://www.trefis.com/blog/390/when-companies-have-layoffs-paychexs-stock-suffers/</guid>
		<description><![CDATA[Paychex makes money primarily through payroll processing which includes paper and electronic distribution of employee compensation.  Businesses save time and resources by outsourcing their payroll processing needs to companies like Paychex and its primary competitor ADP.  The payroll processing business constitutes 75% of the $29.96 Trefis price estimate for Paychex. Unlike ADP, nearly all of [...]]]></description>
		<wfw:commentRss>http://www.trefis.com/articles/390/when-companies-have-layoffs-paychexs-stock-suffers/2009-08-04/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
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