Pershing
Chart of the day: $ADP ABCD completionAnybody saw $ADP hitting its ABCD completion? Trump has overshadowed the fact that US Services PMI just came in 2pts below expectations and the major auto companies have been laying off workers as inventory piles up. ADP operating margins are at -1 standard deviation levels while its valuations metrics are at +1 standard deviation into a slowing economy. 1.6% forward real earning yield with a P/B of 13x (mean P/B @ 7x) when you can buy risk-free US 10-yr at 1.7% with capital appreciation potential? *cough* *cough*
No thank you very much.
P.S. Even Bill Ackman sold his oversized stake in $ADP.
