BUZZ - Paychex stock drops after releasing first-quarter financial report

September 23 - ** Shares of payroll services provider Paychex (PAYX.O) fell 6.6% to $107 in premarket trading

** The company reported (link) first-quarter revenue of $1.63 billion, above analysts' average estimate of $1.627 billion

** Management Solutions segment posted first-quarter revenue of $1.21 billion, below the expected $1.23 billion

** Adjusted earnings per share for the first quarter were $1.34, higher than the expected $1.32

** As of the previous trading day’s close, the stock was up 2.1% for the year

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