Investopedia: Paychex Limping Through The Cycle

Sometimes even strong management teams are handed macro situations that just overwhelm the inherent quality of their business. With new business creation still weak and pronounced sluggishness in small/medium-sized businesses (SMB), there's not much that Paychex (Nasdaq:PAYX) can do right now. Although this remains a quality play on an under-penetrated market that is key to future growth in the U.S. economy, the valuation already bakes in an eventual recovery.

Sluggish Second Quarter Performance  
Although Paychex arguably did a fine job of controlling that which was in their power to control, the second quarter had some definite weakness. Revenue rose less than 7% and missed not only the average analyst guess, but the low end of the range as well. Growth was even weaker (up less than 5%) when excluding the acquisitions of SurePayroll and ePlan.

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http://stocks.investopedia.com/stock-analysis/2011/Paychex-Limping-Through-The-Cycle-PAYX-INTU-NSP-ADP-VPRT1221.aspx