Paycom Software (PAYC) received a double lift on Tuesday, as an analyst upgraded the stock and the company announced a $100 million share buyback.
Paycom shares bolted more than 5% higher during the session. Trading volume was solid, nearly 50% above average.
That was sufficient to drive shares back above a flat-base buy point at 86.20, and in proper buy range. The market’s “in correction” status makes breakouts a no-go, yet the overall action was strong. Plus the move’s volume was above the 40% increase needed to verify a breakout that you like to see, particularly in a confirmed uptrend.