Subject: Re: ADP
ADP continues to fall, down to $245, they reported earnings that were "fine"

* Revenue up 6%
* EPS of $2.62 up 11%

TTM EPS is now $10.43, so trading a litter over 25x , the historical range has been 25x - 32x.

Still watching, hopefully it gets down near $200 and then I will do a more serious look.

tecmo
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