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...The Big Four firm said ADP had “erroneously reversed EY’s July 15 payroll impacting our US employees”....
...Spun out of payroll processor ADP in 2006, Broadridge has benefited from the boom in electronic investing....
...Share repurchase announcements — like those from Apple and ADP — are at a near record pace, surpassed only by 2018 for this point in the year....
...Mr Shepherdson notes this would not be reflected in the ADP report as the automaker doesn’t use ADP’s services....
...His fortunes were better at ADP, where the fund’s investment generated a return of 51 per cent over the past two years, for a $1.2bn profit....
...(FT) The days ahead Jobs data Monthly figures from pay processor ADP are expected to show that private payrolls declined by 150,000 jobs in March, after gaining 183,000 jobs in February....
...That paragraph compares April data on job openings and labour turnover (JOLTS) with May data on US unemployment -- all to illustrate the ADP report for June. Cool....
...ADP recorded US wage growth of 3 per cent in the second quarter, and core producer prices rose 0.3 per cent month-on-month in July to stand 2.8 per cent above their level a year earlier....
...His fund, Pershing Square, lost decisively on Tuesday in its efforts to catapult three representatives on the board of ADP, a payroll processor worth $50bn....
...At the time, Pershing said it would nominate a minority slate to ADP’s board....
...Mr Rodriguez joined ADP in 1999 through an acquisition and ran various business units before he became chief executive. ADP has a market capitalisation of about $50bn, and more than 700,000 clients....
...ADP’s chief executive Carlos Rodriguez called the outcome of the shareholder vote an “ass-whooping” for Mr Ackman....
...Pershing, which owns 8 per cent of ADP, largely in derivatives, had its request rebuffed....
...Mr Ackman last month lost a bid for three board seats at ADP, the US human resources and payroll outsourcing provider, after a bad-tempered battle with management....
...But ADP already trades at nearly 30 times forward earnings. That suggests investors are happy....
...ADP said on Monday that it planned to re-nominate its 10 existing directors, saying that “unlike Mr Ackman’s nominees, ADP’s directors have a deep understanding and appreciation of the current state of ADP...
...The clash between ADP and Pershing is just the latest in a slew of such moves by activist investors....
...He added: “What we would note, though, is that over the last couple of Julys, ADP has undershot the private NFP outcome by an average of about 50,000.”...
...The morning’s ADP job report, which showed a slow but still solid growth rate in private sector hiring, should provide a lift to equities....
...So why the thrill when Mr Rodriguez told Mr Ackman to sling his hook, pointedly remarking that ADP’s returns were bigger than Pershing’s?...
...(FT) Japan Inc goes global for M&A advice Only three domestic brokerages rank among the top-ten deal advisers in Japan during the third quarter. Why is Japan Inc looking for foreign advice?...
...Meanwhile, we have this fascinating piece of data from ADP....
...The tepid action on Wall Street came after the ADP employment report showed the US private sector added slightly more jobs than expected last month....
...Notably, the ADP report showed that private payrolls increased by 172,000 in June, but economists are divided on whether it is a reliable leading indicator of the official jobs report....
...chief financial officer at Dechra Pharmaceuticals, which sells products targeting mainly dogs, cats and horses, and has held a number of finance roles at companies including GlaxoSmithKline, Caterpillar, ADP...
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