Automatic Data Processing, based in Roseland, New Jersey, is a leading cloud-based business services company. The firm is focused on human capital management and has two primary segments: Employer Services, which provides payroll services to companies, and Professional Employer Organization Services, which provides employment administration outsourcing services, including HR, benefits management, and retirement and compliance programs. The shares are a component of the S&P 500. The company has approximately 67,000 employees.

The major stocks indices are lower at midday, pulling back for a second session after a previous four-day furious rally. While that normal ebb and flow for stocks is to be expected and is indeed healthy, pressure today is coming from geopolitics more than earnings and corporate developments. U.S. and Israeli ships will be blocked from passage through the Strait of Hormuz under the terms of a draft plan detailed by Iranian state news. In no surprise, oil is up over 1% in response.

ADP is a global, cloud-based human capital management provider offering payroll, compliance, talent management, benefits administration, and retirement services. The firm also provides human resources outsourcing services, including PEO offerings, enabling clients to reduce HR overhead. Its broad suite serves customers of all sizes across diverse sectors, and the firm holds large shares in its core markets. As of fiscal 2026, ADP counts over 1.1 million clients and manages payroll for more than 42 million workers across 140 countries.

Uncertainty over the war in Iran and ensuing high oil prices threatened to knock stocks into a bear market this past spring. While growth stocks suffered the most, value stocks also declined. Even bond prices were volatile amid the confusion. Stocks have since recovered and the bull market that began in 2022 remains intact. But inflation is still an issue -- and the Federal Reserve is now expected to hike rates, not lower them. Is a correction in the offing, given the high level of stock prices? Taking into account all the variables, is it time for investors to cash in their chips? As the market fluctuates between bull and bear, we note that investors exit equities at their own peril. Argus believes that Min Vol is an all-weather strategy that is timely in any investing climate. Academic literature and, more to the point, returns history, indicate that Min Vol can deliver market-matching returns on an absolute basis and superior returns on a risk-adjusted basis over various periods.