Paychex (PAYX) had a bad day Thursday, gapping down to pierce its 200-day moving average and falling below any of its buy points from a long consolidation. It was the sixth straight down day for the stock. Bank of America/Merrill Lynch downgraded the stock from neutral to underperform before the open. The stock has made an impressive gain in the economic recovery going back to 2009, growing earnings and sales at a moderate and steady pace.