As previously reported, JMP Securities analyst David Scharf downgraded WageWorks to Market Perform from Outperform after the company disclosed the departure of Executive Chairman Joe Jackson and issued 2018 revenue guidance that fell "materially below" his expectations. After talking to management, he is uncertain whether a contributing factor to the year-over-year revenue decline in the FSA and Cobra products will be recurring to some extent, Scharf tells investors. His neutral bias takes into account the expected selloff in the shares today, the analyst noted.