SunTrust analyst Oscar Turner said the drop in FleetCor (FLT) shares following news of a court filing made by Chevron (CVX) related to the transfer of its portfolio to WEX (WEX) seems like an overreaction, as he believes the portfolio loss is already reflected in the consensus estimates for FleetCor. The analyst, who keeps a Buy rating on FleetCor shares, encourages long-term investors to add to positions opportunistically.

Notable companies reporting before tomorrow's open, with earnings consensus, include Exxon Mobil (XOM), consensus $2.20... Chevron (CVX), consensus $2.87... AbbVie (ABBV), consensus $2.23... HCA Healthcare (HCA), consensus $5.01... Colgate-Palmolive (CL), consensus 81c... Charter (CHTR), consensus $7.92... AutoNation (AN), consensus $4.27.

Consensus for FY24 EPS is $16.25. Raises FY24 revenue view to $2.73B-$2.77B from $2.70B-$2.74B, consensus $2.73B.

Reports Q1 revenue $652.7M, consensus $654.7M. "WEX delivered impressive financial results in the first quarter, including record first quarter revenue, marking a strong start to 2024 and reinforcing our ability to drive robust performance in any macroeconomic environment," said CEO Melissa Smith. "Moreover, we continued to execute against our strategic initiatives. During the quarter, we made great progress integrating our recent acquisitions, launched the pilot for an enhanced acceptance offering for our North American Mobility customers, and continued to drive innovation to expand our customer value proposition. We are also laser-focused on leveraging technology and AI to improve efficiency and further enhance our offerings. Looking ahead, I remain confident in our ability to drive growth across the business in the near- and long-term."

WEX (WEX) announced that it has reached a new long-term agreement with Booking.com (BKNG), effective April 2024. This agreement distinguishes WEX as Booking.com's preferred virtual card provider as it continues providing WEX payment solutions in support of Booking.com's payments vision to make buying and selling travel-related products and services easier for everyone. "With more than 800,000 active customer relationships worldwide, WEX is proud to work with eight of the top ten online travel agencies globally, including Booking.com," said Carlos Carriedo, WEX's Chief Operating Officer, International. "Building on years of working together, we remain committed to delivering WEX's deep expertise in both payments and travel, as well as the reliability of our technology platform, to help Booking.com power its B2B travel payment activities 24/7 and 365 days/year at scale, globally." Booking.com first became a WEX customer in 2013. Over a decade later, WEX now processes payments for Booking.com across the world.

Chevron announced that its 50% owned affiliate Tengizchevroil has safely commenced operations at its Wellhead Pressure Management Project, or WPMP, at the Tengiz oil field in Kazakhstan. TCO achieved this milestone by converting its first metering station at Tengiz to low pressure and activating the associated Pressure Boost Facility, or PBF. This marks important progress for TCO's overall expansion project at Tengiz. The WPMP is designed to maintain the existing processing plants' full capacity by lowering the flowing pressure at the wellheads and then boosting the pressure to the existing plants.