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Fly News Breaks for May 3, 2017
CVX, WEX, FLT
May 3, 2017 | 12:43 EDT
JPMorgan analyst Tien-Tsin Huang attributes FleetCor's (FLT) weakness today to the discovery that Chevron (CVX) filed a petition and application for a temporary restraining order on May 1 alleging failure to cooperate in the switch of its portfolio from FleetCor to WEX (WEX). However, the stock reaction seems overdone given this is a contractual dispute over a known deconversion and not related to the bear concerns over fees and billing practices, said Huang, who keeps an Overweight rating on FleetCor shares.
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