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Stock Market & Financial Investment News

News Breaks
May 27, 2014
09:22 EDTWEX, PSXWex signs multi-year program extension with Phillips 66
WEX (WEX) announced it has signed a multi-year extension to provide private label and universal fleet card services for Phillips 66 (PSX). Through the agreement, WEX will continue to issue fleet cards and provide related payment services to Phillips 66-branded customers. Together, WEX and Phillips 66 will expand upon a sales and marketing program for direct sales while also supporting the efforts of independent marketers and dealers at more than 7,100 Phillips 66, Conoco, and 76-branded retail outlets.
News For WEX;PSX From The Last 14 Days
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July 17, 2014
07:31 EDTWEXWEX signs definitive purchase agreement regarding Exxon's Esso Card program
WEX Inc. (WEX) announced the execution of the definitive purchase and sale agreement relating to the previously announced proposed acquisition of ExxonMobil’s (XOM) European commercial fuel card, or Esso Card, program through a majority owned joint venture, WEX Europe Services Limited. In addition, all necessary regulatory approvals have been received and the employee information and consultation processes have been cleared. The transaction is on track and is expected to close in late 2014 or early 2015. “The purchase of the Esso Card portfolio remains an important element to building our on-the-ground presence in the European market, and enhances WEX’s long-term growth profile. Our efforts to advance this transaction remain on track and position us to create a substantial and profitable European footprint,” said Melissa Smith, WEX’s president and CEO.
July 15, 2014
07:30 EDTWEXWEX Inc. signs prepaid fuel card processing agreement with Shell
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July 9, 2014
14:37 EDTPSXPhillips 66 spikes to highs of session after increased CapEx, share repurchase
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14:32 EDTPSXPhillips 66 approves increased CapEx plan of $3.9B, $2B share repurchase plan
The board of directors of Phillips 66 has approved an increase in 2014 capital spending to support the company’s growth strategy and authorized returning additional capital to shareholders. The board authorized $3.9B of capital expenditures this year, an increase of $1.2B to the previously approved budget. The increased capital program is designed to accelerate the development of the Sweeny Fractionator One and Freeport Liquid Petroleum Gas Export Terminal, as well as fund the recently announced acquisitions of the Beaumont Terminal in Texas and Spectrum Corporation, a specialty lubricants company. The board also approved an additional $2B share repurchase program. Since the third quarter of 2012, the board has authorized a total of $7B in share repurchases. The company’s cumulative share repurchases totaled $3.2B through the first quarter of 2014.
14:30 EDTPSXPhillips 66 approves increased CapEx plan, $2B share repurchase plan
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10:02 EDTWEXOn The Fly: Analyst Initiation Summary
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07:50 EDTWEXWEX Inc. initiated with an Equal Weight at Morgan Stanley
Target $107.
07:32 EDTWEXWEX announces agreement with PriceAdvantage
WEX announced an integration between its WEX Fuel Management TelaPoint solution and PriceAdvantage, a division of Skyline Products, for petroleum operators that leverages real-time fuel inventory and sales information to optimize fuel prices.

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