WEX Inc. (WEX, Financial) (WEX - $138.97 - NYSE) is a leading provider of industry-specific payment platforms with a focus on transportation, travel, and health care. e stock fell in response to much weaker than expected second quarter earnings. While the Health Care business performed well, the travel business has been hurt signi cantly by the slowdown from the COVID-19 pandemic. e Transportation business, the company's largest, is seeing positive trends, but costs were relatively xed so the decline in second quarter revenues produced an outsized impact on earnings. In addition, the company is in the midst of a contentious lawsuit to try to terminate a merger it planned before the impact of COVID-19 appeared.
From Keeley Asset Management Corp (Trades, Portfolio)'s Small-Mid Cap Value Fund third-quarter 2020 shareholder commentary.
