Here’s Why Traders Are Watching Micron, TeamHealth, Endurance Specialty, Wells Fargo, and More Today

The potential bad news just keeps on coming for Wells Fargo & Co (NYSE:WFC), this time courtesy of ratings agency Fitch. Although it affirmed the bank’s ‘AA-/F1+’ rating, Fitch has put the bank’s outlook into the ‘Negative’ category from the previous mark of ‘Stable’.

“The affirmation reflects the company’s superior earnings profile, strong liquidity, and still benign asset quality. Fitch has revised the outlook to Negative given the uncertain impact to WFC’s franchise resulting from the potential reputational damage from the recent regulatory actions and fines related to its sales practices in its Community Banking business line,” Fitch said.

88 funds tracked by Insider Monkey owned $28.44 billion worth of Wells Fargo & Co (NYSE:WFC) shares on June 30, which accounted for 11.80% of the float.

Traders are watching Endurance Specialty Holdings Ltd. (NYSE:ENH) after the insurer’s shares soared by over 35% yesterday due to the news (that has since been confirmed by the company) that it is in advanced discussions with Japanese insurer Sompo Holdings regarding a potential strategic transaction. According to the Nikkei Asian Review, the strategic transaction means a potential sale of Endurance to Sompo. As always, there is no assurance that the discussions will lead to a definitive agreement. The number of funds in our system with long positions in Endurance Specialty Holdings Ltd. (NYSE:ENH) fell by four during the second quarter to 18 at the end of June.

Universal Logistics Holdings Inc (NASDAQ:ULH) is trending after the company provided its third quarter outlook. For the period, Universal Logistics expects to report income from operations in the range of $9.2 million-to-$11.2 million, and total operating sales of $260 million-to-$270 million. The company also anticipates EPS coming in at a range of $0.16-to-$0.20. Universal Logistics expects to report its third quarter financial results after the market close on Thursday, October 27. None of the funds that we track held shares of Universal Logistics Holdings Inc (NASDAQ:ULH) at the end of the second quarter.

Disclosure: None