What: Shares of customer-engagement-solutions provider Interactive Intelligence Group (NASDAQ:ININ) jumped on Wednesday, with the stock up about 10.5% at 2:45 p.m. EST. Other than the announcement of a partnership with hc1.com, a seemingly minor event, there was no news driving the stock higher.
So what: Interactive Intelligence reported its first-quarter results back on May 2, and an across-the-board miss sent the stock tumbling. The gains on Wednesday essentially reverse those losses, so this may simply be a case of an overreaction to disappointing results being undone. Interactive Intelligence still reported 11% year-over-year revenue growth during the first quarter, but analysts were expecting more.
The news of the partnership with hc1.com was so minor that Interactive Intelligence didn't bother to issue a press release itself, so it's unlikely that the deal has anything to do with the stock's rise. The stock has fluctuated wildly during the past few years, hitting highs above $80 per share in early 2014, and lows barely above $20 per share earlier this year. Big swings are not uncommon for Interactive Intelligence stock.
Now what: Sometimes, stocks move up or down for no reason at all. With no meaningful news since the first-quarter earnings report earlier this month, Interactive Intelligence's gains on Wednesday seem to fit into that category.
Timothy Green has no position in any stocks mentioned. The Motley Fool recommends Interactive Intelligence. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.