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.