Stock Market Today, Oct. 12: CCC Intelligent Solutions Surges 8% on Advanced Buyout Talks
CCC Intelligent Solutions Holdings (NASDAQ:CCC), a cloud software and AI provider for auto-insurance claims and repair workflows, closed at $7.59, up 8.12%. Premarket reports of advanced buyout talks drove the move, and investors are watching for any deal confirmation next week. Trading volume reached 34.0M shares, coming in about 208% above its three-month average of 11.0M shares. CCC Intelligent Solutions Holdings IPO’d in 2020 and has fallen 36% since going public.
The S&P 500 (SNPINDEX:^GSPC) fell 0.05% to 7,808, and the Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 0.44% to 27,246. Among insurance software and AI platforms for property and casualty claims and workflow automation, Guidewire Software (NYSE:GWRE) closed at $164.72, down 1.55%.
CCC Intelligent Solutions saw its stock rise 7% last Friday after news first broke of acquisition talks with private equity firms GTCR and Elliott Management, and it jumped another 8% today as the rumors persisted.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.