CCC Intelligent Solutions Holdings Inc.

U.S.-listed shares of SK Hynix tumbled 8% in premarket trading after their Nasdaq debut on Friday, when they popped nearly 13%, while Seoul-listed shares of the South Korean chipmaker sank more than 15% in their worst day ever. Memory and chip stocks broadly fell as investors reassessed the artificial intelligence trade, with the Roundhill Memory ETF off 9%, Sandisk down 5.5%, and Western Digital and Micron Technology each off 5%, while the iShares Semiconductor ETF lost 2% and Intel and Advanced Micro Devices declined more than 2.5% and 2%, respectively. CCC Intelligent Solutions rose 2% after Bloomberg reported Elliott Investment Management built a large stake before the software company began sale talks. MGM Resorts International gained more than 2% following a Wall Street Journal report that it is in private talks with Barry Diller, whose People Inc made an offer in early June that MGM has not publicly addressed. Energy stocks advanced as oil prices rose more than 3% after weekend U.S.-Iran strikes, with Valero Energy up 1.5%, ConocoPhillips up 1%, APA Corporation up 2%, and ExxonMobil and Chevron up 1%. Fastenal added 1% after Rothschild & Co Redburn initiated coverage with a buy rating, citing a shift toward larger customers. Shopify and Deckers Outdoor Group both rose after Jefferies upgraded them to buy, with Shopify up 2.5% on strong fundamentals and agentic commerce tailwinds, and Deckers up 2% on Hoka product innovation upside.

CCC Intelligent Solutions Holdings is exploring a potential sale and has engaged Morgan Stanley to advise on the process, according to a Reuters report citing three people familiar with the discussions. The Illinois-based SaaS company, which provides cloud and AI applications for the property and casualty insurance industry, has drawn attention from analysts who see it as undervalued. Earlier in July, Stifel analyst Shlomo Rosenbaum suggested the CEO should consider taking the company private, citing an underappreciated moat, network effect, and AI tailwind at a low valuation. Stifel maintains a Buy rating and a $9 price target on the stock.

Activist investor Elliott Investment Management has accumulated a large ownership stake in CCC Intelligent Solutions Holdings, a provider of software and AI-powered workflow tools that has been exploring a sale, Bloomberg reported. The hedge fund’s interactions with the company are being led by its private equity division, according to people familiar with the matter. Elliott bought the stake before CCC decided to hire Morgan Stanley to advise on a potential sale, the people said, adding that deliberations are still in an early stage and there is no guarantee they will lead to a sale. It is not immediately clear how large Elliott’s stake is. Shares of CCC closed more than 10% higher on Friday after Reuters reported that the company has hired Morgan Stanley to advise in an attempt to sell itself.

CCC Intelligent Solutions surged 14.5% in premarket trading after Reuters reported the software company is exploring a potential sale, having hired Morgan Stanley to lead the process and begun reaching out to prospective buyers including private equity firms. Circle Internet Group climbed 7% after receiving approval from the U.S. Office of the Comptroller of the Currency to establish First National Digital Currency Bank, a national trust bank under direct federal oversight. Meta Platforms gained 3.8% after unveiling its latest artificial intelligence model, Muse Spark 1.1, and introducing paid access for developers. Fermi America tumbled 14.6% after pricing an upsized $375 million offering of 5.00% convertible senior notes due 2031, while Silo Pharma dropped 22% after announcing an at-the-market private placement of up to $11.7 million.

CCC Intelligent Solutions is exploring a potential sale, according to Reuters sources. The Chicago-based company has hired Morgan Stanley to manage the process, which has already involved initial contact with several private equity firms. Shares jumped more than 13% in extended trading following the news. CCC provides cloud-based, AI-driven workflow software for the property and casualty insurance sector, connecting over 35,000 auto insurers, repair shops, parts suppliers, and OEMs. The exploration of strategic alternatives comes after a challenging year in which the company's market capitalization fell 44% from roughly $6.4 billion to $3.3 billion, amid suppressed auto insurance claim volumes and a slower-than-expected rollout of new products.