Cerence Inc. (CRNC) stock surged over 5% in the last 24 hours during Monday's night session, outperforming the broader market. The rally was driven by a combination of factors, according to market observers.
Firstly, bullish options activity in CRNC was detected, with call volume significantly higher than expected and implied volatility spiking nearly 4 points. This surge in call options trading suggests increased optimism among investors about the company's prospects.
Additionally, CRNC and other stocks with ties to graphics chip giant Nvidia saw a notable overnight rally. Cerence's technology integrates with Nvidia's AI platforms, benefiting from the chipmaker's strength. As Nvidia-linked names soared in overnight trading, CRNC capitalized on this positive sentiment.
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