Redhat Goes Splat After Q4 Report

Redhat

shares are trading lower by $2.67 at $73.04 in Wednesday's session. The Street is not impressed with its Q4 EPS beat of nickel with a slight beat for revenues. Also, the company issued strong guidance for FY 2017. After a lower open, it rallied and found resistance just above the lower-end of Tuesday's range ($74.45), reaching $74.75 before continuing lower. The ensuing decline has found support in the area of a series of four lows from mid-March in the $71 handle at $71.68 and is attempting to remain in the $73 handle.