Market Overview

Red Hat Dips And Rips After Q1 Beat

Related RHT
Nonprofit Fintech Organization Symphony Software Foundation Rebrands As FINOS
18 Internet Stocks And What To Do With Them

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Red Hat Inc (NYSE: RHT) shares were trading higher by $1.67 at $80.16 in Friday's session. Earlier today, the company announced a Q1 adjusted EPS of $0.44 vs. $0.41 estimates on revenues of $481 million vs. $472.59 million estimates. The company also reaffirmed FY2015 sales outlook and moderately increased guidance for the year.

Indecision reigned supreme in the after-hours and pre-market session as the issue rallied to $80.50, then dropped to $75.25. However, off the open, it declined and found support just above Thursday's close ($78.49), only reaching $78.55 before rebounding.

The ensuing rally has surpassed its former all-time high ($79.33), racing to $81.49 before falling back and consolidating at the $80 level.

Posted-In: premaket outlookTechnicals Intraday Update Movers Trading Ideas


Related Articles (RHT)

View Comments and Join the Discussion!