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Red Hat Dips And Rips After Q1 Beat

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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.

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