Tech stocks take cue from Red Hat and rise
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Technology stocks mostly headed north in afternoon trading Thursday, as Red Hat Inc. led a slate of advancers into positive territory.
Red Hat Inc. (RHAT) surged $4.15, or more than 25%, to $20.66. On Wednesday, the open-source software developer said greater corporate demand for Linux software pushed its second-quarter profit up by 40% to $16.7 million, or 9 cents a share. Analysts were looking for Red Hat to earn 7 cents a share.
With Red Hat in the lead, the tech-heavy Nasdaq Composite Index ($COMPQ) rose 8.4 points, to 2,123. The Philadelphia Semiconductor Index ($SOX) and the Amex Computer Technology Index ($XCI) also edged into positive territory.
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