Red Hat Replaces CIT Group in S&P 500

Jul 20, 2009

Some companies may actually be benefitting from the current recession. One of them is Red Hat, which just won a place on the renowned Standard and Poor 500.

The S&P 500 is regarded as one of the most highly regarded stock market indexes. The beleaguered CIT Group financial firm was in 500th place until July 24, when its market capitalization fell to below $275 million, resulting in Raleigh NC-based Red Hat taking its place on the S&P 500 in the Information Technology Systems Software sector. Consequently Red Hat's stock rose by eight percent after the announcement.

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