Nasdaq Lags As Software Stocks Sell Off; How Far Will iQiyi Correct Off Its High? [Investor's Business Daily]
RED HAT (RHT)
Last red hat earnings: 3/25 04:15 pm
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Source: Investors Business Daily
Related news A broad sell-off in the software sector turned the Nasdaq composite into a rare underperformer in stocks today. The Nasdaq traded flat but the Dow Jones industrial average rallied 0.7%. Meanwhile, iQiyi looked set to snap a huge four-week winning streak. Red Hat ( RHT ), the expert in open source business software, gapped well below the 50-day moving average and plunged 12% in huge turnover despite posting decent fiscal Q1 results (EPS up 24%, revenue up 20%). The big drop triggered a sell signal for new shareholders. Those who have a large profit cushion in the stock could afford to wait. Why? The stock still trades above its long-term 200-day moving average. Strength in the oil patch helped the Dow Jones industrials' cause following OPEC's decision to raise output by 1 million barrels a day. Chevron ( CVX ) rose more than 3 points to 125.92. It continues to etch the right side of a potential cup with handle. U.S. crude oil futures soared more than 4.5% to $68.52 a bar
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