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Omar Venerio
Omar Venerio
Articles (1384) 

US Stocks High on Friday

Red Hat weaker-than-expected quarterly outlook

The U.S. stock market advanced today ahead of an agreement between members of the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers.

Shares of Red Hat Inc. (NYSE:RHT) fell on Friday trading after the company posted first-quarter earnings per share of 72 cents on revenue of $813.53 million. The company beats earnings estimates by 3 cents and revenue estimates by $6.04 million.

Subscription revenue for the trimester was $712 million, up 19% year-over-year, and was 87% of total revenue.

Subscription revenue from Infrastructure-related offerings was $522 million, an increase of 14%. Subscription revenue from Application Development-related and other emerging technology offerings was $189 million, an increase of 37%.

Looking ahead, the company expects for second quarter revenue to be approximately $822 million to $830 million, GAAP operating margin to be approximately 15.1% and non-GAAP operating margin approximately 23.0%. Also, diluted GAAP earnings per share are expected to be approximately 50 cents and diluted non-GAAP earnings per share to be approximately 81 cents.

Gainers

• Marathon Oil Corp. (NYSE:MRO)

• Anadarko Petroleum Corp. (NYSE:APC)

• Devon Energy Corp. (NYSE:DVN)

• Hess Corp. (NYSE:HES)

Losers

• F5 Networks Inc. (NASDAQ:FFIV)

• Micron Technology Inc. (NASDAQ:MU)

• Kohls Corp. (NYSE:KSS)

• Harley-Davidson Inc. (NYSE:HOG)

• Salesforce.com Inc. (NYSE:CRM)

Global markets

The main European stock markets traded in negative territory. The U.K.'s FTSE lost 0.80%, France's CAC fell 0.79%, Spain's Ibex declined 0.68% and Germany's Dax closed down 1.29%.

In Asia, markets closed mixed. Japan's Nikkei lost 0.78%, India’s BSE Sensex advanced 0.73%, Hong Kong's Hang Seng gained 0.15% and China´s Shanghai jumped 0.49%.

Disclosure: The author holds no position in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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