Red Hat Shares Drop on Weak 4Q Forecast
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Shares of software maker Red Hat Inc. tumbled 13 percent Thursday after mediocre third-quarter results and a bleak forecast for the current period soured analysts&#39; opinions about the company&#39;s growth.
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Technology shares fell on Friday as  Microsoft Corp. MSFT.O dragged on the Nasdaq after the  software maker's revenue forecast late on Thursday lagged  analysts' expectations. Blue chips were little changed.
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Applebee&#39;s International Inc. (APPB.O: Quote, Profile, Research) shares fell more than 4 percent on Wednesday after the restaurant company reported weak August sales and said it
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U.S. stock futures fell throughout the  morning  on Thursday, pointing to a lower market open, as  disappointing earnings from eBay Inc. EBAY.O and a  lower-than-expected profit forecast from Qualcomm Inc. QCOM.O  weighed on Wall Street.
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U.S. technology stocks skidded lower  on Monday, pushing Nasdaq to its fourth consecutive session of  losses, as weaker shares of semiconductor companies and  Autodesk Inc. ADSK.O pressured the index.
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U.S. stocks were set to open lower on  Friday after a government report showed weaker-than-expected  job growth in September.
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Wall Street looked set to end the week on a weak note on Friday, with technology shares likely to fall after disappointing results from Microsoft Corp.  and Google Inc.
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Research In Motion Ltd.  shares fell 4 percent on Wednesday after the BlackBerry wireless e-mail device maker reported strong third-quarter results but issued forecasts that disappointed some investors.
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Shares closed just above their session lows, depressed by a negative morning by Wall Street and a weak retail sector following a disappointing trading update from Boots, dealers said.
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Texas Instruments Inc.  posted  a lower quarterly profit on weak demand for its calculators,  and gave a disappointing revenue forecast for the third  quarter, sending shares down 3 percent on Monday.
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European equities fell as technology shares lost ground after Cisco Systems (NASDAQ:CSCO) in the US warned of weak demand.
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STOCKS in the United States fell - led by technology shares - after the world&#39;s biggest semiconductor maker Intel cut its revenue forecast because of slowing demand for personal computers and mobile phones.
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U.S. stock futures were lower on  Friday, indicating a weak market open, as climbing oil prices  and a disappointing revenue outlook from software powerhouse  Microsoft Corp. MSFT.O weighed on Wall Street.
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(InfoWorld) - Red Hat Inc.'s woes this week raise the issue of whether IT investors are turning sour on open source. A somewhat disappointing forecast for the next quarter has investors fleeing, just as they have from the company's open-source rival, Novell Inc. A close analysis of the situation, however, may give savvy investors -- and open-source advocates -- courage. Red Hat's problems are probably more short-lived than Novell's. Red Hat investors are rattled: Company shares (RHAT) have lost almost US$5 in value over the last week, closing Thursday at $20.59, down $0.38 for the day. On Tuesday, Red Hat reported solid second-quarter earnings per share of $0.11, on revenue of $99.7 million. This beat expectations of analysts polled by Thomson First Call, of EPS of $0.10 on sales of $97.5 million. The problem was the company's forecast for next quarter: revenue of $103.5 million to $105.0 million, compared with the consensus estimate of $106 million. Even before these numbers came out, analysts were questioning the company's ability to execute a smooth merger with Jboss. Up until recently, investors bought into Red Hat's strategy to move up the software stack. The Jboss acquisition gives it an application server. But disappointing cash flow suggest problems with executing this strategy, and even perhaps some push-back from customers. Four different brokerages in the past month have downgraded their advice on Red Hat stock, with Soleil Securities Group Inc. recommending a "sell." But not all analysts are dour. Banc of America and UBS analysts, for example, have issued reports saying that Red Hat's problems are probably temporary, and that the company's strategy could still pay off with increased sales in the next few quarters. Novell could face more long-term problems. The company has had trouble articulating a coherent strategy. And even though Novell sold its stake in Celerant Consulting to focus on core open-source software, stand-alone Linux sales for the company hover around just $10 million. But it's hard to analyze Novell's business using up-to-date figures, since the company postponed its quarterly report earlier this month, as it completes a voluntary internal review around the granting of stock options to employees. Novell may have to restate earnings. The delay in its earnings report caused the Nasdaq to issue a delisting notice. So far, Novell has been able to stay listed, by protesting the notice and requesting a review process. The next few months should clarify issues around the two companies. Novell needs to get its internal review done, come out with earnings statements that analysts can rely on, and of course eventually show growth in new-software licenses. Red Hat has fewer hurdles to jump. An uptick in cash flow should offer assurances that its strategy to offer a broader portfolio of tools and server software is on track. REFERENCES: Novell faces delisting from Nasdaq, Sep. 21, 2006ADVERTISEMENTMAKE SOA REAL WITH IBM WEBSPHERE PODCASTStreamline processes and maximize efficiency within a proven service oriented architecture. Take back control of your business processes with IBM WebSphere.
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Shares of technology bellwether Cisco Systems Inc. (CSCO.O: Quote, Profile, Research) fell more than 6 percent on Wednesday, as the company&#39;s disappointing revenue outlook
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Red Hat hopes its latest release will lock in its position as the Linux leader as more companies vie for a piece of the competitive market.
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Shares of chip maker Advanced Micro Devices Inc. plummeted more than 20 percent in Tuesday trading after the company warned that its fourth-quarter operating income will be "down significantly" from the third quarter.