At the close of trading Friday July 24, Standard and Poors, the leading index provider will replace CIT Group with Red Hat Inc, in the 500th place. As of July 17, CIT Group had a market capitalization of $275 Million.
Red Hat is an open source software solution provider to enterprises worldwide. Founded in 1993, Red Hat is the leader in enterprise Linux and is the most recognized open source brand in the world. Headquartered in Raleigh, NC, the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Systems Software Sub-Industry index.
Standard & Poor’s is a provider of financial market intelligence. Standard & Poor’s is a source of credit ratings, indices, investment research, risk evaluation and data. Standard & Poor’s is the world’s largest index provider. Standard & Poor’s Indices provide a full spectrum of services assisting investors and asset managers to measure market performance.
Red Hat’s stock rose after the announcement
