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Reuters: Red Hat stock surges for 2nd day on deals, ratings

Sep 08, 1999, 22:53 (2 Talkback[s])

"Red Hat Inc...rocketed nearly 25 percent for the second day running on Wednesday following news of major contracts, Wall Street backing and plans to enter the Japanese market."

"Durham-based Red Hat, the darling of momentum investors since it tripled on the first day of its inital offering a month ago, hit a new recordhigh of $134, up $26 in another day of furious trading Wednesday, adding to a $21 gain on Tuesday."

"The stock lifted off Tuesday after Red Hat announced deals in which personal computer maker Gateway Inc. agreed to resell Red Hat's versionof Linux for its ALR line of computer servers, which are used to manage the networks of other computers."

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