Red Hat (RHT) Reports 2Q'14 Results (Down ~11% Premarket)

Red Hat (RHT) reported 2Q'14 results after the market closed yesterday (02013.09.23) and today in premarket trading RHT shares are down 10+%. RHT closed yesterday at $52.93. 52-week range: $44.92 - $57.30.

ANALysts are concerned about "billings."

"The billings phenomenon is not reflective of longer term growth rates of the company," said Red Hat's CEO Jim Whitehurst.

It's possible today will provide a good buying opportunity for long-term investors, but for existing shareholders it might suck.

"When we look at the business, we still feel good about it," said Whitehurst.

I do, too. Our next RHT sell price remains $67.48.

[update::02013.09.24] RHT closed at $46.74, down ~11.7% for the day. Volume was ~12x the trailing-3-month average. In a nutshell, RHT wasn't a red hot stock today.