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Red Hat Picked for S&P 500

Red Hat is the first and only open source firm on the list. Red Hat's market cap Friday was $3.87 billon

The open source crowd got unexpected validation late Friday when Standard & Poor's said it's going to boot the tottering CIT Group off its chi-chi S&P 500-stock index and replace it with Red Hat.

With its stock in the hole, its depressed market cap down to $272 million and its flirtation with utter collapse, the bank was number 500 on the list.

The substitution goes into effect July 24 after the market closes.

Red Hat is the first and only open source firm on the list. Red Hat's market cap Friday was $3.87 billon.

Standard & Poor's did not explain its selection.

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at) or paperboy(at), and by phone at 516 759-7025. Twitter: @MaureenOGara

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