Google Inc and Red Hat Inc are two of the big technology-related stocks to be added to the Nasdaq-100 in the latest annual reordering of the 100 largest non-financial stocks on the Nasdaq stock market.
The addition of Mountain View, California-based Google comes as little surprise as the search giant’s stock price has soared from $85 to over $400 since its initial public offering in August 2004.
Meanwhile, the addition of Raleigh, North Carolina-based Red Hat reinforces the credentials of the open source Linux operating system on which the company has built its business. A year of solid revenue growth has seen Red Hat’s share price rise to $25 from $16 a year ago.
Along with Google and Red Hat, internet commerce and technology vendors made up the majority of the 12 additions to the new Nasdaq-100 list, which will be effective from December 19
Online travel services firm Expedia Inc also made the list, as did online recruitment firm Monster Worldwide Inc, along with electronic commerce products and services firm CheckFree Corp.
Latin American mobile communications provider NII Holdings Inc, 3D graphics processor developer Nvidia Corp, electronic design automation vendor Cadence Design Systems Inc, and computer game software developer Activision Inc also made the list.
The news was not so good for Level 3 Communications Inc, which was removed from the Nasdaq-100 two years after it joined it. Other tech-related stock to be removed included Intersil Corp, Molex Inc, QLogic Corp, Sanmina-SCI Corp, and Synopsys Inc.