From the insult-to-injury department: CIT Group (NYSE: CIT) has, unsurprisingly, been given THE BOOT from the S&P 500. In its place, the S&P is welcoming Red Hat (NYSE:RHT) with open arms. Red Hat, which went public about 10 years ago, is best known as the “world’s largest sisterhood of women age 50 and beyond,” with chapters throughout the United States.
Okay, I’m kidding. It’s actually the open-source/Linux software-solution provider named Red Hat that has joined the five hundo. But, as they’ve long been rumored to be an acquisition target for IBM or others, there may be room yet for your grandmother in the S&P index.
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