Conexant Systems ( CNXT) gained in after-hours trading Tuesday when the Newport Beach, Calif.-based semiconductor company said it expects to receive about $100 million in cash when Acquicor Technology ( AQR) completes its merger with Jazz Semiconductor.Conexant owns about 42% of Jazz. Under the terms of the agreement, Jazz, a privately held specialty wafer-manufacturing company, will merge with a wholly owned subsidiary of Acquicor, a special purpose acquisition company, in an all-cash transaction valued at $260 million, subject to certain adjustments. The merger is expected to be completed in the first quarter of calendar 2007. Shares gained 8 cents, or 4.17%, to $2. Linux software developer Red Hat ( RHAT) saw a second-quarter sales spike of 52% from the year-ago quarter on strong subscription revenue. But that was offset by stock-option and merger-related expenses. In the second quarter, the Raleigh, N.C., company earned $11 million or 5 cents a share, compared with $16.7 million or 9 cents a share in the year-ago quarter. Red Hat said that because of taxes and stock-compensation expenses between fiscal 2006 and 2007, net income was not directly comparable between these periods. After adjusting for these accounting differences, non-GAAP adjusted net income for the second quarter of fiscal 2007 was $23.7 million, or 11 cents a share. This compares with non-GAAP adjusted net income of $17.7 million, or 9 cents, in the year-ago quarter. Revenue was $99.7 million, up 52% from a year ago. Analysts polled by Thomson First Call were looking for earnings of 10 cents a share before items on revenue of $97.1 million. During the quarter, Red Hat closed its acquisition of JBoss, an open-source application server company. Shares were trading down $1.62, or 6.2%, to $24.70.