Red Hat Switching From Nasdaq Listing to NYSE

| About: Red Hat, (RHT)

Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

Red Hat to Move to NYSE []

Summary: Top Linux distributor Red Hat, Inc. announced it has filed for a listing with the NYSE and will start trading on the exchange as early as December 12. The reason for the change, according to CFO Charlie Peters, is simple: "We believe that listing on the NYSE will increase Red Hat's visibility among investors, reduce trading volatility and offer more efficient pricing" versus the tech-heavy Nasdaq. The company, currently near 52-week lows due to a series of industry challenges from competitor Oracle and a recent Microsoft-Novell alliance will trade under the symbol RHT.
Related links: Press Release. Media coverage: WSJ. Commentary: Red Hat Stock Climbing BackRed Hat: Unlikely to Recover From ORCL/MSFT One-Two Punch -- Barron'sOracle's Linux Announcment: A Load of Bull?Panic Exit From Red Hat Shares - Overdone?In Recognition of New "Mixed" Software Environment, Microsoft To Work With Novell's Linux. Conference call transcripts: Red Hat F2Q07 (Qtr End 8/31/06) Earnings Call Transcript (SeekingAlpha).
Potentially impacted stocks and ETFs: Red Hat (RHAT) • Competitors: Oracle (NASDAQ:ORCL), Novell (NASDAQ:NOVL), Microsoft (NASDAQ:MSFT), Sun Microsystems (NASDAQ:SUNW) • ETFs: Software HOLDRs (NYSE:SWH).

Seeking Alpha's Wall Street Breakfast summarizes today's key market- and stock-moving news. Receive it by email every weekday morning (free/no spam).

Seeking Alpha is not affiliated with