Red Hat Leaves Nasdaq For NYSE
Web Editor, "Mad Money"
Red Hat started trading on the New York Stock Exchange today, after seven years on the Nasdaq. President and CEO Matthew Szulik was on the floor of the Big Board talking to Mark Haines and Erin Burnett on “Squawk on the Street.” He seemed confident in his company despite Oracle’s move six weeks ago into the open-source software space – offering customers support services at half Red Hat’s price.
The focus going forward for Red Hat is to penetrate global markets like China, India and Russia, Szulik said. Being part of the NYSE puts the Linux maker among the best brands in the world. “We send a clear message about how bright our future is,” Szulik said.
Red Hat will have a better idea of just how much of market share Oracle is taking when it reports Q3 earnings next week.
American Eagle Outfitters takes Red Hat’s place on the Nasdaq 100. Red Hat, formerly trading under the ticker RHAT, now trades under RHT.