Red Hat Stock Plummets 30% In Wake Of Oracle News

Shares in Red Hat plunged 30 percent to a new 52-week low of $13.70 on Thursday morning following software giant Oracle’s announcement on Wednesday that it would move into the Linux software space.

By 11:30 a.m., more than 58 million shares had traded hands – nine times the daily average.

Red Hat (Nasdaq: RHAT) closed at $19.51 on Wednesday but the share price dropped dramatically in overnight trading to Thursday’s opening price of $15.80.