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.
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