Red Hat, the edgy open-source software maker, is moving to the New York Stock Exchange. According to the expensive, detailed WSJ version of the story:
"It's a very efficient market," said Mr. Peters. He added that he supported NYSE CEO John Thain's move to more electronic trading. "He's a very clever guy," Mr. Peters said.
Some industry experts pointed out that Red Hat, as a proponent of open software like Linux, could use the change in stock listing to help distinguish itself from larger rival Microsoft Corp., which has long been a bellwether Nasdaq stock.
Bad move. It's certainly 'better' for their reputation if a bank or a manufacturer moves to the NYSE, but software -- especially Linux -- is supposed to be a hip, trendy, decentralized sort of business. Having their stock traded by the stodgiest firm possible isn't going to do anything but define them as has-beens.
And if the NYSE really was gunning for Microsoft and got Red Hat instead, they're admitting that they accomplished (by market cap) about 1% of what they intended to. It's a remarkably lose-lose deal.