Red Hat to Move to NYSE

It will trade under RHT.
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Red Hat

(RHAT)

won't be hanging its hat at the

Nasdaq

for much longer.

The Linux software distributor has applied for a listing on the

New York Stock Exchange

and expects to be traded on the big board on Dec. 12. Its new trading symbol will be "RHT."

"We believe that listing on the New York Stock Exchange will increase Red Hat's visibility among investors, reduce trading volatility and offer more efficient pricing," Charlie Peters, CFO of Red Hat, said in a prepared statement.

Red Hat is the leading distributor of Linux, but now faces challenges from

Oracle

(ORCL) - Get Report

which is providing support for Red Hat's version of Linux at a discount.

In addition,

Microsoft

(MSFT) - Get Report

now presents a challenge with its recent alliance with

Novell

(NOVL)

, which has had limited success distributing its own version of Linux.

Red Hat went public in August 1999 and now has a market cap of $3.2 billion. Shares ended Friday's session with a loss of 12 cents to $16.67.