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Reuters: Red Hat shares soar into "nosebleed territory"

Aug 13, 1999, 17:20 (8 Talkback[s])
(Other stories by Therese Poletti)

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"Shares of Red Hat Inc., surged 40 percent to levels analysts called "nosebleed territory" Thursday, giving the distributor of the Linux operating system a market capitalization of nearly $5 billion a day after its debut."

"These levels are nosebleed territory and the stock does not belong at these levels," said David Menlow of the IPO Financial Network in Millburn, N.J. "It's totally unsustainable."

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