Rackspace (RAX) is now trading on the New York Stock Exchange after its IPO this morning. Company executives rang the opening bell to open trading at the NYSE (see photo above).
Rackspace is trading lower in early action, with shares of RAX at $11.15 after 90 minutes of activity. That’s down $1.35, or about 10 percent, from the IPO price of $12.50. RAX traded as low as $9.75 when trading opened, but have bounced back slightly.
Rich Miller is the founder and editor-in-chief of Data Center Knowledge, and has been reporting on the data center sector since 2000. He has tracked the growing impact of high-density computing on the power and cooling of data centers, and the resulting push for improved energy efficiency in these facilities.
Article printed from Data Center Knowledge: http://www.datacenterknowledge.com
URL to article: http://www.datacenterknowledge.com/archives/2008/08/08/rackspace-shares-lower-in-early-trading/
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[1] Rich Miller: http://www.datacenterknowledge.com/archives/author/richm/
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