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markets cloud

Rackspace Shares Drop in First Day of Trading

By
Ross Matican
· · Source: The Information

Shares of Rackspace fell 22% to $16.39 Wednesday, a disappointing start to the cloud services company’s second try as a public company. Shares had priced at $21 in its IPO late Tuesday, when it raised $704 million. On Wednesday, the Nasdaq Composite edged up 0.5% and other cloud-computing stocks including Salesforce rose. The San Antonio, Texas-based firm said it would use some of the proceeds...

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