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News Breaks
May 16, 2014
12:00 EDTRAXRackspace rises 19.3%
Rackspace is up 19.3%, or $5.93, to $36.61
News For RAX From The Last 14 Days
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November 24, 2015
08:29 EDTRAX, RAXRackspace price target lowered to $23 from $27 at CLSA
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November 19, 2015
12:52 EDTRAXRackspace should benefit from Goole Cloud Platform, says Stifel
Stifel analyst Matthew S. Heinz said Google Cloud comments appear to be misunderstood and not a bad thing for Rackspace. Heinz believes it is likely Rackspace will eventually add Google Cloud Platform to its list of iaaS support partners given its existing partnership with Google around its Apps for Work platform. The analyst rates Rackspace a Buy with a $42 price target on shares.
November 16, 2015
15:53 EDTRAXJANA Partners reduces stakes in Rackspace, Qualcomm
JANA Partners gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Mattel (MAT), Zoetis (ZTS), and Aramark (ARMK). INCREASED STAKES: ConAgra Foods (CAG). DECREASED STAKES: Rackspace (RAX), Qualcomm (QCOM), Time Warner (TWX), Starz (STRZA), and Lions Gate (LGF). LIQUIDATED STAKES: Johnson Controls (JCI), Precision Castparts (PCP), AerCap Holdings (AER), United Rentals (URI), and HD Supply Holdings (HDS).
10:25 EDTRAXOptions with decreasing implied volatility
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November 13, 2015
10:16 EDTRAXOptions with decreasing implied volatility
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November 12, 2015
10:25 EDTRAXOptions with decreasing implied volatility
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November 11, 2015
10:17 EDTRAXOptions with decreasing implied volatility
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November 10, 2015
16:19 EDTRAXOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street were mixed, with the Dow and S&P notching slight gains and the Nasdaq being weighed on by a slide in Apple (AAPL). ECONOMIC EVENTS: In the U.S., import prices fell 0.5% in October and export prices slipped 0.2%. Wholesale sales rose 0.5% in September, with inventories rising 0.5% in the month as well. In China, the consumer inflation rate fell to an annual 1.3% in October, which was down from 1.6% the month before and below the 1.5% consensus forecast. COMPANY NEWS: Shares of Apple, as well as those of a number of its chip suppliers, slid following a bearish note by Credit Suisse, whose checks pointed to reduced iPhone component orders heading into 2016. Credit Suisse analyst John Pitzer and his team cut their forecast for iPhone production in next calendar year in the face of apparently reduced supplier orders from Apple for the iPhone 6s, sending shares of the tech giant down 3.15% to $116.77 and weighing on chip makers including Avago (AVGO), Broadcom (BRCM), Skyworks (SWKS) and Qorvo (QRVO)... During the company's investor meeting, McDonald's (MCD) raised its global refranchising target to 4,000 restaurants through 2018 with a new long-term goal to become 95% franchised, announced plans to increase its dividend by 5% to 89c per share and said that after "robust" debate it had decided to not pursue a REIT spin-off transaction for its real estate holdings. The fast food giant finished the day up 0.3% at $113.29 per share following the meeting. MAJOR MOVERS: Among the notable gainers was Mallinckrodt (MNK), which rallied $4.55, or 7.84%, to $62.56 after a CNBC appearance by Citron Research's Andrew Left, during which the stock began rebounding. Left's Citron had knocked the stock down sharply yesterday by tweeting that the shares had more downside than Valeant (VRX) amid the pricing debate that has impacted both and others in the specialty drug space. Also higher was Tower International (TOWR), which gained 9% to $29.77 after announcing plans to explore a sale of its European operations. Separately, Rackspace (RAX) advanced $3.24, or 11.96%, to $30.33 after reporting better than expected third quarter results. Among the noteworthy losers was Flotek (FTK), which dropped $5.56, or 38.08%, to $9.04 after it responded to a cautious report by saying an analysis of its FracMax database suggested certain production data was misinterpreted. Also lower was Wayfair (W), which lost 14% to $39.42 after reporting better than expected earnings while also being mentioned by investor Whitney Tilson as his largest short position. Later in the day, Citron's Left called the company's business model "stupid" in a CNBC interview. Additionally, Barrett Business (BBSI) fell 27% to $38.47 after disclosing that its auditor had requested an independent investigation regarding certain expense reserves. INDEXES: The Dow rose 27.73, or 0.16%, to 17,758.21, the Nasdaq lost 12.06, or 0.24%, to 5,083.24, and the S&P 500 advanced 3.14, or 0.15%, to 2,081.72.
11:32 EDTRAXRackspace soars after Q3 results beat analysts' estimates
Shares of managed cloud company Rackspace (RAX) are rising after the firm's third quarter results surpassed analysts' consensus estimates. WHAT'S NEW: Yesterday after the close, Rackspace reported Q3 earnings per share of 26c and revenue of $509M, topping analysts' consensus estimates of 20c and $503.08M, respectively. Adjusted EBITDA for the quarter was $177M, for a margin of 34.9%, up 11.9% from the year ago period. Rackspace previously guided Q3 revenue growth of 2%-3.5% at constant currency and EBITDA margins to be 33%-34%. WHAT'S NOTABLE: Looking ahead to the fourth quarter, the company expects revenue growth of 2%-3% sequentially, on a constant currency basis, and expects adjusted EBITDA margins of 33%-34%. For the full year, Rackspace continues to expect revenue growth of 12%-14% year-over-year, on a constant-currency basis, and expects adjusted EBITDA margins of 33%-34%. The revenue consensus for Q4 and FY15 are $517.57M and $1.99B, respectively. Rackspace also announced yesterday that it intends to issue $350M in senior debt to repay all outstanding amounts under its senior revolving credit facility, with the remaining net proceeds being used for general corporate purposes. ANALYST REACTION: Research firm Pacific Crest kept an Overweight rating and $45 price target on Rackspace following the "strong" Q3 results and "conservative" 2015 guidance. PRICE ACTION: In late morning trading, Rackspace rose $4.58 or about 16.9% to $31.61 on more than twice its average daily trading volume. Despite today's advance, the shares have lost approximately 15.5% over the past 12 months. OTHERS TO WATCH: Other companies in the cloud space include Internap (INAP), down 2.9%, Citrix Systems (CTXS), up fractionally, and Akamai Technologies (AKAM), down fractionally.
10:20 EDTRAXHigh option volume stocks
High option volume stocks: EQM RAX BBG XONE FTK CAG AEGR ZBRA TYC CNI
09:37 EDTRAXActive equity options trading on open
Active equity options trading on open: AAPL TGT VLO BAC FB W RAX V PHM
09:29 EDTRAXOn The Fly: Pre-market Movers
UP AFTER EARNINGS: SciClone Pharmaceuticals (SCLN), up 22%... Bellicum Pharmaceuticals (BLCM), up 10.4%... Canadian Solar (CSIQ), up 8%... Rackspace Hosting (RAX), up 8.9%... Opko Health (OPK), up 6%. ALSO HIGHER: Ocata Therapeutics (OCAT), up 88.3% after being acquired by Astellas Pharma (ALPMY)... Straight Path (STRP), up 8.1% after Nikos Hecht reports 9.2% passive stake in the company... TETRA Technologies (TTI), up 3.1% after being upgraded to Overweight from Neutral at JPMorgan. DOWN AFTER EARNINGS: ExOne (XONE), down 23.3%... Galena Biopharma (GALE), down 12.2%... MannKind (MNKD), down 8%... Jazz Pharmaceuticals (JAZZ), down 8.6%... Wayfair (W), down 1.9%... Gap (GPS), down 5.4%. ALSO LOWER: Magnum Hunter (MHR), down 30.8% after saying that factors raise substantial doubt about the company's ability to continue as a going concern... Barrett Business Services (BBSI), down 35.6% after receiving a letter from its independent auditor... Callon Petroleum (CPE), down 4.6% after its 12M share Spot Secondary priced at $8.40... Cyberark (CYBR), down 3.4% after being downgraded to Neutral from Buy at BofA/Merrill.
09:03 EDTRAXRackspace reported strong Q3 results, says Pacific Crest
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