Rackspace Hosting (RAX) stock rose Tuesday after Morgan Stanley upgraded the cloud computing and Web hosting services company, pointing to increased bookings. “After a challenging year, we saw Rackspace showing improved bookings momentum exiting 2013, a trend we expect to continue in 2014,” said analyst Simon Flannery in a research report. He upgraded Rackspace to overweight from neutral and set a price target of 45. Rackspace stock was up more
The sudden departure of Rackspace Hosting’s (RAX) CEO sent the company’s stock down Tuesday after the cloud computing service provider late Monday reported in-line Q4 earnings and forecast in-line 2014 revenue. Rackspace CEO Lanham Napier, 43, said he would retire to advise startup companies. Graham Weston, Rackspace’s co-founder and chairman, will serve as interim CEO. Napier plans to stay on as a consultant during a transition period, the
Red Hat (RHT) stock surged Friday after the open-source software company reported fiscal Q3 earnings that topped Wall Street views, raised revenue guidance and said its OpenStack cloud-computing initiative had gained traction with customers. Red Hat stock was up 19% in midday trading in the stock market today, at a 15-month high near 58.40. Shares of Rackspace Hosting (RAX), co-developer of the OpenStack cloud standard, were up 2% in midday