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MarketWatch MarketPulseAug 05, 2020
Rackspace shares sink 22% on first day of trading
Shares of Rackspace Technology Inc. plunged 22% on their first day of trading Wednesday. Four years after it went private, Rackspace announced pricing of its initial public offering: 33.5 million shares of common stock at $21 per share. But investors turned up their noses, leaving the stock at $16.39 at the close of trading. "We're in the middle of a tectonic shift to multicloud technology," company Chief Executive Kevin Jones told MarketWatch in a Zoom interview early Wednesday. "It is the right place, right time for our transformation. We used to compete with hyper-scalers in cloud like Amazon , Google , and Microsoft . Now, we partner with them." Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., and J.P. Morgan Securities LLC are serving as joint lead book-running managers of the IPO. Rackspace was taken private by Apollo Global Management in a $4.3 billion acquisition in 2016. Last year, Rackspace reported revenue of $2.44 billion and a loss of $102.3 million, compared with $2.45 billion in revenue and a loss of $470.6 million in 2018.

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MarketWatch MarketPulseAug 05, 2020
Bright Horizons stock jumps on big earnings beat
Bright Horizons Family Solutions Inc. shares rallied in the extended session Wednesday after the child-care provider's results topped Wall Street expectations amid the COVID-19 pandemic. Bright Horizons shares surged 9% after hours, following a 1.3% rise in the regular session to close at $112.97. The company reported second-quarter net income of $359,000, or a penny a share, compared with $49.3 million, or 83 cents a share, in the year-ago period. Adjusted earnings were 44 cents a share, down from 99 cents a share in the year-ago period. Revenue fell to $293.8 million from $528.1 million in the year-ago quarter. Analysts surveyed by FactSet had forecast an adjusted loss of 58 cents a share on revenue of $196.7 million. The company said that more than 400 of its 1,076 centers are currently open using safety protocols, and expects more than 85% of its centers to be open by Sept. 30.

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