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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.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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