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Rackspace, Priceline, Sirius: Tech Premarket

NEW YORK ( TheStreet) -- Rackspace (RAX - Get Report) shares surged in premarket trading on Wednesday following the cloud computing specialist's robust second-quarter results, released on Tuesday.

The AT&T (T - Get Report) and Savvis rival reported revenue of $319 million, an increase of 29% on the prior year's quarter, and above Wall Street's forecast of $317.7 million. Currency pressures, however, impacted net revenue by $2.3 million compared with the same period last year.

Rackspace, which does not break out non-GAAP EPS, said it earned 18 cents a share on net income of $25.1 million, up from 13 cents and $17.6 million in the same period last year. Analysts surveyed by Thomson Reuters were looking for earnings of 18 cents a share.

The numbers pushed shares of Rackspace up 12.37% to $55.40 before market open Wednesday. (PCLN - Get Report) shares, however, plunged in premarket trading as investors responded to the company's weak third-quarter outlook.

The online travel specialist, which reported its second-quarter results after market close on Tuesday, cited weakness in Europe as one of the main reasons for its soft guidance.

Priceline shares plunged 15.27% to $576 before market open. The Norwalk, Conn.-based firm was also one of the most active premarket Nasdaq stocks on share volume of 88,553.

Sirius XM (SIRI - Get Report), which reported its second-quarter results on Tuesday, dipped 0.87% to $2.28 in premarket, after closing up 4.55% during Tuesday trading.

The satellite radio specialist was also an active premarket Nasdaq stock on share volume of 190,356.

Facebook (FB - Get Report) was another active Nasdaq stock, dipping 0.77% to $20.56 on share volume of 126,465.

--Written by James Rogers in New York.

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FB $80.78 0.00%
PCLN $1,187.53 0.00%
RAX $52.05 0.00%
SIRI $3.88 0.00%
T $32.51 0.00%


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