Rackspace, Priceline, Sirius: Tech Premarket
NEW YORK (TheStreet) -- Rackspace (RAX) shares surged in premarket trading on Wednesday following the cloud computing specialist's robust second-quarter results, released on Tuesday.
The AT&T (T) 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.
Priceline.com (PCLN) 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), 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) was another active Nasdaq stock, dipping 0.77% to $20.56 on share volume of 126,465. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: tips@thestreet.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devicesSelect the service that is right for you!
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