Deals
Rackspace Hires Morgan Stanley to Evaluate Options
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Rackspace Hosting Inc., a provider of cloud-computing services, hired Morgan Stanley to seek strategic options that could include teaming up with bigger technology companies.
The company enlisted the investment bank to explore ways to expand the business, after Amazon.com Inc. and Google Inc. cut prices on competing products at a faster pace than expected. The result could be a partnership or acquisition, though there is no timetable, the company said in a statement. Rackspace shares jumped as much as 22 percent to $37.37, the biggest intraday gain since November 2008.