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Rackspace Jumps Most Since 2008 After Hiring Bankers
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Rackspace Hosting Inc. surged the most since 2008 after the provider of cloud-computing services hired Morgan Stanley to seek strategic options that could include teaming up with bigger technology companies.
Rackspace 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, Rackspace said in a statement yesterday.