Why Rackspace Rallied Today
Shares of Rackspace (NASDAQ: RXT) rallied on Tuesday, surging as much as 21.2% before settling at a 5% gain, as the semiconductor sector sold off later in the day.
Rackspace announced an expansion of its partnership with Advanced Micro Devices (NASDAQ: AMD) today, as the two companies look to deploy 30 MW of compute capacity for Rackspace's enterprise customers in highly regulated industries.
While the amount of compute isn't massive for AMD, which fell on the day, it could be a bigger deal for Rackspace, given its beaten-down stock price and just $1.5 billion market cap.
Source Fool.com
Advanced Micro Devices Inc. Stock
€464.55
-0.910%
Our community is currently high on Advanced Micro Devices Inc. with 102 Buy predictions and 5 Sell predictions.
On the other hand, the target price of 438 € is below the current price of 464.55 € for Advanced Micro Devices Inc., so the potential is actually -5.72%.
