Rackspace (RAX) Stock Popping 17 percent

Shares of Rackspace Hosting, Inc. (RAX) are up by 16.87% to $31.66 in early trading on Tuesday morning, after the cloud computing firm announced plans to offer $350 million aggregate principal amount of senior notes due 2024. About 5.5 million shares of Rackspace Hosting were traded by 10.53 a.m. ET Tuesday, above the company’s average trading volume of about 2.6 million shares a day.

In the past 52 weeks, the San Antonio, Texas-based company have traded between a low of $23.65 and a high of $56.20, which is 137.63% above that low price. Over the past 5 trading sessions the stock has lost 2.06%.

Ticker is down 27.62% year-over-year and 42.13% year-to-date.

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