Rackspace Hosting Pulling Back, Down 3% Today (RAX)

Shares of Rackspace Hosting, Inc. RAX are pulling back today, down over 3% on light volume. The average daily volume is just over 2 million shares, and only 1.2 million shares have traded so far today, so this is being seen as a light volume pullback, which is healthy if the stock wants to resume its trend higher. At last check, shares of Rackspace Hosting were off $1.37 to $41.59, a loss of 3.2%. Rackspace Hosting, Inc. operates in the hosting and cloud computing industry. It provides information technology (IT) as a service, managing Web-based IT systems for small and medium-sized businesses, as well as large enterprises worldwide.