Rackspace Shares Lower in Early Trading

Rackspace (RAX) is now trading on the New York Stock Exchange after its IPO this morning. Company executives rang the opening bell to open trading at the NYSE (see photo above).

Rackspace is trading lower in early action, with shares of RAX at $11.15 after 90 minutes of activity. That's down $1.35, or about 10 percent, from the IPO price of $12.50. RAX traded as low as $9.75 when trading opened, but have bounced back slightly.