Rackspace Hosting (RAX) dwindles with Q1 revenues

Rackspace Hosting, Inc. RAX shares declined 14% to $45.68. Rackspace reported downbeat revenue for the first quarter. For the second quarter, the company projected revenue growth on a constant currency basis of 1.5% to 2.5%. Share volume was 788,000, compared to an all-day average of 269,000