RXT - Hot Stocks: RXT TRTN downgrades; SAVE opens talks with JBLU; PSMT earnings

Research notes from Wall Street analysts provided a significant catalyst during Friday's midday trading. Rackspace Technology (RXT) and Triton (TRTN) both dropped after receiving separate downgrades. Meanwhile, the takeover drama surrounding Spirit Airlines (SAVE) continued during intraday action. The stock dipped after it officially opened merger talks with JetBlue (JBLU). Looking at one of the day's standout gainers, PriceSmart (NASDAQ:PSMT) showed strength after announcing a better-than-expected quarterly profit. Decliners Rackspace Technology (RXT) dropped more than 14% after Oppenheimer downgraded the stock to Perform from Outperform. The firm argued that the cloud computing company is seeing low margins from its business reselling AWS/cloud and the addition of higher-margin services will take time. Oppenheimer noted that the company has undergone a strategic review, but it "faces increased macro headwinds and very high debt." A cautious analyst comment also put pressure on Triton (TRTN). The company, which leases shipping containers, was one of

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Hot Stocks: RXT, TRTN downgrades; SAVE opens talks with JBLU; PSMT earnings