Newsmax, NYSE
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Investopedia |
The cable news company’s stock opened at $14, above the IPO price of $10 per share, and jumped as high as $78.27 intraday before paring back some gains.
Yahoo |
Newsmax, a conservative media company, became a meme stock after its IPO skyrocketed by 2,190%, bringing its market valuation to over $20 billion.
NBC New York |
At one point, the rally gave the company a market capitalization of nearly $30 billion — surpassing the market cap of legacy media companies like Warner Bros. Discovery and Fox Corp.
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Conservative-focused news network Newsmax ( NYSE: NMAX) opened for trading on its first day as a public stock at $14, above its $10 initial public offering price, and rose from there to a 66% gain before a volatility halt just before 11 a.m. ET.
2don MSN
As of midday Monday, Newsmax stock was up by 532%, and shares were trading at a whopping $63.20 apiece. The spike has been so intense that trading was halted for volatility five times in the first 30 minutes after market opening, Bloomberg reports.
Newsmax lost $55 million in the first half of last year. But its stock surged this week as shares in the company traded on the public market for the first time.
The IPO rally became the largest in the history of the NYSE, propelling the media company's owner to multi-billionaire status.
Newsmax's shares closed with a more-than-eight-fold gain at $83.51 on Monday, partly buoyed by retail interest.
16hon MSN
Priced at $10 per share, the cable TV company closed its first day of open-market trading at $83.51 and its second at $233, after rising as high as $265. That left the stock NMAX up 2,230% in its first two days of trade on the New York Stock Exchange.
2025 / Newsmax Inc. ("Newsmax" or the "Company") announced that its Class B Common Stock will begin trading this morning on the New York Stock Exchange under the symbol "NMAX". The Company ...