IPO, Newsmax
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Investopedia |
Shares of the media company were recently off some 40% to $140, plummeting to start their third day of trading.
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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If you follow the media world at all, there is a good chance Newsmax's initial public offering has caught your attention. How could it not? The conservative news outlet made its Wall Street debut on Monday morning,
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.
Newsmax Inc. ("Newsmax" or the "Company") today announced the successful completion of its initial public offering under Regulation A+, raising the maximum allowed of $75 million through the sale of 7.
Class B shares of the right-leaning media outlet Newsmax ( NMAX 159.68%) have blasted more than 1,123% higher since its initial public offering on March 31. The stock appears to be trading like a meme stock: Shares had roughly doubled today at 1:13 p.m. ET.
Newsmax shares are down 23% as gravity takes hold following the new IPO's 2,230% surge in its first two days of trading. Tesla shares are down more than 1% as traders await the EV-maker's first-quarter delivery data.
The stock soared nearly 180% to close at $233 on Tuesday, building on a 735% surge in its debut session which saw the shares halted multiple times.
Factory orders gained 0.6% in February, better than the consensus estimate but slowing from an upwardly revised 1.8% in January.Federal Reserve Governor Adriana Kugler is scheduled to speak at 4:30 p.