Newsmax, NMAX and Trump
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USA TODAY |
Shares of conservative media outlet Newsmax (NYSE: NMAX) traded with extreme volatility today.
Seattle Times |
The Boca Raton, Fla., outlet’s stock price surged after its initial public offering Monday.
The New York Times |
Despite its lofty valuation, Newsmax has struggled to turn a profit during the run-up to its stock market debut.
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Because its business is consuming cash, Newsmax had to raise capital from investors. While awaiting its IPO, it launched a private offering to sell up to $225 million of convertible preferred stock. The IPO raised another $75 million in cash to help fund Newsmax's operations and growth.
2don MSN
The rise follows conservative media company Newsmax's Monday public debut, which was the best-performing first day since 2022.
The stock began trading at $14 Monday before surging a staggering 735%. Shares rose another 180% Tuesday, rocketing Newsmax's market cap from $1.2 billion upon its market debut to $20.8 billion. The stock's performance showed the Trump trade still has room to run in some cases, just as the president's tariff policies slam the market at large.
1don 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's shares closed with a more-than-eight-fold gain at $83.51 on Monday, partly buoyed by retail interest.
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Newsmax's share price soared when it started trading Monday on the New York Stock Exchange under the ticker "NMAX."
10hon MSN
Shares of conservative media outlet Newsmax (NYSE: NMAX) traded with extreme volatility today. Shares fell as much as 24% this morning before doing a complete 180. As of 1:50 p.m. ET, the stock traded about 23% higher.
Newsmax (NMAX) shares bounced Thursday, turning positive after first extending their retreat from post-IPO highs. The self-described conservative media company went public Monday, kicking off a whirlwind week of trading.