Trump, Newsmax and Stock
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Shares of conservative media outlet Newsmax (NYSE: NMAX) traded with extreme volatility today.
From USA TODAY
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Newsmax stock price crashed 77% on Wednesday after a wild post-IPO rally. Its low share float heightens the stock's volatility.
EDT Newsmax (NMAX) halted for volatility after dropping 41% to $134.00Don't Miss Our End of Quarter Offers: Discover the latest stocks
3don 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's shares closed with a more-than-eight-fold gain at $83.51 on Monday, partly buoyed by retail interest.
Retail traders on Stocktwits were buzzing, with some skeptical that the huge gains could continue. Newsmax saw its market cap soar to $20 billion Tuesday.
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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.
Newsmax debuted on the New York Stock Exchange on Monday and surged over 500% in the first few hours of trading, leading to nearly a dozen trading halts following its initial public offering, as its market cap surged to more than $5.
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2don MSN
The rise follows conservative media company Newsmax's Monday public debut, which was the best-performing first day since 2022.
Newsmax went public this week, and the low volume of shares available to trade has exacerbated the impact of high demand, sending the stock soaring.