Why Newsmax Stock Is Getting Crushed Today
Shares of the conservative media outlet Newsmax (NYSE: NMAX) had sunk by nearly 50% as of 1:25 p.m. ET today. There was no obvious reason behind the move but the stock has traded like a meme stock since going public on Monday, so big moves are to be expected.
Newsmax, which has the fourth-largest cable news audience in the U.S., made its debut on the New York Stock Exchange on Monday in a small initial public offering (IPO) that raised $75 million and priced shares at $10. The Stock then took off, rising as high as $233 per share yesterday before crashing today. Still, the Stock is up over 1,000% since it began trading.
Newsmax has long supported President Donald Trump, and it has not been uncommon to see Trump-linked media companies such as Trump Media & Technology Group trade like meme stocks.
Source Fool.com
