Why Newsmax Stock Surged 15% Higher Today
On a rather forgettable Monday for the stock exchange, the performance of media company Newsmax (NYSE: NMAX) was exceptional. On news that it had settled a high-profile lawsuit, relieved investors piled into the stock to lift it to a 15% gain on the day. This made it quite the outlier, as the S 500 index essentially closed flat that trading session.
That morning, Newsmax announced that it had reached a settlement with Dominion Voting Systems, which in 2021 brought a defamation lawsuit against the company. Dominion accused Newsmax of making defamatory statements about its business, particularly in connection with its involvement in the 2020 presidential election. The settlement amount is $67 million.
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Source Fool.com
