Why Newsmax Stock Surged This Week
Newsmax (NYSE: NMAX) stock posted big gains in this shortened week of trading. At the closing bell this past Thursday, the company's share price was up 11.6% from the previous week's market close.
Newsmax's big gains came on the heels of even bigger sell-offs in the previous week's trading. While there wasn't much in the way of business-specific news behind the recovery, the media company's share price moved higher in conjunction with rebound trading and meme-stock momentum.
Despite the S 500 index falling 1.5% from last week's market close, Newsmax was able to close out the stretch with solid double-digit gains. The stock had fallen roughly 49% the previous week due to meme-stock volatility and news that a U.S. district court ruled that the company had made defamatory statements about Dominion Voting Systems. The legal dispute is now headed to a jury trial.
Source Fool.com
