Cable news channel Newsmax set for breather after staggering 2,230% gain

Newsmax

02/04/2025 10:27

** Conservative cable news channel Newsmax's NMAX.N shares plunge 27% to $170.13 in premarket trading

      ** As of last close, NMAX shares up 2,230% since debut on Monday

** Stock rose as high as $265 on Tuesday before closing up 179% at $233, building on Monday's 735% gain

** About 11.4 million NMAX shares changed hands on Tuesday, per LSEG data

** Stock has been popular with retail investors, drawing parallels to the pattern of other hotly-traded retail favorites, known as meme stocks

 ** NMAX went public on Monday after $75 million "mini-IPO" where it sold 7.5 million shares at $10 apiece

      ** "Mini-IPOs" are mainly focused on retail investors unlike traditional IPOs, which are largely limited to institutional investors

** Boca Raton, Florida-based NMAX commands $29.9 billion valuation as of last close, whereas rival Fox Corporation FOXA.O has a $24.4 billion market cap

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))