Trading of the right-wing news outlet’s stock was halted multiple times for volatility early Tuesday.
Topline
Shares of Newsmax skyrocketed again on Tuesday, as trading in the conservative news outlet’s stock was halted again for volatility multiple times throughout the day, more than doubling the company’s market cap to above $27 billion after a massive debut yesterday.Key Facts
Newsmax shares opened Tuesday at $83.51 before surging 151% to about $212 as of around 2:15 p.m. EDT.
Trading in Newsmax’s stock was briefly halted four times for volatility on Tuesday, including five-minute pauses that started at 1:54 p.m., 10:06 a.m., 10:22 a.m. and 10:34 a.m., according to Nasdaq.
Newmax debuted on the New York Stock Exchange on Monday as shares surged over 700% during its first day of trading, though trading in the stock was halted a dozen times for volatility.
Tuesday’s market shift for Newsmax increased the company’s market cap from about $10.7 billion on Monday to over $27.4 billion. Why Is Newsmax Surging?
Newsmax’s success appears to suggest there are more conservative investors than previously expected, Andersen Capital Management founder Peter Andersen told Reuters. Andersen said it’s “probably a perfect time” for Newsmax’s IPO, “simply because of all the volatility in the political arena currently.
