Newsmax's IPO Surge and Market Developments: A Look at Key Stocks
Market updates: Newsmax's stock soars, while Schwab receives a buy rating boost amid varied performances from other major companies.
Stock Movers: Schwab, DJT, Newsmax
Bloomberg
Trump-loving network Newsmax is a hot stock on Wall Street
Los Angeles Times
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Overview
In midday trading, Newsmax's stock soared 2,230% since its IPO earlier this week, but retreated in pre-market trading. Schwab's shares gained after Citi upgraded its rating to buy, predicting a 31% upside, citing effective client integration post-TD Ameritrade acquisition. Roblox rose 5% from its partnership with Google, while Live Nation shares increased following an anti-scalping executive order by President Trump. PVH Corp. saw significant gains after exceeding earnings guidance, but Johnson & Johnson's stock fell 5.6% due to ongoing talc lawsuits. Meanwhile, Scotts Miracle-Gro and Reinsurance Group of America stocks received positive upgrades amid market uncertainty.
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Analysis
- Newsmax had a significant IPO, raising over $75 million, with share prices surging from $10 to over $233, reflecting high investor interest despite its challenging financials and ongoing legal issues.
- The stock performance has brought substantial wealth to its CEO, Christopher Ruddy, indicating a potential shift in the media landscape where alternative news sources gain traction among investors and viewers.
- There are concerns about the sustainability of Newsmax's success given its historical losses, legal challenges related to defamation lawsuits, and the broader issues facing the cable news industry.
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