Why Newsmax Stock Plummeted Today

Newsmax (NYSE: NMAX) stock got hit with another round of big sell-offs Friday. The media company's share price closed out today's trading down 10% despite the S&P 500 gaining 1.8% and the Nasdaq Composite climbing 2% in the daily session.Newsmax stock saw another big valuation pullback today despite a seemingly positive development for the business. The company benefited from meme stock momentum in the first days following its initial public offering (IPO) on March 31.Outside of an announcement that Newsmax had signed a multiyear program hosting extension with Greta Van Susteren, there wasn't anything in the way of business-specific news for the company today. If anything, the new contract to extend The Record With Greta Van Susteren is probably a positive development for the company -- but that wasn't enough to support the company's share price.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool