Newsmax Stock Soars After Hot Initial Public Offering

Media company Newsmax is on a major bull run following its initial public offering on March 31. As of early afternoon on April 1, shares of Boca Raton, Florida-based Newsmax Inc. were trading for about $180.75 per share. Trading on the New York Stock Exchange opened on Monday morning at $10 a share. At that price, the company’s market capitalization exceeded $16.1 billion. Founded as a news website in 1998 by Newsmax CEO Christopher Ruddy, the company now runs an eponymous cable news network; Newsmax2, an online streaming news network; the Newsmax App, a mobile application; Newsmax Magazine, a print publication; and a streaming news and on-demand entertainment service called Newsmax Plus....