A NEWSMAX television crew member steam irons a backdrop during the Conservative Political Action Conference (CPAC) in National Harbor, Maryland, on Saturday, February 24, 2024.
Tom Brenner | The Washington Post | The Washington Post | Getty Images
Shares of conservative cable channel Newsmax soared more than 40% in early trading Tuesday, a day after the stock’s dizzying debut on the New York Stock Exchange.
Newsmax shares spiked more than 700% in their first trading day Monday, closing at $83.51 per share. The stock opened the day at $14 per share.
The trading Tuesday continues a stunning rise for the pure-play cable TV stock. The industry has suffered in recent years as consumers flee cable bundles in favor of streaming.
The right-wing TV channel has gained traction during President Donald Trump’s second term, and it’s the fourth most-watched cable news channel after Fox News, MSNBC and CNN, according to Nielsen. Still, its viewership pales in comparison to the dominant conservative channel Fox.
Between Dec. 30 and March 20, Newsmax had an average of 309,000 primetime viewers and 211,000 daytime viewers, according to Nielsen data. Fox News attracted an average of nearly 3.1 million primetime viewers and roughly 2 million daytime viewers during the same period.
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