We recently published a list of 10 Firms Outperform Broader Market on Tuesday. In this article, we are going to take a look at where Newsmax Inc. (NYSE:NMAX) stands against other firms that outperform broader market on Tuesday.
The stock market finished mixed on Tuesday, with the Dow Jones the sole loser with a marginal 0.03-percent dip, as investors awaited clarity on President Donald Trump’s new tariff rollout.
The tech-heavy Nasdaq ended 0.87 percent higher, while the S&P 500 grew 0.38 percent.
Meanwhile, 10 individual stocks outperformed the bellwether indices, finishing the day in the green amid a flurry of fresh corporate developments that boosted investor appetite.
In this article, we named Tuesday’s top performers and detailed the reasons behind their gains.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.
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Newly listed Newsmax Inc. soared by as much as 217 percent at intra-day trading on Tuesday before a slight pullback to finish the day up by 179.01 percent at $233 apiece.
From its initial public offering price of $10 apiece, Tuesday’s share price marked a jump of 2,230 percent.
In an interview with CNBC earlier, NMAX CEO Christopher Ruddy said that investors are powerfully buying Newsmax shares “because they like us, they value us, and they want us to keep growing.”
“We’re going out with a market cap of $1.2 [billion]. But we don’t see ourselves as a value stock. We see ourselves as a growth stock. So those multiples are going to be a lot higher,” he noted.
Overall, NMAX ranks 1st on our list of firms that outperform broader market on Tuesday. While we acknowledge the potential of NMAX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as NMAX but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
