Last year, Newsmax brought in $171 million in total ... AMC Entertainment (AMC), Avis (CAR), and others, when a stock reaches meme status and has a limited float, the stock can go higher than ...

Shares of the conservative media outlet Newsmax ( NMAX -77.37%) had sunk by nearly 50% as of 1:25 p.m. ET today. There was no obvious reason behind the move but the stock has traded like a meme stock since going public on Monday, so big moves are to be expected.

The rise follows conservative media company Newsmax's Monday public debut, which was the best-performing first day since 2022.

Even after crashing down to earth Wednesday, Newsmax is still valued at an extreme premium compared to Fox and the New York Times.