Cable news channel Newsmax set for breather after staggering 2,230% gain
Conservative cable news channel Newsmax's NMAX.N shares plunge 27% to $170.13 in premarket trading
As of last close, NMAX shares up 2,230% since debut on Monday
Stock rose as high as $265 on Tuesday before closing up 179% at $233, building on Monday's 735% gain
About 11.4 million NMAX shares changed hands on Tuesday, per LSEG data
Stock has been popular with retail investors, drawing parallels to the pattern of other hotly-traded retail favorites, known as meme stocks
NMAX went public on Monday after $75 million "mini-IPO" where it sold 7.5 million shares at $10 apiece
"Mini-IPOs" are mainly focused on retail investors unlike traditional IPOs, which are largely limited to institutional investors
Boca Raton, Florida-based NMAX commands $29.9 billion valuation as of last close, whereas rival Fox Corporation FOXA.O has a $24.4 billion market cap
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