Newsmax Stock EXPLODES, Mirage or Must Buy??

Chris calls Newsmax’s stock surge an “April Fools’ joke,” with shares hitting $193 despite no profits—outvaluing the New York Times. He compares it to ’90s boiler room scams, warning investors of a casino-like market. www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
Is Newsmax stock some sort of bloody April foolstoke?

Speaker 3 (00:22):
Yeah, this is insane, absolutely makes no sense again, and
this is the casino aspect of the overall stock market.

Speaker 2 (00:32):
I you know, right now, I think that I don't know,
one hundred and twenty something dollars a share was as
high as one hundred and ninety three today, was as
high as one hundred and ninety three dollars a share
where I don't know where it closed that yesterday it
was in the ninety something parabolic giving basically putting the

(00:57):
evaluation of Newsmax, Who's greater than the New York Time Times. Now,
not to say that the New York Times has got
this wonderful business model. They have their issues too, but
it's the New York Times. Ask me how much Newsmax
has ever made? Have they ever run a profit? No? No, no,

(01:19):
they haven't. They lost tens of millions of dollars last
year and again a full disclosure. I've appeared on many
occasions on their network and they still have some radio
shows that I do guest appearances on. This is again

(01:39):
this type of price movement in stock again. It's given
me give me deja vu all over again. As Jogi
Berra would say, this is taking me back. It's taking
me back to the mid nineteen nineties when you had
boiler room operator after boiler room operator after boiler room
operator move in stocks in paraboms. I remember there was

(02:01):
this one one boiler room operation. It was called Kensington Wells.
I think they were based out of Old Brookville on
Long Island. I think it was one of the largest
arbitration awards against a firm. Ever, at one point in
time they drove one stock. I can't even remember the

(02:23):
name of the thing. It went through the bloody roof.
I think it had Dan Dorschmant from CNBC at a
twelve o'clock show talking about the stock. Again, it was
who gaysy It wasn't real. Now, I'm not saying that
Newsmax isn't real. Of course it's real. It's been around

(02:44):
for a decade now, and I remember when it was
just a newspaper and an online publication, started their network,
and then they've got some other things going on. That's
all well and good, but if you think you think

(03:04):
that the company's worth what it's trading at today is
uh sane, Well there's something wrong with your medulla alangata.
You're not going to do too well with financial markets,
watch dog on Wall Street dot com