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Shares of conservative cable channel Newsmax soared for a second day.
The stock spiked more than 700% in its public debut on Monday.
The right-wing cable channel has gained traction during President Donald Trump’s second term, but its viewership still pales in comparison to the dominant Fox News.

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 nearly 180% Tuesday, a day after the stock’s dizzying debut on the New York Stock Exchange.
Newsmax shares have risen more than 1,500% since its Monday debut, when it opened at $14 per share. It closed at $233 per share on Tuesday.

The skyrocketing stock not only brought the company’s market capitalization to nearly $30 billion — surpassing the market cap of legacy media companies like Warner Bros. Discovery and Fox Corp — it also propped up the returns of its investors.
Traditional media IPOs are hard to come by, especially given the significant changes to companies’ business models in recent years, and Newsmax’s meteoric debut was unexpected. The highly anticipated stock debut of CoreWeave on Friday — the biggest tech IPO since 2021 and first pure-play artificial intelligence offering — saw a tempered start in comparison.
Founder and CEO Christopher Ruddy, who owns roughly 39.2 million Class A shares of the company and 81.4% of voting stock, joined the billionaire ranks after the initial public offering. As of the market close, Ruddy’s stake was worth more than $9 billion.
Interactive Brokers founder and billionaire Thomas Peterffy is Newsmax’s second-largest shareholder with 23 million shares — worth more than $5 billion as of Tuesday — owned through a limited-liability company, Conyers Investments.
Peterffy invested $50 million in Newsmax in 2019, according to an individual familiar with the deal. He declined to comment on his investment to CNBC. Peterffy has appeared on Newsmax before and is a prominent GOP donor.

On Tuesday, Newsmax sent out an email to investors highlighting its stock rise on the opening day of trading.
“Americans for a long time have been voting with their remote controls, downloads, apps to say they want Newsmax. Now investors powerfully are buying Newsmax shares because they like us, they value us and they want us to keep growing,” Ruddy said in a statement to CNBC.

Rising red tide

Fox News and Newsmax television studios are seen in the Fiserv Forum on the day before the Republican National Convention begins, in Milwaukee, Wisconsin, July 14, 2024.
Joe Raedle | Getty Images News | Getty Images

Newsmax, which launched its right-wing cable network in 2014, has gained traction during President Donald Trump’s second term and is the fourth most-watched cable news channel after Fox News, MSNBC and CNN, according to Nielsen.
Ruddy said on Monday that Newsmax counts Republican and Democratic lawmakers as both contributors and viewers. “We believe we’re conservative with an independent news mission, and we ask tough questions of the Trump administration.”
Last week, Ruddy posted on X that he received a call from Trump, adding “I shared with Potus my new saying: ‘A rising Trump lifts all boats!'”
“This shows there continues to be financial support for all things MAGA. There is room for a multiplicity of voices on the right in a way we haven’t seen emerge on the left,” said Jonathan Miller, a former senior News Corp. executive who currently serves as CEO of Integrated Media, which specializes in digital media investments.
Newsmax transitioned from a digital media outlet to a cable channel because Ruddy saw an opportunity to grab market share from Fox News, he told CNBC’s “Squawk Box” on Monday.
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 prime-time viewers and 211,000 daytime viewers, according to Nielsen data. Fox News attracted an average of nearly 3.1 million prime-time viewers and roughly 2 million daytime viewers during the same period.
The trading Tuesday continued a stunning rise for the pure-play cable TV stock. Even as news and live sports grab the biggest audiences, the industry has suffered in recent years as consumers flee cable bundles in favor of streaming.
“We hate the bundle. The bundle is terrible for the cable industry. It’s terrible for consumers,” Ruddy said Monday, referring to the traditional pay TV package of a multitude of channels that once dominated the industry.
Despite remaining profitable and raking in cash for media companies, the bundle has been losing subscribers at a fast clip as consumers opt for cheaper streaming options rather than the notoriously pricey package of channels.
Ruddy pointed to this in his comments, noting that consumers who want access to networks like ESPN — which capture the bulk of viewers, and in turn, higher fees — are still stuck paying for a package of channels they may not want or need.
Newsmax started receiving fees from pay TV distributors in recent years to carry its network after primarily receiving advertising revenue to support the business as it built its audience.
Ruddy said Monday that Newsmax’s fees have been increasing. He added that Newsmax is also available on streaming and has podcasts — offerings that are typical of all media businesses currently.
— CNBC’s Hayley Cuccinello contributed to this article.
Disclosure: NBCUniversal is the parent company of MSNBC and CNBC.

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Eli Lilly is suing Strive Pharmacy and Empower Pharmacy for compounding Zepbound and Mounjaro.
Compounding of tirzepatide, the active ingredient in Lilly’s obesity drug Zepbound and diabetes drug Mounjaro, was largely supposed to stop last month.
Lilly argues Strive and Empower are skirting the FDA’s ban on compounding.

The Eli Lilly logo is shown on one of the company’s offices in San Diego, California, on Sept. 17, 2020.
Mike Blake | Reuters

Eli Lilly is suing two pharmacies for compounding Zepbound and Mounjaro, claiming the companies are skirting the Food and Drug Administration’s ban on the practice and luring people away from Lilly’s medicines.
In lawsuits filed Tuesday in Delaware and New Jersey, Lilly alleges the two companies — Strive Pharmacy and Empower Pharmacy — are falsely marketing their products as personalized versions of the drugs that have been clinically tested and are made using stringent safety standards. Lilly argues these claims are turning people toward compounded drugs and away from its FDA-approved treatments.

Strive and Empower didn’t immediately respond to CNBC’s requests for comment.
Compounding pharmacies and outsourcing facilities were largely supposed to stop making their own versions of tirzepatide, the active ingredient in Lilly’s weight-loss drug Zepbound and diabetes treatment Mounjaro, last month after the FDA determined the branded versions were no longer in shortage. Some continued compounding, tweaking the dosages and combining them with vitamins, distinctions that make them different from Lilly’s drugs and potentially allow them to skirt the FDA’s ban.

An injection pen of Zepbound, Eli Lilly’s weight loss drug, is displayed in New York City on Dec. 11, 2023.
Brendan McDermid | Reuters

Lilly argues Strive and Empower are merely mass producing altered versions of tirzepatide rather than personalizing them. Branded drugs are allowed to be compounded at large scale when they’re in shortage. Outside of that, custom versions can be made for unique situations, like if a person is allergic to an ingredient or can’t take the form of the drug it’s normally sold in.
Strive and Empower supply tirzepatide to popular telehealth sites, including Lavender Sky Health and Mochi Health. The companies didn’t immediately respond to CNBC’s requests for comment.
These lawsuits will be the first test of Lilly’s ability to take on compounding pharmacies in court now that Zepbound and Mounjaro are off the FDA’s shortage list. And they could provide a roadmap for Novo Nordisk, whose obesity drug Wegovy and diabetes treatment Ozempic generally can’t be compounded after the end of May. More

Columbia is one of the richest universities with a $14.8 billion endowment.
Still, using these funds to cover federal funding cuts isn’t as simple as smashing a piggy bank.
Academic experts and former university officials told CNBC how endowments work and why some of them are so large.

Columbia University
Education Images | Getty Images

In early March, the Trump administration canceled $400 million in grants and contracts to Columbia University over its handling of pro-Palestinian protests last year. The federal government sent the university a list of demands, such as suspending or expelling students who participated in the demonstrations. Columbia agreed to the demands.
The funds are still being withheld, with the federal task force stating that Columbia’s concessions represent only the “first step.” Dozens of medical and scientific studies at Columbia are in limbo. The Department of Health and Human Services did not reply to a request for comment.

Meanwhile, the university is facing growing backlash, with several critics arguing that Columbia should use its immense endowment to cover the shortfall rather than capitulate. One such op-ed in the New York Times was accompanied by a photo of a smashed piggy bank.

Why some universities are so rich

Columbia has an endowment of $14.8 billion, the 12th largest university endowment in the U.S., according to a study by the National Association of College and University Business Officers, or NACUBO, and asset manager Commonfund.
The study found 658 institutions had endowments totaling $873.7 billion. This wealth is highly concentrated, with 86% held by a fifth of surveyed universities.
Sheer size isn’t the only measure of Columbia’s financial resources. While Columbia’s endowment ranks behind those of some public universities, the Ivy League school has a much smaller student body, averaging nearly $500,000 in endowments per student. The University of Texas, on the other hand, has less than half as much per student despite having a $47.5 billion endowment.

But endowments, especially at wealthier institutions, also have a substantial portion of illiquid assets.

In the case of Columbia’s endowment, while global equities make up the largest allocation (31%), private equity and real assets represent 26% and 12%, respectively. Fixed income and cash make up only 2% and 1%, respectively, and the remaining 28% is is allocated to absolute return strategy funds, which include hedge funds and a portion of which is also illiquid, according to audit documents.
Education historian Bruce Kimball credits much of the wealth concentration to universities’ willingness to invest in riskier assets. Traditionally, university endowments were invested very conservatively. When Harvard shifted its allocation to 60% equities and 40% bonds in 1951, it was considered a bold move. In the ’70s, the Ford Foundation guided a few wealthy universities away from dividend-paying stocks to growth stocks.
“Universities that didn’t want to assume the risk fell behind,” said Kimball, emeritus professor of philosophy and history of education at the Ohio State University.
In the 1990s, Yale University started investing in alternative assets like hedge funds and natural resources. This “Yale Model” proved lucrative, but only universities with large endowments could afford to take on the risk and due diligence that come with alternative investments, according to Kimball.

Why endowments aren’t piggy banks

At universities large and small, endowments aren’t slush funds. The endowments are actually made up of hundreds or even thousands of funds, and the majority of those are restricted by donors, to areas such as professorships, scholarships or research.
“Most of that money was put in for a specific purpose,” said Scott Bok, former chairman of the University of Pennsylvania. “Universities don’t have the ability to break open the proverbial piggy bank and just grab the money in whatever way they want.”
Endowments often follow a custom of only spending 5% annually, also a practice dating back to the 1970s, according to economist and former Northwestern University president Morton Schapiro. Assuming high single-digit percentage investment returns, spending only 5% allows the principal of the endowment to grow and keep pace with inflation.
University administrations often point to donor restrictions when pressed to increase spending. But Schapiro said this excuse is overplayed.
“It’s true that a lot of money is restricted, but it’s restricted to things you’re going to spend on already like need-based aid, study abroad, libraries,” he said.
Furthermore, some funds are not subject to donor restrictions but rather are earmarked by universities for specific purposes.
“It’s not really restricted,” said Schapiro of these quasi-endowments. “You could actually spend it at whatever rate that you really want.”
And while most states have guidelines on how endowment assets are spent, few have a set range or cap on spending, according to Brian Galle, professor of tax policy at Georgetown Law. It is also possible to get court approval to increase spending and use restricted endowments if it is crucial to the university’s mission, Galle said.
It is possible for universities to increase their endowment spending during times of crisis. Several did during the pandemic, including Northwestern and Penn. Donors can also give their written consent to lift endowment restrictions, according to Micah Malouf, special counsel at Schell Bray.
That said, while the restrictions may be exaggerated, the financial obligations are real, Kimball said. Colleges allocate nearly half their endowment spending to student financial aid, according to the NACUBO study.
Kimball described spending endowments or endowment income to cover short-term as “imprudent.” He compared the scenario to an employer canceling a prerequisite expense and asking employees to cover it with their savings and income.
“That regular salary is already earmarked for other purposes, so you would have to cut back on food, rent, etc.,” he said.

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Depleting the endowment could come at the cost of future cash flow, as the university has less to invest. But Galle told CNBC that he believes this reasoning doesn’t hold water.
“When your roof is leaking, you don’t say, ‘I’m not going to spend the money now, because then I won’t be able to buy an umbrella in three years,'” he said.
Schapiro, who retired from Northwestern in 2022, said it’s easier to justify spending more of the endowment when coming off a strong market, which is currently the case.
However, it depends on how long the university’s shortfall is expected to last.
“If it’s going to be long term, you’re just delaying the inevitable,” he said.

There are other threats to college’s finances

There is no telling when or if the funding will be restored. The National Institute of Health is also implementing a 15% cap on research reimbursements for indirect costs, such as support staff wages and lab maintenance.
Other storm clouds loom overhead, said Bok, who resigned from Penn in late 2023. For starters, several members of Congress have proposed increasing an endowment tax that currently only applies to some 50 universities.
Since the first Trump administration, private universities that meet certain conditions, such as assets of $500,000 or more per full-time student, have been subject to a 1.4% tax on net investment income. One proposal would raise the rate to 21%, and another would increase the rate to 10% but lower the endowments per student threshold to $200,000, which would subject far more universities to the tax.
Adding to the challenges, many colleges are financially dependent on international students, who typically pay full tuition. International student enrollment decreased during the first Trump administration and international applications recently dropped for the first time in five years, according to Common App data.
All these challenges make for a perfect storm, Bok said.
“I think universities are going to be reluctant to say, ‘Oh, we’ll just draw down more in the endowment’ because it can fill a small hole but it can’t fill a big hole,” Bok said. “There might actually be a big hole by time all these things play out.”
Whether wealthy donors will step up is uncertain. Galle, citing research that poor endowment returns are a predictor of donations, said donors “tend to open their wallet” when they know the university is relying on them.
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“In my experience of 30 years raising money, people give when they are confident in the future,” Schapiro said. “They don’t give money to prevent a disaster.” More

Shares of vaccine makers Moderna and Novavax, along with a range of other biotech companies, fell after the resignation of key FDA official Peter Marks.
Marks stepped down in protest of Health and Human Services Secretary Robert F. Kennedy’s skepticism of vaccines.
Wall Street analysts raised concerns about what the move could mean for the approval of safe and effective medicines, but noted new FDA Commissioner Marty Makary has supported proven treatments.

Rafael Henrique | Lightrocket | Getty Images

Shares of major vaccine makers dropped on Monday after a key U.S. health official resigned in protest of Health and Human Services Secretary Robert F. Kennedy Jr.’s views on immunization.
The departure of Peter Marks, the Food and Drug Administration’s top vaccine regulator, has raised fresh fears about whether the Trump administration will quickly approve and promote critical shots. In his position, Marks oversaw the introduction of Covid-19 vaccines and rules for the use of emerging treatments like cell and gene therapies.

Shares of Moderna and Novavax both closed more than 8% lower Monday. Meanwhile, the SPDR S&P Biotech ETF slid nearly 4%.
Some Wall Street analysts said Marks’ departure could undermine the FDA’s mission of ensuring safe and effective treatments reach patients in the U.S. That could put even more pressure on a struggling biotech sector.
“Taking a step back, we view this departure as a significant negative for the BioPharma and Biotech sectors, as FDA’s independence rooted in sound scientific rigor is critical for their efficient functioning,” analysts at BMO Capital Markets wrote in a note Monday.

Peter Marks, director of the center for biologics evaluation and research at the U.S. Food and Drug Administration (FDA), speaks during a Senate Health, Education, Labor, and Pensions Committee hearing in Washington, D.C., U.S., on Tuesday, May 11, 2021. 
Greg Nash | Bloomberg | Getty Images

In his resignation letter obtained by CNBC on Friday, Marks criticized Kennedy’s “misinformation and lies” about immunization. He said a growing measles outbreak that started in Texas came as a consequence of “undermining confidence in well-established vaccines.”
“As you are aware, I was willing to work to address the Secretary’s concerns regarding vaccine safety and transparency by hearing from the public and implementing a variety of different public meetings and engagements with the National Academy of Sciences, Engineering, and Medicine,” Marks wrote. “However, it has become clear that truth and transparency are not desired by the Secretary, but rather he wishes subservient confirmation of his misinformation and lies.”

The Department of Health and Human Services did not immediately respond to a request for comment.
Kennedy, a prominent vaccine skeptic, has already taken steps that public health experts say could deter routine immunizations in the U.S. He has downplayed the importance of the measles, mumps and rubella vaccine and promoted unproven treatments to counter the measles outbreak. The Centers for Disease Control and Prevention is also carrying out a study into long debunked links between vaccines and autism, led by a researcher with a history of spreading misinformation about shots.
Analysts at Leerink Partners wrote in a Monday note that the effect of Marks’ resignation on biotech and pharmaceutical stocks will depend in part on who replaces him at the FDA and whether Republicans in the White House and Congress start to lose patience with his approach. Other analysts also stressed that Marks is only one official at the agency and noted that new FDA Commissioner Marty Makary has a track record of supporting proven treatments.
“Though many believe the Marks resignation is a very bad omen for the Healthcare industry and innovation at large, it may be a bit premature to cast too dark of a shadow on the entirety of Pharma and Biotech,” wrote Mizuho Securities analyst Jared Holz.
— CNBC’s Angelica Peebles and Annika Kim Constantino contributed to this report More

Cable channel Newsmax began trading on the New York Stock Exchange on Monday, and shares spiked more than 700%.
The conservative TV news outlet has seen its ratings rise with the election of President Donald Trump and other prominent Republicans — although it still falls behind the dominant Fox News.
Newsmax raised $75 million through the sale of 7.5 million class B common shares at a price of $10 a share.

Fox News and Newsmax television studios are seen in the Fiserv Forum on the day before the Republican National Convention begins, in Milwaukee, Wisconsin, July 14, 2024.
Joe Raedle | Getty Images News | Getty Images

Newsmax went public on the New York Stock Exchange on Monday, as the conservative cable news network audience has grown after the election of President Donald Trump and other right-wing politicians.
The network began trading under the symbol “NMAX” late Monday morning, opening at $14 a share after pricing at $10 a share. It soared more than 700% in volatile trading on Monday.

Newsmax’s stock closed at $83.51 for the day.
In September, Newsmax announced its plans for an initial public offering in early 2025. On Friday, the company said it raised $75 million through the sale of 7.5 million shares of Class B common stock at a price of $10 per share.
A pure-play TV network IPO in the U.S. is a rarity, with Dealogic data showing there hasn’t been one comparable to Newsmax in recent decades. Newsmax’s IPO comes at a time when traditional cable TV has suffered as consumers flee the bundle in favor of streaming. Now, news and live sports nab the biggest audiences and most advertising revenue dollars.
The debut also comes as the audience for right-wing prime-time content has grown with the rise of Trump and other right-leaning politicians in recent elections.
Christopher Ruddy, the company’s founder and CEO, said Monday on CNBC’s “Squawk Box” that he saw an opportunity to join the mix since Fox Corp.’s Fox News didn’t have a competitor in the “center right market.”

“I think there was a demand for more competition against Fox,” Ruddy said Monday. Ruddy founded Newsmax in 1998 as a digital offering before it became a cable TV network in 2014.
While the cable news landscape is dominated by Fox News, CNN and MSNBC, Newsmax has grown its audience in recent years and is offered through most major pay-TV providers.
Ruddy on Monday said that Newsmax is the “No. 4 cable news channel in the United States, right behind CNN.” Nielsen confirmed Monday that Newsmax ratings have “consistently” been in the fourth spot behind Fox News, MSNBC and CNN.
Still, Newsmax’s audience has yet to reach the breadth of Fox News, according to Nielsen data. Between Dec. 30 and March 20, Newsmax had an average of 309,000 primetime viewers and 211,000 daytime viewers. Fox News attracted an average of nearly 3.1 million primetime viewers and roughly 2 million daytime viewers during the same period.
Overall, Newsmax ranks in the top 20 among cable network average viewership in both prime time and daytime, Nielsen said Monday.
“I think it’s a pretty big achievement for a 10-year-old, new cable company,” Ruddy said Monday on “Squawk Box.”
As its popularity has risen, Newsmax has negotiated receiving licensing fees from cable TV providers. In its early days, Newsmax relied on advertising revenue. In 2023, it resolved a dispute with DirecTV — which led to it being dropped from the pay TV provider for a short period — after pushing to receive fees.
As the company went public, Ruddy downplayed the pro-Trump leanings of Newsmax — which reached a $40 million settlement last year with Smartmatic over the network’s false claims that the voting machine company helped to rig the 2020 presidential election in favor of former President Joe Biden.
“We believe we’re conservative with an independent news mission, and ask tough questions of the Trump administration,” Ruddy said Monday on “Squawk Box.”
In a post on social media platform X on Tuesday, Ruddy said he received a call from Trump and that the conversation touched on various topics, including the company’s upcoming IPO. “I shared with Potus my new saying: ‘A rising Trump lifts all boats!'” Ruddy wrote. More

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AMC, the world’s largest cinema chain, is adding 40 Dolby Cinema theaters to is U.S.-based AMC locations through the end of 2027.
The announcement comes just days after AMC revealed a partnership with CJ 4DPLEX to add 65 Screen X auditoriums and 40 4DX theaters to its theaters around the globe.
The premium push comes ahead of a packed slate of blockbuster films due out in 2025 and 2026 from major franchises like Avatar, Star Wars, Jurassic Park, the Marvel Cinematic Universe, DC comics and Mission Impossible.

People walk past an AMC theatre in Manhattan in New York City, U.S., February 25, 2025. 
Jeenah Moon | Reuters

Hollywood’s blockbuster slate is heating up, and AMC Entertainment is increasing the number of its premium screens to meet demand.
The world’s largest cinema chain is adding 40 Dolby Cinema theaters to its U.S.-based AMC locations through the end of 2027. It marks a 25% increase in the number of the branded premium screens, bringing the company’s total number to more than 200.

“Premium moviegoing is defining the modern box office,” said Kevin Yeaman, president and CEO of Dolby Laboratories. “In expanding our longstanding partnership with AMC, we look forward to providing even more audiences with access to the most immersive film experiences that you can only get at Dolby Cinema.”
The announcement comes just days after AMC revealed a partnership with CJ 4DPLEX to add 65 Screen X auditoriums and 40 4DX theaters to its theaters around the globe.
Premium large format screens, often referred to as PLFs, are elevated viewing experiences that come with a higher ticket price. The physical screens are often bigger than traditional movie screens or have auditoriums that feature higher-quality sound systems or seating options.
Dolby Cinemas are specially designed auditoriums with plush, reclining seats and a combination of Dolby Vision and Dolby Atmos, which deliver crisp visuals and immersive sound. Screen X theaters feature a 270-degree panoramic screen that extends the movie image onto the side walls using multi-projection technology, and 4DX is a premium experience that features gyroscopic seats and practical effects like fog, water and wind that play in time with the movie.
The films that benefit the most from PLF ticket sales have been Hollywood’s biggest blockbusters, as audiences want to see explosive action movies and dazzling spectacles in the most state-of-the-art locations. It’s why films like Universal’s “Oppenheimer,” Disney’s “Avatar: The Way of Water” and Warner Bros.′ “Dune” and “Dune: Part Two” captured a significant portion of the PLF box office during their runs.

The 2025 and 2026 box offices are packed with blockbuster features from major franchises like Avatar, Star Wars, Jurassic Park, the Marvel Cinematic Universe, DC comics and Mission Impossible.
“The expansion of this partnership is a powerful demonstration of AMC’s ongoing commitment to deliver this premium experience — sought out by filmmakers, studio partners, and our guests — to even more of our theaters and AMC moviegoers around the United States,” Adam Aron, AMC’s CEO, said in a statement Monday about the Dolby expansion.
As of 2024, there were more than 950 theaters in North America that had PLF screens, a 33.7% jump from just five years ago, according to data from Comscore. These screens accounted for 9.1% of the domestic box office, around $600 million in 2024.
Premium ticket prices average just under $17 apiece, according to movie data firm EntTelligence, an 8% increase since 2021, when the company first started reporting these figures.
PLF receipts still represent a small portion of the overall box office, with most audiences seeing films on traditional digital screens. However, the PLF box office has grown 33% in just five years.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC. More