Federal Judge Dismisses Newsmax's Antitrust 'Shotgun Pleading' Complaint Against Fox News - Newsmax (NYSE:NMAX), Fox (NASDAQ:FOXA), Fox (NASDAQ:FOX)

Newsmax (NMAX) reported Q2 2026 revenue of $54.1M, up 16.5% YoY. Key growth drivers were affiliate fees (up 81.9%) and licensing (up 557.1%). Net income was $2.9M, the first profitable quarter as a public company. The company highlighted audience growth, international expansion, and a strategic AI partnership with Meta. Full-year revenue guidance was reiterated at $212M-$216M.

JPMorgan upgraded Fox Corporation Class B (FOX) to Overweight and raised its price target to $82 from $70, according to Dow Jones Newswires. The note cites Fox’s Tubi Media Group partnering with Gracenote to improve content discovery, metadata, and context-aware programmatic ad targeting across Tubi and FOX One, per PR Newswire.

Midday movers included Cisco (shares down 2% after HSBC cut its rating to Hold and price target to $120), Applied Materials (down 5% after Q2 adjusted EPS $3.50 on $9.12B revenue), Reddit (up 12% on S&P 500 inclusion Aug. 18), and Sandisk (up 6% after JPMorgan upgraded to Overweight). Other moves cited upgrades, tariffs, and guidance changes.

Newsmax shares (NMAX) rose about 19% by 11:45 a.m. ET on Friday, outperforming a modestly lower S&P 500 and Nasdaq. The move followed its Q2 report released after the prior close, showing EPS of $0.03 versus an expected loss of $0.03, revenue up 16.5% to about $54.1M, and broadcast revenue up to $45.8M. The company reiterated full-year sales guidance of $212M to $216M and expects about $16M in international licensing fees.

J.P. Morgan and Wells Fargo upgraded Fox Corp. to Overweight from Neutral and raised price targets to $82 and $80. Both cited improved earnings visibility from TV and Tubi, higher EBITDA forecasts, and upside from the 2026 FIFA World Cup and political ads. J.P. Morgan expects Roku/Tubi to create a larger free ad-supported streaming operator; Wells Fargo estimates about $300 million ad synergies in two years.

Premarket movers included Reddit, up 12% after S&P Dow Jones Indices said it will join the S&P 500 on Aug. 18. Applied Materials fell over 5% after Q2 results: adjusted $3.50 EPS on $9.12B revenue, with $7.04B from semiconductor systems. Wayfair rose 4% on a Bernstein upgrade. Workday gained ~2% after Reuters reported Silver Lake talks. Fox rose 2% on JPMorgan and Wells Fargo upgrades tied to Roku acquisition for $22B. Sandisk climbed 5% on a JPMorgan upgrade to overweight.