Why Teladoc Stock Was Sinking Today
Shares of Teladoc (NYSE: TDOC) were slipping today for the second day in a row as investors continued to rotate out of high-flying tech stocks, especially those that have done well during the coronavirus crisis, and into more beaten-down cyclical plays. As the economic reopening picks up steam, investors expect that laggards will bounce back, and they are selling off stocks that have already hit all-time highs during the crisis.
Though there was no specific news on Teladoc, that shift was enough to push the stock lower as shares were down 8.8% at 11 a.m EDT on Wednesday. At the same time, the Nasdaq was off 2%, while the Dow Jones Industrial Average was up 0.4%, illustrating the broader bifurcation between tech stocks and cyclicals like manufacturing, energy, industrials, and consumer discretionary stocks.
Image source: Getty Images.
Source Fool.com
