Why Teladoc Health Stock Was Falling Today
Shares of Teladoc Health (NYSE: TDOC) were losing ground Friday after the telehealth specialist announced it had completed its merger with Livongo Health, the health-tech company best known for its diabetes-monitoring platform.
Investors didn't like the merger when it was first announced in August, selling off shares of both Teladoc and Livongo on the news, so it's not a surprise to see Teladoc shares backtrack again on the completion of the deal. Also today, tech stocks fell sharply after big tech companies including Apple, Alphabet, Facebook, and Amazon reported earnings last night. Though the numbers were mostly better than expectations, investors still sold off all four except for Alphabet, indicating that there may be a bubble in tech stocks after much of the sector has posted eye-popping returns this year.
Teladoc shares were down 7.3% as of 11:10 a.m. EDT, after losing as much as 9.2% earlier in the session. At the same time, the Nasdaq Composite was down 2.6%.
Source Fool.com
