Coronavirus Spurs Unlikely Stock Market Heroes
Coronavirus has inspired panic and plummeting stock prices since the first cases of human infection were reported in December 2019. Many stock market powerhouses have felt the effect of a Chinese economy in stasis, save for video conferencing and streaming companies, which stand to benefit from homebound isolation.
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One innovator and unlikely hero of the COVID-19 crisis is Teledoc (NYSE: TDOC). Their telemedicine application enables patients to have mobile doctor’s appointments, while providing the CDC with real-time data to track the spread of the virus. Another benefit is its scalability, since physicians can serve more patients without packing potentially infected people into crowded waiting rooms.
Investors have taken note and shares increased by 18% over a 24-hour period (February 26th – 27th), settling in around $124 per share by the end of the week.