Shares of Teledoc (NYSE:TDOC), a telehealth provider, jumped on Friday. Shares surged as much as 19% but finished the trading day up 7.7%.
The telehealth company's shares popped during President Donald Trump's address, in which he declared the coronavirus a national emergency and detailed plans to curb the spread of COVID-19. During the speech, Trump praised telehealth solutions like Teladoc's.
"What they've done with telehealth is incredible," Trump said in his address on Friday afternoon. He noted that doctors, through telehealth, can virtually serve patients across state lines, making it possible for the country's telehealth providers to focus efforts in the most affected areas.
While Trump's optimism for telehealth may have helped drive the stock higher, it's worth noting that the broader market also saw a lift as the President's speech concluded.
In Teladoc's fourth-quarter update in February, it guided for full-year revenue of between $695 million and $710 million. This compares to revenue of $463 million in 2019. When Teledoc reports its first-quarter earnings, it will be interesting to see if the coronavirus outbreak led to greater-than-expected visits.