What happened
Shares of Teladoc Health (TDOC -2.40%) were jumping 3.9% as of 10:45 a.m. ET on Tuesday after rising as much as 7.3% earlier in the day. The virtual care provider didn't have any news that served as a catalyst. Instead, today's gains appear to be the result of the positive broader market move.
So what
Teladoc's share price often moves in tandem with the overall market. Its five-year monthly beta (which measures the volatility of a stock versus the S&P 500 index) is 0.93. This level means that Teladoc's volatility nearly matches that of the S&P 500.
But how much should investors read into Teladoc's jump today? Probably not too much. The major market indexes appeared to be climbing primarily as a result of positive earnings reports by several big companies. However, Teladoc hasn't announced its latest quarterly earnings yet.
On the other hand, it's much easier for Teladoc's share price to pick up momentum in the right direction when the overall market is moving higher instead of lower. If the company reports any good news over the near term, its stock will likely enjoy a bigger bounce if the S&P 500 continues to march upward.
Now what
Teladoc is scheduled to report its third-quarter results after the market close on Oct. 26. The consensus Wall Street estimate is for the company to announce Q3 revenue of around $608.8 million and a net loss of $0.55 per share. Whether or not Teladoc's bump today will have legs will depend largely on the company's ability to meet or beat these expectations.
