Telehealth stocks Teledoc (TDOC), Amwell (AMWL) hit in stay-at-home selloff

• Telehealth stocks are seeing sizable drops as a broad selloff hits high-flying stay-at-home plays particularly hard.
• Teledoc (TDOC, -11%), American Well (AMWL, -6.6%), Chewy (CHWY, -8%), which launched its pet telehealth business this week, are all significantly lower.
• Teledoc wrapped up its $18.5B merger with Livongo today.
• It seems counterintuitive that telehealth stocks are getting slammed as COVID cases are hitting records and lockdown measures in Europe are ramping up, while at the same time cruise line stocks are rising about the same amounts. But even the biggest beneficiary of the lockdown economy, Amazon, is off more than 5% today.
• The valuations of stay-at-home winners are also extremely high.
• This week, Piper Sandler went into bullish overdrive calling for Teledoc to see a CAGR of 28.5% for 20 years, which, at current price/sales valuation, would put its market cap at more than $2T by 2040.
• https://seekingalpha.com/news/3629203-telehealth-stocks-like-teledoc-tdoc-amwell-amwl-getting-hit-in-stay-home-selloff