Mercadolibre falls as Amazon considers Brazil push
Oct. 12, 2017 10:49 AM ETMercadoLibre, Inc. (MELI)AMZN, MELI, NETSBy: Brandy Betz, SA News Editor41 Comments
- Mercadolibre (NASDAQ:MELI) falls 6.4% on news that Amazon (NASDAQ:AMZN) plans to further enter the e-commerce market in Brazil.
- Brazilian publication Valor says Amazon could start selling electronics in the country on October 18.
- Brazil accounted for more than half of Mercadolibre’s FY16 revenues.
- Credit Suisse analyst Stephen Ju thinks Mercadolibre will be one of the winners in the local e-commerce market and calls the company his favorite internet smid-cap stock.
- Netshoes (NETS -2%) are also down on the Amazon news since Brazil accounted for 89% of FY16 revenues.
- Source: Bloomberg First Word