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:MELIfalls 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    

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