Why MercadoLibre Stock Was Punished by 5.3% Today
Shares of Latin America's e-commerce and digital economy leader MercadoLibre (NASDAQ: MELI) were down 5.3% on Wednesday. There was no specific news from the company to cause the sell-off. However, the stock has rallied some 50% from its recent lows in mid June, so it's due for a breather.
It seems the catalyst for the pullback was the earnings report from an emerging-market e-commerce peer.
If you're looking for a scapegoat for today's downbeat action, blame Sea Limited (NYSE: SE). The company, which is expanding quickly in Southeast Asia and other emerging markets, actually missed analyst expectations for overall revenue growth in the second quarter. Foreign-exchange headwinds and tough comparisons to 2021's booming e-commerce activity were to blame. The stock is down well over 20% since the earnings update.
Source Fool.com
