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-- 358.180 MercadoLibre Rises 10%+ After Latin American E-Commerce Firm Beats Q2 Forecasts
$MercadoLibre (MELI.US)$ rose more than 10% intraday Friday after the Latin American e-commerce firm beat analyst forecasts for its Q2 results.
MELI gained as much as 11.3% to a $1,786.97 intraday high after the company reported $10.48 in diluted earnings per share, beating the $8.46 that analysts' consensus had reportedly called for.
MercadoLibre also said revenues totaled $5.07 billion, exceeding analysts' $4.68 billion consensus, according to published reports.
MELI rose on a day when much of the market was plunging. The $Dow Jones Industrial Average (.DJI.US)$, $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ were all down more than 2% Friday afternoon following a weaker-than-expected July jobs report.
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Jerry Kronenberg
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Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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