Monday, January 11, 2010

Anyone Know the Story on Mercadolibre (MELI)

Down 10% on huge volume?  This can only be the work of Goldman Sachs downgrade?

EDIT 3PM: Readers point to Venezuela devaluation of currency; I saw the headline last night right before I fell asleep and thought I read a 5% devaluation.  Apparently it's a 50% devaluation by Mr Chavez
  • Mercadolibre (MELI) shares are down sharply this morning after Venezuela over the weekend set a 50% devlauation of the bolivar against the dollar.
  • As the WSJ notes, Venezuelan President Hugo Chavez weakened the bolivar to 4.3 to the dollar from 2.15 “in a bid to shore up government finances, which have been hit by weaker oil prices, and to stimulate economic growth ahead of key elections.”

No position but interested

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