Investing
Despite Share Sale Withdrawal, Mercadolibre Takes Heat (MELI)
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Mercadolibre, Inc. (NASDAQ: MELI) is in a unique spot as it serves an online payment and e-commerce gateway and platform throughout much of Latin America. The company’s stock is also down close to 50% from the last 90+ days.
Last night, we saw that Mercadolibre (NASDAQ: MELI) had withdrawn its shelf registration statement that would have allowed insiders and the company to sell stock. On this filing we asked if traders should buy as the company sells. The reason for the shelf withdrawal was "…on the grounds that the withdrawal of the Registration Statement is in the best interests of the Company’s stockholders and consistent with the public interest and the protection of investors…"
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Interestingly enough, shares are down over 1% today at $39.25 on a day that the U.S. markets are soaring higher. You’d think this might take off some "added float pressure" normally seen, but the market isn’t treating it that way right now. This was also one of Jim Cramer’s Latin American internet picks, although at significantly higher prices that went even higher before a monstrous pullback.
Jon C. Ogg
April 1, 2008
Jon Ogg produces the Special Situation Investing Newsletter and he can be reached at [email protected]; he does not own securities in the companies he covers.
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