Why Arcos Dorados, MercadoLibre, and Livent Slumped Today
Monday was a bad day on Wall Street, with investors reacting negatively to a host of factors hitting the financial markets. Tensions between the U.S. and China remain heightened, and global economic challenges were evident in areas around the world. Although major indexes were generally down 1% to 1.5%, some stocks got hit much harder. Arcos Dorados (NYSE: ARCO), MercadoLibre (NASDAQ: MELI), and Livent (NYSE: LTHM) were among the worst performers. Here's why they did so poorly.
Stocks across Latin America came under pressure, with restaurant operator Arcos Dorados seeing its stock drop 12% while e-commerce giant MercadoLibre's shares were off nearly 10%. Mauricio Macri, who is Argentina's current leader, suffered a large defeat in the first round of the nation's elections, calling into question the work that Macri has done to try to rescue the South American nation's economy. Although many expected Macri to do poorly because of the recent economic difficulties the country has faced, the size of his defeat to challenger Alberto Fernandez was much larger than anticipated.
Image source: Arcos Dorados.
Source Fool.com
