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Why MercadoLibre Fell 11.8% in October

TheMotleyFool

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Shares of MercadoLibre (NASDAQ: MELI) fell 11.8% in October, according to data from S&P Global Market Intelligence. And this is on top of a 10.1% decline in September!

There wasn't much in the way of company-specific news for MercadoLibre in October. The company had announced the launch of its own special-purpose acquisition company (SPAC) in September and closed the $287 million raise for MELI Kaszek Pioneer Corp on Oct. 1. The SPAC is currently on the hunt for a target to buy.

More likely, MELI's continuing woes had more to do with a deteriorating macroeconomic backdrop in Brazil.

Source Fool.com

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