JMIA - Why MercadoLibre Stock Was Gaining Today
Shares of MercadoLibre (NASDAQ: MELI) were moving higher today even as there was no company-specific news on the Latin American e-commerce company.
Instead, a disappointing report from fellow international e-commerce stock Jumia Technologies (NYSE: JMIA) seemed to highlight MercadoLibre's strengths as the two often draw comparisons with each other. During a quarter when e-commerce stocks largely faced difficult comparisons with the year-ago quarter, MercadoLibre stood out as one of the rare winners in the sector after surging on its earnings report a week ago, passing its second-quarter update with flying colors. Jumia's report seemed to highlight those strengths further.
As of 1:01 p.m. EDT, MercadoLibre stock was up 5.7%, while Jumia had given up 5.5%.
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Why MercadoLibre Stock Was Gaining Today