MercadoLibre Shares Tank On Report Amazon Will Expand In Brazil

Shares of Brazil-based e-commerce company MercadoLibre (MELI) tumbled Thursday on a report that rival Amazon (AMZN) will expand its presence in the country.

XAutoplay: On | OffBrazil-based financial newspaper Valor Economico in a report said Amazon, five years after entering the country, will expand into product categories that include books and electronics, starting Wednesday. The list of product categories is expected to grow in the next few months.

MercadoLibre shares, which were up 96%...

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