Purchased shares of MELI today at $24.15 after a 16% drop when they disappointed the market on revenue but beat on earnings.
- The street was expecting earnings to double by .10c a share with a 14% revenue growth.
- Unfortunately revenue rose by 12% or $32.3 million.
- This decline was not contributed though by lower volume in sales but by currency changes.
- Net income increased to $5.391 million from $2.441 million
- Revenue increased to 32.322 million from $28.841. Analysts expected revenue to increase $32.93 million.
- Thus in Mexico Pesos, revenue actually rose by 37%
Analysts can be too mean sometimes, but it gives me opportunities to enter. Maybe because of the FLU, more people purchase goods at home rather than going to stores.
Technically.
A beautiful chart confirmed my entrance. It fell right on the upward trendline and bounced right back up. Hopefully it will close above it to confirm by confidence but so far it looks good. Thus as long as it maintains itself above $23.19, I am keeping.
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