The results from the first round of Brazil's presidential election seemed to boost Brazilian stocks.
Latin America is one of the world's emerging markets, where technology isn't quite as established as in places like the U.S. However, e-commerce company MercadoLibre (NASDAQ: MELI) has been steadily building its business throughout the region since 1999. It faced increased competition over the past couple of years, but MercadoLibre could now strengthen its competitive position. Here is why MercadoLibre could be one of the best buys you can make today.
Latin American e-commerce leader MercadoLibre (NASDAQ: MELI) is no different as it has fallen 32%. While challenges in the U.S. and Europe take a toll on the global economy, e-commerce adoption in Latin America hasn't skipped a beat. This helped MercadoLibre see expansion rates this year that U.S. e-commerce companies could only dream of, and its second-quarter revenue soared 52% to $2.6 billion.