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News Breaks
May 16, 2014
16:05 EDTMELIMercadoLibre sees Q2 charge of $47M-$57M
MercadoLibre announced that it will no longer use Venezuela's SICAD 1 floating exchange rate, which is currently at 10 bolivars per U.S. dollar, and that the company has adopted the SICAD 2 floating rate of approximately 50 bolivars per U.S. dollar. Pedro Arnt, CFO, commented, "MercadoLibre remains committed to our business in Venezuela, which continues to show consistent growth in underlying business metrics. At this moment, given the existence of an additional legal exchange rate, it makes sense for us to report our Venezuela segment at SICAD 2 in order to provide a more accurate representation of our earnings in the country." Since January 24, MercadoLibre reported its Venezuela results at the SICAD 1 rate, which fluctuated between 10 and 11.8 bolivars per dollar, but the company was never able to access this rate to convert currency. MercadoLibre had previously used the official rate of 6.3 bolivars per dollar, the only published legal rate allowable for translation of currencies at the time according to U.S. GAAP. Given its lack of access to the SICAD 1 rate and the greater likelihood of settling transactions at the SICAD 2 rate, MercadoLibre has determined that it will use SICAD 2 as the exchange rate to re-measure its bolivar-denominated monetary assets and liabilities and to re-measure the revenues and expenses of its Venezuelan subsidiaries, effective as of May 16. As a result of this change, MercadoLibre expects to incur a one-time re-measurement charge between $47M-$57M dollars in the second quarter due to the write-down of all of its bolivar-denominated assets. Furthermore, the company also expects to recognize a foreign exchange loss of between $14.5M-$21.5M and a deferred income tax gain of between $6.5M-$9.5M derived from the loss on foreign exchange related to the revaluation of its dollar-denominated liabilities during the second quarter. Finally, MercadoLibre estimates that the change to SICAD 2 will reduce second quarter revenues from its Venezuelan segment by approximately $12M-$18M versus same period revenues had the change in exchange rate not occurred.
News For MELI From The Last 14 Days
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August 13, 2014
06:34 EDTMELIMercadoLibre coverage resumed with a Buy at Stifel
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August 8, 2014
12:34 EDTMELIOn The Fly: Midday Wrap
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09:15 EDTMELIOn The Fly: Pre-market Movers
HIGHER: NVIDIA (NVDA), up 4.2%, upgraded at Needham following its better than expected Q2 results... Arista Networks (ANET), up 8%, upgraded at Citigroup following better than expected Q2 results, announcing an expanded strategic relationship with VMware (VMW)... Tekmira Pharmaceuticals (TKMR), up 17.5% after announcing that the FDA verbally confirmed they have modified the full clinical hold placed on its TKM-Ebola treatment to a partial clinical hold... Gap (GPS), up 4.7% after July same-store sales rose 2%, company issues Q2 EPS outlook above the consensus estimate... lululemon (LULU), up 2.4% after founder agrees to sell half his stake to Advent for $845M. UP AFTER EARNINGS: SolarCity (SCTY), up 1%... Assured Guaranty (AGO), up 9%... MercadoLibre (MELI), up 13.6%. LOWER: Zynga (ZNGA), down 6% after lowering fiscal 2014 guidance... McDonald's (MCD), down 0.4% after Chinese supplier issue contributes to July comparable sales drop of 2.5%.
08:21 EDTMELIOptions expected to be active
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August 7, 2014
18:41 EDTMELIOn The Fly: After Hours Movers
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16:30 EDTMELIMercadoLibre reports Q2 ex-items EPS 72c, consensus 56c
Reports Q2 revenue $131.8M, consensus $110.02M. One-time effects of the Venezuelan devaluation were excluded from EPS.
15:33 EDTMELI Notable companies reporting after market close
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15:31 EDTMELINotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include CBS (CBS), consensus 72c; Consolidated Edison (ED), consensus 54c; Monster Beverage (MNST), consensus 75c; News Corporation (NWSA), consensus 3c; NVIDIA (NVDA), consensus 20c; Computer Sciences (CSC), consensus 94c; CareFusion (CFN), consensus 72c;DeVry Education (DV), consensus 67c; Salix Pharmaceuticals (SLXP), consensus $1.72; Federal Realty (FRT), consensus $1.21; SolarCity (SCTY), consensus (99c); Medivation (MDVN), consensus 24c; Sprouts Farmers Market (SFM), consensus 18c; Alnylam Pharmaceuticals (ALNY), consensus (56c); Lions Gate (LGF), consensus 17c; Mercadolibre (MELI), consensus 56c; Post Holdings (POST), consensus 27c; Assured Guaranty (AGO), consensus 35c; Great Plains Energy (GXP), consensus 41c; Air Lease (AL), consensus 52c; Ubiquiti Networks (UBNT), consensus 51c; SemGroup (SEMG), consensus 35c.
August 6, 2014
12:51 EDTMELIOppenheimer reports 12.47% passive stake in MercadoLibre

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