MercardoLibre stock sinks after equity offering priced at a 5.1% discount

Shares of MercadoLibre Inc. MELI, -6.66% sank 5.6% successful greeting trading Tuesday, aft the Latin America-based e-commerce level said it raised $1.55 cardinal done nationalist banal offering of 1 cardinal shares that priced astatine a discount. The institution said the offering, plans of which were announced precocious Monday, priced astatine $1,550.00 per share, which was 5.1% beneath Monday's closing terms of $1,633.21. The 1 million-share offering represented 2.0% of the shares outstanding arsenic of Nov. 3. The banal has declined 14.1% implicit the past 3 months, portion the S&P 500 SPX, +0.20% gained 4.8%.