Amazon's Move in Brazil Rattles Some Online Retail Stocks
- Companies exposed to tech giant’s threat taking a hit
- Online trader MercadoLibre declines as much as 8 percent
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The “Amazon effect” on retailers reaches across borders.
Shares of a several e-commerce companies listed in the U.S. and Brazil are falling on speculation Amazon.com Inc. may soon expand into the South American country. An earlier report by Bloomberg said the tech giant is recruiting for a number of positions in Brazil, leading some to believe it has its sights set on Latin America’s largest market.