Sector Snap: Online retail stocks trade mixed

The Buenos Aires, Argentina-based online auctioneer's shares rose $3.88, or 14.5 percent, to $30.67.

In a Tuesday filing with the Securities and Exchange Commission, MercadoLibre said CEO Marcos Galperin ended a prearranged 10b5-1 trading plan on July 4 that had let him sell up to 1.8 million shares over the course of a year.

This type of trading plan lets a company insider set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material non-public information.

Galperin's plan was announced May 20, and, at the time, the shares that could be sold under it accounted for about 30 percent of his MercadoLibre stock.

In a note to investors Wednesday, Stifel Nicolaus & Co. analyst Scott Devitt said that since the plan was filed, MercadoLibre's shares have fallen from $54 to $27. The stock is down nearly 64 percent since the start of the year.

Devitt, who rates the stock "Buy" with a $48 price target, thinks the plan's termination "could serve as a catalyst for the shares."

Meanwhile, shares of online auctioneer eBay Inc., which holds a stake in MercadoLibre, lost 4 cents to $28.61.

Citi Investment Research analyst Mark Mahaney raised estimates for eBay's second quarter above consensus estimates, saying in a client note he now expects 42 cents per share in adjusted earnings and $2.21 billion in sales.

Wall Street analysts anticipate a per-share profit of 41 cents, with revenue of $2.16 billion, according to Thomson Financial.