MercadoLibre Jumping Sharply On Heavy Volume

MercadoLibre, Inc. (NASDAQ: MELI) shares are bucking the broader market trend, gaining more than 2% on heavy volume.MercadoLibre, which is known as the eBay (NASDAQ: EBAY) of Latin America, are up nearly 3%. Shares spiked at about 11:30 a.m., but there was no news for the spike, so it will be interesting to see what comes out during the rest of the day.At last check, shares were trading at $90.71, a gain of $2.59‎ or 2.94%‎.MercadoLibre, Inc., through its subsidiaries, hosts online commerce and payments platforms in Latin America. Its services are designed to provide its users with mechanisms to buy, sell, pay for, and collect on e-commerce transactions.