Venezuela’s market may not have priced in. On Friday Venezuela announced they will devalue their currency by 32%. This is the 2nd devalue in 27months (December 2010) and will hit more than the local economy and local companies. 
A quick look at regional and multinationals with reasonable to significant Venezuela exposure.
Regionally there we could see as much as $6 in fair value in Mercado Libre (MELI, quote) according to Morgan Stanley along with others being impacted like Coke Femnsa (KOF, quote), Arcos Dorados (ARCO, quote), Copa airlines (COPA, quote).
U.S. multinationals exposed: Avon (AVP, quote), Colgate (CL, quote) and Heinz (HNZ, quote) all generate around 3-5% of income in Venezuela. Ford (F, quote) and Goodyear (GT, quote) are also in the mix.