JMIA
Jumia Technologies AG
stock NYSE ADR

MAJOR NEWS:
* ANOTHER ROUND US-IRAN TALKS TO TAKE PLACE IN COMING DAYS: AXIOS
* VIX down 8% this morning as Bitcoin bounces from 60k to remove some of the recent cross asset volatility across risk assets.
* Slight stabilisation in precious metals too as Gold bounces 3%.
* India said it is not selling U.S. Treasuries, pushing back on market chatter. RBI governor said recent changes reflect normal reserve fluctuations as the central bank supported the rupee, not a reduction in Treasury holdings.
MAG7:
* AMZN HAS FILED FOR MIXED SHELF OFFERING; SIZE NOT DISCLOSED
* Earnings were actually solid, AWS growth which is the main benchmark for AMZN came in ahead of expectations at 24% vs 21% consensus.
* But their CAPEX guide was WAY ahead of consensus at $200B which is the reason for their morning decline.
* CEO: "This is an extraordinarily unusual opportunity to forever change the size of AWS and Amazon as a whole...we are going to invest aggressively here to be the leaders...”
* AMZN - Goldman lowers PT to 280 from 300.
1. With a FY26 capex guide of approximately $200 billion and Q1 GAAP operating income guidance lower than prior expectations, AMZN laid out a strategy that places the company in an investment cycle across both cloud computing and e-commerce.
2. AWS re-accelerated growth and highlighted tailwinds from both AI and non-AI workloads.
3. Demand trends across commerce and advertising segments continued to demonstrate consistent compounded growth versus the prior period.
4. AWS operating margins of 35% were better than our modeling and continue to outpace headwinds from rising depreciation expenses.
5. GAAP operating income in Q4 2025 and the Q1 2026 guide included one-timer impacts, which result in adjustments versus headline reported numbers (link).
OTHER COMPANIES:
* HUBG - found an accounting error that understated purchased transportation costs and accounts payable by about $77M over the first nine months of 2025, forcing a restatement of 1Q–3Q25 results and delaying audited earnings.
* STLA - said it will take about €22B in charges as it resets its strategy after overestimating EV demand. The company expects a 2H25 net loss of up to €21B and a low single-digit operating margin, including €1.6B in tariff costs. RDDT - Needham reiterates at buy, PT 300. "Reddit is our top pick for 2026, based on: strategic position with 100% human-created content, which becomes more differentiated and valuable as large language model bots multiply; execution excellence, with more than 60% revenue growth for the past six quarters, ad revenues up 75% in 4Q25, optionality upside from large language model licensing revenues and rapid margin expansion; and the difficulty of replicating a human community like RDDT today, which creates a deep moat."
* VST - Goldman upgrades to Buy from neutral, raise PT to 205 from 200. we remain constructive on the fundamentals of the existing business, with current volume hedging levels, retail operations, and capacity revenues lowering volatility of the business. Our revised price target of $205 for VST implies 45% upside." DOCS - JPM upgrades to natural from underweight, lowers PT to 40 from 62. Despite an incrementally worse external environment, DOCS anticipates exiting 2026E calendar year as a double-digit grower (2x the market growth rate). However, management emphasized that this 1.5–2x premium to market growth is not expected to be linear and may not hold for every period. Updated guidance for 4QF26 fell below Street expectations, reflecting both lower revenue expectations and higher AI infrastructure investment as usage ramps."
* JMIA - Cantor Fitzgerald initiates coverage with Overweight rating, PT 18. "We are initiating coverage of JMIA with an Overweight rating and an $18 price target. Investing in JMIA is a venture capital-style, high-risk/high-reward opportunity in the public markets. Africa is the final frontier for e-commerce, with penetration currently less than one-fifth of many advanced markets.
* SNOW - Jefferies reiterates Buy on SNOW, PT 300, says its deeply misplaced, calls it their top pick.
OTHER NEWS:
* China’s central bank has tightened crypto rules, banning domestic and controlled overseas entities from issuing virtual currencies without approval. Authorities reaffirm that crypto is not legal tender and label related business activities as illegal.

SLS, JMIA