Daily Brief United States: Vulcan Materials Co, VEON, Liberty Media -Liberty For, Crude Oil, Copper, Tuya Inc, Marqeta , Carrier Global , MNTN, Newton Golf Company and more

• Vulcan Materials is a major player in the construction aggregates market, providing the foundation for buildings, roads, and infrastructure in the United States.
• The company owns and operates quarries across the country, with a market cap close to $30 billion.
• Aggregates are essential for asphalt and concrete production, with Vulcan playing a crucial role in supplying this key material for construction projects.

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• VEON returned to billion-dollar quarterly revenue in 1Q25; EBITDA grew 13.7% YoY on strong digital execution.
• Digital revenues rose 50% YoY, now 14.3% of group total.
• Kyivstar IPO on track for 3Q25 at US$2.3bn valuation; fintech optionality in Bangladesh and Ukraine emerging.

• F1 is evolving to be more than just a sport, focusing on entertainment and business development
• The fan base is becoming younger and more diverse, with 40% women and 60% men, average age 35
• F1 is balancing historic venues with new races, aiming for 24 races per season and considering new markets in Asia and Africa

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• For the week ending 16/May, U.S. crude inventories grew by 1.3m barrels (vs. expectations of a 0.9m barrel fall). Similarly, gasoline and distillate stockpiles unexpectedly rose.
• The EIA reported a 120 Bcf storage build, exceeding analyst forecasts of an 118 Bcf increase. Storage levels are 3.9% above the five-year average.
• Barclays initiated coverage on Saudi Aramco with an ‘Overweight’ rating. Jefferies downgraded BP to ‘Hold’ from ‘Buy’, and Citigroup lifted its price target on Occidental Petroleum.

• Greetings from Copenhagen.
• We’ve previously advocated a long tilt toward commodities, as both the U.S. and global growth outlooks are being repriced amid the reopening of trade and the sudden realization that the U.S., China, and even Europe have collectively slammed the deficit accelerator—rather than the brakes.
• Everywhere you look, countries are ramping up fiscal spending to cushion the blow of tariffs.

• Tuya delivered a strong 1Q25, outperforming seasonal trends, with a record GAAP net profit of $11.0 million and a net margin of 14.8% (more than 20 percentage points higher Y/Y).
• Non-GAAP net profit also surged to $19.3 million, with margins reaching an impressive 25.8%.
• The company’s success reflects disciplined expense control, strong revenue momentum across all segments, and a growing emphasis on AI-driven solutions. 

• The Marqeta house of cards may come tumbling down: an FBI investigation could prompt MQ to lose up to 70% of its business.
• Future revenue looks​ weak for this “dinosaur” of a payments-processing company.
• Marqeta (MQ) is (mostly) a payment processor. MQ helps fintechs host their own payments tools by contracting with a Banking as a Service (BaaS) partner bank to manage client deposits. 

• Carrier Global Corporation reported a robust performance for the first quarter of 2025, showcasing strong results across various segments despite facing some challenges in certain areas.
• The company, which specializes in HVAC (heating, ventilation, and air conditioning), refrigeration, and fire and security solutions, provided a comprehensive view of its financial performance, including significant areas of growth and concern, setting the stage for the remainder of the year.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• MNTN priced a full-size deal of 11.7mm shares at the high-end of the range, $16.00, and opened at $21.00 for a gain of 31.3% at first trade. 
• The fireworks continued as the stock traded to a high of $26.88 before closing its opening session at $26.36 for a first day return of 65%.
• The deal was considered multiple-times oversubscribed and our sources stated that the final deal finished north of 12-times oversubscribed.

• Newton Golf (NASDAQ: NWTG) is an innovative, technology driven golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories.
• The company went public in August 2023 raising $11.6 million in net proceeds.
• The company announced its entry into the golf shaft market in November 2023.