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Moody’s Corporation (MCO) Presents at Barclays 18th Annual Americas Select Conference Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Moody’s Corporation (MCO) Barclays 18th Annual Americas Select Conference May 6, 2026 4:45 AM EDT

Company Participants

Noemie Heuland – Senior VP & CFO

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Conference Call Participants

Manav Patnaik – Barclays Bank PLC, Research Division

Presentation

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Manav Patnaik
Barclays Bank PLC, Research Division

Thank you for being here. For those of you who don’t know me, my name is Manav Patnaik. I cover business and information services for Barclays. We’re pleased to kick off day 2 for us, at least here with Moody’s CFO, Noemie Heuland. Thank you for being here, Noemie.

Noemie Heuland
Senior VP & CFO

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Thank you.

Question-and-Answer Session

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Manav Patnaik
Barclays Bank PLC, Research Division

Maybe, Noemie, I figured the best place to start would be, I think, last year when you came here, it was your first time in London and you just started, it’s been about 2 years now. So maybe just some of your reflections and thoughts over the last 2 years. I know maybe when you first started, things were, you’re in a nice stable Moody’s company. Now things have completely changed, but just your thoughts.

Noemie Heuland
Senior VP & CFO

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Yes. It’s always been pretty moving environment for the past 5, 6 years. So we’re getting used to our first quarter being a little bit hectic. But it’s been 2 years. I think we’re fortunate to have joined at a very exciting time for Moody’s. We have very strong momentum and deep currents in our debt capital markets across both the U.S. and Europe and Asia Pac. So Moody’s has a big rule about the different dynamics between public and private markets.

A lot of very strong funding needs that underpin the demand for credit and ratings, AI-related infrastructure, maturity walls are very strong. So a lot of exciting — and we’ve invested a lot

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Longtime Texas candy company to close all locations as costs soar

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Longtime Texas candy company to close all locations as costs soar

A Texas candy company with roots dating back more than a century is winding down most of its operations as rising costs and shrinking margins pressure the long-running family business.

Lammes Candies, an Austin-based confectioner founded in the 1800s, said it will begin an “orderly wind-down of operations” after 141 years of continuous family ownership, according to a statement posted to the company’s Facebook page.

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“This was not an easy decision,” the company said. “Lammes Candies has been more than a business – it has been a family legacy spanning generations.”

In an interview with FOX 7 Austin, company vice president Lana Schmidt pointed to mounting economic pressures that have made it increasingly difficult to sustain the business.

CALIFORNIANS FLEE HIGH COSTS – AND MANY COME OUT AHEAD FINANCIALLY, STUDY FINDS

lammes candies customers

Customers wait in line to buy candy at Lammes Candies on Airport Boulevard in Austin on April 27, 2026, following the company’s announcement that it is winding down operations after 141 years in business. (Jay Janner/The Austin American-Statesman via Getty Images)

“The economy, you know, with the raw materials going up, labor is going – it’s just everything is escalating,” Schmidt said. “There’s not a huge margin in confections.”

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The company said it will fulfill remaining orders and continue selling products online while inventory lasts, with its flagship Airport Boulevard location remaining open temporarily.

lammes candies customers

David and Brenda Joseph buy candy at Lammes Candies on Airport Boulevard in Austin on Monday, April 27, 2026, as customers fill the store following the company’s announcement that it is winding down operations after 141 years in business.  (Jay Janner/The Austin American-Statesman via Getty Images)

Lammes has already closed its Round Rock location, with its remaining retail footprint expected to wind down in the coming weeks.

The closure underscores broader challenges facing small businesses, particularly in fast-growing cities like Austin, where rapid expansion during the pandemic era has been followed by shifting economic conditions and rising operating costs.

Founded in 1885 after the Lamme family reacquired the business, the company became known for its pecan pralines and other handcrafted sweets, building a loyal customer base across Texas and beyond.

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lammes candies customer selection

A customer chooses candy at Lammes Candies on Airport Boulevard in Austin on Monday, April 27, 2026.

Ahead of the shutdown, the company is offering a final round of seasonal products, including its chocolate-covered strawberries for Mother’s Day, calling the limited run a “farewell” to customers after more than a century in business.

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“We’ve been so honored to be part of your celebrations and your sweetest moments,” the company wrote in a separate post. “Now we’re asking one last thing: savor every bite.”

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Hut 8 stock surges 37% on $9.8 billion AI data center lease

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Ken Griffin says Citadel will double down on Miami amid NYC mayor feud

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Ken Griffin says Citadel will double down on Miami amid NYC mayor feud

Billionaire and Citadel CEO Ken Griffin repeated his company’s intentions to “double down” on moving to Miami in the wake of his feud with New York City Mayor Zohran Mamdani.

“When we moved from Chicago, there was a debate between New York and Miami,” Griffin said at the 2026 Milken Institute Conference on Tuesday. “It’s unquestionably true that we made the right choice. I’ll leave it at that.”

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Griffin was responding to Mamdani’s viral Tax Day video, which singled out Griffin’s Manhattan penthouse while announcing a new pied-à-terre tax.

MAMDANI TAX BREAK PROPOSAL SPARKS FEARS AS BUSINESS LEADERS WARN OF ‘FRAGILE’ NYC ECONOMY

Citadel CEO Ken Griffin

Citadel CEO Ken Griffin supported more of his business partners moving to Miami from New York City. (Kayla Bartkowski/Getty Images / Getty Images)

He referred to the video as “creepy and weird” and urged his New York business partners to continue to invest in freer cities like Miami.

“Now what the mayor of New York has made clear to my partners, and principally my New York partners, is that we need to double down on our bet in Miami because we want to be in a state that embraces business, embraces education, embraces personal freedom and liberty,” he said. “And that embraces people having an opportunity to live the American dream, a dream of earned success, not a dream of distributive handouts that leave people dependent on government for their lives and their livelihoods in a way that takes away their dignity and honor.”

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“We’ve seen a mass exodus of business leadership from California to Texas and Florida. Mamdani’s making it very clear. New York doesn’t welcome success,” Griffin added.

TAX FIGHT HEATS UP AS NEW YORK TARGETS WEALTHY HOMEOWNERS

A side by side photo of New York Mayor Zohran Mamdani and Citadel CEO Ken Griffin.

On April 15 (Tax Day), NYC Mayor Zohran Mamdani posted a video outside Ken Griffin’s Manhattan penthouse promoting a new “tax-the-rich” policy. (Spencer Platt/Aaron Schwartz/Bloomberg/Getty Images / Getty Images)

In a statement to Fox News Digital, “Mayor Mamdani wants all New Yorkers to succeed. That includes business owners and entrepreneurs who create good-paying jobs and make this city the economic engine of America. It also includes Ken Griffin, who is a major employer in our City and a powerful figure in our economy.”

The statement continued, “That does not negate the fact, however, that our tax system is fundamentally broken. It rewards extreme wealth while working people are pushed to the brink. The status quo is unsustainable and unjust. If we want this city to become a place that working people can afford, we need meaningful tax reform that includes the wealthiest New Yorkers contributing their fair share.”

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O’LEARY SLAMS NYC TAX PLAN AS ‘SHEER BLIND STUPIDITY,’ DEFENDS WEALTHY INVESTORS

Despite calling out Griffin in his video, Mamdani personally thanked Griffin for his donation to the New York Police Department last week.

New York City Mayor Zohran Mamdani is seen speaking at an event in New York.

New York City Mayor Zohran Mamdani has previously criticized billionaires, including Ken Griffin, whom he recently thanked for supporting police. (Spencer Platt/Getty Images / Getty Images)

“I want to thank everyone who is here with us in the Hall of Heroes today, with special thanks to Police Commissioner [Jessica] Tisch and NYPD leadership,” Mamdani said at One Police Plaza, speaking before department brass and families of slain officers.

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“I also want to thank Ken Griffin for funding a memorial wall that will open later this year,” he added.

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Form 10Q Immunocore Holdings plc For: 6 May

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SRF shares jump 5% as Q4 profit rises 11%; Rs 2,300 crore Odisha capex announced

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SRF shares jump 5% as Q4 profit rises 11%; Rs 2,300 crore Odisha capex announced
SRF shares surged as much as 5.4% to hit an intraday high of Rs 2,659 during Wednesday’s trading session, after the company reported strong fourth-quarter FY26 performance, with net profit rising 11% year-on-year to Rs 582 crore.

The company’s Profit After Tax (PAT) grew from Rs 526 crore in the corresponding period last year, supported by steady revenue and operating gains. SRF also announced plans to invest Rs 2,300 crore in setting up a new plant in Odisha, signalling continued expansion.

Consolidated revenue for the quarter rose 7% year-on-year to Rs 4,615 crore, compared to Rs 4,313 crore in the same period last year. Operational earnings before interest and tax (EBIT) increased 12% to Rs 1,011 crore from Rs 906 crore a year ago.

Commenting on the results, Chairman and Managing Director Ashish Bharat Ram said the company delivered a solid performance despite a volatile operating environment. He noted that exports to the Middle East were impacted during the quarter and added that geopolitical uncertainty remains a key concern going forward, although the company remains optimistic about its growth trajectory.

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Segment-wise performance showed mixed momentum across businesses. The Chemicals segment recorded a 4% increase in revenue to Rs 2,448 crore. The Performance Films and Foil segment posted a stronger 13% growth, with revenue rising to Rs 1,596 crore. The Technical Textiles segment saw a 5% increase to Rs 483 crore, while Other Businesses reported a marginal rise to Rs 89 crore.


For the full financial year FY26, SRF reported a 7% increase in revenue to Rs 15,787 crore. Operational EBIT jumped 29% to Rs 3,008 crore, while PAT surged 47% to Rs 1,835 crore compared to the previous year.
On the capital expenditure front, the company revised its earlier investment plan for a next-generation refrigerants project. Initially approved at Rs 1,100 crore in October 2024, the project outlay has now been expanded to approximately Rs 2,300 crore following land acquisition in Odisha. The revised plan includes setting up a 20,000 tonnes per annum HFO production facility, a 30,000 tonnes per annum HF plant, and manufacturing of value-added HF derivatives, along with investments in land development and utilities.The project, based entirely on SRF’s in-house technology, will be implemented in phases, with completion of the final phase targeted by February 2028.

Stock Performance and Technical Indicators


The stock is currently trading at a market capitalisation of Rs 74,782 crore. Over the past 12 months, it has touched a high of Rs 3,325 and a low of Rs 2,355.

On the technical front, the 14-day Relative Strength Index (RSI) stands at 50.9, indicating a neutral trend, with levels below 30 considered oversold and above 70 seen as overbought. In terms of moving averages, the stock is showing a mildly bullish trend, trading above five out of its eight simple moving averages (SMAs).

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Aussie dollar, shares soar on Iran peace deal hopes

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Aussie dollar, shares soar on Iran peace deal hopes

Australia’s share market has rebounded on signs the US is seeking a way out of the Persian Gulf conflict with Iran.

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Market in consolidation phase, break above 24,600 crucial for trend shift: Gautam Shah

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Market in consolidation phase, break above 24,600 crucial for trend shift: Gautam Shah
The Indian equity market is entering a phase of sharp sectoral rotation, where leadership is narrowing and thematic investing is gaining importance. According to Gautam Shah from Goldilocks Global Research while the broader indices may remain capped in the near term, sectors like energy, PSU, metals, and select pockets of real estate and pharma are setting up for stronger upside trends.

Energy remains a structural story

Shah reiterated his long-standing bullish view on energy, calling it a structural theme with durable tailwinds.

“Energy is a structural play. There are a lot of fundamental tailwinds there. Valuations seem to be comfortable and the government is at play, helping many of the Indian companies to do much bigger things on a global scale. Given all of that and given the way the charts are, I do believe that energy is a structural play and we are looking at the index going back to the previous highs at least. That would be the first working target and then much bigger upside. So, the entire basket of power and energy stocks looks good to me. We have obviously been committed to it for a couple of months now and we are playing test cricket here. We are not looking at getting out very quickly. So, think big. There is another 15% to 20% upside on the index and you just stay committed. There will be dips from time to time because the rally has been large and every time that dip happens it might be a good idea to buy fresh.”

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He added that investors can either accumulate baskets or focus on selective stock picking within the space.

Auto sector under pressure
On autos, Shah maintained a negative stance and expects meaningful underperformance ahead.
“We would be negative on auto, I think that has been the stance for a couple of months now. And with auto being a direct reflection of the economy and with the way the charts are placed, there is a greater possibility of the auto index actually losing about 10-12% from here and going back to the March lows. Now, if that were to happen, then there is a big problem because a lot of stocks will come off substantially.”
He added that both autos and FMCG could remain under pressure if largecaps fail to show leadership.
Nifty stuck in a tight range
On the broader index, Shah expects consolidation with a defined trading band and limited upside unless key resistance levels are breached.

“24,600 on multiple counts was and remains a very important resistance. And as you might have noticed in the last seven days, the market is just taking a breather. There seems to be a fierce battle between the bulls and the bears within a very tight range, 23,800 on the downside and 24,250 and 24,600 on the upside. Till the Nifty does not get past 24,600, I would be cautious, I would be conservative and there is a greater possibility of a breakdown below 23,800.”

He highlighted weak leadership from IT, banking, and Reliance Industries, which together form a large part of the index.

Banks and IT remain weak links
Shah expressed caution on banks, particularly private lenders, which he believes could weigh on the index.

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“Look at what HDFC Bank has done in this entire April recovery and look at where it is today in comparison to the rest of the banking space. When you have HDFC and ICICI Bank undergoing such a phase of underperformance and not being able to rally for whatever reasons, questions about their growth, FII selling, the fact that they are all richly valued versus peers around the world, you can put out a lot of cases there. But it is out there that private banks are underperforming and if that is going to continue, Nifty will find it difficult to rally.”

He added that PSU banks remain mixed, with only one large name standing out.

Sector rotation into PSUs, metals and pharma
Shah believes the market is now entering a phase of rotational strength across previously underperforming sectors.

He remains bullish on PSU, metals, defence, capital goods, and real estate over a 6–12 month horizon. He also sees early signs of revival in chemicals, textiles, and pharma.

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“Pharma is one space that we continue to like… a bigger breakout is coming after 18 months of consolidation and it will do exceedingly well.”

On metals, he remains strongly constructive with a long-term structural view:

“Our working target for the NSE Metals Index is about 14,000… The rest of this year will belong to metals.”

Real estate showing bottoming signs
Shah sees real estate as a high-conviction medium-term opportunity after a deep correction.

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“We are going to see a large 25% rally on the index from current levels… So, it is an opportunity, but do not look at it short term. There will be volatility in the short term, but now they will start a sequence of higher tops and higher bottoms.”

Crude oil and macro risks
On crude oil, Shah flagged it as a key risk factor for India.

“Nymex crude is likely to remain elevated… eventually it can gradually go towards a 120-125 number. Now if that were to happen, it is definitely a big impact on the economy more medium-term.”

He also pointed to rupee weakness and global AI-driven disruption as additional headwinds for foreign inflows.

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Final takeaway: be selective and concentrated
Summing up his strategy, Shah advised a focused approach rather than broad diversification.

“Be concentrated, be in companies that have less to do with foreign policy and be with companies that have relative better earnings visibility for the next three to five years. Anything and everything in this market will not work because you do not have the index tailwind in your favour.”

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186 UK SME Winners Revealed on 60th Anniversary

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186 UK SME Winners Revealed on 60th Anniversary

A Cotswold soap-maker, a Warwickshire 3D-printing pioneer supplying supercar manufacturers and an Edinburgh tech-refurbishment social enterprise are among 186 organisations honoured this year with The King’s Awards for Enterprise, as Britain’s most prestigious business accolade marks its 60th anniversary.

The 2026 cohort, which includes 76 winners for international trade, 52 for innovation, 36 for sustainability and 22 for promoting opportunity through social mobility, underlines the growing breadth of the awards first presented by Queen Elizabeth II in 1966. Renamed in 2022 following the King’s accession, the honours have now recognised more than 8,000 British businesses across six decades.

A sustainability story written in soap

For Emma Heathcote-James, founder of the Little Soap Company, the recognition vindicates an approach that has prized principles over margins since she began hand-crafting bars from her Cotswold cottage in 2008.

“We don’t make the profit that we perhaps could if we made everything in China, but every single decision that we make is putting the planet and people first,” said Heathcote-James, 49, whose products are now stocked by Waitrose, Tesco and Boots.

The business, which turns over around £2.4 million and employs 13 staff, manufactures exclusively in Scotland and northern England, home to the few soap factories Britain has left, and produces vegan-certified, cruelty-free ranges in recycled packaging.

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It has not, however, been insulated from the macroeconomic squeeze. Chief operating officer Sharon Redrobe, who is married to Heathcote-James, said geopolitical tensions had pushed up the cost of raw materials including the essential oils used as fragrances, while greenwashing by some competitors remained a source of frustration. Winning as a small, independently financed business, she said, was the company’s “biggest coup” to date.

Little Soap Company has deliberately avoided external investment, wary of pressure to grow margins by switching to cheaper inputs. “It’s really important that we can demonstrate you can have a successful business and still do things correctly from the start,” Heathcote-James said.

From a mother’s garage to the supercar grid

In Shipston-on-Stour, Warwickshire, RYSE 3D has secured an international trade award after export orders rose by an extraordinary 2,300 per cent to £2.24 million over three years. The company manufactures high-performance 3D-printed parts for more than 20 of the world’s leading supercar marques.

Founder Mitchell Barnes, 29, started developing a 3D printer in his mother’s garage as an undergraduate, using his student loan to build the first prototype and selling the service to coursemates after successfully printing a model for his car-design degree. He is among the youngest ever recipients, and has now collected a second King’s Award in as many years, having won his first at 27.

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“It’s a royal honour,” Barnes said. “You don’t believe it when you first get it, but then winning two is even more insane.”

The business, which employs 25 people, exports principally to Latvia, Denmark and the United States, although the tariff regime introduced by Washington last year has eaten into US returns. Healthy margins have allowed RYSE 3D to absorb some of the impact, but Barnes said the team had had to redouble efforts elsewhere to compensate, including launching an automated online ordering tool aimed at everyday customers.

To address a chronic skills shortage, the company has taken to recruiting from outside the sector altogether, training former coffee baristas as 3D printing engineers. Barnes plans to open offices on both the east and west coasts of the United States before the end of 2026.

Refurbishing devices, repairing communities

Edinburgh Remakery, a ten-strong social enterprise honoured in the sustainability category, refurbishes and resells used technology, donating devices to people experiencing digital exclusion and routing unsalvageable components to specialist processors including the Royal Mint, which extracts gold from old motherboards.

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Chief executive Elaine Brown said the team had been overwhelmed when the news arrived: “There was much jumping up and down in the remakery that day and a few more cakes were had just to celebrate.”

Demand for the service has surged as businesses retire PCs ahead of the end of support for Windows 10, but Brown argued that many of these machines could be given a second life by being fitted with alternative operating systems. “Being a business for good has been good for business,” she said. “We’ve grown our turnover, we’ve grown our engagement, and the King’s Award is the icing on the cake.”

Winners universally described the application process as exhaustive. Serial entrepreneur Will Fletcher, 46, who oversaw the promoting opportunity category as a judge, said the assessment was deliberately rigorous.

“It’s a really, really thorough process,” he said. “You always get a few that are out-and-out winners, and then there’s a few really tough cases.”

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The category, Fletcher noted, rewards profitable companies that channel resources back into their communities, work that is “time-consuming to do properly and not directly linked to how much profit the company makes”. His own former business, Recycling Lives, won the award four times, including in 2019 for supporting ex-offenders into employment, where reoffending rates among participants ran at less than 5 per cent against a national average of around two-thirds. Fletcher now runs Car.co.uk, a Lancashire-based digital car-buying platform, which itself takes home a 2026 award for innovation.

Taken together, this year’s roll call suggests that British SMEs continue to find competitive advantage not in spite of their values, but because of them, a message the King’s Awards have championed, in one form or another, for sixty years.


Paul Jones

Harvard alumni and former New York Times journalist. Editor of Business Matters for over 15 years, the UKs largest business magazine. I am also head of Capital Business Media’s automotive division working for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.

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FROM THE HILL: A snapshot of today's politics and parliament

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FROM THE HILL: A snapshot of today's politics and parliament

From the Hill: For the second time in his parliamentary career, Nationals MP Lachlan Hunter has been suspended from the chamber.

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