Callouts & quotes from 1,069+ activist slides

"Real industry revenue is expected to decline at an average annual rate of 1.8% over the next 5 years — Entertainment Properties Trust commentary."

"In closing, we hope you understand the gravity of the situation and we expect an immediate clarifying response regarding the highlighted issues."

"In fact, we find that post Q1'2022 that WTRG removed a reference that its next phase of implementation would be expected to go live in H2'2023."

"Spruce Point believes part of WD-40's international challenges, and why it will continue to disappoint expectations, is rampant counterfeiting."

"Disappointing first quarter results and the rejection of Trian's $55 - $60 per share offer have raised shareholder's performance expectations"

"We expect mall traffic up +0-2% this Holiday season, representing a slight improvement vs. the flattish mall traffic on average year-to-date."

"Warning: We believe Oatly's revenue disclosures are insufficient and not what we'd expect from a company with a 20-year operational history."

"New business production is not expected to fully replace the amortization of the existing portfolio, and the ice cube will continue to melt."

"Despite repeated, bullish commentary from management on fedratinib, Wall Street analysts have overwhelmingly lower expectations for the drug"

"Supply roughly equals demand and analysts expect the market to remain balanced, though we believe it may fall into deficit in the near term."

"You’d expect results in excess of the “targets” of 30% annual revenue growth, and improving gross and operating margins. But you’d be wrong."

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"Employees describe Hill-Rom as a micro-managed company with a management team hyper-focused on hitting short-term Wall Street expectations."

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"Yes. It was a combination of the cost of the chips, the learning curve, and not getting the number of hits that we were expecting from it."

"We expect 67% - 87% share price upside as Southwest restores its best-in-class margins and we believe a turnaround is eminently achievable"

"In total, 200 bps of margin improvement is expected from reduced compensation and benefits expense through attrition (OR at or below 59%)."

"Importantly, Management Expected 2023 COVID Sales to be the Trough With Sustained Growth Thereafter — Pfizer Q4 2022 Earnings Presentation"

"We Believe Change Is Needed After Years Of Missed Expectations And Poor Results. We Believe We Have A Superior Slate Of Director Nominees"

"A small insightful survey of China distributors shows significant local competition, and revenues expected to decline mid single digits."

"We find it concerning that on a pro-forma basis, Amcor’s DSOs are rising moderately higher than expected on a pre-deal standalone basis."

"We find it troubling that Heska Min CSV per Subscription per Month declined materially in 2020 and is expected to decline again in 2021."

"In March 2018, Dave Francis said that he expected the Medicare business to become cash flow positive “certainly by 2019”. — Dave Francis"

"CEO Seifi Ghasemi has begun a transformation of Air Products, which we expect will continue to create meaningful value for shareholders"

"We believe that underestimated competition could cut Penumbra’s expected sales growth by nearly half in FY20, from 20% to close to 10%."

"At a $15B market cap, we expect they will be trigger happy to cash in when the lock up expires – much like the PIPE holders on Jan 4th."

"CEO Seifi Ghasemi has begun a transformation of Air Products, which we expect will continue to create meaningful value for shareholders"

"Networks is expected to become increasingly important to revenue and OIBDA growth at TWX given the division's strong forecasted growth."

"With Omnia a flop and PDN a mirage, we expect investors betting on a Keith Grossman-driven turnaround to shortly face a rude awakening."

"CEO Seifi Ghasemi has begun a transformation of Air Products, which we expect will continue to create meaningful value for shareholders"

"Kudos to your practice for putting together such a detailed summary of this unexpected and devastating complication. — Dr. Suber Huang"

"It is expected that PSH will be eligible for inclusion in the FTSE UK Index Series, including the FTSE All-Share and FTSE 250 indices"

"Per the Company’s S-4 filing, Bristol-Myers management is expecting strong growth over the next several years. — Bristol-Myers Squibb"

"~$4 billion of Bristol-Myers shareholder value could be destroyed if REVLIMID fully genericizes only two years earlier than expected"

"NQ's larger than expected revenue growth and increased guidance are the only tools it has as it attempts to keep its stock price up."

"We Believe The $2.5 Billion Levered Acquisition of Itiviti Is A Diversion From Core Issues, And Will Fail To Meet Lofty Expectations"

"Unexpected, dramatic anomalies in the financial reports are a tell-tale sign that a company is struggling to hold a scheme together."

"Management expected doses sold to increase every year after 2023 — Starboard Value (annotating Pfizer Q4 2022 Earnings Presentation)"

"Therefore, we expect that new smaller stores will limit FND's flexibility and increase the risk of being off-trend with customers."

"Spruce Point finds more evidence that Porch withholds information from investors in an attempt to manage results and expectations."

"Management’s $900mm target is only half the gap with Kohl’s. Given opportunities uncovered so far, we expect more progress to come"

"We expect to advance our next program, targeting the p53 R273H hotspot mutation, into lead optimization in the first half of 2021."

"We believe, based on our rigorous investigation, that GFL's financial objectives are highly likely to fall short of expectations."

"We believe Procept will fail to meet revenue growth, and thus profitability expectations and faces long-term existential threats."

"Dropbox is a melting ice cube, and management's last-ditch turnaround attempt is poised to disappoint lofty analyst expectations."

"I feel that their failure to mention this report as a possible contributor to the S&P decision is conspicuous but to be expected."

"Management is expecting to achieve tremendous efficiencies to reach EBITDA margins >2x the industry average on below-average GPU"

"We believe Oatly's cost disclosures are insufficient and not what we'd expect from a company with a 20-year operational history."

"UEC’s Assets Are Weak And Its Aggressive Goals Are Likely To Disappoint High Investor Expectations With More Aggressive Dilution"

"Over the next five years, revenue is expected to grow to $13.4 billion in 2010, representing a CAGR of 6.9% from 2005PF - 2010."

"Expects physicians to prescribe generic liquid diazoxide off-label, especially if a conversion chart is available on MDCalc.com"

"Analysts are holding out aspirational upside price targets, that have failed to be met, and still have not reset expectations."

"AMT has not been forthcoming about its exposure to ground rent increases, which we expect to materially impact AMT’s margins."

"Only 5 out of 22 total categories (27%) did the audit results indicate that Aqua/Peoples "Meets Expected Performance Levels""

"We would expect FX fees and gains to be no more than ~1.5% of cross-border TPV, and likely much lower due to payout volumes."

"Athena missed its organic revenue growth target for 2013, and analysts have cut revenue expectations for both 2014 and 2015."

"Does this suggest LSPD expected the future performance targets to fall short from the very onset of the transaction closing?"

"The physician speculated that Soleno wasn’t expecting FDA approval and seems to be lacking a commercial, field rep presence"

"No signs of progress for a fab are visible – not what one would expect if a major phase of construction began 8 months ago."

"Now it has clearly taken longer and cost a lot more than either we or UBS expected. — Broadridge Management (March 7, 2022)"