Callouts & quotes from 37,061+ activist slides

"Yahoo's termination of past partnerships in the next few months (TIPLA Deal, Sales of Patents, and other IP asset Sales) will bring its adjusted EBITDA back to reality this year – with virtually no profits left."

"LUNA – an entire product systems from NOVADAQ has disappeared, while the PINPOINT imaging system has been reduced just to a single camera. In retrospect, should NOVADAQ’s inventory have been stepped up, or down?"

"Intel's mask group is trying to save face and cover up that its investment has been a debacle, giving it supplier prizes for public PR while complaining behind the scenes, according to multiple research sources."

"In the intensely competitive supermarket space, we believe Weis Markets cannot compete on price, location or quality with faster growing and better value supermarkets in the densely populated Northeast corridor."

"The Board should immediately form a Special Committee of independent directors with its own independent legal counsel and financial advisor to protect the independence and confidentiality of their deliberations."

"Given the nature of the SEC's allegations which relate to misleading core / organic sales and premature revenue recognition, we believe REZI shareholders should be concerned by who it acquired the business from."

"Numerous sequencing databases are available online, including various open-source, industry-wide repositories, whether for yeast – Ginkgo’s platform of choice – or other industry-standard organisms like E. Coli."

"Consistent with Heska's ongoing effort to create the appearance that the Company is pursuing product innovation, we believe Heska management blatantly overhyped the technical capabilities of scil after the deal."

"PDN wouldn't be a Nevro-driven market. If the numbers increase, you will probably see a distribution relatively equally over all the manufacturers and perhaps down the road, perhaps a little bit more for Abbott."

"Though one can find convenient examples for buybacks and dividends being bad for the share price, failing to return excess cash in the face of a low multiple usually depresses share price and valuations further."

"After appropriately valuing its high quality franchise and real estate cash flows, even “unfixed” Wendy’s is worth $35 today. If the Company improves its company-operated store margins, the business is worth $42"

"Having covered Disney since mid-way through George W. Bush’s presidency (!)...we think it is notable – and not unrelated – that the ambiguity in Disney’s outlook has helped investor sentiment to an all-time low."

"Extending Mr. Iger's contract, shortly after stating it was initially for two years, has given investors another reason to question the Company's succession process and the Board's overreliance on one individual"

"According to Mike Delprete, Flex now comprises more than 25% of Premier Agent revenue. We find this level highly concerning considering the very liberal revenue recognition policies that govern the Flex program."

"As further evidence of the scale and regularity of inflated air transport charges, the OCS Specialist indicated that teams at the Seattle hub were now rarely utilized in favor of flying in nonlocal teams instead"

"The ex-TransMedics surgeon echoed others who called the use of unlicensed surgeons a “ticking time bomb” – “it’s their biggest risk...having people that don’t have licenses...I still don’t know how they did it.”"

"Carvana needs much more profit as well as much more growth - not just one or the other - but doesn't have the liquidity, capital structure, management capability or business operations to achieve much of either."

"This is a crucial time for Sony Technologies to capitalize on growth opportunities. A dedicated management team and Board of Directors would increase likelihood of achieving targets laid out at 2019 Investor Day"

"I don't think anyone would say 'Whoa, we got to get these patients on this drug...look what it can do...a lot of people are taking a hands-off, let's just see...I haven't heard from people with much enthusiasm.'"

"We encourage all shareholders to attend Oasis's Kao shareholder investor information day at The Okura Hotel on March 6 in order to meet Oasis's Outside Director candidates and hear Oasis's plan for A Better Kao."

"These results are strange because the increase in histamine levels in the brain should be immediate and so the therapeutic effect should also be rapid (and should not require 6 months to reach a maximum effect)."

"This disclosure strikes us as troubling because it suggests that MSCI actually capitalized software development costs that were not purely for internal use, but rather were tied to external client product sales."

"While food safety risk can never be completely eliminated, we think Chipotle has done an excellent job of significantly reducing the risk of another incident while maintaining the freshness and taste of its food"

"Chinese media reported that FFAI was not able to make a large enough order for Great Wall Motor to consider any special modifications, which may explain why FFAI's vehicle is nearly identical to the Wey Gaoshan."

"Can you imagine this happening at any reputable company? Andy Moore is still the CEO of B. Riley Securities, and this begs the question – how many more undisclosed margin loans do RILY’s executives have at risk?"

"In fast allen Kennzahlen und Märkten befindet sich HelloFresh in einem schnellen, strukturellen Niedergang. Die Marke verliert immer schneller an Relevanz. Jedes Quartal droht schlimmer zu werden als das letzte."

"Intel's mask group is trying to save face and cover up that its investment has been a debacle, giving it supplier prizes for public PR while complaining behind the scenes, according to multiple research sources."

"Dr. Dean Elterman is the first clinician outside of the USA to become a Designated Centre of Excellence for Rezūm™ Water Vapor Therapy, a minimally invasive BPH treatment. — Boston Scientific / Dr. Dean Elterman"

"[A]rbitration awards are entitled to a strong presumption of correctness which can only be overcome in limited circumstances.... — Jones v. Intarome Fragrance Corp., 2007 WL 1296656, at *3 (D.N.J. Apr. 27, 2007)"

""The most important part of our financial strategy is, obviously, ultimately, we want to build a company to have a business that delivers first quartile financial shareholder returns" — John Hess, September 2011"

"“Companies pushing anti-Texas policies and woke indoctrination have no place in Texas public education, whether in the classroom or as investments in Texas Permanent School Fund” — Tom Maynard, Chair, Texas PSF."

"I'd like to have an explanation as to how you, as chairman of Telecom Italia and Olivetti, can justify a move like this that destroys so much value for Telecom Italia — Mark Levine, New York Times, 13 March 2003"

"the most unprofessional environment I’ve ever been in my entire career — Former employee. Andrew Paradise is probably the most unprofessional CEO that I’ve ever met in terms of his immaturity. — Former employee."

"Please note that Savills cannot verify the accuracy or the completeness of the information of subject tenancies provided to Savills. — Savills (via Vivion Investments, €300 million bond prospectus, October 2019)"

"“Companies pushing anti-Texas policies and woke indoctrination have no place in Texas public education, whether in the classroom or as investments in Texas Permanent School Fund” — Tom Maynard, Chair, Texas PSF."

"Historical information on the gz.jiajiaoban.com website retrieved from the waybackmachine.org. TAL’s stock ticker at the time of its IPO was XRS, an abbreviation for its former brand name Xueersi. — Footnote 123"

"Although there would be a degree of landscape harm, and harm to amenity of recreational routes, it is considered that the benefits of the proposal would outweigh this harm. — Planning Officer Report (March 2023)"

"We own Deyou brand, which is offered under a franchise model for connected brokerage stores that seek for branding effect and access to solutions offered by Beike platform. — BEKE Prospectus Aug 13, 2021, p. 170"

""It's single digits, the amount of volume that goes back and forth on each side, the amount of revenue for ADI and P&S that is intercompany is in a single digit. So, it's a significant, but it's not huge." — CFO"

"“is becoming increasingly competitive” — A longtime C-level executive in the spinal cord stimulator space; “never seen anything like it”; “very exciting”; “the best tonic data ever”; “beats Nevro’s data.” — KOLs"

"ROVI admits "Fan TV has enabled ROVI to close down its connected guide operations and replace the team" indicating ROVI’s internal connected guide investments were not successful and needed to be scrapped — ROVI"

"The bulk of the industry that's affected by this is going to consider this one event. So, Mercury would be an outlier. So, I don't see them winning in court on something like that. — Multiple reinsurance experts"

"Spruce Point believes that Avery's trend of disappointing sales expectations continued through the recent quarter. Despite a modest beat in Q3, its implied Q4 outlook leaves significant room for disappointment."

"In total, our detailed presentation outlines how we believe Office Depot, as a stand-alone company, can improve its current operating margins from 0.9% to 7.3%, representing an improvement of over $650 million."

"One of the few notable exclusions from MacLellan’s bio is his position as Chair of the Audit Committee at AXM Pharma during a time when events occurred that the SEC characterized as “financial reporting fraud”."

"Now is the time for Crown Castle’s Board to exercise greater prudence in capital allocation, recalibrate the fiber strategy and deliver the shareholder returns befitting its premier shared infrastructure assets"

"The structure of using anonymous parties that purportedly purchase from TRE without requiring TRE to generate VAT invoices allows TRE to invent sales figures without fear of being exposed by tax bureau records."

"Absent an alternate explanation (e.g. ADP is overstating bookings by including client fund income at a 4.5% allocation) we believe that PEO pass-through revenue must be included in the reported bookings number."

"The purchaser turns out to have been an obvious straw (proxy) buyer. We believe that Shanghai Fengxian was disposed at a significant discount to its value (assuming the announced consideration was really paid)."

"Darden's directors have overseen an average underperformance of 153% during their tenure on the Board, and the four that are running for reelection performed even worse, with an average underperformance of 186%"

"If GoDaddy can improve its growth + profitability rate to 40%, GoDaddy should trade more in-line with other predictable, recurring technology businesses that have strong leadership positions in growing markets."

"Listings by Colliers and CBRE for these properties in November 2023 indicate significant vacancies of ~14.3% across its key building, or ~128% higher than those reported in CPI's 2023 Interim Management Report."

"Even before the recession, Target’s retail margins have been deteriorating while Wal-Mart’s margins have remained higher and constant, despite Wal-Mart selling a greater mix of food and other lower margin goods"

"Even before the recession, Target’s retail margins have been deteriorating while Wal-Mart’s margins have remained higher and constant, despite Wal-Mart selling a greater mix of food and other lower margin goods"

"However, NQ-alleged business partner ZTE told money.163.com that there is no business cooperation between ZTE and NQ, and that the information regarding the business cooperation was released unilaterally by NQ."

"However, our research indicates that IonQ procured the chips from a third-party vendor operated by Honeywell, its key competitor – as absurd as if AMD purchased CPU’s from Intel and claimed it was “AMD Inside.”"

"Dexcom lost one of these suits in May 2018 and was ordered to pay AgaMatrix's attorneys' fees for filing a "weak patent infringement case...that became objectively baseless following the Court's Markman order.""

"We believe the two variable sources of consideration (CYH stock and CVR payment) would be enhanced by the involvement and oversight of the Fresh Alternative Board and an engaged Alvarez & Marsal management team"

"Wall Street analysts have expressed enthusiasm for the quality of Starboard’s director nominees, and seem to believe they will be incredibly valuable in helping the Company improve accountability and execution."

"We believe Huntsman asked Ms. Lin to join the Board during settlement discussions with Starboard earlier this year because of her strong commercial experience in end markets that are highly relevant to Huntsman"