Callouts & quotes from 37,061+ activist slides

"Despite near-term headwinds, we would expect Danone to trade back to historic levels and believe it should trade at a premium given its portfolio mix and emerging market exposure"

"It’s no surprise to Spruce Point that XPO recently walked back its free cash flow guidance for 2019E to $650m ( vs. Consensus est. of $884m and implying virtually no YoY growth)."

"If proper change is made, Tessera has the opportunity to refocus its business and take advantage of a large market and growing demand for IP expertise and licensing capabilities."

"We often see spins lead to step-change improvements in performance, but Solventum’s performance has taken a considerable step backwards relative to how it performed as part of 3M"

"Recent favorable market trends (ACA) and corporate events (Dealer Services spinoff plus leverage) have driven satisfactory overall results for ADP, but these tailwinds are fading"

"Canadian Tire stores are often nearby many of its major competitors. Various big box retailers (Walmart, Costco, Home Depot, Loews) have stores in close proximity to CTC banners."

"Greenlight thinks that when the subordinated debt can be purchased at a discount, then the remaining subordinated debt should be marked to the same level and the equity impaired."

"If our value creation initiatives are successfully implemented, our analysis indicates that Darden could be worth $67 - $86 per share, BEFORE traffic improvements at Olive Garden"

"We believe by following best practices and focusing on superb execution, Darden can become a lean restaurant operator, outperforming the peer group average of 30.7% labor expense"

"This structure demonstrates that Darden can separate its real estate while enhancing its credit rating and dividend coverage, even without any of our expected EBITDA improvements"

"Among tier-1 brands, there is generally a strong connection between brand awareness and price, but Goodyear tires appear underpriced relative to their level of customer awareness"

"IPX has evolved from giving very specific guidance on assumed scrap prices, to a wide range, to no range at all. IPX previously said that scrap pricing was a material assumption."

"IPX may be signaling that previous partnerships and customer engagements are no longer relevant to is current situation by vastly curtailing discussion in the recent 20-F report."

"GoDaddy Inc.’s (“GoDaddy”, “GDDY”, or “the Company”) growth + profitability is expected to worsen in 2023, and as a result, GoDaddy has not been able to create shareholder value."

"We believe Ailirui is a sham counterparty because a) its SAIC financials show that it is a tiny company that could not conceivably have received such a loan (hint: zero revenue)."

"Should the independent committee accept our offer, investors will greatly benefit by having reasonable transparency into a process that is critical to protecting their interests."

"We are taking this extraordinary action because we cannot risk that the current Board may seek to further manipulate Depomed's bylaws to prevent a lawful special meeting request."

"The $60 million increase in liabilities immediately translates to an immediate pre-tax loss of approximately $60 million for every $100 million of deposits into the Carrier Fund."

"Given the lags, we speculate whether manual processing may be occurring in the background by human beings, similar to Theranos allegedly using third-party blood testing machines."

"Besides the CEO Peter Chapman and CFO, no other C-level officers are even listed, underscoring the small size of the executive team and the pivotal role that Monroe and Kim play."

"At this year’s Annual Meeting, shareholders can send the McDonald’s Board a message and hold it accountable to end inhumane animal treatment in its supply chain once and for all."

"Adjusting for the very real impacts of the capitalized software costs and the TRA liability, PowerSchool’s adjusted Net Leverage Ratio increases from 3.2x to an astonishing 5.8x."

"If our value creation initiatives are successfully implemented, our analysis indicates that Darden could be worth $67 - $86 per share, BEFORE traffic improvements at Olive Garden"

"We believe by following best practices and focusing on superb execution, Darden can become a lean restaurant operator, outperforming the peer group average of 30.7% labor expense"

"This structure demonstrates that Darden can separate its real estate while enhancing its credit rating and dividend coverage, even without any of our expected EBITDA improvements"

"Xylem quietly appointed Thomas Pettit, the former COO of Generac Holdings, to the role of Chief Operations and Supply Chain Officer in November 2022 without even a press release."

"We believe a Stronger Southwest would deliver substantially more value to employees from higher profit sharing driven by enhanced profitability and better share price performance"

"We have little doubt that the next CEO of Arconic will also be astonished at the waste and will in short order rationalize tens of millions of dollars in unnecessary expenditures"

"Arconic claims that Elliott is wrong to suggest turnover is a problem. Yet its own presentation admits that the overall turnover rate at Alcoa has doubled in the last three years"

"There are two explanations: 1) either AMR is leasing riskier equipment for its mining operations, or 2) its equipment lending partner is viewing AMR as an overall riskier credit."

"Capital locked in the OLC Stake should be used to improve and grow Keisei’s railway and other operating businesses and/or be returned to shareholders in a value accretive manner."

"We view iRhythm as a low-margin supplier of a largely commoditized product, yet the Company is currently trading at an approximate 100% premium to other medical device companies."

"The 5.4x EBITDA multiple paid by Golden Gate to acquire Red Lobster compares to Darden's current multiple of approximately 9.5x and the peer group average of approximately 10.5x."

"Dropbox has consistently claimed it's been stable - and even improving - throughout all periods where it has increased prices, and its core offering has become more commoditized."

"It is incredible to us that the CFO could have possibly been unaware that a $2.23 billion acquisition, which more than doubled the size of the Company, was set to close that day."

"WSP should overhaul its Audit Committee, which is stacked with a club of Montreal-based business executives and form an independent committee to evaluate Spruce Point’s findings."

"TICO's balance sheet reporting is distorted by the large Sales Finance business, which has a similar business model to that of a bank and needs to be considered separately in NAV"

"Volumes have to increase exponentially for the TAM to stay flat – and comments by Ginkgo and Twist indicate that volumes are growing at a modest pace while prices have collapsed."

"PSX has presented shareholders with selective disclosure, unverifiable claims about various operational successes, and ambiguous and vague responses to otherwise basic questions."

"Kratos management is quick to talk big revenue figures as market opportunities for projects that are speculative in nature, with a low probability of receiving permanent funding."

"Lemonade should shut down its website, APIs, and mobile application until the vulnerability is verified as fixed by a qualified third party, as there are users currently at risk."

"In previous instances at Canadian Pacific, CSX and Union Pacific, attempts to blend a non-PSR model with PSR led to separation with the COO and subsequent replacement of the CEO."

"If Celgene's pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed."

"If Celgene’s pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed."

"If Celgene’s pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed."

"If Celgene's pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed."

"The success of a currency board arrangement, and its acceptability to local people and businesses, depend to a considerable extent on the anchor currency being reasonably stable."

"While the CEO talks up defense contracts as “huge”, we remind investors that gov't contracts are often margin constrained and offered through highly competitive tender processes."

"Our conversations with former HIMS executives and physicians highlighted the difficulties HIMS faces in attempting to extend its “lifestyle” brand into new healthcare categories."

"We believe a Stronger Southwest would deliver substantially more value to employees from higher profit sharing driven by enhanced profitability and better share price performance"

"Oklo appears to be shifting focus to meeting demand for a 50 MWe reactor (coincidentally, the same output NuScale found to be inefficient 4 years ago and later scaled to 77 MWe)."

"We were unable to determine whether any of the ultimate sellers of Allyes were entities that Mr. Jiang beneficially owned, so we are unclear as to his profit on this transaction."

"Given the significant value creation potential at Agrium and the collective skills and experience of JANA’s nominees, why wouldn’t you want these nominees to join Agrium’s board?"

"Several of Mr. Peltz’s suggestions that Disney cited as evidence that Mr. Peltz “lacks a basic understanding of our industry” were, ironically, soon thereafter adopted by Disney."

"There is a possibility that AOL may be viewed as a non-investment grade credit by the rating agencies due to concerns about the continued expected decline in the Access business."

"Independent accreditations play a large role in validating the services that DV offers. We find that it lost a major accreditation from the UK-based Audit Bureau of Circulations."

"We believe that XL’s high customer attrition rate stems from XL’s lack of engineering edge, its misleading efficiency claims, and its substantial issues with regulatory approval."

"Momo has been invested since July 2015 via an undisclosed VIE, albeit in small amount, in a very popular and highly rated illegal (in China) gambling operation (Pokermaster 德扑圈)."

"The BMS imaging agent illustrates that even when PeptiDream identifies a potentially useful compound, the structures of its partnerships might not lead to a return for investors."

"Spruce Point favors shorting highly promotional and problematic companies under financial strain, while going long undervalued and underfollowed stories in the sector as a hedge:"