Callouts & quotes from 3,960+ activist slides

"We believe the combination of lower dealer sales and the slowing of inventory turnover at CTC are clear signs of financial strains emerging in Canadian Tire’s retail business."

"The charts below put WSP's stretched valuation in greater context. The premium may exist because investors believe WSP is a superior acquiror and operator within the industry."

"Spruce Point believes there is significant downside to C3’s share price as investors begin to discount the value and continuation of the Baker Hughes relationship beyond 2025."

"Spruce Point believes the ultimate evidence that Stryker is struggling is by observing that its 12 month trailing Operating and Free Cash Flow has not been growing for a year."

"Muddy Waters is short Chinook Therapeutics Inc (NASDAQ:KDNY) because we believe it is highly unlikely that atrasentan, its lead product candidate, will be approved by the FDA."

"We believe that the fertility benefits marketplace is becoming increasingly commoditized and crowded, as credible, well-funded private players have achieved significant scale."

"We believe most of the top ten companies have sustainable competitive moats and long-term secular growth characteristics that will allow for continued high rates of EPS growth"

"We believe the outcome of these lawsuits could ultimately result in a significant reduction in advertising spending by buyer-agents and/or commissions paid to Zillow via Flex."

"Structural problems require structural solutions: we believe superior shareholder value can be attained at PepsiCo by separating into standalone snacks and beverages companies"

"With no revenues and a depleting cash balance of US$ 113 million (~$0.50 cash/share as of 9/30/2021), we are short TMC and believe that its stock is going significantly lower."

"These independent directors agreed to join our board, because they believe in our outstanding plan and they recognize that our plan is the right plan... — John Hess's Nominees"

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price; a buyback is likely to be value destructive on a fundamental basis"

"AMT would like investors to believe it is positioned to significantly benefit from the growth in data demand. If AMT investors expect 15-20% growth they will be disappointed."

"We believe a capital structure and capital allocation combination which falls in between these two scenarios, such as the current status quo, may be the worst outcome for CCI"

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price; a buyback is likely to be value destructive on a fundamental basis"

"Spruce Point Believes that Axon will likely fail miserably in its attempt to develop the AI capabilities necessary to launch themselves into the RMS, yet alone the CAD space."

"We do not believe the GSEs can earn an adequate return on capital to attract sustainable private investment at a 4% capital requirement unless g-fees are raised substantially"

"We believe the list of potential buyers eager to buy the last remaining beachfront property available among digital assets would include: AT&T, Comcast, Verizon, Disney, Fox."

"We believe this analysis reveals that Stryker has relatively inefficient purchasing process that burdens investors with higher risk from unconditional purchasing obligations."

"Despite significant share price volatility since the 2016 US elections, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"Given the mountain of red flags that encompass nearly every aspect of this proposed merger, we believe DWAC will never file an S-4 and if it does, it will never go effective."

"We do not believe the GSEs can earn an adequate return on capital to attract sustainable private investment at a 4% capital requirement unless g-fees are raised substantially"

"Oasis believes that with a forward-thinking Board, a clear strategic vision, and aligned incentives, Kao can be a global leader in the Cosmetics and Health & Beauty industry."

"Spruce Point believes that Oatly is not practicing what it preaches about being a “good company” and doing the right thing for society before the pursuit of reckless profits."

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price; a buyback is likely to be value destructive on a fundamental basis"

"Despite significant share price volatility since the 2016 US elections, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"We believe this is additional evidence of financial control concerns at GFL, or at worst management cherry-picking more flattering figures to sell the WCA deal to investors."

"Spruce Point believes the $200m is an identical last ditch effort seen at Sears, JCPenney and Circuit City, before things go really bad and each retailer fell into distress."

"Spruce Point believes the $200m is an identical last ditch effort seen at Sears, JCPenney and Circuit City, before things go really bad and each retailer fell into distress."

"Greenlight believes that Allied wants to legislate its own regulatory treatment, where it gets the best benefits of being a RIC or an SBIC on a line item by line item basis."

"We believe the sell-off in Darden's stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers"

"We believe DV made confusing statements about its international exposure. The international percentage was not of total revenue, but of the Direct (now Measurement) segment."

"That's where we expect Aurora to trade, and where we believe it will as the limits on autonomous trucking become clear and the air comes out of the tires of autonomous hype."

"Spruce Point believes that much of REZI's dysfunction in financial and operations results from its lingering issues with implementing an Enterprise Resource Planning system."

"We believe that when SOFI restates this borrowing, it will also restate ~$1 billion of previously reported EBITDA; and, its capital ratios will be restated materially lower."

"Value Proposition: Trian believes Mr. Zatta's extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."

"We believe IONQ's purchase of Qubitekk on December 27th, 2024, was primarily used to inflate bookings and create the false appearance of ongoing government support for IONQ."

"We Believe Insider Sales of $396.6 Million During Passage of The FY25 Budget Shows Management's Lack of Confidence in IONQ's Commercial Prospects, and May Have Been Illegal."

"TSMC will keep a minimal share for Lasertec...we believe [Intel] purchased Lasertec because they want to have some leverage power with KLA because KLA’s price is even higher"

"“...he did not believe that the Celgene Board would accept the proposal...and noting that reaching a definitive agreement by January 2, 2019 would be difficult.” — Mr. Alles"

""The Board does not intend to issue preferred stock in the future and believes that it is appropriate to eliminate this provision from the Articles." — Apple Proxy Statement"

"Given the Company's history of failed execution, we believe shareholders would welcome the appointment to the Board of two new directors with refining-operating experience."

"We believe the overwhelming preponderance of evidence would lead any reasonable and rational group of fiduciaries to conclude that the Company needs a change in leadership."

"We agree that CGMs likely represent the future of diabetes care, but believe that the Street is misinterpreting both Dexcom’s realistic TAM and its recent record of growth."

"Both executives agreed that Xylem overpaid and one believed Xylem needed even more cost synergies to make the deal work and that revenue synergies were not going to happen."

"We believe the common theme between Just Energy and Sunnova is that both companies offer a relatively undifferentiated product and service offering and carry too much debt."

"Prior to our discussions with P&G, Mr. McDonald was a member of at least 21 outside organizations, which we believe required him to commit 50 or more business days per year"

"While we do not take a definitive view on Verifi at this time, we have nominated director candidates we believe would ask the right questions to make data-driven decisions."

"We believe the Board, including newly-appointed directors, attempted to disenfranchise the Company’s shareholders by significantly abridging the director nomination window."

"Spruce Point believes there is significant downside to DV’s share price as the Company is signaling financial strain and difficulty in hitting lofty revenue growth targets."

"Spruce Point believes CHD effectively controls Armand Products and is using the entity to inflate key financial metrics (gross margin, free cash flow, and working capital)."

"Spruce Point believes Stryker is becoming more opaque with acquisition announcements. It used to provide some historical revenue context of deals, and now it often doesn't."

"Given TFS is unlikely to be able to obtain finance due to its poor corporate governance, we believe it will not have sufficient capital to maintain plantations to maturity."

"Spruce Point views it as bearish that Rollins recently disclosed that it is “evaluating” a number of measures to improve SG&A. We believe this signals forthcoming problems."

"We believe YTD share price declines greatly underestimate how quickly President Trump can act to drive a re-rating of shares and unveil a taxpayer asset worth ~$300 billion"

"Aerojet is significantly more levered and valued than appears on its surface. We believe the market is ignoring significant environmental and post-retirement benefit costs."

"Given the Company's history of failed execution, we believe shareholders would welcome the appointment to the Board of two new directors with refining-operating experience."

"With many questionable financial issues (warranty reversals, exploding DSO/DSI, reclassifications, errors, and more), we believe a closer look into IRBT’s CFO is justified."

"We believe CTC will be unable to maintain its current level of capital return given its current leverage and need to delever in order to maintain its current credit rating"

"We believe Autodesk can achieve these targets through approximately $350 million of net cost savings and 55% incremental margins on consistent revenue growth expectations."