Callouts & quotes from 26,677+ activist slides

"With fresh food and soup under pressure, Campbell doubled down on snacks in an expensive “bet the company” transaction that brings significant financial and operational risks."

"We believe Generac's capital allocation decisions reflect poor financial judgement and decision-making on the part of management and will weigh down future earnings prospects."

"CEO Cole appears to have “selectively disclosed” his work history. The companies that are omitted don’t appear to have succeeded, and at least one has been charged with fraud."

"Starboard has been pressing for these changes for over a year. It is only under the pressure of this election contest that the company has begun to adopt elements of our plan."

"Our conclusion: Either MPWR has a superior ability to manage its business in a cyclical industry, or its numbers are being reported in a way as to never miss analyst estimates"

"Our conclusion: Either MPWR has a superior ability to manage its business in a cyclical industry, or its numbers are being reported in a way as to never miss analyst estimates"

"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."

"Plan to improve value by ~$19 - $38 per share (resulting in a potential stock price of ~$67 - $86), not including the impact of our Olive Garden turnaround plan or franchising"

"While assessing the food cost and procurement issues could be quick, it will take time to work with suppliers and improve employee training to fully execute on the opportunity"

"The total contract value is listed at $99 million. An IDIQ contract does not require such specifics beyond a preset minimum quantity of goods or service at a negotiated price."

"The SAIC contact phone number for Jin Xin changed in 2015 and again in 2016, but matches exactly the phone number changes of companies in which Lin is one of two shareholders."

"The disconnect between branding and financial reality suggests the name change was more about capitalizing on market trends than reflecting meaningful business transformation."

"A former employee revealed that former CEO Eric Schadt was aware that the company was billing insurance providers for tests without sufficient evidence to support the charges."

"It appears the Board and Mr. Shaw have given Norfolk Southern’s competitors a bridge across the Company’s moat in exchange for boosting their prospects in an election contest."

"As public market equity participants, we have an opportunity through this Consent Solicitation to vote our conscience, and to promote not only maximum value, but strong values"

"Plan to improve value by ~$19 - $38 per share (resulting in a potential stock price of ~$67 - $86), not including the impact of our Olive Garden turnaround plan or franchising"

"While assessing the food cost and procurement issues could be quick, it will take time to work with suppliers and improve employee training to fully execute on the opportunity"

"The research shows that Green Mountain and MBlock are potentially engaged in a variety of shenanigans that appear designed to mislead auditors and to inflate financial results"

"Spruce Point sees 40%-55% downside in ALGN to $80-$115 per share on disappointing case volume growth in FY21 and ongoing ASP pressure amidst an expanded competitive landscape."

"Refer to our comments above and to the assertions on page 27 of the investor presentation to the effect that Boots Capital's claimed buyers and financing sources are illusory."

"We are highly confident BWLD could refranchise their owned stores at a multiple of 6.0x or higher and estimate a refranchising process to 90% could take as few as 18-24 months"

"In fact, the only time Dr. Kleinfeld discusses utilization appears to be in responses to questions in which he quickly pivots from utilization to talking about "sexier" topics"

"Elliott has constructed a peer group of comparable companies that best represent, in our view, peers for each area of the Company business units prior to the split of AA/ARCN."

"While generally in line with non-iRhythm users, we are surprised by the high level of physician disagreement, particularly given iRhythm’s claims of “99% physician agreement”."

"That both Zheng Jiayuan and Yao Qingdi were employees of Anta (China), a member of the ListCo, is strong evidence of their inclusion in the network of controlled subsidiaries."

"Sunnova’s CFO and VP of Finance previously were executives at Spark Energy, another energy company with a poor business model promoting high growth, which ended up collapsing."

"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."

"TICO is the second-largest player in the fast-growing Automation Systems market supported by macro tailwinds, serving core blue-chip customers with long-standing relationships"

"We have assumed that no incremental debt would be issued at McOpCo as of 9/30/2005 on top of the estimated $3 billion required to repatriate earnings from foreign territories."

"We’ve rarely experienced so many interviews with former employees who universally share such a negative opinion of their company’s CEO as we did with SKLZ and Andrew Paradise."

"He indicated that Twist missed the promised turnaround time for about 30% of its orders, mainly due to quality failures that required the company to re-manufacture the sample."

"Alphabet's headcount has increased at an annual rate of 20% since 2017. This growth is excessive, both in relation to historic headcount growth and what the business requires."

"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."

"At the peak of the market, only 15% of mortgage originations had private mortgage insurance and we estimate that PMI coverage totaled only ~2% of outstanding mortgage balances"

"In early 2009, the interest rates on Freddie Mac’s 30-year, fixed-rate mortgages were nearly 200bps lower than the rates on mortgages of similar quality not backed by the GSEs"

"The government can generate an enormous profit for taxpayers by monetizing its substantial equity ownership in a fully-capitalized Fannie and Freddie in the next 7 to 10 years"

"We estimate that, with proceeds from asset sales deflating reported capex, Amdocs' free cash flow has been overstated by between $5M and $30M on an annual basis since FY 2016."

"The primary reason for the lack of SMR traction is poor economics. There is little evidence SMRs can avoid the cost increases which have plagued recent large nuclear projects."

"Despite operating as nearly a pure play passive platform, State Street’s Investment Management margins meaningfully lag the peer average of ~ 45% and BlackRock’s margin of 39%"

"From a shareholder value perspective, there would have been more residual value available if FMCN had purchased a luxury yacht instead of starting a boat advertising business."

"DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"The key takeaway from this period of TI's history is that long-term strategic investments and the commitment to free cash flow per share are not mutually exclusive priorities."

"DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"The Company presented an attractive plan to create shareholder value at its 2018 Investor Day, but failed to realize any of the value creation opportunities it had identified."

"The Management Repurchase Plan remains insufficient and will likely prove ineffective in its impact on the stock price of TWX given its intended implementation over 24 months."

"Analysys and QuestMobile data indicate that live streaming industry users peaked almost six to twelve months ago, and that Momo's MAU growth has been flattening or in decline."

"Momo insiders have sold $2 billion of stock since the IPO. Momo Executives and Directors, except for Tang Yan, are on pace in 2018 to sell more than 2x what they sold in 2017."

"DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"Axon Enterprises (Nasdaq: AAXN), the maker of the Taser stun gun, has been positioning itself more as SaaS provider of analytics through body cams to law enforcement agencies."

"Spruce Point cannot recommend investing in a company where the CEO makes headlines for large compensation while “flexing” his muscles. This suggests extreme managerial hubris."

"Our channel checks with Lowes's Customer Service confirm the Transform™ product is not available at Lowe's stores as of the date of this report, nor is any other CSTE product."

"When asked about patent protections for FLAWLESS, the CEO boldly responded it has a “sizeable” patent portfolio. It didn't take much work to call this statement into question."

"Samsung Electronics is unnecessarily overcapitalized with KRW77tn of cash and near cash items on its balance sheet, representing c. KRW540,000 per share or 32% of total assets"

"Samsung Holdco to increase its stake in Samsung Opco via a tender offer (utilizing Samsung Holdco treasury shares as consideration) made to all other Samsung Opco shareholders"

"We strongly encourage the Board to de-emphasize revenue targets and instead compensate management primarily based on EBITDA and free cash flow per share targets going forward."

"Customer And Revenue Misstatements Along With Significant Promotion Tied To High Growth Areas Such As CTV, Video And Cookieless Technology Should Undermine Investor Confidence"

"DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"The very fact that the Board in reviewing the leadership structure does not detect any anomaly is the best demonstration of the lack of independent oversight within the board."

"This chart strongly suggests that management is lying about its purported growing average subscription period, steady ARPU, growing number of paying subscribers, or all three."

"IQ reported advertising revenues of RMB 8.16 billion and 9.328 billion to the SEC in those years, representing overstatements of 7.9% and 19.7% in 2017 and 2018, respectively."