Callouts & quotes from 3,339+ activist slides

"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 believe the resources that CoStar is putting behind Homes.com are paying off and it would not surprise us if CoStar overtakes Zillow as the most trafficked real estate portal."

"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"

"Across all relevant markets, we estimate an annual licensing opportunity in excess of $500 million using royalty rates in-line with what we believe Tessera has achieved in DRAM."

"As manager of funds that hold a $2.5B+ stake in Phillips 66 (NYSE: PSX), Elliott believes there's a clear path to a stock price of $200+ and regained credibility with investors."

"As such, we believe Board change is necessary at Autodesk, and we intend to nominate a minority slate of experienced director candidates for election at the 2025 Annual Meeting."

"As in-house 3D printing grows increasingly mainstream, Spruce Point believes that the major selling points of in-house 3D printing will drive significant demand for this option."

"As in-house 3D printing grows increasingly mainstream, Spruce Point believes that the major selling points of in-house 3D printing will drive significant demand for this option."

"Trian believes management can achieve at least 16.0% operating margins by 2018 and ultimately reach 18% operating margins over time...gross margins are a substantial opportunity"

"Spruce Point believes investors should be concerned by various claims made by C3 and its management that appear to be exaggerated, or don't reconcile with our research findings."

"We believe GCP has opportunities to improve gross margins by improving manufacturing practices, simplifying supply-chain management, and implementing strategic pricing projects."

"Muddy Waters Capital is short PeptiDream, Inc. because we believe it is more stock story than substance, and the market is deluded as to its potential for commercializing drugs."

"We believe unbilled receivables rising reflect a worsening of the quality of business that TASK is undertaking, and that it may be booking revenue ahead of certainty of payment."

"Intuit consensus estimates call for 12% revenue growth over the next two fiscal years, suggesting even the sell-side believes the boom from services adoption has run its course."

"Based on interviews with its related-party “customers,” we believe that at least half of Ginkgo’s reported revenue is phantom – that is, non-cash and pure accounting hocus-pocus"

"Given its market position and decades-long runway for sustained earnings growth, we believe UMG’s current valuation represents a very substantial discount to its intrinsic value"

"Our portfolio trades at a higher earnings multiple than the market, but we believe that it undervalues the higher quality and stronger earnings growth of our portfolio companies"

"Based on the recent news of Amazon entering the POS market with the development of a POS system to rival Shopify and PayPal, we believe this is extremely bearish for Lightspeed."

"We believe this so called "merger" is just a scheme by two desperate companies to boost AGBA’s share price and sell shares into the pump to uniformed investors to raise capital."

"We believe GoDaddy has a significant opportunity to improve margins and drive shareholder value through a disciplined approach to operational efficiency and capital allocation."

"We believe this incident illustrates both the Company’s cultural issues as well as the Board’s failure to instill accountability and provide effective oversight of the Company."

"Spruce Point believes it’s a major red flag that Avery has ceased disclosing in its 10-Q quarterly filings the nature and breakdown of its operating and finance leases in 2020."

"We believe that Bob Evans Farms, Inc. ("Bob Evans" or the "Company") is materially undervalued, as its stock price does not reflect the intrinsic value of its underlying assets"

"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(1)"

"Ancora believes these calculations directly confirm the crux of our thesis that management and the Board have and continue to pursue revenue growth over profitability and ROIC."

"In part because of the involvement of ANTA proxies Lin Sankuan and Su Weiqing, we believe Li Yuxiong is in substance another manager from ANTA, and is not an independent party."

"Pershing believes that McDonald's, pro forma for the McOpCo 20% IPO, would have a 2006E Free Cash Flow yield of 4.3 % - 4.7% at stock price in the range of $46 - $50 per share."

"Spruce Point believes that Hill-Rom's underlying sales growth has been effectively flat at best, versus management's reported "core growth" of 2%-6% through the past two years."

"After more than eleven months of a Strategic Review process, we believe management and the Board must drive the process to conclusion and commit to a separation of Classifieds."

"Compared to their generic peers such as Equate, CVS and Walgreens, we believe PBH’s products have no competitive advantage, limited barriers to entry and are at a disadvantage."

"We believe PBH's executive compensation plan does not align management's interests with the Company's top priorities of 1) long-term 2-3% organic growth and 2) cash generation."

"We believe that Nevro’s business hinges on kickbacks to high-volume implanters, who otherwise would have stopped using its HF10 technology due to lack of efficacy and explants."

"We believe that these material undisclosed related party transactions cast doubt on the integrity of INS’s financial statements. Accordingly, we assign INS a price target of $5"

"We believe a multiple re-rating is warranted given the tectonic shift in the competitive landscape. DKNG has previously traded as low as 1.7x revenues in late 2022 / early 2023"

"We believe our improved recent performance is a direct result of our renewed focus on our core investment strategy and organizational changes we implemented at Pershing Square"

"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."

"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."

"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"