Callouts & quotes from 26,677+ activist slides

"Even more suspicious, why did the Chief Accounting Officer and not a legal department executive sign the contract amendment?"

"Then Why Were At Least Five Promotional Discount Offers Sent Recently For Everything Including Boots For In Store Purchases?"

"WinCup Phade straws’ packaging notes the product is not intended for sale in the states of Maryland (MD) or Washington (WA)."

"Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods)."

"Given their track records, we have many concerns with the incumbent nominees representing the best interests of shareholders"

"Olive Garden can offer numerous great tasting, authentically Italian dishes that can be executed consistently and profitably"

"Spruce Point cannot find any other public company that has ever disclosed a non-cash cloud computing intangible transaction."

"When evaluated on an apples to apples basis (sliding sleeve to sliding sleeve), Hess well costs are 17% to 38% above Whiting"

"The guidance miss reported in Arconic’s EPS segment in 2016 ranks among the worst in the recent history of the S&P 500 Index"

"Mines listed as inactive or non-producing active. Notice three mines that were producing in 2021, are not producing in 2022."

"If housing finance reform is successful, we believe Fannie and Freddie will be worth multiples of their current share prices"

"Our survey of cardiologists uncovered material unease with the prospect of results analysis being performed outside the U.S."

"We believe the CEO's response to a question of why it chose Millville is whimsical and displays a lack of in depth planning."

"Capital leases have the main effect of inflating EBITDA and Free Cash Flow, two key measures investors use to value Dropbox."

"Dropbox's stock based compensation expense per employee is significantly higher than technology peers average and median SBC"

"WSP trades at the highest valuation among its global peer group despite clear evidence of business and financial challenges."

"TICO's FY3/26 operating profit guidance has been significantly and repeatedly understated due to FX errors and conservatism."

"Twist entered the market and was “shouty shouty” about pricing at 5 cents a base pair; yet couldn’t build and deliver orders"

"Ex-employees and competitors we interviewed repeatedly used the phrase “race to the bottom” to describe the pricing dynamic."

"Although there have been some “right-sizing” initiatives in 2009, many mall-based tenants actually expanded certain concepts"

"The true cost of unification – c.US$140 million per year in additional Singapore-related taxes being attributed to Australia"

"In the past five years, GE has spent more than $30 billion on major acquisitions at a weighted average price of 10.3x EBITDA"

"If NQ wants to dispute our conclusion that it has laughably low penetration rates in China, actions speak louder than words."

"Although these corporations have their own revenue sources, they could be potentially clawed back to pay the GO obligations."

"Wall Street analysts and investors were highly disappointed by the trial results presented by Bristol-Myers in CHECKMATE-026"

"We will show that much of this progress is an accounting mirage and that actual profitability lags by an even larger margin."

"Based on these analytics, new for CY24 SKUs appear highly unlikely to have materially impacted imported inventory value / kg"

"Hunter Harrison led IC’s transformation into the best operating railroad in the industry, ~2,000bps ahead of the competition"

"While each Class I rail has specific characteristics, these differences do not explain CP’s massive operating profit deficit"

"While each Class I rail has specific characteristics, these differences do not explain CP’s massive operating profit deficit"

"The government's treatment of the GSEs' current shareholders will make it extremely difficult to attract new private capital"

"DOX Shares Have 25%-50% Downside From Current Levels Based On Near-Term Estimates, But Could Fall Even Further Going Forward"

"Spruce Point does not agree with this assessment, and questions the efficacy of multiple acquisitions made across the globe."

"Spruce Point observes that Saputo has implemented a few financial strategies which we believe are designed to conserve cash."

"In our view, the Fox acquisition highlights the Board's poor oversight on capital allocation and concerning alignment issues"

"Phillips 66 took this as an opportunity to dig their heels in further rather than provide transparency to investor concerns."

"As a first step, we believe there must be Board change at Huntsman, including direct representation for common shareholders."

"TWX has not launched a single network that has achieved meaningful distribution since acquiring Turner Broadcasting in 1996."

"DV started to shift discussion to its smaller customer spend, but based on our recent review, spending is slowing there too."

"This business is ostensibly even stickier than Chocolate’s as the products are core to EVs and the products are less mature."

"Though Herbalife admits Internal Consumption is substantial for any MLM, it notes that it has put in place rules to limit it"

"We have found clear evidence that it is trying to push price increases, upwards of 5%, perhaps to moderate margin pressures."

"Looking back you can see this 2017 EBITDA range is even lower than the range that was forecasted in the same period in 2015!"

"Phillips 66 took this as an opportunity to dig their heels in further rather than provide transparency to investor concerns."

"By not mentioning anything in its 10-K or 10-Q SEC filings about commodities, Mettler conceals its exposures to commodities."

"We believe its citation which emphasizes the need to "preserve and increase our market competitiveness" is a major red flag."

"Fannie and Freddie's g-fees have averaged approximately 30bps since 1990, but have risen steadily since the financial crisis"

"Former Trump administration officials have acknowledged that Treasury’s Senior Preferred Stock has been repaid with interest"

"インテルの極端紫外線マスク検査の責任者は、レーザーテック製の装置の低いアップタイムに大きな不満を持っていた。そのために作業員を叱責したり、激怒して怒鳴ったりした。それは会議へ出席禁止になるほどの失態だった。「装置については大きな不満を持っていた。」"

"Darden’s recent Bylaw amendments underscore what we believe to be the Company’s blatant disregard for shareholder interests."

"We believe that rising levels of U.S. investment will translate into new project opportunities for Fluor in its core markets"

"The implied size of the entire market is just about $10 billion, smaller than Aurora's market capitalization of $13 billion."

"Anyone buying NIO stock now is not buying a company or its prospects, rather you are buying 3 letters that move on a screen."

"Spruce Point believes the market is missing multiple factors signaling extreme financial strain in the Stryker equity story."

"Our pro forma analysis illustrates that Stryker has the second highest SG&A margin among peers at 36.1% - 37.1% of revenues."

"We believe further disclosure from management is required to address this issue in order to avoid a Galderma-like situation."

"We assume that Macy’s pays down enough debt to achieve 3.5x Adjusted Debt / EBITDAR and maintains a $1 billion cash balance."

"The acquisitions we have analyzed are generally consistent in providing Olam with revenue, but with minimal (to no) profits."

"We Believe The Pest Control Industry Has Recently Become More Competitive And Rollins Is Struggling To Maintain Its Position"

"We would expect FX fees and gains to be no more than ~1.5% of cross-border TPV, and likely much lower due to payout volumes."