Callouts & quotes from 26,677+ activist slides

"Based on its recent underperformance, Lowe’s trades at a discount to Home Depot on both LTM and 2012 multiples"

"The analysts' key assumptions vary significantly, but the one item on which they are most consistent is price."

"Carvana sells its receivables to third parties after originating auto loans associated with its vehicle sales."

"Thus, the market opportunity for Aquablation is only a very small subset of patients undergoing BPH treatment."

"If Dollar Tree were to achieve financial results similar to Dollarama, significant upside exists in the stock."

"From the time of the IPO until 2012, ARM’s valuation increased from approximately $150 million to $17 billion."

"JANA’s unorthodox tax adjustment is intended to inflate the value of Wholesale to make Retail look undervalued"

"The only record of a purchase by MPWR in Chengdu is from 2011, when the company bought land for just $388,000."

"ADP’s PEO pass-throughs are inflating growth. Growth is slowing while ADP’s sales force growth is accelerating"

"Rather than focus on short-term quarterly earnings, ADP should focus on maximizing long-term shareholder value"

"26% annual streaming revenue growth and ~360 bps of average annual EBIT margin expansion over last three years"

"If the product risk is real – as management’s actions suggest – it should have been disclosed, not swept away."

"This is merely one, albeit simplified, permutation of how we envisage such complexity could enable sham sales."

"The value of VIP's vendor rebates in FY17 was ~$6M greater than the combined company's total operating income!"

"Given this distressing history, why would the Board look to add a director with a well-known Reg-FD violation?"

"Well performing restaurant companies work with their suppliers to deliver superior food and value to customers"

"Darden should focus on markets with suitable customer demographics and where there is demand for casual dining"

"Bob Evans should take steps to unlock the substantial value inherent in these 482 owned restaurant properties."

"We’ve Identified Multiple Operating And Financial Discrepancies And Call Into Question IPX’s Internal Controls"

"It’s because the scaling up of the production process is much harder than moving something out on a lab bench."

"MISTAKE: Board elects not to transfer credit risk in the transaction, primarily to retain underwriting control"

"THIS REPORT REPRESENTS THE CURRENT OPINIONS OF SCORPION CAPITAL LLC CONCERNING IONQ INC. (STOCK TICKER: IONQ)."

"Even now, over a year and a half after the 32-qubit announcement, both AWS and Azure only reference 11 qubits."

"We believe that this will only extend Abbott’s cost advantage and create further downside risk in CGM pricing."

"It is clear that management has neither taken the shareholder proposal seriously nor evaluated it in any depth"

"Maybe a Reason Viacom Avoids YouTube is Because Dauman Sued YouTube for $1B In 2010 for Copyright Infringement"

"Fluor has nearly doubled its exposure to Urban Solutions, which we believe is poised to see substantial growth"

"The Board is clearly committed to ignoring the will of shareholders, underscoring its culture of entrenchment."

"Given this distressing history, why would the Board look to add a director with a well-known Reg-FD violation?"

"Well performing restaurant companies work with their suppliers to deliver superior food and value to customers"

"Darden should focus on markets with suitable customer demographics and where there is demand for casual dining"

"The mines have some of the most desirable coal in Northern Appalachia, with high heat and low sulphur content."

"MDA was historically an aggressive purchaser of intangible assets and aggressively capitalized internal costs."

"W.D. Von Gonten study concluded Hess has higher per acre value and is very comparable to CLR in absolute value"

"Logically, one cannot sell an asset and simultaneously pledge it as collateral in a new borrowing arrangement."

"Vote to remove Dr. Klaus Kleinfeld, the worst performing continuously tenured CEO in the S&P 500, from Arconic"

"Under Dr. Kleinfeld, the Company massively underperformed virtually all peer groups over virtually all periods"

"More than $3 billion in value was added to Arconic since Elliott called for the removal of Dr. Klaus Kleinfeld"

"If the person [Lead Director] is not independent or lacks substantive duties, the position is simply cosmetic."

"IN 2012, DR. KLEINFELD TOLD COMPANY OFFICERS THAT THEIR BONUSES WOULD BE CUT BY 20% "BECAUSE OF ISS" CRITICISM"

"Not surprisingly, as we demonstrate below, we found that YY-controlled bots supply Liu Yishou with fake gifts."

"With the revised proposal, we have now secured commitments for all financing needed to emerge from bankruptcy."

"This further served to increase Simon’s reported Regional Mall occupancy and sales per square foot as of Q1’10"

"We exited our investment in S&P because we were unable to establish a full-sized position at attractive prices"

"The four legacy directors mentioned below have purchased a combined total of 7,700 shares in the past 10 years"

"We will appoint a qualified interim CEO to implement the plan while the search for a permanent CEO is underway"

"Why then has First Energy Bank has put the parts of its website touting the NMC facility into the Memory Hole?"

"We Believe Oatly Doesn't Practice What It Preaches: Stress Testing Oatly's Sustainability Claims And Practices"

"However, we believe the evidence shows that Oatly has experienced more recent product failures than successes."

"In Our View, Best Corporate Governance Practices Don't Involve Appointing Your “Pal” or “Friend” To Your Board"

"Our Low End Estimate for Non-Cash ITC-Related HLBV Income in 2020 and 2021 is $20.3 million and $293.2 million"

"A Cash-Burning Inferno That Is Not A Going Concern, Operating A Ponzi-Like Scheme That Will End In Bankruptcy."

"Rio's inability to share risks with targets has cost shareholders an estimated c.US$35.6 billion in book value"

"These “training” programs are fundamentally deceptive and likely violate a number of consumer protection laws."

"P&G's organic growth has consistently underperformed its peers' growth rates in each of the last four quarters"

"We remind investors that segment revenues are still below 2013 levels, and operating profits (still negative)."

"SP believes that the HDM backlog and growth is heavily predicated on China, despite select other opportunities"

"Our analysis shows that diversification does not lead to superior risk-adjusted returns for companies like BHP"

"Set forth below are the summary cash flow projections for McOpCo based on the assumptions detailed on page 76."

"We believe Samsara has a clear history of using aggressive contract terms, particularly pricing, to win deals."