Callouts & quotes from 533+ activist slides

"With Hill-Rom expected to continue to engage in M&A through the foreseeable future, why should investors permit management to continue to ignore these costs as irrelevant items?"

"First ~650 bps of OR improvement expected from removal of 450 locomotives and 35,000 cars, fuel consumption reduction and reduced purchases of services, rents, materials, etc."

"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 would expect truly independent Tier 1 distributors’ gross margins to approximate 30% to 35%, which is based on information provided in the interviews with Messrs. A and C."

"If you go back to the old Avon model, before they were multilevel, right, self-consumption, not even an issue. It isn't not even covered on the FTC's website. It is expected."

"MGPI's valuation is rich and its financial condition is fragile with no cash and significant leverage on earnings and EBITDA expectations that are likely to sorely disappoint"

"Pershing Square exited our position in Hilton earlier this year as we expect prospective returns are unlikely to meet our high return threshold given current valuation levels"

"White Diamond’s New Findings will prove why AXDX’s Pheno system is unlikely to realize the revenue the street is expecting. The issues we have found have been missed by most."

"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."

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"In our opinion, MAXR's 2018 Adj. EPS expectation of $4.75/sh is pure fiction. The Company has made numerous aggressive accounting choices that inflate its Non-IFRS results."

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"Can AST do it in a way that people expect their cellphones to work and how AST itself promotes its technology solution? Not according to the guy who wrote a textbook on it."

"In other words, if DKNG pivots into exchanges in the coming years, the TAM expansion opportunity touted by sell-side equity analysts and others might not meet expectations."

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

"Should investors interpret accelerated executive turnover and heavy insider selling as a signal that management is preparing to re-set investor expectations for the worse?"

"Should investors interpret accelerated executive turnover and heavy insider selling as a signal that management is preparing to re-set investor expectations for the worse?"

"Based on Wilson's comments, Element AIM is expected to contribute $24-$27 million in revenue in 2022. Given the history of delays and obfuscation, we are highly skeptical."

"We expect litigation in this space to increase in volume and breadth as parents push regulators and legislators to crack down on companies using children's data illegally."

"Generac hasn't given explicit margin guidance but was asked twice. Based on the CFO's response, it appears he materially pushed back EBITDA margin expansion expectations."

"Spruce Point has successfully targeted a number of healthcare-related companies benefitting from unreasonably high growth expectations and misunderstood business models."

"Spruce Point has successfully targeted a number of healthcare-related companies benefitting from unreasonably high growth expectations and misunderstood business models."

"Spruce Point has successfully targeted a number of healthcare-related companies benefitting from unreasonably high growth expectations and misunderstood business models."

"We view this program as a negative development with ADI having to be more promotional to stimulate revenue. As a result, we would expect this to weigh on future margins."

"Spruce Point believes that Amcor's free cash flow, and commitment to repurchasing shares, leave it little room to protect its dividend under current market expectations."

"Spruce Point believes that Amcor's free cash flow, and commitment to repurchasing shares, leave it little room to protect its dividend under current market expectations."

"Visibility and quality of Mercury’s backlog appears to be deteriorating. It just reported a multiyear low of backlog expected to be shipped over the next twelve months."

"We see approximately 55% – 80% downside risk ($24.50 to $55.85) per share to BG's share price and expect it to underperform the agribusiness industry and equity market."

"According to the CDC, US men have a 74.8-year life expectancy. Thus, 3 to 5-year retreatment horizons obviate durability concerns for the average 71-year-old patient."

"For certain projects in pre-development, some horizontal construction may have occurred, but no sales or marketing activities are expected in the foreseeable future."

"Consensus expectations imply a 3% yield for the 10 year by 1Q19 and 3.5% by the 2Q20. As interest rates rise, O Realty’s stock price exhibits a negative correlation."

"Consensus expectations imply a 3% yield for the 10 year by 1Q19 and 3.5% by the 2Q20. As interest rates rise, O Realty’s stock price exhibits a negative correlation."

"We estimate 40%–55% long-term potential downside risk to RELY’s shares and expect it to underperform the financial services industry and the broader equity market."

"Adjusting management's and Craig-Hallum's long-term guidance for realistic expectations paints a completely different picture for Genius' future financial profile."

"In addition, of the fourteen significant products highlighted in early 2017, most have either been terminated, delayed or have had expectations materially lowered."

"Immediate Share Repurchase Should Improve TWX's Return on Equity: The repurchase of shares via a dutch auction is expected to improve TWX's return on equity (ROE)."

"We believe that management and the Board, in anticipation of the upcoming vote, may be attempting to unrealistically shift expectations for the balance of FY 2015"

"We believe that management and the Board, in anticipation of the upcoming vote, may be attempting to unrealistically shift expectations for the balance of FY 2015"

"Unfortunately, Newell’s recent operating and financial performance have fallen well below both the expectations set by the Board and the Company’s true potential."

"Zebra's leverage is rising as it has made expensive bets on acquisitions which we will demonstrate are of low quality and are failing to meet lofty expectations."

"For a brand with such incredible quality products and content, the retail experience often seems to fall short of what consumers have come to expect from SENSAI."

"We see approximately 55% – 80% downside risk to Bunge’s share price and expect the share price to underperform the agribusiness sector and overall equity market."

"History may not be repeating itself, but it certainly is rhyming. We expect a crash back below $3 as the company either dilutes or fails to retain key customers."

"However, we expect a further re-rating lower in the share price if HTA's audit committee opens an investigation into its abnormal financial reporting practices."

"Tessera must re-evaluate internal R&D spending to ensure that every dollar spent has an acceptable expected return on investment within a reasonable time frame."

"Are we really expected to believe these individuals were identified by “a third party search firm” and their relationships with Chairman Hill are a coincidence?"

"Ballard seems to have “magically” converted Broad Ocean’s 5 Year Expectations into Purchase Orders between the Ballard Investor Day and the Needham Conference."

"The Vets First Corporation transaction is a tax-free event for U.S. tax purposes and is expected to realize $100M of operating income synergies by year three."

"Stryker talked a big game in its deal to acquire K2M Group to bolster its spine business. The CEO said it expected mid-single digit performance going forward."

"Spruce Point has targeted a number of healthcare-related companies benefitting from unreasonably high growth expectations and misunderstood business models."

"We expect that China will grow nearly twice as fast as Starbucks' overall earnings and represent an increasingly larger percentage of the company's earnings"

"Cumulatively, we expect CAIC, MCY’s subsidiary, to incur over $2 billion in losses between their landlord and homeowner (HO-3) policy exposure to the fires."

"In 2003, TWX management elected to remove AOL from the corporate moniker, a telling symbol of the diminished emphasis and expectations placed on the asset."

"Over time, we expect HHH to fully exercise its call options on all tranches of PSH’s preferred stock and increase its economic ownership of Vantage to 100%"

"Looking at 2010, you can expect more of the same from CP, emphasis on cost management, productivity and the realization of longer-term structural savings."

"Huishan’s expectation of rising prices appears to be at odds with that of their competitor Yili, which is also its largest external customer for raw milk."

"1/28/26: META reports strong Q4 results and provides better-than-expected 2026E revenue growth guidance, as well as clarity around operating income growth"

"We expect larger integrators to be able to extract larger price concessions and discounts in their purchasing and procurement from distributors like ADI."