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  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
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  "presentationDate": "2025-10-17 00:00:00",
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  "notes": "Uses a combination of a line chart showing a 27% decline and direct quotes from the CEO and CFO to frame the narrative of investor disappointment.",
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      "kind": "callout",
      "text": "We believe a key driver of Fluor’s share price reaction was investor disappointment with its proposed monetization plan for NuScale",
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      "text": "share price: -27%",
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      "text": "During its Q2 FY25 earnings call, Fluor highlighted (A) short-term headwinds affecting its core operations, stemming from cost overruns on several legacy infrastructure projects and customer project delays amid tariff and global economic uncertainty, and (B) a partial monetization plan for its NuScale stake that was suboptimal and poorly received by investors.",
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      "text": "…we’ve seen more clients continue to take a wait-and-see approach…",
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      "text": "…we expect to complete a 15 million share conversion of NuScale shares this month…",
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      "text": "“...we've seen more clients continue to take a wait-and-see approach...” — CEO Jim Breuer; “...we expect to complete a 15 million share conversion of NuScale shares this month...” — CFO John Regan",
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      "text": "Following Fluor’s Q2 FY25 Earnings Release, its Share Price Fell Meaningfully",
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