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  "documentTitle": "Third Point Management | Activist Presentation Deck | 45 slides",
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  "presentationDate": "2018-10-01 00:00:00",
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  "notes": "Uses a kitchen fire illustration to metaphorically represent the 'negative impact' and 'headwinds' mentioned in the text.",
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      "text": "Campbell, in its FY18 10-K, disclosed that “cost increases, shipment delays, and weather-related issues” would have a “negative impact” on fiscal 1q19. In follow up conversations with leading sell-side analysts, Campbell confirmed these headwinds create risk to FY19 guidance. On the back of this incremental bad news, the stock fell another 6% to $36.63 over the next two days",
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      "text": "Each of these developments is unfortunate and places management’s full-year guidance at risk, in our view. The risk to earnings has obvious flow through implications to the company’s cash flow, which adds to concern given the company’s already challenged liquidity and balance sheet profile. — Goldman Sachs",
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      "text": "Note: Quotation from Goldman Sachs report “Trimming estimates on supply disruptions, protracted Walmart challenges and FX” (9.27.18) Source: Third Point LLC; Company Materials; Bloomberg; Goldman Sachs",
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      "text": "Less than a month after giving terrible FY19 guidance, Campbell gave investors another negative update",
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      "text": "CORPORATE STRATEGY — EARNINGS",
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