First published June 5, 2025
Wall Street doesn’t scream when it gets nervous. It hedges. It shifts weight. It repositions and pretends it’s just “rebalancing.”
That’s what we’re seeing now.
Lmcg Investments dropped 9.2% of its Cummins stake last quarter – not a panic dump, but deliberate. Clean. Controlled. Like pulling your hand back from a hot stove without making a scene. A handful of other funds crept in with laughably small positions – 27 grand here, 30 grand there. Buying just enough to say they’re not missing out, not enough to get burned. That’s not confidence. That’s optics.
And then the analysts. One week it’s “Buy at $420.” Next week, “Sell at $240.” A parade of target cuts and hedged language. Hold. Hold. Hold. It’s a stall tactic, not a verdict.
What does that say? It says the people paid to know don’t know.
It says Cummins doesn’t have its house in order.
The inconsistency – some buying, some selling, all without conviction – is a tell. Investors worth a damn don’t like noise. They like control, coherence, clarity. Cummins doesn’t have that. Not with the open letters, not with the campaign, not with the internal calls that leak like cracked pipes.
No serious fund manager glances at a full-scale accountability project aimed at a public company and shrugs it off. They don’t ignore direct traffic from Cupertino. They don’t laugh off the suggestion that something’s gone sideways inside the legal team.
They clock it. And they wait.
Cummins doesn’t need a scandal to blow up – just enough ambiguity for the smart money to start crossing the street.
And that’s already happening.
Lee Thompson – Founder, The Cummins Accountability Project