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Frustrated GM investors ask what more Mary Barra can do

DETROIT — General Motors Co Chief Executive Mary Barra has transformed the No. 1 U.S. automaker in her almost five years in charge, but that is still not enough to satisfy investors. Ahead of third-quarter results due on Oct. 31, GM shares are trading about 6 percent below the $33 per share price at which they launched in 2010 in a post-bankruptcy initial public offering. The Detroit carmaker's stock is down 22 percent since Barra took over in January 2014. After hitting an all-time high of $46.48 on Oct. 24, 2017, the shares have declined 33 percent. In the same period, the Standard & Poor's 500 index has climbed 7.8 percent. Several shareholders contacted by Reuters said GM could face a third major action by activist shareholders in less than four years if the share price does not improve. "I've been expecting it," said John Levin, chairman of Levin Capital Strategies. "It just seems a tempting morsel to somebody." Levin's firm owns more than seven million GM shares. Barra has guided the company through the settlement of a federal criminal probe of a mishandled safety recall, sold off money-losing European operations, and returned $25 billion to shareholders through dividends and stock buybacks from 2012 through 2017. GM declined to comment for this story, but the company's executives privately express frustration with the market's reluctance to see it as anything more than a manufacturer tied mainly to auto market sales cycles. GM's profitable North American truck and SUV business and its money-making China operations are valued at just $14 billion, excluding the value of GM's stake in its $14.6 billion Cruise automated vehicle business and its cash reserves from its $44 billion market capitalization. The recent slump in the Chinese market, GM's largest, and plateauing U.S. demand are ratcheting up the pressure. GM is one of the few global automakers without a founding family or a government to serve as a bulwark against corporate raiders. In 2015, a group led by investor Harry Wilson pressed GM to launch a $5 billion share buyback, and commit to what is now an $18 billion ceiling on the level of cash the company would hold. In 2017, GM fended off a call by hedge fund manager David Einhorn to split its common stock shares into two classes. Einhorn, whose firm still owned more than 21 million shares at the end of June, declined to comment about GM's stock price. Other investors said there were no clear alternatives to Barra's approach.

Comedians In Cars Getting Coffee returns June 19, celebrates with new trailer

A brand new season of Jerry Seinfeld's Comedians in Cars Getting Coffee on the way - it will involve Seinfeld and comedian Robert Klein going to Sing Sing Correctional Facility in what appears to be a Jaguar Mark II - and the trailer is out now. In addition to Klein there'll be appearances by Sarah Jessica Parker, George Wallace, Aziz Ansari and John Stewart. We don't get to see all the rides, but a Buick Riviera GS gets some airtime and the 1949 Porsche 356/2 Gmund from the segment with Jay Leno makes a cameo. The first episode airs on June 19, you can watch the trailer by scrolling down. News Source: Crackle via YouTube Celebrities Humor Buick Jaguar Porsche Classics Videos jerry seinfeld comedians in cars getting coffee cicgc jon stewart

2013 Buick Encore nets strong IIHS, NHTSA safety scores

After being crushed from every which way and rolled over like a labrador, the 2013 Buick Encore has been named a Top Safety Pick by the Insurance Institute for Highway Safety. To earn the accolade, a vehicle must achieve the highest rating of "Good" in each of the institute's four main crash tests: Front Moderate Overlap, Side, Rollover and Rear. The Encore aced those four tests with "Good" ratings, but missed out on the coveted Top Safety Pick+ designation by receiving a Poor rating in the institute's new Front Small Overlap test. To be named a Top Safety Pick+, the Encore would need to score at least an "Acceptable" rating in the new test, as well as "Good" in all four original crash tests.
Despite the miss, the Encore joins the Enclave, LaCrosse, Verano and Regal as Top Safety Picks all. If you count only the Encore with all-wheel drive, then all five Buicks have also earned five-star overall ratings from the National Highway Traffic Safety Adminstration, making Buick one of the few manufacturers to offer a full lineup with high scores from both safety rating organizations.
The front-wheel-drive Encore, despite performing equally as well as the all-wheel-drive version in NHTSA's crash tests, only earned four stars overall. As far as we can tell, the discrepancy between the two is because some safety equipment, like Forward Collision Warning and Lane Departure Assist, are optional features on the FWD Encore and standard on the AWD model.