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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.

Travis Kvapil tells Twitter his Sprint Cup car was stolen

There's a bizarre story coming out of Atlanta today, as NASCAR racer Travis Kvapil is reporting that his Sprint Cup Car was stolen from a lot at the Drury Inn in Morrow, GA. Kvapil announced the theft, which included the black pickup that was hauling the trailer and the #44 Chevrolet SS Sprint Cup Car – shown above, with driver JJ Yeley at the wheel – on Twitter. According to Kvapil, the car wasn't going to be ready for the Thursday test session at Atlanta Motor Speedway, although forecasts of snow forced the team to dispatch their main trailer and tools to the track ahead of the car, which left for Atlanta later yesterday. According to ESPN, police in Morrow have video of the "incident," which happened at 5:34 AM Friday, with police investigating it as as criminal in nature. "Sometimes what happens when thieves see trailers, they might just assume there's something in the trailer they can go off and sell," Sgt. Larry Oglesby, of the Morrow PD, told USA Today. "Sometimes when things like this occur, they will drop off the items in a parking lot somewhere – like a Walmart parking lot – once they realize what they have." "All we know is it was a silver jeep," team owner John Cohen told USA Today. "One guy got out and they pulled off together." Earlier, Cohen told ESPN that the theft will force the team out of this weekend's race at the Folds of Honor QuikTrip 500, at Atlanta Motor Speedway. Kvapil, meanwhile, has taken to Twitter to appeal to his followers to be on the lookout for the truck, trailer and race car. Here's hoping it turns up all together. Check out the driver's tweets, below. Wow. Anyone near Atlanta find my stolen Cup car let me know! Unreal - Travis Kvapil (@TravisKvapil) February 27, 2015 I bet when whoever has it, opens the trailer and is going to be like 'oh snap' - Travis Kvapil (@TravisKvapil) February 27, 2015 Ok, to clarify. @Teamxtreme44 transporter is @amsupdates. The guys stayed and worked on the car Thursday at the shop in NC. They drove.... - Travis Kvapil (@TravisKvapil) February 27, 2015 down last night in a Ford dually and enclosed trailer with racecar inside. That was stolen out of hotel parking lot this am in Morrow, GA - Travis Kvapil (@TravisKvapil) February 27, 2015 Black Ford dually, white enclosed tag behind trailer. New Jersey plates - Travis Kvapil (@TravisKvapil) February 27, 2015 Dang.... I'm wishing we had LoJack or something on it!

2015 Callaway Corvette Z06 gets new supercharger, adds $17K to starting price

Callaway's proud tradition of modifying Chevrolets is about to add a very significant chapter this weekend, as the company prepares to unveil a modified version of the 2015 Corvette Z06. The engine mods are simple, though we expect them to be very potent. That's because Chevy has replaced the factory supercharger with a new "GenThree" unit that's nearly a third larger than what's bolted on in Bowling Green. A new intercooler is also added, along with a new high-flow intake system. Beyond that, the changes are exclusively of the subtle cosmetic variety. There's new badging inside and out, as well as new engine covers, floormats and an underhood plaque. Naturally, there's documentation to verify the Callaway Z06's authenticity, and the comfort that comes with a three-year, 36,000-mile warranty. Callaway has priced the upgrade package at $16,995, in addition to the price of the stock Z06. While we're still waiting to hear official power figures, that seems like a reasonable asking price for what were wagering will be a major increase in power. The Callaway Z06 will debut this weekend at the National Corvette Museum's C7 Bash in Bowling Green, KY. Expect more details following the debut. Scroll down for the official press release. Related Video: 2015 Callaway Corvette Z06 to Debut at National Corvette Museum The 2015 Callaway Corvette Z06 will debut at the National Corvette Museum C7 Bash in Bowling Green, Kentucky, April 23 through April 25. Here's a sneak peek at the new package. Based on Chevrolet's track-proven Z06, Callaway engineers' no-compromise approach takes this Corvette to an astounding power level. While advertised Callaway horsepower and torque are pending final validation, the Callaway package adds Callaway's new GenThree supercharger system with 32% more displacement than the stock Z06 supercharger, improved manifold design and unique triple-element intercooling system. Callaway engineers recognize that a key contributor to maximizing power is reduction of inlet air temperature. By exposing the supercharger's large plenum area to outside ambient airflow, the design takes advantage of the significant charge air temperature reduction provided by convective cooling. The completely redesigned intercooling system also helps maintain nearly ambient charge air temperature with exceptionally low air restriction.