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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.

Man on meth steals truck (and goat) from adult video store, police say

A man who was allegedly high on methamphetamine carjacked a pickup truck with a sleeping passenger inside it and a goat in the bed, pistol-whipped the passenger and then led police on a low-speed chase before finally being caught on foot and arrested, police say. It began early on New Year’s Day outside an adult video store in Carthage, Missouri, which is near Joplin in the stateÂ’s southwestern corner. Reports say Brandon Wayne Kirby, a 40-year-old from Mannford, Oklahoma, stole the truck after the driver had gone inside the store but while the passenger was sleeping. When the passenger woke up, he saw a masked man driving and pointing a gun at his head. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Police say Kirby drove the GMC Sierra Heavy Duty Duramax diesel through parts of Missouri, Kansas and into Oklahoma, holding the passenger against his will. At some point, the passenger told police, Kirby ingested meth, pistol-whipped him and continued to threaten him with the gun. The passenger said Kirby eventually let him and his pet goat out on the side of the road in a rural area, which is when he was able to call 911. Police then called OnStar, which tracked down the stolen Sierra HD and slowed it down to around 15 mph. Police eventually used stop sticks to flatten the truckÂ’s tires in the city of Sand Springs and later had to nudge the truck into a ditch to end the low-speed vehicle chase. But Kirby at that point got out of the truck and fled on foot through the woods, dropping his mask and gun, which were both later recovered by police. Kirby was jailed and had charges listed as kidnapping, pointing a firearm and being a felon in possession of a firearm. HeÂ’s reportedly wanted in another county in Oklahoma for burglary and has multiple felony convictions for assault, burglary and possession of a stolen vehicle, according to KTUL-TV in Tulsa. The passenger and goat were transported back to the Creek County SheriffÂ’s Office. The Sand Springs Police Department said on Facebook: “OK 2020, it only took you 4.5 hours to get weird. Let's slow down on the carjacking-goatnapping calls for the remainder of the year.” Related Video:

GM opens military discount to 21M veterans and their spouses

May marks the start of National Military Appreciation Month, and General Motors is getting into the spirit by expanding its military discount program to, well, just about everyone. That includes a total of 21 million military veterans and their spouses, along with the current slate of active duty, reserve, and National Guard members. The discount can slash thousands of dollars off the price of a new Buick, Chevrolet, or GMC vehicles, with Automotive News listing an $1,100 discount on the top gas-powered version of the Malibu, the Premiere. Those that want a bit more spice can get $1,700 off the price of a last-generation 2015 Camaro SS, while truck buyers will enjoy $3,000 off the Chevy Silverado All Star. That's just a start, though, since the military discount can be paired with other GM incentives. The discount doesn't apply to everything, though. Some are understandable – none of Cadillac's vehicles are included in the deal, nor is the Corvette Z06. You'll also be unable to apply the discount to a range of base-level trims, like the Chevy Cruze or Equinox L, the base Colorado, or the entry level GMC Acadia, Canyon, and Terrain. A full list is available at GM's dedicated military discount website. GM's expanded discount plan runs from today through May 31. News Source: General MotorsImage Credit: General Motors Buick Chevrolet GM GMC Car Buying Car Dealers Military