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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.

Jeff Gordon will come out of retirement to race new Cadillac endurance racecar

Jeff Gordon is not a man who takes well to retirement, apparently. That's not a surprise at all, given that we've been talking about his return to racing since almost the minute he retired in the first place. This year, he's taken the wheel for Dale Earnhardt, Jr., who is recovering from a concussion, several times already. So we shouldn't be too surprised to find out he's officially coming out of retirement – the twist is that it won't be in a stock car. Gordon has signed onto Wayne Taylor Racing, Motorsport.com reports, and he'll join Ricky and Jordan Taylor as well as Max Angelelli. Their ride will be the newly-revealed Cadillac DPi-V.R racer, a Dallara-chassis car powered by a 6.2-liter pushrod V8 loosely related, Cadillac claims, to the engine in the current CTS-V. You can read all about the DPi-V.R right over here. Remember, Gordon has a total of 93 NASCAR wins to his name, as well as four titles. He knows his way around Daytona pretty well, too, having won the 500 three times. He's also dabbled in endurance racing once before, in the 2007 24 Hours of Daytona with Taylor, Angelelli and Jan Magnussen in a WTR Riley-Pontiac car. They ended up on the podium, so you can say Gordon's inaugural and only outing in endurance racing so far was a success. It's been a decade, so we'll see if he's rusty, although knowing about how competitive champions are, we think he'll blow out the cobwebs and get right down to work. You can read Gordon's statement over at his personal site. Related Video:

Ecto-1 is the barn find of a lifetime in 'Ghostbusters: Afterlife'

Following the women-led "Ghostbusters" reboot in 2016, a completely new chapter in the franchise will be born in 2020. "Ghostbusters: Afterlife" will feature a fresh cast, a modern story and cutting-edge cinematics. Yet, one thing will remain the same: the famous Ecto-1. The first trailer for the upcoming film shows the classic movie car — a highly modified 1959 Cadillac Miller-Meteor Futura Duplex — still has a little gas in the tank, even after sitting in a barn for more than 30 years. "Afterlife" follows a character played by Finn Wolfhard (Mike from "Stranger Things") as he, his sister and his mom are evicted and move to an inherited farmhouse in Summerville, Oklahoma. The property, previously owned by the kids' grandfather, turns out to be a secret storage facility for all of the old Ghostbusters gear. Grandpa was Dr. Egon Spengler. The research, the uniforms, the ghost traps and the Ecto-1 are all tucked away and out of sight. Trevor, Wolfhard's character, finds the automotive relic and is able to start the old box of bolts. He and his sister Phoebe are then seen careening the Ecto-1 through a field and testing out the car's gunner seat in town.  Paul Rudd enters the picture as Mr. Grooberson, a teacher at the kids' school who shows an interest in Phoebe's ghost trap. As somebody who remembers the Manhattan Crossrip well, Grooberson schools the kids on the past and, with them, explores their connection to it all.  The trailer closes with a Bill Murray quote from the original film: "Call it fate, call it luck, call it karma ... I believe that everything happens for a reason." He, along with Dan Aykroyd and Sigourney Weaver, are expected to have some sort of involvement in the new movie, though it's unclear what that will be. We'll find out more next year when "Ghostbusters: Afterlife" opens summer 2020. P.S. How about that Ford Ranchero GT?