Mar 30 2017
General Motors Co. on Tuesday rejected a proposal by billionaire investor David Einhorn to split its common stock into two classes to help boost its share price. The fund intends to submit its plan for a vote at the company's annual meeting.
GM said its board of directors has carefully considered the plan but has rejected it, saying it creates "unacceptable risks".
Einhorn's plan for GM is similar to the plan he proposed to Apple Inc. Greenlight says the shares would appeal to and be valued for investors focused on GM growth.
Brian Johnson, a senior autos analyst at Barclays, said on "Power Lunch" on Tuesday that the proposed stock rearrangement only brought attention to the fact that GM and Ford are priced too low.
- Einhorn also has said he wants to nominate directors to GM's board.
Investors have also become disgruntled as their bullish thesis has fallen on deaf ears, since Wall Street refuses to value these automakers with even a halfway respectable price-to-earnings multiple. Some investors, he said, care only about the dividends, while others care only about the company's earnings.
Dustin Johnson, Jon Rahm advance to Match Play final
The withdrawal is not all that surprising, especially considering what Johnson said Sunday evening in Austin: "I don't know". Rahm gave away three straight holes by missing par putts from 6 feet and 8 feet, and missing a birdie putt from four feet.
Cakes and cuts for Red Nose Day 2017
Fans of Love Actually will have to wait until Red Nose Day, May 25th, to see the ten-minute mini-sequel to the 2003 movie. The director of " Love, Actually ", Richard Curtis, created Red Nose Day back in 1988.
Maine Unemployment Falls Again in February
Nine states had notable jobless rate decreases from a year earlier, and 41 states and the District had no significant change. The trade, transportation and utilities sector lost 1,900 jobs, with retail cutbacks being the biggest factor, the DOL said.
Einhorn downplayed GM's warning that the dual class structure could lead to a debt downgrade, calling the worry a "red herring" on CNBC.
Earlier this year, prior to the Opel/Vauxhall announcement, GM announced that it expects to deliver full-year 2017 EPS-diluted and EPS-diluted-adjusted of $6.00-$6.50; maintain or improve EBIT-adjusted and EBIT-adjusted margins; and generate higher revenues, compared to 2016. The proposal has merit because income investors looking exclusively at high-yield stocks could get their hands on GM's dividend shares without worrying about the automaker's potentially slowing growth story as US sales plateau. The dividend shares would trade separately from the current class of GM common stock and would receive all the current dividend payments. According to Greenlight, dividing General Motors shares into "dividend shares" and "capital appreciation shares" would divide investors into two groups with different goals: incomefocused investors, and value- and growth-focused investors. Our Plan would unlock significant value and lower GM's cost of capital.
Einhorn said GM's stock price has languished for years since emerging from the government-backed bankruptcy and is now trading at the lowest valuation in the S&P 500 stock index.
The company said it believes a two-class share structure would result in a loss of its investment-grade credit rating, which could cause profits at the automaker and its finance arm to fall by up to $2 billion and require $5 billion to $10 billion in additional cash on the balance sheet.
Barra has promised investors returns of 20 percent or more. The company plans to return about $7 billion in cash to shareholders this year.
Mar 30 2017
Trump's lawyers: 'Apprentice' contestant can't sue president
Summer Zervos , who appeared on season five of Trump's " The Apprentice " in 2006, filed the suit against Trump on January 17. She said at a later meeting at a California hotel he became sexually aggressive, kissing her and touching her breasts.
Mar 30 2017
Ref target of death threats after Kentucky loss
Some fans trashed the review section of Higgins' company Facebook page, writing false and damaging messages. Omaha police spokesman Michael Pecha said officers are providing extra attention to Higgins' residence.
Mar 28 2017
Seahawks QB Trevone Boykin arrested, faces drug, public intoxication charges
He played in five games as a backup last season, going 13-of-18 passing for 145 yards with one touchdown and an interception. Boykin was also suspended by TCU for the Alamo Bowl after another incident at a bar on December 31, 2015.
Mar 28 2017
What Banning Leggings From United Airlines And The Knesset Have In Common
United Airlines isn't the first organization involved in controversy regarding young women and girls wearing leggings. But two other girls were turned away and not allowed to board because they didn't have any other clothing, she said.
Mar 27 2017
Pro-Trump Protesters Clash With Anarchists in California
A masked protester pushes a Trump supporter at a MAGA rally in Huntington Beach, March 25, 2017 . Pearsall says there were several other arrests and two people suffered minor injuries .
Mar 26 2017
Everton manager Ronald Koeman urges Ross Barkley to make decision over future
Barkley has 15 months to run on his contract and, just as Gareth Southgate was recalling the attacking midfielder... Ronald Koeman has told Ross Barkley he must sign a new contract before the end of the season or he will be sold.
Mar 26 2017
AT&T, Verizon Pull Ads From YouTube Fearing Placement Against Extremist Videos
Additionally, controls are being assessed with the aim of ensuring that brands can implement brand safety practices. Omnicom Media Group is working with clients to address the situation but called for a "sustainable solution".
Mar 25 2017
Senate Scuttles FCC Privacy Restrictions on Internet Providers' Use of Subscriber Data
Existing rules allow ISPs to distribute the information to advertisers and others unless the consumer proactively opts out. Unsurprisingly, the vote was praised by industry groups representing broadband providers.
Mar 25 2017
People Who Oppose Putin STILL Ending Up Dead In The Streets
In January, Voronenkov testified against former Ukrainian leader Viktor Yanukovych before the country's chief prosecutor. Peskov said Putin had been informed about the slaying and voiced hope the Ukrainian authorities would solve the crime.
Mar 24 2017
Alaska Airlines To Drop Virgin America Brand by 2019
All its staff on the front line will receive new uniforms that are designed by Luly Yang , the well-known fashion designer. Since the acquisition, Alaska Air Group has been running the two carriers as distinct subsidiary airlines.
Mar 30 2017Payton: Saints won't give up No. 11 for Malcolm Butler
Mar 29 2017Lyft Lets You Round Up For Charity
Mar 29 2017Abby Lee Miller quits 'Dance Moms' before fraud sentencing
Mar 28 2017Legal Pot Coming Next Year?
Mar 27 2017JOHN MCCAIN: There's a 'crazy fat kid' running North Korea
Mar 26 2017Egypt resumes meat imports from Brazil after temporary ban: Agriculture Ministry
Mar 25 2017France's Marine Le Pen begins Russian Federation visit
Mar 25 2017Wisconsin Police Officer Calls Back IRS Scammer and Their Exchange Goes Viral
Mar 24 2017U.S. set to approve Keystone XL pipeline on Friday
Mar 24 2017U.S. suspects NKorea in $81M Bangladesh theft
Mar 29 2017Lenders to face foreign investment scenario in Bank of England stress test
Mar 29 2017Judge considering plan on fix for 18000 Flint water lines
Mar 29 2017More States To Expand Medicaid Now That Obamacare Remains Law
Mar 29 2017Kim Kardashian Sparks Rumors That She's Preparing for Life Without Kanye West
Mar 28 2017There's Been A Big Samsung Galaxy S8 Leak, Here's What We Know
Mar 28 2017Trump Will Sign Executive Order To Undo Obama Power Plant Regulations
Mar 27 2017Adrian Peterson Could Land In Houston
Mar 27 2017Patriots re-sign star linebacker Dont'a Hightower to four-year deal
Mar 25 2017Most cancer mutations are 'just bad luck'
Mar 25 2017Kohli doubt for series finale
Mar 25 2017Michael Porter Jr., the nation's top basketball prospect, commits to Missouri
Mar 24 2017Supreme Court Bolsters Rights of Learning-Disabled Students