Autoblog

Treasury has no plans to sell remaining GM stock quite yet

Jeff Sabatini — Fri, 11 May 2012 13:29:00 EST

Filed under: Government/Legal, GM, Earnings/Financials

General Motors stock has been languishing for months, failing to climb past $30 per share since July of last year. Trading at around $22 per share today, the optimism that surrounded the company's emergence from bankruptcy and initial public offering in November 2010 has all but vanished. So it's no wonder that the United States Treasury has decided to sit on its GM shares, with no plans to sell of its remaining 26 percent stake in the automaker.

According to The Detroit News, the Treasury believes that GM is underpriced given the changes that have happened at the company. Assistant Treasury Secretary Time Massad told the News, "Our perspective is that the company has made real progress, but the market hasn't given them as much credit for that as it might."

The government stands to lose $15 billion on the bailout at today's stock prices, according to the report. Of the $49.5 billion spent on the bailout, the government has already recouped roughly $23 billion in reducing its stake in GM from the 61 percent it once held. GM shares would have to more than double in value to $53 for the Treasury to break even in liquidating the 500 million shares it still owns, according to the report.

Treasury has no plans to sell remaining GM stock quite yet originally appeared on Autoblog on Fri, 11 May 2012 13:29:00 EST. Please see our terms for use of feeds.

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Investment firm buys 5.8% of GM

Chris Shunk — Fri, 17 Feb 2012 10:15:00 EST

Filed under: GM, Earnings/Financials

General Motors stock is down 45 percent over the last year, which would lead the uninformed to think that the automaker is still losing money by the bucketload. On the contrary, The General pulled in a healthy $7.6 billion in 2011.

Does that mother lode of cash make GM a buy for 2012? Capital research Global Investors seems to think so. The Detroit News reports that the investment firm has purchased 5.8 percent of the Detroit automaker. That's 92 million shares, which translates to about $2.3 billion at $25 per share.

The investment firm claims GM stock is a strong buy even though its European sales are lagging. David Kudla, CEO of Mainstay Capital Management LLC, points out that there are a lot of automakers selling vehicles in Europe, adding "everybody who does business there is struggling." The Capital Group also points to continued growth in the U.S. market due in part to pent-up demand as a reason for the big bet on GM stock.

Investment firm buys 5.8% of GM originally appeared on Autoblog on Fri, 17 Feb 2012 10:15:00 EST. Please see our terms for use of feeds.

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GM reports 2011 profit of $7.6 billion

John Neff — Thu, 16 Feb 2012 09:35:00 EST

Filed under: Earnings/Financials

General Motors today reported its earnings for last year and the fourth fiscal quarter of 2011. The automaker's profits for 2011 totaled $7.6 billion, up from $4.7 billion in 2010.

While the news was excellent for the full year, fourth quarter net income was only $472 million, or about the same as Q4 2010. While that makes eight straight quarters of positive numbers since the company emerged from bankruptcy in 2009, the earnings were weighed down by losses of $562 million in Europe from GM's Opel subsidiary.

There were also a number of one-time events that affected earnings in the fourth quarter, without which GM's profit would've nearly doubled to $900 million.

Still, the company counts 2011 as a successful year, and the stats tend to agree. TrueCar.com reports that GM increased its sales by over 13 percent, increased market share by half a point, grew average transaction prices by over $1,100 and lowered incentive spending by five percent. Based on that performance, all 47,500 hourly employees will receive profit sharing checks of up to $7,000. Check out The General's official press release after the jump.

Continue reading GM reports 2011 profit of $7.6 billion

GM reports 2011 profit of $7.6 billion originally appeared on Autoblog on Thu, 16 Feb 2012 09:35:00 EST. Please see our terms for use of feeds.

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GM leads worst performing auto stocks of 2011

Jonathon Ramsey — Tue, 03 Jan 2012 10:29:00 EST

Filed under: GM, Earnings/Financials

In spite of General Motors standing poised to retake the top sales spot, Chevrolet perhaps breaking its all-time sales record, and an anticipated Buick and two new Cadillac models coming, GM's stock price got beat like a goat in 2011. On January 2, 2011 the stock traded at $37.06, on January 2, 2012, it hovered a few dimes above $20, making GM the worst-performing auto-industry stock of 2011: with a 46.1-percent drop, it edged out Cooper Tire (-41.7), TRW Automotive (-40) and Ford (-37.3).

The Motley Fool suggests the decline could be due to the Treasury's ownership of hundreds of millions of shares, keeping investors wary about buying. Europe is also considered a sore spot, with GM's operations on The Continent still in the red and there being no clear plan to turn that around (particularly with the Euro threatening to implode).

However, there is most likely more to it than that: many investors likely remaining unsure about company fundamentals, and they are likely concerned that GM (like Ford) is rated just below investment-grade by Moody's rating service, which keeps some large institutional investors out of the pool. The good news for 2012: The General' stock is trading at five times less than earnings and the outlook from all observers is uniformly positive.

GM leads worst performing auto stocks of 2011 originally appeared on Autoblog on Tue, 03 Jan 2012 10:29:00 EST. Please see our terms for use of feeds.

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One year after IPO, GM stock is down by a third

Zach Bowman — Tue, 15 Nov 2011 14:29:00 EST

Filed under: GM, Earnings/Financials

It's been a full year since the General Motors Initial Public Offering, and the company's stock isn't performing as well as anyone in Detroit or Washington, D.C. would like. As The Detroit News notes, the stock has dipped by 30 percent from its initial price, thanks in part to troubles in Europe and internal dissatisfaction with the company's profit margins. As of last Wednesday, the company's stock fell by 10.9 percent to $22.31 when GM announced that its fourth-quarter earnings wouldn't make any gains over 2010. That news has prompted the U.S. Treasury, which still holds a 27-percent stake in General Motors, to hold off indefinitely on selling its remaining 500 million shares.

The Detroit News reports that if the government were to sell off its stake in the company at current trading prices, the country would lose around $15 billion on the country's investment in GM. Even with the indefinite hold on selling off the shares, the federal government has readjusted its projected losses on the automotive bailouts from $14.33 billion to $23.6 billion.

One year after IPO, GM stock is down by a third originally appeared on Autoblog on Tue, 15 Nov 2011 14:29:00 EST. Please see our terms for use of feeds.

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U.S. hesitant to sell its GM stock due to low price

Jeff Glucker — Wed, 08 Jun 2011 14:01:00 EST

Filed under: Government/Legal, GM, Earnings/Financials

The United States government still has a vested interest in the success of General Motors. In fact, the U.S. government is sitting on 500 million shares, which are currently worth about $14.3 billion dollars based on current prices. There is a problem, though, as the U.S. Treasury Department was hoping to get a larger pile of green for its GM investment.

When GM initially hit the stock market with its IPO, the per-share price was $33. Now, it's down around $28.78, which doesn't sound like much of a drop, but across 500 million shares, that figure represents a massive hit to the wallet.

For the time being, BusinessWeek reports that the U.S. government is going to sit on the stock in the hopes that it climbs back to IPO levels.

U.S. hesitant to sell its GM stock due to low price originally appeared on Autoblog on Wed, 08 Jun 2011 14:01:00 EST. Please see our terms for use of feeds.

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CEO Akerson buys nearly $1M in GM stock

Jeff Glucker — Fri, 13 May 2011 09:00:00 EST

Filed under: GM, Earnings/Financials

What's a good way for a CEO to show that he supports his company? Buying stock is one way to do it, and General Motors CEO Dan Akerson has done just that.

Purchased as a personal investment, Akerson has reportedly spent nearly $1 million buying up 30,000 GM shares. Akerson paid $31.33 per share, for a total purchase of $939,000. According to The Detroit News, this move brings his total investment of General Motors stock up to an even 50,000.

CEO Akerson buys nearly $1M in GM stock originally appeared on Autoblog on Fri, 13 May 2011 09:00:00 EST. Please see our terms for use of feeds.

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Report: Fed mulling summer sale of GM stock, would take big loss

Aaron Richardson — Thu, 21 Apr 2011 08:41:00 EST

Filed under: Government/Legal, GM, Earnings/Financials

The Federal Reserve is eying a move to dump a large portion of its remaining General Motors stock this summer, a move that could see taxpayers lose nearly $11 billion on the deal. According to The Wall Street Journal, GM stock hasn't done nearly as well as banks and Fed officials predicted it would, falling to $29.97 a share on Monday, down from its $33-per-share IPO in November.

According to the Journal, the Fed would need to sell the stock at $53 a share to break even on its initial $50 billion GM bailout. High fuel prices have hurt sales of trucks, which provide lots of profit for GM, while bailing managers and shaky supply lines made investors nervous; none of which has helped stock prices any.

Despite the potential to lose lots of money on the GM bailout, it's thought that the Fed would like to be shut of all its GM stock before the end of the year to avoid possible controversy in an election year. No matter what happens, the Fed will have to wait to sell any of its stock until May 22, when the IPO lockout, which prevents the government from selling its stock, ends. Even with another month to go before the sale, GM stocks aren't likely to be in much better straits by the time the Fed is ready to sell.

[Source: The Wall Street Journal]

Report: Fed mulling summer sale of GM stock, would take big loss originally appeared on Autoblog on Thu, 21 Apr 2011 08:41:00 EST. Please see our terms for use of feeds.

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General Motors issues second quarter dividend on preferred stock

Chris Shunk — Fri, 18 Mar 2011 10:29:00 EST

Filed under: GM, Earnings/Financials

There are two main categories of General Motors stock; common and preferred. The preferred stock costs more, but that added price tag comes with a few extra perks. For example, preferred stock represents ownership in the company, and those shares receive priority over common stock in the event of a liquidation. GM's pricier stock also appears to have another perk - quarterly dividends.

GM announced today that preferred shareholders will receive a dividend of 59 cents per share on June 1. Anyone who holds the shares by May 15, 2011 will have rights to the extra coin, which adds up to $59.4 million for the automaker. The dividend will be the second of the year, as The General shelled out another 65 cents per share in January. Hit the jump to look over GM's brief press release.

[Sources: General Motors, ABC News | Image: Spencer Platt/Getty]

Continue reading General Motors issues second quarter dividend on preferred stock

General Motors issues second quarter dividend on preferred stock originally appeared on Autoblog on Fri, 18 Mar 2011 10:29:00 EST. Please see our terms for use of feeds.

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Treasury aims to sell GM shares early

Zach Bowman — Fri, 25 Feb 2011 14:02:00 EST

Filed under: Etc., Government/Legal, GM

According to The Detroit News, the United States Treasury Department is planning on quickly eliminating its shares of General Motors stock rather than trying to maximize the government's return on its investment. The news comes from Austan Goolsbee, chairman of the Council of Economic Advisors, who said that the government is interested in quickly shedding its 33 percent stake in the automaker due to the fact that it never wanted to be a shareholder in the automaker to begin with. The Detroit News reports that if the Treasury Department decided to sell its stake in GM at its current trading price, the government would lose something on the order of $10 billion.

That's out of the $49.5 billion bailout that GM received from the government.

GM shares are currently trading at their lowest levels since the company went public, thanks largely to an overall market dip. The drop came even with GM reporting its first profit since 2004.

The Detroit News reports that so far, the federal government has reclaimed $23.1 billion of its investment in GM, and that in order to recuperate the $26.4 billion, GM stock would need to trade at $53 per share. The company is trading at $33.02 at the time of this writing.

[Source: The Detroit News]

Treasury aims to sell GM shares early originally appeared on Autoblog on Fri, 25 Feb 2011 14:02:00 EST. Please see our terms for use of feeds.

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GM stock opens up, revving Camaro accompanies opening bell

John Neff — Thu, 18 Nov 2010 10:32:00 EST

Filed under: Government/Legal, GM, Earnings/Financials

All of General Motors' top brass were in person on Wall Street this morning to witness the company's return to public life. In fact, GM took over the New York Stock Exchange with a giant banner hung on the outside of the building and the revving engine of a Chevrolet Camaro SS accompanying the traditional morning bell that opens trading at 9:30 AM. Follow the jump to watch a short video of the bell-ringing/engine-revving from the show floor.

As soon as that Camaro came to life, shares of GM - given the simple stock symbol of 'GM' on the exchange - jumped up sharply from the initial IPO price of $33. They quickly hit a high of $35.99, fell a bit and are again trending upward at $35.33 at the time of this writing (Follow GM's stock in real time here at Daily Finance). To put that in perspective, GM stock traded for less than a dollar back in 2009 before the company filed for bankruptcy.

What effect does today have on the U.S. government's role in GM's future? For starters, the federal Treasury is selling off more than 400 million shares of GM, reducing its stake in the company from 61 percent to 33 percent. Reports estimate that in order for the government to break even, its remaining shares would have to be sold for an average of around $50.

Given the excitement surrounding today's historic event, which could ultimately turn out to be the largest IPO in history, and the sharp jump in share price this morning, the U.S. government breaking even on the bailing out of General Motors seems more possible today than ever before.

Stay tuned for more updates on the stock's performance throughout the day on our Twitter feed, as well as an end of day report on where it closes.

[Source: Associated Press]

Continue reading GM stock opens up, revving Camaro accompanies opening bell

GM stock opens up, revving Camaro accompanies opening bell originally appeared on Autoblog on Thu, 18 Nov 2010 10:32:00 EST. Please see our terms for use of feeds.

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GM raises stock prices and increases size ahead of IPO

Zach Bowman — Tue, 16 Nov 2010 10:28:00 EST

Filed under: GM, Earnings/Financials

If you've been squirreling away your pennies in anticipation of General Motors' IPO, we've got news for you. The company released a statement this morning announcing that it has increased its stock price from $26 to $29 per share to $32 to $33 per share. Additionally, General Motors is now planning to offer 80 million shares worth of junior preferred stock at a combined value of $4 billion - up from the initial $3 billion. The news comes after Steven Rattner, the former auto advisor for the Obama Administration, said that he expected the stock to price above the range that the GM initially filed for.

With the new outlook, GM will likely raise a good deal more than the $10.95 billion the company stood to drum up at $30 per share. The automaker's stock is expected to price sometime today before public trading begins tomorrow. Hit the jump for the official press release.

[Sources: General Motors, Reuters]

Continue reading GM raises stock prices and increases size ahead of IPO

GM raises stock prices and increases size ahead of IPO originally appeared on Autoblog on Tue, 16 Nov 2010 10:28:00 EST. Please see our terms for use of feeds.

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Report: Ralph Nader urges government to postpone GM IPO

Jeff Glucker — Fri, 12 Nov 2010 11:29:00 EST

Filed under: Government/Legal, GM, Earnings/Financials

Ralph Nader has written a letter to President Barack Obama, urging him to delay General Motors' IPO. According to The Detroit News, his fear is that the automaker is still the "same old arrogant GM" and that the government stands to lose a bundle on the sale of its stock.

Nader is not alone in his criticism. His letter is signed by Public Citizen President Robert Weissman, Center for Auto Safety Executive Director Clarence Ditlow and former Public Citizen president Joan Claybrook. The group suggest that GM is taking steps that undermine the Obama administration's efforts after it was directly supported by the government and U.S. taxpayers. It feels that General Motors should not be lobbying congress while owners by the government. Per Nader, "They are lobbying against Obama's own policies on fuel efficiency, auto safety."

In his letter, Nader also states,

"The primary rationale of investing in GM had to be to preserve jobs and prop an economy in a severe downward spiral. As majority shareholder in GM, the United States has the ability to direct or influence the company's investment decisions. As the U.S. reduces its share, so its capacity to influence such decisions diminishes."

Ralph Nader knows that this letter is a Hail Mary attempt to delay General Motor's IPO, but he is hoping for some congressional support to build momentum. What do you think about Nader's move? Have your say in 'Comments.'

[Source: The Detroit News | Image: Brendan Smialowski/Getty]

Report: Ralph Nader urges government to postpone GM IPO originally appeared on Autoblog on Fri, 12 Nov 2010 11:29:00 EST. Please see our terms for use of feeds.

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GM to buy back $2.1 billion of Preferred Stock, improve financial position

Jeremy Korzeniewski — Thu, 28 Oct 2010 15:28:00 EST

Filed under: Government/Legal, GM, Earnings/Financials, UAW/Unions

General Motors has just announced a series of actions intended to improve its financial position and make it more attractive to investors ahead of its Initial Public Offering. Perhaps the most intriguing is word that it plans to purchase $2.1 billion of Preferred Stock from the United Stated Department of the Treasury at a sum that is $700 million more than the recorded value of those stocks.

In addition, GM will:

Contribute at least $4 billion in cash and $2 billion in GM common stock to its U.S. hourly and salaried pension plans
Repay the $2.8 billion outstanding loan to the United Auto Workers Retiree Medical Benefits Trust
Complete a $5 billion revolving line of credit
Save $500 million per year by restructuring its payment deals on vehicles in transit to dealers

The official press release, which can be found after the jump, breaks each of these actions down using appropriately difficult to decipher language designed specifically to make your head explode... but you're free to check it all out all the same.

[Source: General Motors | Image: Associated Press/Paul Sancya]

Continue reading GM to buy back $2.1 billion of Preferred Stock, improve financial position

GM to buy back $2.1 billion of Preferred Stock, improve financial position originally appeared on Autoblog on Thu, 28 Oct 2010 15:28:00 EST. Please see our terms for use of feeds.

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Report: Whitacre suggests GM IPO shares will be $20-$25

Jeff Glucker — Thu, 14 Oct 2010 16:01:00 EST

Filed under: GM, Earnings/Financials

General Motors chairman Ed Whitacre is readying the world for GM's Initial Public Offering. The IPO is slated to happen next month and Whitacre has reportedly said that he expects shares to be priced between $20 and $25. That price will likely be achieved via a stock split, with sources saying GM plans to offer shares in a four-to-one split.

This could be good news for past and present employees, as well as dealers, who are invited to purchase shares at the IPO price. The minimum investment is said to be $1,000 to participate in this program and even that minimum dollar amount could yield solid returns right out of the gate.

[Source: The Detroit News | Image: Stan Honda/AFP/Getty]

Report: Whitacre suggests GM IPO shares will be $20-$25 originally appeared on Autoblog on Thu, 14 Oct 2010 16:01:00 EST. Please see our terms for use of feeds.

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Report: GM to offer stock to employees, retirees and dealers

Jeff Glucker — Tue, 12 Oct 2010 15:58:00 EST

Filed under: GM, Earnings/Financials

General Motors is getting ready for its Initial Public Offering, which is expected to occur later this year. Ahead of that, GM has announced that it will offer nearly 600,000 employees (current and retired) and dealers the opportunity to purchase stock at the opening IPO price.

According to The Detroit News, the minimum required investment will be $1,000, and to qualify for this program, interested parties must respond by the end of this month. Once the IPO has been announced, potential buyers will then have four business days to purchase stock at the opening price. The program is being administered by Morgan Stanley. GM has not specified maximum and minimum share limits for this program.

[Source: The Detroit News]

Report: GM to offer stock to employees, retirees and dealers originally appeared on Autoblog on Tue, 12 Oct 2010 15:58:00 EST. Please see our terms for use of feeds.

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Report: GM courting Middle East, Asian sovereign wealth funds ahead of IPO

Zach Bowman — Wed, 06 Oct 2010 10:29:00 EST

Filed under: GM, Earnings/Financials, Middle East

General Motors has been busy courting potential investors for the company's upcoming IPO. According to Bloomberg, the manufacturer has met with wealth funds in both the Middle East and Asia in an attempt to feel out global interest in the company's stock. The article says that GM's bankers are planning to meet with three large investment firms, including Saudi Arabia-based Kingdom Holding Company, Abu Dhabi-based Mubadela Development Company and Qatar Holdings LLC as well as Singapore-based Temasek Holdings Pte.

Analysts note that GM's attempt to stir international interest is nothing new. In fact, it's all but necessary if the company wants to raise the projected $10 billion it hopes to generate by going public. Bloomberg says that if the company does manage to hit that magic monetary figure, the feat would be the largest IPO since Visa Inc. raised $19.7 billion in 2008.

The article's unnamed source also indicated that GM is still aiming for a November IPO, though no specific date has been set so far. There's also some indication that the company may delay if it doesn't see enough demand for its stock.

[Source: Bloomberg]

Report: GM courting Middle East, Asian sovereign wealth funds ahead of IPO originally appeared on Autoblog on Wed, 06 Oct 2010 10:29:00 EST. Please see our terms for use of feeds.

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BREAKING: General Motors files for IPO

Jeremy Korzeniewski — Wed, 18 Aug 2010 16:15:00 EST

Filed under: Government/Legal, GM, Earnings/Financials

General Motors, the largest automaker based in the United States, has officially filed paperwork with the Securities and Exchange Commission for an Initial Public Offering.

By offering preferred stock along with its IPO, GM is looking to allow the U.S. Treasury (and by extension, American taxpayers) the chance to reduce its stake in the automaker as much as possible. Unlike common stock, preferred stock carries both debt and equity, is rated by the world's credit rating companies and typically has priority over common stock in the event that the company goes into bankruptcy.

According to Bloomberg, the U.S. Treasury intends to sell a fifth of its 304 million common shares as part of the IPO, which will make the government a minority shareholder.

If GM raises the expected $16 billion in its IPO, it will rank as the second-largest in U.S. history behind Visa's $19.7 billion in 2008. The offering will be led by Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. Official GM fine print is available after the jump.

[Sources: General Motors, Bloomberg | Image: Associated Press/Paul Sancya]

Continue reading BREAKING: General Motors files for IPO

BREAKING: General Motors files for IPO originally appeared on Autoblog on Wed, 18 Aug 2010 16:15:00 EST. Please see our terms for use of feeds.

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Report: GM pushes IPO filing back to August due to financial issues

Jonathon Ramsey — Mon, 05 Jul 2010 11:00:00 EST

Filed under: Government/Legal, GM, Earnings/Financials, Rumormill

General Motors - or perhaps it was all those sources 'in the know' - had their drums beating about a possible IPO filing as early as last week. Here we are a week later and there's still no firm sign of a stock offering. Reuters, quoting a "source familiar with the situation," now reports that the filing has been pushed back to August due to some financial loose ends that GM would like to address before setting its shares free.

The biggest loose end appears to be CEO Ed Whitacre's desire for a $5 billion line of credit. Four banks have pledged $2 billion so far, with the balance expected to be wrapped up in a fortnight. The funds could pay for expansion plans and, more importantly, serve as a buffer in case the recession does the double-dip that's being increasingly discussed in economic circles. The Reuters report didn't mention anything about Whitacre's stated aim of restarting a captive finance arm before an IPO.

A $15 to $20 billion offering is still the range being quoted for GM's IPO. It is speculated that GM is so committed to getting things done this year that the company will lower the valuation rather than postpone the proceedings. There are still so many what-ifs and concerned parties involved, however, that it's looking more and more likely that we won't know how well GM's IPO will really do until we know how it actually did.

[Source: Reuters]

Report: GM pushes IPO filing back to August due to financial issues originally appeared on Autoblog on Mon, 05 Jul 2010 11:00:00 EST. Please see our terms for use of feeds.

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Report: Top GM execs awarded millions in stock ahead of IPO

Jeremy Korzeniewski — Tue, 08 Jun 2010 18:28:00 EST

Filed under: Government/Legal, GM, Earnings/Financials

It pays to be an executive for General Motors. Actually, scratch that... it will soon pay to be an executive with General Motors, assuming that the automaker's upcoming Initial Public Offering takes place according to plan. According to our friends at TheDetroitBureau.com, a dozen top officials at the company could be looking at a payday totaling as much as $13 million or more, depending on the value of GM stock after the IPO.

According to filings submitted to the Securities and Exchange Commission, Chairman and CEO Ed Whitacre, Vice Chairman Tom Stephens, Chief Financial Officer Chris Liddell, Vice Chairman Chris Girsky and North American President Mark Reuss are all slated to get major stock deals.

After GM received its $50 billion bailout from the U.S. government, Kenneth Feinberg, Treasury's special master on pay, set up pay restrictions for officials at the automaker that capped salaries at specified levels, oftentimes to no more than $500,000 per year. Naturally, the stock deals awarded to the aforementioned executives after the company's expected IPO should more than help make up for any perceived monetary deficiencies.

[Source: TheDetroitBureau.com]

Report: Top GM execs awarded millions in stock ahead of IPO originally appeared on Autoblog on Tue, 08 Jun 2010 18:28:00 EST. Please see our terms for use of feeds.

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