General Motors CEO Mary Barra was all smiles when she met reporters before the company's annual meeting Tuesday morning.
Who could blame her?
Thanks to strong sales in North America, the automaker is riding one of the most profitable periods in its more than 100-year history. Her mood was particularly notable given its stark contrast to just two years ago, when the grim-faced CEO announced the scathing results of an internal investigation into its deadly ignition switch scandal.
Since that day, when Barra said GM suffered from a "pattern of incompetence and neglect," she and her company have delivered steady improvements on a number of key metrics. That is, with one large and glaring exception: its stock price.
Shares of General Motors are down more than 15 percent since June 5, 2014, compared with a slightly positive S&P 500. That includes a steeper than 10 percent decline this year, despite the automaker raising its earnings guidance in January.
So why are investors ignoring GM?