GM Keeps on Trucking
I haven't mentioned portfolio holding General Motors (GM) much recently. I noticed the Bloomberg report yesterday that August sales are better than expected -- but the gain is in large pickup trucks:
"GM really came in much better, it really outperformed,'' said Mirko Mikelic, who helps manage $13 billion in bonds and convertible debt including GM and Ford at Fifth Third Asset Management in Grand Rapids, Michigan. "GM was just a complete surprise. The trucks looked really strong.''Sales of large pickups such as the Chevrolet Silverado and GMC Sierra surged 33 percent after the largest U.S. automaker increased incentives following a July decline. GM shares climbed $1.18, or 3.8 percent, to $31.92, for the biggest daily gain in the Dow Jones Industrial Average.
Rick Wagoner and his team still have work to do in selling cars. But patience with him and GM has been rewarded since the company was first mentioned here in April 2005. And I believe it will continue being rewarded over time. (Yet nothing is guaranteed, remember.)
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