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Dow Jones S&P 500 NASDAQ 10-Year Note
10,270.47 1,093.48 2,167.88 33.86
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76.94
UP
73.00
UP
6.24
UP
18.86
DOWN
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10 Yr
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SPDR Gold
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+0.57%
+0.88%
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RealMoney.com : James J. Cramer


GM's Motoring Ahead of Ford

By James J. Cramer

12/14/2001 07:26 AM EST

This article originally appeared on Dec. 4, 2001.

There is a difference between General Motors (GM:NYSE - news - commentary - research - analysis) and Ford (F:NYSE - news - commentary - research - analysis). One has a better balance sheet. And in a market-share scrum, one involving zero-percent financing, the one with the cleanest balance sheet wins.

That's why I like GM so much more than Ford, although the recent news that Fiat plans to issue $2.2 billion in convertible notes exchangeable for GM stock is potentially worrisome. Earlier in the year I was drawn to Ford because of its cash hoard. Now I can't believe how much it has dwindled.

How bad is it? A CNBC reporter actually asked a Wall Street analyst whether Ford will have to file for bankruptcy. That was readily dispelled by the analyst, but the fact that it even came up was all you needed to know.

General Motors has the muscle to put it to Ford as it hasn't been able to for about 25 years. GM can outlast Ford and make it so that Ford competition has to be less of a factor the longer that Ford provides low financing.

It is a brilliant scorched-earth strategy, and when GM thinks it has done enough to put Ford in a hole too deep to get out of, it will relent.

When that happens, I believe GM will be substantially above its current level. I can't wait to buy it for my personal account. (My moves -- before I make them -- are available through Action AlertsPLUS.) I will make my move the moment I can either sell another stock -- I don't want to add any more to my portfolio, too hard to review and stay in touch with all of them -- or stop mentioning GM on my radio show.

GM's the winner in this cycle. Plain and simple. You have to buy the winner in the auto cycle coming out of recession.


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Dow Jones S&P 500 NASDAQ 10-Year Note
10,270.47 1,093.48 2,167.88 33.86
Oil *
76.94
UP
73.00
UP
6.24
UP
18.86
DOWN
0.43
10 Yr
3.39%
SPDR Gold
109.74
+0.72%
+0.57%
+0.88%
-1.25%
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daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to jjcletters@realmoney.com.
Read our conflicts and disclosure policy.
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Sorry, the page you requested could not be found

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Dow Jones S&P 500 NASDAQ 10-Year Note
10,270.47 1,093.48 2,167.88 33.86
Oil *
76.94
UP
73.00
UP
6.24
UP
18.86
DOWN
0.43
10 Yr
3.39%
SPDR Gold
109.74
+0.72%
+0.57%
+0.88%
-1.25%
Data delayed 20 minutes