BOSTON ( TheStreet) -- General Motors (GM), which raised at least $20.1 billion in an initial public offering, is to carmaker Ford (F) what financial company Citigroup is to JPMorgan (JPM), some mutual-fund managers say.
GM, like Citigroup, needed a bailout by the government, which holds a stake in both companies. Ford was the sole U.S. carmaker to make it through the recession without government help, and JPMorgan, while being forced against its will to take bailout money, has emerged as the strongest U.S. bank because of its superior risk controls.
Many investors were hot on the GM IPO, which came at a time when consumers started getting ready to buy big-ticket items again. GM had raised the proposed deal size for its IPO to 478 million shares, an increase of 31% from the original proposal. Last night, GM said in a statement it priced the shares at $33.
Still, some fund managers are sticking with Ford shares, which have rallied a staggering 660% since January 2009. GM filed bankruptcy on June 1, 2009.
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