Jim Cramer Says General Motors Is Once Again a Blue Chip

TheStreet's Jim Cramer says GM's latest quarterly results show that good things come to those who wait. He says GM, which he has held in his Action Alerts PLUS portfolio for a long time, has been a complete dog. So why own it? He says because he believed the cash generation was going to be good and lower oil prices would be really good for their high margin SUVs. And that turned out to be right. The automaker reported a stronger-than-expected quarter Wednesday with earnings of $1.19 per share, easily beating Wall Street estimates of $0.83 per share. The company now plans to boost its dividend next quarter. Cramer says the numbers were spectacular and the dividend boost gives you a 4% return. Here's a dividend, he says, that's going to be growing over time. Cramer says think about this time last year when we thought there was going to be multiple billions of dollars of liabilities, but it doesn't look like that now. Cramer says GM has become a blue chip again.