Ever since the GM IPO at $33 in November of 2010 this stock has been criticized.
First, investors blamed the depressed price on the U.S. Treasury Department owning a stake in the automaker. Critics said until Uncle Sam sold its stake in GM it would scare away investors.
Perhaps, there was some validity to that argument since shares of GM have steadily moved higher ever since the Treasury Department said in January that it would systematically sell its shares and be completely out of GM by the middle of next year.
Next, critics of GM said the stock was dead money until GM could clean up its money losing operation in Europe. Now, this argument made sense to me. After all, GM has yet to turn a profit in Europe this century. It is a money pit and I can understand the reluctance of investors to support a company that has talked, and talked, and talked about cutting its losses in Europe only to turn around and report even more losses the following quarter.
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Europe is the broken record spooking GM investors. The fact that GM reported a smaller than expected loss in that continent during the first quarter is a glimmer of hope for investors.
Now, as GM shares move closer to the initial public offering price, skeptics of the stock are losing their arguments. GM is widely expected to soon be added to the S&P 500 index, which would give the stock a shot in the arm as index fund managers buy the stock to include in their portfolio.
Meanwhile, General Motors is picking up market share in the U.S. and looking to post strong profits for North America. In China, the company is keeping up its investment in new plants and models and shows no sign of slowing down in the world's largest auto market.
—By CNBC's Phil LeBeau; Follow him on Twitter: