Timing of this pending divestiture cannot be overlooked.

226

[The letter] suggests that GM is taking a hard-line stance with both Delphi and the UAW, ... As such, we expect the negotiations to go down to the wire, but we still believe an out-of-court restructuring is most likely.

220

We are not that surprised that the company guided down for the first quarter given their previously announced weak production schedules. However, we are surprised by the magnitude of the first-quarter and 2005 revision, which suggests the further risk to production schedules in future periods.

198

While fundamentals are admittedly weak, given the stock's weak recent performance, we are reluctant to get incrementally bearish, particularly ahead of a potential restructuring announcement.

176

That said, we continue to favour GM over Ford due to the former's more favourable 2006 product cycle and its more aggressive restructuring approach.

151

It should not be difficult to agree on the bargaining points.

125