The cash infusion stemming from a potential GMAC sale would give GM additional financial flexibility, though clearly at the expense of earnings power.

The plan is essentially as expected, meaning not terribly aggressive.

The road ahead for GM does not look much better -- we expect continued market share declines in a modestly lower U.S. vehicle sales environment.

While numerous challenges remain, results set a positive tone for today's restructuring announcement.

The fundamentals remain challenging, with continued market share losses and cash-flow burn expected in 2006.

At this point, the excitement surrounding what now look to be relatively small health-care concessions is but a distant memory.

Media reports and industry contacts continue to signal that the Delphi situation is likely to be resolved peacefully, with GM footing the bill for early retirements and wage subsidies.