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. |
The cash infusion stemming from a potential GMAC sale would give GM additional financial flexibility, though clearly at the expense of earnings power. |
The fundamentals remain challenging, with continued market share losses and cash-flow burn expected in 2006. |
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. |
These things take time, and now that you're dealing with three-way talks ... |
While numerous challenges remain, results set a positive tone for today's restructuring announcement. |