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.

Himanshu Patel

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We see a $US2 billion cash injection as meaningful, even in light of GM's robust corporate liquidity. This sale was largely unanticipated by the market.

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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.

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While tire pricing remains strong, high raw material prices and potentially weak high-margin markets (North American and European replacement truck tire markets) could provide offsets.

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We see a $2 billion cash injection as meaningful, even in light of GM's robust corporate liquidity. This sale was largely unanticipated by the market.

— Himanshu Patel

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We think GM will see it as more of an opportunity than a risk to assist in a Delphi bailout, as it will likely be able to extract sizable UAW health care concessions in return,

— Himanshu Patel

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