An argument could be made for outright elimination of the dividend, though we view that as unlikely.

In North American automotive, it is as if GM and Ford both walked outside on a rainy day -- Ford somehow came back with a suntan, while GM walked back inside soaked.

Ford needs to show greater cost reduction going forward as the revenue side gets more competitive.

Cost-reduction targets sound good on paper but achieving many of them will require UAW cooperation.

We have long maintained that the parties are very likely to come up with a deal that avoids a long, debilitating strike at Delphi, which could lead to a Chapter 11 filing by GM.

Today's moves set the stage for a more significant discussion with the UAW regarding cost savings, but have very minimal near-term cash flow impact.

It is as if GM and Ford both walked outside on a rainy day -- Ford somehow came back with a suntan, while GM walked back inside soaked.

It is as if GM and Ford both walked outside on a rainy day, Ford somehow came back with a suntan, while GM walked back inside soaked.

We are pleased to see results improve, but our enthusiasm is tempered by several factors.