When I look at 2006, I see a lot of the same pressures I saw in 2005.
We continue to regard Borg as a top pick in a group that we are quite negative on.
After burning $400 million of cash in 2005, we expect the company to use another $150 million in 2006, and we have no reason to believe that 2007 performance will be much better.
Despite many unknowns about how a three-way deal between Delphi, GM and the UAW will be structured, we are increasingly confident that the Delphi restructuring will happen out of court.
Automakers' extremely generous incentives in recent weeks have simply drawn forward industry demand.
A lot of companies that have not filed for bankruptcy may be close to a breaking point. The risks are very high right now.
It's not up to GM, it's up to the consumer whether that price holds or not. GM's pricing strategy continues to be a source of confusion for investors.
I have to assume that prior guidance did not assume any ground breaking concessions from labor.