Robert Barry North Quotations

We think better cost performance was a key driver of the improvement in North American and possibly higher profitability on cars than we had anticipated.

We doubt a buyer gets in front of risk that a strike cripples GM North America. UAW negotiations tend to go down to the wire -- now March 31 -- so a GMAC sale is harder to envision before sometime in the second quarter.

We are not confident the restructuring addresses the core issue that GM brings too much supply to the North American market.

We see sizable North American share loss continuing, weighing on earnings and offsetting many restructuring benefits.

We think such a move would not occur if prospects for traction on the turnaround plan were tighter. The management change comes at an inopportune time given the challenges ... and severe stresses on the North American business, some of which will likely require longer term attention.

Ford's restructuring plan was widely anticipated, but was more vague and protracted than we expected, which is disappointing. We also see sizable North American share loss continuing, weighing on earnings and offsetting many restructuring benefits.