Robert Barry Given Quotations

Caution is warranted given uncertainty about the consumer, rising interest rates, raw-material costs and pricing pressure.

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.

We'd caution about becoming too optimistic given a number of challenges, such as very weak (free cash flow).

The consumer spending environment since midsummer has softened. Our initial estimate is for 2006 sales of 16.8 million units, but we expect aggressive pricing will be needed to achieve that given a weakening consumer.

The bottom line is we see little to no earnings growth in '06. Indeed, flat earnings may end up being a notable accomplishment, given the stresses the auto sector is facing.