From our article on Seeking Alpha:
Next Up: GM
General Motors (GM) reports earnings on November 9th, and could still ignite the sector with its own capital return plans. Unlike Ford, we do not believe a dividend is likely for GM, rather we see a share buyback as the preferable alternative. Given the large government ownership still looming over GM’s valuation, we believe the best use of excess cash is to assist in removing weak shareholders (first) and then the government (as the price approaches the $33 IPO level).