In a detailed annual report, accounting firm Deloitte & Touche said that there is “substantial doubt” about General Motors ability to remain as a viable company, and is currently a “going concern” implying that a General Motors bankruptcy is imminent. Currently General Motors is seeking up to $30 billion in additional loans from the U.S. government and more from foreign governments, including the U.K., Sweden and Canada.

Another auto parts firm that will likely benefit is O’Reilly Automotive (ORLY) whose fourth-quarter profit rose 5 percent, as sales jumped a whopping 85 percent as the acquisition of CSK Automotive took its full affect on O’Reilly’s earnings. For the quarter, O’Reilly earned 42.7 million, or 32 cents per share, compared with a $40.6 million, or 35 cents per share, for the same quarter last year. Currently O’Reilly gave full-year 2009 guidance of adjusted profit of $1.83 to $1.87 per share which was slightly higher than Wall Street’s estimates of $1.79 per share for 2009.

Companies like AutoZone (AZO) whose results soundly beat Wall Street’s second-quarter estimates, as profit jumped 9 percent, and commercial sales rose 4.5 percent. For the second-quarter, AutoZone earned $115.9 million, or $2.03 per share, compared with $106.7 million, or $1.67 per share, in the same quarter a year ago. Sales rose 8 percent to $1.45 billion from $1.34 billion. The mean Wall Street estimate was for $1.85 per share on just $1.38 billion in sales.

While associated with the secondary auto market, shares of Zep Industries (ZEP) should be avoid, as the largest seller of vehicle cleaners in the U.S., selling to more than 75,000 auto-body repair shops. It's also the largest supplier of industrial cleaning chemicals to Home Depot (HD). The most recent quarter saw EBIT of 2.8%. Zep just fired 5% of its total workers, as the company "unexpectedly began experiencing a significantly lower order rate as a result of general economic conditions while continuing to experience high raw material input costs."

The best leveraged play on the spot prices of Corn is Corn Products (CPO). In November, Bunge’s (BG) board voted to end its bid to take over Corn Products citing the weakness in Bunge’s principal commodity soybeans. Corn Products is currently forecasting full-year 2009 earnings of $2.10 to $2.60 per share, which at $18 per share or so is less than 8 times full-year 2009 earnings.

TCF Finanical is trading near its book value of $9.12 per share

Iberiabnk is trading 21% below its $46.17 book value

Sussex Bancorp is trading 291% below its $10.21 stated book value.