There will be several stocks ready for ignition Wednesday for those investors looking for more fireworks after the Independence Day holiday. General Motors ( GM) is set to once again be in focus. The No. 1 U.S. automaker posted a 26% drop in June U.S. sales after the bell Monday, and the market will be looking for potential developments on an alliance with a foreign-based competitor. Nissan's board of directors approved the opening of talks with GM on Monday, allowing for the potential of turning the Japanese automaker's current partnership with France's Renault into a global triumvirate. Activist shareholder Kirk Kerkorian of Tracinda Corp. voiced approval for the proposed alliance last week, and Bloomberg reported that Kerkorian has lost confidence in the current GM CEO, Rick Wagoner. Considering his representation on the company's board of directors, Kerkorian's endorsement lends credence to speculation that a deal could be reached. Alongside the drama unfolding at GM, Wall Street will digest a weekly report on crude inventories from the government on Wednesday. Last week, the Energy Department reported an unexpected drop of 1 million barrels in gasoline inventories, while crude stockpiles fell by 3.4 million barrels. Such data have the potential to roil the already volatile energy markets and, in turn, move shares of oil giants like Exxon Mobil ( XOM). Elsewhere, British Airways ( BAB) will release its traffic statistics for June on Wednesday, which could get its shares moving. The carrier has said it's being investigated by competition officials in the U.S. and U.K. over ticket prices and fuel surcharges. Other airline carriers, like American Airlines ( AMR), are expected to report June traffic results sometime this week. After Wednesday's closing bell, biopharmaceutical outsourcing company Parexel ( PRXL) will issue earnings guidance for fiscal 2007 and other periods. Analysts forecast earnings of 88 cents a share for 2006 and $1.15 a share for 2007, according to Thomson First Call.