Stocks in the news: General Motors, Kroger, MGM

General Motors Corp. (GM) and Chrysler - The Obama administration didn't find the plans submitted by GM and Chrysler acceptable to receive more federal bailout money. The task force has determined that neither company is viable, but in a last effort, the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving and deserves more taxpayers money. President Obama is set to make an announcement at 11 a.m.

Further, the White House pushed out GM's CEO Wagoner but allowed Chrysler's Nardelli to keep his job. The administration also gave Chrysler 30 days to forge a partnership with Fiat if it expects to receive additional government assistance. Finally, by Tuesday GM will have to decide whether its struggling Hummer brand will die a quiet death or live on with perhaps a Chinese automaker. GM shares plunged over 20 percent in pre-market trade.