Stocks in the news: General Motors, Macy's, Apollo Group

General Motors (GM) and Chrysler may be one step closer to bankruptcy as according to Bloomberg, President Obama believes it is the best option for the automakers. Reuters reports that one option is to split the automaker and form a new company of GM's most profitable parts. Automakers will also be reporting March sales today, with experts estimating a 41 percent drop in sales, according to J.D. Power and Associates. GM shares actually traded higher before the bell.

3M Co. (MMM) says it's cutting its worldwide work force by another 1,200 jobs, or 1.5 percent, because of the global economic slump. Of these 1,200 jobs, fewer than half the jobs will be in the United States. Shares declined 1.4 percent in pre-market trade.