Stocks in the news: General Motors, Bank of America, Sandisk


The following post rounds up the companies making headlines today:

General Motors (GM) said its offer to exchange more than $27 billion in debt for equity has expired, and any accepted exchange offers will be returned to bondholders unconsummated. With bondholders rebelling against the offer, the company's board will meet to discuss the next step. According to the Wall Street Journal, GM's needs would mean that the government's stake will probably rise from 50 percent to as much as 70 percent. The Canadian government also will likely receive a small stake in the automaker. Shares opened over 12 percent lower.

Bank of America (BAC) says that it has raised almost $26 billion of the $33.9 billion it was told it needed following government stress tests. Shares opened about 3 percent higher.