Stocks in the news: Time Warner, Costco, General Motors

The following post rounds up the companies making headlines today:

General Motors (GM) keeps moving closer to filing the largest bankruptcy ever for a U.S. industrial company as the deadline from the government is only days away and after a crucial bond exchange proposal failed. Meanwhile, the fate of GM's Opel remains uncertain after talks with German officials ended without a deal as GM reportedly demanded more money. Shares fell 6 percent ahead of the bell.

Time Warner Co. (TWX), for now still the parent of this blog, announced that its Board of Directors has approved its plan to spin off its Internet unit AOL. AOL would then be an independent, publicly traded company. Time Warner will focus on film, television and other content creation, while AOL would focus on the online operation. Shares gained 1.2 percent in pre-market trade.