Stocks in the news: General Motors, Prudential Financial, Elan


The following post rounds up the companies making headlines today:

General Motors Corp. (GM) filed for Chapter 11 bankruptcy protection Monday morning. With the U.S. government now the majority owner with a 60 percent stake, the Canadian government owning 12.5 percent and the UAW 17.5 percent, GM will undergo severe restructuring. GM's bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. GM has $172.81 billion in debt and $82.29 billion in assets.

Ford Motor Co. (F) is now officially the last one standing off the Big Three Detroit automakers. Ford is preparing an effort to gain market share with plans to increase production of cars and trucks in the third quarter by about 10 percent from a year ago level. It will be Ford's first significant production increase in almost two years. Shares 3.8 percent ahead of the bell.

[Update 9:35 am:Cisco (CSCO) will replace General Motors (GM) in the Dow Jones Industrial Averages; Travelers (TRV) will replace Citigroup (C).]

Originally published