Stocks in the news: General Motors, Lear, J&J, Elan

The following post rounds up the companies making headlines today:

General Motors (GMGMQ) may file for an initial public offering of its stock in 2010, according to an adviser to the Obama Administration's auto task force. Bankruptcy court hearings are expected to continue Thursday. Creditors and other dissenters continue to press against GM's plan, which includes shedding old debt.

Lear (LEA) said Wednesday it's looking to file for Chapter 11 bankruptcy. It's looking for a reorganization supported by key secured lenders and bondholders and it had obtained $500 million in bankruptcy financing. This is despite the fact that June sales data released Wednesday showed the smallest drop of the year for Ford Motor Co. (F). Still, the GM bankruptcy didn't help as 80 percent of its sales in 2008 were to Ford and GM. The stock plunged 20 percent in pre-market trade.