The following post rounds up the companies making headlines today:
General Motors (GMGMQ) today might exit Chapter 11 protection after just 40 days in bankruptcy court and closing the sale of its good assest. GM is due to hold a press conference at 9 a.m. Eastern. The new GM will emerge cleansed of massive debt and contracts and will be 61 percent owned by the U.S. government. Many still question its ability to operate in this tough environment and doubt whether it will be able to return the taxpayers' money any time soon.
Chevron (CVX) warned Thursday that second-quarter earnings would be hit by a sharp decline in U.S. refining margins and that any benefits from higher oil prices were largely offset by a weaker dollar. Shares declined over 2 percent.