Tuesday's Headlines: General Motors

(At 7:45 a.m. EDT)

Tuesday's Early Headlines

• UAW Officials to Hear More on GM Job Cuts. - General Motors (GM) is in the spotlight this week as it stares down a bankruptcy deadline of June 1. A Reuters report said union officials representing 54,000 GM workers are scheduled to meet to prepare for a quick ratification vote on a cost-cutting labor deal negotiated last week. The union will meet Tuesday in Detroit to hear how many more U.S. factory jobs GM plans to cut.

• GM Gets Concessions From Canadian Union. - The Canadian Auto Workers union ratified a cost-saving labor agreement with GM on Monday to protect jobs in a probable June 1 bankruptcy, according to Bloomberg. The CAW, representing about 9,000 GM hourly workers, approved with 86% of the vote yesterday a deal that freezes pension payments until 2015 and pays new hires less

• Ackman to Retain Target Stake if Elected. - Target (TGT) shareholder Bill Ackman pledged to retain his stake in the retailer for at least five years if he's elected to the company's board on Thursday. Ackman, who runs Pershing Square Capital Management, is seeking several changes to Target's board. Pershing Square Capital Management owns a 7.8% stake in the retailer.

• North Korea Launches More Short-Range Missiles. - In geopolitical news, North Korea reportedly fired two short-range missiles from its east coast Tuesday, according to South Korea's Yonhap news agency, which cited a South Korean official. The launch came a day after North Korea conducted a nuclear test and fired another short-range missile. Asia and Europe markets traded lower on the news.

• Lehman Units Argue Over Bankruptcy. - Lehman Brothers' U.S. and U.K. units are at odds over a bankruptcy agreement, according to The Wall Street Journal. Following America's largest bankruptcy, administrators for Lehman's U.S. unit plan to ask a federal judge Tuesday to approve an international framework for coordinating bankruptcy proceedings among subsidiaries spread across the globe. But administrators representing the U.K. unit are balking at the agreement, arguing that they are governed by local rules and the interests of their own creditors.