Updated from 2:04 p.m. EDT
Better late than never? I guess we'll see, but this last-minute cost-cutting is certainly making things interesting. There's still that problem with getting the bulk of bondholders to agree to go along. Lately, GM was up 5 cents at $1.48. Earlier, it was as low as $1.12. All 30 stocks on the Dow are now in the green, and the index is up more than 200 points.
We shouldn't interpret this as the all-clear, but it's a step in the right direction. We'll need confirmation in the months ahead, and quite frankly if the job market doesn't improve we might not get it. However, for now, it is another sign that we have some reason to hope. As for the Dow stocks, only three of them were lower, with the aforementioned GM the worst, down 8.4% at $1.31. A report on CNBC indicated that the vast majority of bondholders aren't going for the company's offer to swap their debt for an equity stake. Coca-Cola ( KO) and Bank of America ( BAC) edged down, the latter despite an upgrade at FBR. None of the gains were particularly sizable, though several companies were advancing 3% or more, including American Express ( AXP), Caterpillar ( CAT), Home Depot ( HD) and 3M ( MMM). Meanwhile, Pfizer ( PFE) was little changed following reports that it could be raising more than $10 billion through a debt offering that would help it complete the planned acquisition of Wyeth ( WYE). Lately, the shares were up 1 cent at $14.97. For now, I'll wrap up by pointing you toward an article from TSC Ratings on why AT&T ( T) might be a good buy at these levels.