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Monday, June 1

GM cutting 7,900 salaried jobs by end of year(10:13 am ET)
NEW YORK (MarketWatch) -- General Motors Corp. (GM: news, chart, profile) said Monday it would cut 7,900 jobs this year as part of its move to emerge from bankrtupcy. The auto maker said it'll cut salaried employment in North America from its year-end total of 35,100 to approximately 27,200. It'll also reduce retiree benefits for salaried retirees and non-UAW hourly retirees. GM also said GM Europe has an agreement for bridge financing from the German government and a Memorandum of Understanding to partner with Magna International Inc. (MGA: news, chart, profile) . GM's Opel/Vauxhall assets have been pooled under Adam Opel GmbH, with the majority of the shares of Adam Opel GmbH being put into an independent trust. Negotiations to close the agreement should take several weeks, GM said.

Energy stocks rise with the broad market (9:54 am ET)
NEW YORK (MarketWatch) -- Energy stocks jumped with the broad market on optimism tied to an uptick in industrial activity in China. The Amex Oil Index (XOI: news, chart, profile) jumped 2.4%, breaking through the 1,000 barrier for the first time since January. The Amex Natural Gas Index (XNG: news, chart, profile) rose 2.3% to 450. Crude prices rose $1 a barrel to break through the $67 level. Energy sector leader Exxon Mobil (XOM: news, chart, profile) rose 1.9% to $70.65. Chevron (CVX: news, chart, profile) rose $1.13 to $67.80. Both oil majors are components of the Dow Jones Industrial Average ($DJ: news, chart, profile) , which rose more than 100 points.

Magna International moves ahead with Opel purchase(8:39 am ET)
NEW YORK (MarketWatch) -- Magna International Inc. (MGA: news, chart, profile) on Monday said it's moving ahead with plans to buy GM's Opel unit in a transaction that will allow the German car firm to avoid bankruptcy. The Canadian auto parts giant said it's held extensive negotiations over the past several days with representatives of German federal and state governments, GM Europe, General Motors Corp, and the U.S. Treasury. "While the recent negotiations have been intense and difficult at times, I believe we have achieved a constructive solution that represents a 'win-win' for all stakeholders and will position Opel to compete and succeed," said Magna Chairman Frank Stronach.

Tenet reconfirms adjusted EBITDA view(7:31 am ET)
NEW YORK (MarketWatch) -- Tenet Healthcare Corp. (THC: news, chart, profile) on Monday reconfirmed its 2009 outlook for adjusted EBITDA of $760 million to $825 million and said it has "a growing level of confidence toward the higher end of that range." The company also said that its aggregate patient admission trends for May were mostly in line with April's trends.
Sunday, May 31

U.S. providing GM $30 billion in bankruptcy deal(10:00 pm ET)
NEW YORK (MarketWatch) -- Senior officials in the Obama administration said Sunday the U.S. government will provide $30 billion in financing to General Motors Corp. (GM: news, chart, profile) to allow it to continue to operate through a historic Chapter 11 bankruptcy proceeding that will last an estimated 60 to 90 days. Officials confirmed that a majority of GM debt holders approved a deal to allow the ailing car maker to restructure its obligations. Describing the process as "painful but necessary," officials said GM will move ahead with plans to close 11 facilities and idle three more. The specific number of layoffs will be released by GM and the United Auto Workers, officials said. They said the U.S. government will own 60% of the new General Motors.