Yields on General Motors (GM) long-term corporate bonds jumped to over 10% in early trading this morning on news that GE Capital has pulled its credit facility. The bonds have rallied slightly off the lows, as traders take into account GM's various other sources of liquidity.

Other notables:

Electronic Arts (ERTS) is down $9 after warning on 2005 EPS and projecting 2006 profits would be roughly flat year-over-year. Although the shares are getting slammed today, the valuation still doesn't look all that compelling.

Martha Stewart Living (MSO) is nearing my $20 target price for taking profit on the Sep 05 $45 puts. I don't think the stock looks attractive here, but at some point you just have to take your money off the table to avoid being too piggish. If there was any stock available to borrow (there isn't), I'd like to short it with some of the put option proceeds.