We use nanometer-sized point contacts to a Co/Cu spin valve to study the giant magnetoresistance (GMR) of only a few Co domains. The measured data show strong device-to-device differences of the GMR curve, which we attribute to the absence of averaging over many domains. The GMR ratio decreases with increasing bias current. For one particular device, this is accompanied by the development of two distinct GMR plateaus, the plateau level depending on bias polarity and sweep direction of the magnetic field. We attribute the observed behavior to current-induced changes of the magnetization, involving spin transfer due to incoherent emission of magnons and self-field effects.
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