Okay, after doing some reading. I'll be less shocked if they cancel AMC. Apparently, in spite of trying to lower production costs by moving to LA, AMC still runs over budget on a regular basis (where OLTL runs at or under budget). Even though sources have dismissed this latest rumor, it seems to be everywhere. This may just be because things tend to spread on the internet. There doesn't seem to be anything definitive yet. The rumors are saying that ABC will make an announcement maybe on Wednesday. Like I said above, there were rumors like this about OLTL a few years ago and it never happened, so who knows?
I will say that, although this is probably the first soap I ever watched, I rarely watch it now. TPTB keep trying to ram couples like Ryan and Greenlee and Jake and Amanda down our throats while pushing vets like Tad to the back burner (all recent events aside). Don't even get me started on how shabbily Julia Barr and Cady McClain were treated by the show. I think they should bump off characters like Kendall (how many times can that girl be in peril? They should just change her name to Pauline and be done with it), the nuBianca (who is NOT Bianca), Madison, Greenlee, Ryan, anyone who's just come on the show, with the possible exception of Cara because she's given Tad a storyline and then make it a 30 minute show. Oh yeah, and they could get rid of Liza, who is NOT Liza.
ETA: I forgot to mention the most sickening part about the cancellation rumors. ABC is apparently developing a talk show for Tori Spelling and the rumors say that is the show that would take AMC's slot.