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We derive a continuum equation for the magnetization of a conductingferromagnet in the presence of a spin-polarized current. Current effects enterin the form of a topological term in the Landau-Lifshitz equation . In thestationary situation the problem maps onto the motion of a classical chargedparticle in the field of a magnetic monopole. The spatial dependence of themagnetization is calculated for a one-dimensional geometry and suggestions forexperimental observation are made. We also consider time-dependent solutionsand predict a spin-wave instability for large currents.Comment: 4 two-column pages in RevTex, 3 ps-figure

Modification of the Landau-Lifshitz equation in the presence of a spin-polarized current in colossal- and giant-magnetoresistive materials