  Spin-polarized transport through bistable magnetic adatoms or single-molecule
magnets (SMMs), which exhibit both uniaxial and transverse magnetic anisotropy,
is considered theoretically. The main focus is on the impact of transverse
anisotropy on transport characteristics and the adatom's/SMM's spin. In
particular, we analyze the role of quantum tunneling of magnetization (QTM) in
the mechanism of the current-induced spin switching, and show that the QTM
phenomenon becomes revealed as resonant peaks in the average values of the
molecule's spin and in the charge current. These features appear at some
resonant fields and are observable when at least one of the electrodes is
ferromagnetic. We also show that the conductance generally depends on the
relative orientation of the average adatom's/SMM's spin and electrode's
magnetic moment. This spin-valve like magnetoresistance effect can be used to
control spin switching of the adatom's/SMM's spin.
