Electrodeposited Ni/NiO/Co heterostructures, with cross sections < 0.0
1 mu m(2), exhibit large steps of the magnetoresistance with ratios ra
nging from 4% to 50%. Two-level fluctuations of similar amplitude indi
cate that spin-dependent trapping and untrapping of electrons in the o
xide barrier is the dominant effect. A hierarchical structure of the f
luctuations is evidenced.