The self-consistent separable random-phase approximation (SRPA) with Skyrme forces is extended to the case of magnetic excitations and applied to the description of spin-flip and orbital M1 giant resonances in the isotopic chain142-152Nd . The Skyrme forces SkT6, SkM*, SLy6 and SkI3 are used. The calculations show an onset of the scissors mode with increasing deformation. A specific three-peak structure of the spin-flip response is found and explained by particular neutron and proton spin-flip transitions. Although the employed forces provide an acceptable qualitative description, the Skyrme functional still needs further improvement to reproduce quantitatively the experiment for spin modes.