With the right counsel and the right attitude, if he does not cause the police and the district attorney to work too hard, it is possible to get the charge reduced. Depending on his age, he may be eligible for youthful offender adjudication wherein his charge is reduced and, upon successful completion of his sentence, it is essentially expunged. Contact my office for more information.
It is definitely possible to get a misdemeanor from a non-violent felony. It depends, however, on whether the prosecutor is willing to make that offer. Speak to an experienced criminal defense attorney who can advocate for your soon. If he is 18 or under, he is eligible to be adjudicated a Youthful Offender which means he will not have a criminal record. This will be the case with a felony or a misdemeanor.
A good lawyer will be your son's best advocate. He/she will speak to the DA and try to convince the DA to give your son a break. Your son might be required to make some sort of restitution and/or complete a program or get counseling as part of a plea agreement. Have the priest or reverend or minister of the church write a character letter for your son and see if you can get any other letters attesting to your son's good character. Get letters from teachers or past employers. Have your son do some community service and get some counseling. Being proactive about it means your son wants to atone for his bad behavior. Good luck.
Depending on the amount, this sounds like a case that should end with a non-felony plea. I just finished a case where the client found a credit card and used it twice. She was arrested for a felony but I convinced the DA to let her plead to a violation. Its a matter of putting together a good package to show why the client deserves a break. It sounds like your son need to retain a lawyer to fight hard for a violation as even a misdemeanor could make it hard for the rest of his life to get jobs.