Citibank & Garmin Pop 9% On Positive News

Citigroup ( C, 9%); reports the govenment could convert its preferred stock into common stock in a plan that could boost the government’s ownership to 40%.

Garmin (GRMN, 9.5%); reports Q4 earnings of $0.93 per share, ex-itmes, below the consensus of $0.98. Revenues came in at $1.05 billion, versus the consensus of $1.12 billion. Commenting on its outlook, the company said, “In light of the uncertainties and dynamic conditions, we will not offer specific guidance for 2009 until the outlook for the year becomes clearer.”

Nova Chemicals Corp. (NCX, 295.5%
); International Petroleum Investment Company announced plans to acquire Nova Chemicals for $6 per share in cash.

HealthSpring (HS -29.8%); Medicare plan providers are sinking today following a news that the government has proposed a payment rate increase of only 0.5% for next year. The number comes in much lower-than previously expected.

Humana (HUM, -22.6%); see HealthSpring.

Fifth Third Bancorp ( FITB, 18.5%); financials are rebounding today following massive losses last week. Shares of Fifth Third plummeted by more than 48% last week. Also see Citigroup below.

UnitedHealth Group (UNH, -14%); see HealthSpring.

GeoEye, Inc. (GEOY, 13.5%); just before the close on Friday, GeoEye announced that the National Geospatial-Intelligence Agency notified the Company that imagery from the GeoEye-1 satellite has been certified as meeting their stringent requirements for quality, accuracy and resolution. GeoEye is now delivering GeoEye-1 sub-half-meter ground resolution satellite imagery to the National Geospatial-Intelligence Agency.

Ford (F, 12.7%); trading higher on news that the UAW and Ford have approved a tentative pact to modify VEBA.

Vale (RIO, -10.2%); continuing lower following a 7.6% slide on Friday on the back of the company’s FY08 results. Adding the today’s downside, commodity stocks in general are trading lower.

US Steel (X, -10.1%); announced several management changes this morning, but the stock is likely tumbling with the broader commodities complex.