On the upside
International Petroleum Investment will pay approximately $499.2 million to acquire Nova Chemicals (NYSE: NCX).
A Wall Street Journal article reported that instead of nationalizing Citigroup (NYSE: C), the government may simply increase its stake in the bank up to 40%.
US Airways (NYSE: LCC) will no longer charge its economy class passengers for beverages.
On the downside
While Humana (NYSE: HUM) affirmed its guidance for 2009, the health insurer warned that 2010 Medicare Advantage payment rates may negatively impact 2010 results prompting a downgrade.
BMO Capital Markets downgraded Healthspring (NYSE: HS).
UBS (NYSE: UBS) agreed to pay a fine of $780 million and will provide the identities of nearly 300 U. S. clients to settle a tax fraud investigation.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 408.
