Palm and Garmin are expected to release the new Palm GPS Navigator with Garmin Mobile (TM) XT software in November.

The new GPS Navigator, compatible with Palm , Treo (TM), and Centro (TM) smartphones in the U.S., Canada, and Puerto Rico, is expected to be priced around $250. The device will feature voice-prompted, turn-by-turn directions, as well as gas prices, weather forecasts, and traffic info, including construction work. Garmin Mobile XT software will come preloaded on a microSD card.

The news prompted Garmin shares to rocket nearly 4% during intraday trading. The stock took a rare dive in early October, dropping around 20% in a week, but has since rallied to mark support at its 10-day and 20-day moving averages. Garmin shares are currently trading at $118.44, ahead 2.86%.