Homebuilders advanced after figures from the National Association of Realtors showed the number of Americans signing contracts to buy previously owned homes rose more than forecast in November. Hedge funds including SAC Capital Advisors LP and Caxton Associates LP have been buying real estate-related investments while analysts from Zelman & Associates and Goldman Sachs Group Inc. are predicting a housing rebound, the Wall Street Journal reported.
PulteGroup Inc. (PHM) rose the most in the Standard & Poor’s 500 Index, climbing 2.5 percent to $6.10. The largest U.S. homebuilder by revenue sold a 1,700-acre master-planned community north of Denver to Wheelock Street Capital LLC for an undisclosed amount.
Lennar Corp. (LEN) had the second-biggest increase in the S&P 500, adding 2.2 percent to $19.40. D.R. Horton Inc. (DHI) rose 1.9 percent to $12.43.
Amazon.com Inc. (AMZN) slumped 3.7 percent to $167.49 for the biggest retreat in the S&P 500. Data from ComScore show the online retailer’s fourth-quarter revenue may be $17.9 billion, less than the average analyst estimate of $18.2 billion, according to Goldman Sachs Group Inc.’s Heather Bellini.
Exar Corp. (EXAR) fell 3.2 percent to $6.46 after sinking as much as 6 percent, the most intraday since Oct. 25. The designer of chips for power management and device connectors cut its third-quarter revenue forecast to no more than $30 million, down from an earlier prediction of at least $32 million and less than the average analyst estimate of $33.1 million.
JA Solar Holdings Co. (JASO) rose 4.6 percent to $1.38 and climbed 6.1 percent earlier, the most intraday since Dec. 22. The solar company said it won a contract to supply Solarhybrid AG with 19 megawatts of solar modules.
Mosaic Co. (MOS) dropped 1.6 percent to $49.49 after falling to $48.35 earlier, the lowest intraday price since Dec. 19. The world’s largest producer of phosphate fertilizer said it will cut output by as much as 250,000 metric tons through the first quarter of 2012.
Peregrine Pharmaceuticals Inc. (PPHM) jumped 6.1 percent to $1.05 after rallying 11 percent earlier, the most intraday since Dec. 12. The developer of antibodies to treat cancer and viral infections said preliminary phase II trial results for its bavituximab in treating patients with hepatitis C showed antiviral activity and that the treatment is safe.