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Ryland, Pulte rally on upgrades

Homebuilders Ryland Group (RYL - News) and Pulte Group (PHM - News) were upgraded by Credit Suisse from neutral to outperform, citing improving traffic trends and rising prices. Also, Hovnanian Enterprises' (HOV - News) Q2 EPS of 2 cents beat expectations for a 32-cent loss. It posted a 69-cent loss a year-ago. Revenue jumped 34% to $341.7 million, beating views. Shares of Ryland rose 5.8% to 21.58. Pulte shares rose 7.4% to 8.76. Hovnanian shares rose 18.2% to 2.01.