TAM Linhas Aereas (TAM) and Hovnanian Enterprises Inc. (HOV) stock market gainers

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Shares of homebuilder Hovnanian Enterprises Inc. (HOV), climbed Wednesday after reports showed an uptick in home construction and mortgage application volume. Construction of new homes and apartments rose 8.9 percent in November to a seasonally adjusted annual rate of 574,000 units, the Commerce Department said. The gain represented strength in all areas of the country, though the rise was slightly lower than economists had expected. Applications for new building permits rose 6 percent to an annual rate of 584,000 units, a stronger showing than predicted. The stock rose over 10 percent on double the average trading volume.

TAM Linhas Aereas (TAM), Brazil's largest airline, said on Wednesday it plans to spin off its Multiples SA unit in an initial public offering, hoping to capitalize on a boom in share sales. The unit, TAM's mileage program, signs accords with retailers that allow clients to collect and use air miles. TAM launched Multiples in June after expanding its frequent-flier program to include retailers, hotels and other types of services. The airline said it will unveil details of the IPO at a later date. Shares rose on the news to an intraday high of $22.33 or 8 percent on above average trading volume.

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