SAVA - Hot Stocks: Homebuilders rally; CMPI ACC jump on merger deals; SAVA falls to new low

After lackluster trading the previous day, stocks received significant buying interest on Tuesday, with the Nasdaq jumping 2.2% and the Dow adding almost 500 points. The gains reversed some of the losses posted over the past couple weeks. Homebuilders contributed to Tuesday's rally, following the release of industry estimates issued by Freddie Mac. Lennar (LEN), D. R. Horton (DHI), KB Home (KBH), PulteGroup (PHM), Toll Brothers (TOL), Beazer Homes (BZH) and Trip Pointe Homes (TPH) all finished higher. Elsewhere in the market, M&A news provided a major catalyst during the day. Checkmate Pharmaceuticals (NASDAQ:CMPI) quintupled in value after signing a deal to be acquired. At the same time, a separate purchase agreement sparked a double-digit percentage gain in American Campus Communities (NYSE:ACC). On the other side of the spectrum, Cassava Sciences (SAVA) plummeted amid renewed concerns about its controversial Alzheimer’s drug, falling to a new 52-week low. Sector In Focus

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Hot Stocks: Homebuilders rally; CMPI, ACC jump on merger deals; SAVA falls to new low