US Stock Market Closing Wrap (MAR 7, 2007)

DJIA                     12,192.37; Down 15.22 (0.12%)
NASDAQ             2,374.64; Down 10.50 (0.44%)
S&P500              1,391.95; Down 3.46 (0.25%)
10YR-Bond        4.497% ; Down 0.031
NYSE Volume    3,177,062,000
NASD Volume    1,920,460,000
VIX                         14.90 (-1.06)

Above market closing levels are ‘unofficial’ on th exact closing levels.  Today was a day where we saw a mixed bag in the financial markets.  All of the indices were mixed throughout the day and the leaders were random. 

Oddly enough we saw Strength in the sub-prime mortgage and lending area after Fremont General (FMT) rose 25% because it noted that there are interested parties that may want to acquire it.  That almost seems odd stating because of how hideous they have looked.  Going into the close New Century Finacial (NEW) was up over 4% at $5.25 and Novastar (NFI) was up 10% at $5.00.

Toll Brothers (TOL) was up 1.6% right before the close after it said it would burn through its inventories in 4 to 5 months.  DR Horton (DHI) said it would miss targets in 2007 for home closings, but sees pricing power maybe in 2008.  CNBC reported that the CEO of DR Horton even said that "2007 will suck" if you can believe it.  That may be a first from one of the industry CEO’s.  Maybe he was out cocktailing at lunch because that stock fell off a cliff at the end of the day and closed down $0.01 at $24.55.  That may be a case study of "what not to say."

CV Therapeutics (CVTX) remained down 23% into the close after mixed data last night that was really a negative on its angina studies.  Unfortunately that marks another year low.

Take-Two (TTWO) was up 8% before the close and had been up over 10% as SAC Capital and other firms were banding their efforts together to replace the management and board of directors at the annual meeting in two-weeks.

Valero (VLO), Exxon (XOM), and other energy stocks rose with a strong energy market after oil inventories fell more than expected.

Defensive stocks weren’t exactly gobbled up today with 14 of our 20 ‘first-line defensive stocks for a crummy market’ being negative in the last few minutes of the day.

All eyes will be viewing to see how Japan and China open in a few hours and that may set the tune for tomorrow.  Have a great evening and stay tuned for more big news and analysis.

Jon Ogg is a partner in 24/7 Wall St., LLC; he does not own securities in the companies he covers.