(INDEXNIKKEI:NI225) index rose 0.69% overnight and capped off its
largest annual advance since 1973, according to Bloomberg. The
index closed the year with gains of 57%. Additionally, the yen has
declined 21.16% vs. the US dollar this year.
US stock indices remained slightly negative for much of today's
session, but managed to close near the flat line. Energy stocks
suffered the worst losses in the
(INDEXSP:.INX), dropping 0.81%. Crude oil futures fell 1.09%. The
consumer discretionary sector was the best performer, with
) posting the strongest gains.
November pending home sales contracts fell 0.2% from the prior
month and declined to a -4% annual growth rate. Economists had
estimated sales would grow 1.0% and 0.1%, respectively.
) continued its sell-off from Friday, declining another 8% to
today's low. However, the stock managed to find some support after
its early morning sell-off, but still finished down 5.18% for the
day. The stock has lost 19.03% since peaking at $74.73 last
Thursday following a number of analyst downgrades.
) announced that private equity giant
) has taken a $200 million stake in the company via convertible
preferred debt. The company will use roughly $150 million of that
money to buy back common stock. The deal also came with terms that
Blackstone would not be able to acquire more than 25% of Crocs. The
stock gained 21.23% in today's trading on 34.5x normal volume.
Tomorrow's Financial Outlook
The October S&P/Case Shiller home price index will be released
tomorrow morning before the market opens. Economists estimate that
prices will rise 13.45% from a year ago and 0.95% from the prior
month. In addition, the regional Chicago purchasing manager's index
will be released. The index reached a two-and-a-half-year high in
October, and economists estimate it will remain near that level in
December. Lastly, the Conference Board will release its December
consumer confidence index, which economists estimate will rise to
76.2 from 70.4 in the month prior.
There are no notable global market-moving data or US earnings
reports scheduled for tomorrow.