Trader Talk with Bob Pisani

Bob Pisani

Bob Pisani
CNBC "On-Air Stocks" Editor

A CNBC reporter since 1990, Bob Pisani has covered Wall Street and the stock market for nearly 20 years. Pisani covered the real estate market for CNBC from 1990-1995, then moved on to cover corporate management issues before becoming Stocks Correspondent in 1997.

In addition to covering the global stock market, he also covers initial public offerings (IPOs), exchange-traded funds (ETFs) and financial market structure for CNBC.

In 2013, he won Third Place in the National Headliner Awards in the Business and Consumer Reporting category for his documentary on the diamond business, "The Diamond Rush."

In 2014, Pisani was honored with a Recognition Award from the Market Technicians Association for "steadfast efforts to integrate technical analysis into financial decision making, journalism and reporting."

Prior to joining CNBC, Pisani co-authored "Investing in Land: How to Be a Successful Developer." He and his father taught a course in real estate development at the Wharton School of Business at the University of Pennsylvania from 1987-1992. Pisani learned the real estate business from his father, Ralph Pisani, a retired real estate developer.

Follow Bob Pisani on Twitter @BobPisani.

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  • european_union_crack2_200.jpg

    No shock and awe this weekend? It sounds like Europe is going back to incremental changes. Traders have been anticipating the European Union summit on Sunday will resolve issues related to: 1) a greater haircut on Greek debt; 2) recapitalization of banks; and 3) how to use the European Financial Stability Facility.

  • Stocks have come off their highs on a series of headlines out of Europe. With four days to go until the EU Summit, there are reports that the Germans and French are unable to agree on a plan for leveraging the EFSF, or that using the EFSF as a "first loss" insurance policy might not be legally possible.

  • Naturally, skeptics abound, particularly around the concept of using the EFSF as a "first loss" insurance policy. Under this scenario, sovereign bonds will be issued to finance expiring bonds, and the EFSF will be used to back, say, the first 20 percent of any losses.

  • Today, Europe ratchets up expectations. A day after German Chancellor Angela Merkel tried to talk down expectations at the EU Summit Oct. 23, France's President Nicolas Sarkozy, quoted in the Financial Times, said they would be taking "important, very important decisions in the coming days."

  • Conflicting reports out of Europe about what will happen at the EU Summit this weekend confounded traders in the last hour. Dow Jones said a Guardian report that there was a deal to lever up the EFSF was "totally wrong."

  • The S&P 500 moved over 12 points to the highs of the day on a report from the Guardian in London: "France and Germany have reached agreement to boost the eurozone's rescue fund..."

  • The three issues of most concern to traders (short-term) are: bank recapitalization, Greece, and how the EFSF money will be spent. Traders are expecting movement on all three fronts this weekend.

  • September Producer Price Index hotter than expected, up 0.8 percent, but has little effect on U.S. stock futures; it's still about Europe — and China.

  • Revenue? $26.16 billion, a tad lighter than consensus of $26.26 billion. That's why the stock is down? I doubt it.

  • This is the first significant selloff we have seen in a couple weeks. But unlike the big down days we saw in August and September, this decline was on relatively light volume.

  • Bob Pisani

    A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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