A CNBC reporter since 1990, Bob Pisani has reported on Wall Street and the stock market from the floor of the New York Stock Exchange for more than a decade. Pisani covered the real estate market for CNBC from 1990-1995, then moved on to cover corporate management issues before moving to the New York Stock Exchange in 1997.
He was nominated twice for a "CableACE Award"—in 1993 and 1995.
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, Bob 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.
January housing starts, at 591,000, was above expectations of 580,000, and the highest since July 2009. The prior month was revised upward as well. Bullish on housing: BofA/Merrill Lynch initiating seven home builders with a "Buy" rating. Analyst Jonathan Ellis says, "we think a sustained recovery is now within a reasonable discounting period for the stocks." What about a bottom in home prices? And what happened to the correction?
Simon Property Group bid for General Growth: a BIG DEAL. How big? Too big to pass up. A once in a lifetime opportunity to buy high-quality assets.
While the Greek stock market is down 2.4 percent this morning, most of the rest of Europe is up fractionally. China, Hong Kong, Taiwan and Malaysia markets are closed due to the Chinese New Year, while Brazil is in the middle of Carnival. Barclays rose 11 percent pre-open, as it reported profits nearly double that of 2008. And Simon Property Group made a $10 billion offer to buy all of General Growth Properties.
Expect a little more volume than normal Friday: Berkshire Hathaway Class B shares are going into the S&P 500 today. This is attracting an unusual amount of interest from the trading community, due to the large size of the addition. About $1 trillion is indexed to the S&P 500.
Commodity and energy stocks rallied as the euro finally became so oversold that traders began buying it, thus weakening the dollar. There may also be a secondary reflation trade in play: the unusual move in copper (up 4.7 percent) widely noted on trading desks. George Gero at RBC attributes the gold rally to "Relief that Greece will be handled without having to sell gold..."
The EC president declared that "there is an accord" on Greece; this will be discussed next week by the European Union finance ministers. The Germans have dropped all sorts of hints that there will be a price to pay. And: A pass for February? Get ready for economists to discount lousy economic news, due to the snow storms. And this time they may have a point.
Stocks have rallied in the late morning on a Reuters headline, "Eurozone governments have decided in principle to help Greece." This is good news, and bad news. Good news for Greece because they will likely get cheap loans (like 4 percent) to tide them over. The bad news; it doesn't address the structural problems.
Standard and Poor's revised their credit outlook on Citigroup and Bank of America to Negative from Stable. Traders noting that Standard and Poor's is attempting to remove the Too Big To Fail premium that has been enjoyed by these large banks, which has been a major help to their credit ratings.
Speculation that some kind of assistance to Greece is coming (even though the Greek Prime Minister says he doesn't want any assistance). EU heads of state will be meeting in Brussels on Thursday. The big question: Will Germany endorse some kind of rescue package? Also: China buying hard assets — oil and gold.
Despite its myriad troubles and doubters on Wall Street, Bank of America has a friend in Dick Bove.
Royal Bank of Scotland reported a modest increase in second quarter profit after booking a £1.05 billion charge for the costs of restructuring.
What's the harm in waiting six months to raise rates? asks "Fast Money" trader Brian Kelly.