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.
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.
Banks are oversold and cheap by historical standards, and while a few that report decent numbers will definitely bounce, it is unlikely to eliminate worries over more capital raising. There's additional worries, as now many are concerned with deterioration in other parts of the banks' portfolios...
3) My mother writes the following note to me: "Dear Robert, Just received my quarterly statement, and was that sad... Found the name of a stock I was interested in called Palomar Chemicals, supposed to help removed tattoos. Love, Mom"
Most felt that the feds had no other choice, that these two firms really were too big too fail. So now Fannie and Freddie can borrow from the Federal Reserve's discount window. Treasury will pursue increasing the credit lines the companies currently have, and will consider an equity investment.
To give you an idea of how much trading went on today, Freddie Mac traded nearly 400 million shares--nearly two-thirds of the entire 646 million share float. Markets rose briefly in the middle of the day as Reuters reported that Fed Chairman Bernanke would open the Fed's discount window to Fannie and Freddie...
I've spent the morning talking to traders about the Fannie/Freddie issue, specifically about whether the government should essentially take the companies over. Most traders are emphatically against this idea. They point out that the U.S. government currently has roughly $9 trillion in debt (which includes the Social Security obligations).
Despite good news from our parent General Electric we are again being pushed around by oil at a record price, and by Fannie and Freddie. Both are down big (about 50 percent) this morning, largely on a New York Times story that the federal government was considering placing one or both of them in a conservatorship.
Two pieces of positive news this morning: 1) Wal-Mart sales better than expected and raising guidance, and 2) Dow Chemicalspacer buying Rohm and Haas. Jobless claims lower than expected is also a help.
This a high-quality IPO week. The list of companies going public includes come well-known names, like Hilton.
If the S&P is what some call "boring," I'll take that any time.
S&P 500 ends at a historic high as stocks stage slow, steady climb higher.
I'm increasingly warming to the idea of a synchronized but low-key global recovery in 2014.