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.
Disappointing report from Fannie Mae. They reported a loss of $2.57 per share, well above the loss of $1.48 estimated by analysts. A larger provision for credit losses was the main culprit. They're also raising $6b in new capital through offerings of common and convertible and non-convertible preferred stock.
Is the commodity play back? Energy and materials stocks were the sole leaders today. Oil hit new highs, as did gasoline. The dollar faltered, along with financials. Airlines were down big. Sounds like March!
Their was plenty of discussion over the weekend that the market's recent upward momentum did not match the reality of the poor economic situation. They seem to be ignoring the fact that the global economy, while somewhat slower, has not collapsed and the markets are clearly anticipating a better second half of the year (which may or may not be overly optimistic.
Material and energy stocks got back some of their lost mojo today, despite a dollar rally. The big debate is how much of the commodity run up is due to supply/demand issues, and how much is due to the weak dollar (which of course stimulated demand for commodities).
So what's next? The job market is weak, but not falling apart. More importantly, the dollar rally is continuing, and here is where the debate is centered. Does the long commodity/short dollar trade continue to unwind?
Futures rallied 12 points on better than expected nonfarm payrolls report, with minor revisions in February and March numbers. The market will like it because while the economy is clearly soft, we are not seeing a wholesale collapse in the job market. Wages, however are weak, negative in fact if adjusted for inflation.
I have been talking about the unwinding of the “long commodities/short dollar” trade. It continued today. Energy and materials sold off; tech and financials rose. Pray for an in-line or slightly stronger nonfarm payrolls report. ...Meantime, look what lower oil and consolidation talk has done to the airlines this week...
It's finally happening. The "long commodities/short dollar" trade that has been the primary trade for the past three months is clearly in the early stages of unwinding, and stock traders could not be happier. Money is leaving commodities and energy, and going to tech stocks and financial stocks.
Exxon came in light on top and bottom line. There are many problems. Here are the highlights: 1) Production share and contract. Exxon has contracts to take oil out of the ground with many countries. When oil prices go up sharply, the host government takes a bigger share of the profits.
I'm increasingly warming to the idea of a synchronized but low-key global recovery in 2014.
Stocks market stages unexpected reaction after November Jobs Report comes in stronger than expected.
The nonfarm data 'thread the needle' perfectly: strong, yet not too strong.
The Twenty-First Amendment to the Constitution was ratified on December 5, 1933.
Investors won't be bothered by a Fed taper even if it starts this month, JPM's chief U.S. equity strategist tells CNBC.
Traders expect to see a fairly merry market clear on through December now that the November jobs report is out of the way.
The stock of a beauty retailer Ulta shed more than 20 percent on Friday.