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.
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The Great Commodity Unwind of 2008, which began in July, picked up steam this morning. Remember the trade: investors have not only been long commodities, they have been long the currency of major commodity producers like Australia, and short the dollar. That unwind is now accelerating, with positive implications for U.S. consumers and stocks.
Stocks opened stronger in Europe on a generally more positive tone for stock markets; however, the economic weakness in Europe is front and foremost. The British pound is at the lowest level in two years. Dollar at the highest level since February against the euro. Commodities are down across the board. Ahead of its meeting next week, OPEC may need to cut oil supplies by as much as 1.5 million barrels per day, or nearly 5 percent, Iran's OPEC governor said on Tuesday.
The Dow and S&P were down slightly this week, but there was a lot of good news: oil doesn't rally despite Gustav, Russia; economic news more positive; financials stabilize; dollar maintains strength. The bad news is what could be called the tech problem.
Markets have headed lower late in the morning and into the afternoon, primarily on the Dell and Gustav news. Tech stocks have been struggling all day. Crude oil and natural gas futures were higher this morning, but the markets have not had any help from energy stocks. And Sen. John McCain’s choice of Alaska Governor Sarah Palin as a running mate came as a surprise to many.
Despite a lukewarm start Friday, stocks look to extend a 3-day winning streak today -- despite the Dow’s 240 point decline on Monday, the Dow is still up 0.75% (up 87 points) for the week.
The markets have staged an impressive two-day rally on stronger GDP and durable goods; lower oil, natural gas; stronger financials. But the disappointing showing from Dell is a reminder that the global economic slowdown is not going away. If you are not confused, you're not paying attention.
Futures popped about 6 points at 8:30am ET, as preliminary second quarter GDP of 3.3 percent seems to have ended talk of a "formal" recession. MBIA up 17 percent pre-open, as it agreed to reinsure $184 billion of municipal bond risk from FGIC (its competitor). MBIA gets $741 million in premiums. Ambak up 13 percent in sympathy. And retailers continue to report very mixed results.
Banks lead this week after underperforming this year. Rising rates provide a boost.
Stocks are at new highs, but where are the bargains?
Stocks trade in narrow range. Financials outperform for second day. Bank of America jumps three percent.
A solar company is reintroducing the idea of credit risk in China