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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Futures popped nearly 10 points as durable goods jumped more than expected. Dollar rallies a bit but is still down, bonds decline. Commodities up as the dollar is a bit weaker today. While oil is up $1.82 to $118.09, it is a fairly poor response to Gustav and the tensions with Russia. Airlines are weaker.
The German business confidence index (Ifo) declined to the lowest levels since August 2005, increasing concerns about a weakening Europe. The dollar has popped to its highest levels of the year. And Russia's stock market is down 5 percent to its lowest levels in six years, as most European countries are signaling they will not recognize the breakaway states of Georgia.
It was a "Meltdown Monday" on Wall Street today. People might pooh-pooh today's action because of the light volume, but it is hard not to be a bit awestruck at the breadth of the decline. All of the Dow Jones Industrial's 30 components fell, toward the close 472 of the S&P 500 Index were lower, and 97 of the Nasdaq 100. Why the decline? There were plenty of reasons cited, but the most common was concerns about the financials.
Ask a trader why the market is down today and you'll get a whole host of different answers: concerns about the financials, the lack of resolution on Lehman, the lack of volume which makes the market more vulnerable to sudden swings, and the tensions over Russia's support of breakaway regions in Georgia. The most common answer, though: the concern about the financials.
Mary Thompson is filling in for Bob Pisani: The markets have kicked off what is supposed to be a quiet week of trading on a down note. The decline is broad, volume is light, and financials and transports are the leading losers. But one strategist says oil and credit are the real stories.
A big drop in oil provided nice support for stocks. Oil went from $114 to $121, then all the way back to $114, in two days! Stocks were drifting lower midday Friday, but when oil started moving down aggressively, the market stabilized, and a few sectors like airlines and retailers had modest rallies. Financials also stabilized today, though they are down for the week.
There are three big questions floating around on the Street today: First, does the debt of Fannie/Freddie take a haircut? Most traders would say no prior to today, but Ben Bernanke's comments that debt haircuts might be in order for some (he did not specifically say for Fannie Mae or Freddie Mac) has given many pause...
The bottom line on Lehman Bros.: All the talk about a possible investment in Lehman from Korea Development Bank -- or anyone else -- is really beside the point. The reason Lehman has dramatically underperformed even its poorly performing peers this year is the large exposure they have to the worst performing parts of the market.
Warren Buffett told CNBC that he has no bets against the dollar and stocks are more attractive now than a year ago. This has been a week of reversals: and the Street continues to believe that some kind of federal intervention in Fannie Mae and Freddie Mac is inevitable -- and continues to believe that the market will rally when this announcement is made.
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
The falling out between Bill Gross and his one-time partner Mohamed El-Erian has quickly turned into one of the ugliest bust-ups in recent history.
The founder of a hedge fund with $21 billion under management provided three investing rules and three favorite stocks.
Former executives at Dewey & LeBoeuf were accused of using accounting gimmicks to fool banks and investors.