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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Regarding Fannie Mae and Freddie Mac:The most important issue is not the value of the equity holders' stake, but to ensure that Fannie and Freddie keep operating. Even slight glitches can have ripple effects. AND: Citi says BUY Lehman & Morgan Stanley!
Renewed inflation fears, as well as concerns about financials, continue to weigh on markets. Many investors who attempted to buy financials just after the bottom in mid-July are coming to the realization that the news flow in the financials has the potential to be negative for some time, and as a result they are primarily trading stocks and not long-term holds.
The trend in retail continues, with discounters continuing to outperform department stores: Home Depot and Target beating, Saks on the light side. Biggest problem for stocks is that we are once again on the verge of breaking the uptrend from the July lows. And housing starts at 965,000 annual units was the slowest since 1991.
Weakness in financials, particularly over Fannie Mae and Freddie Mac concerns -- was the primary driver of today's activity. Traders in tech stocks -- the market leader -- took advantage of the market weakness to lighten up on their positions. Finally, even energy stocks saw a late-day selloff.
The Shanghai Composite dropped another 5 percent today, to a new low, but they are not the only ones. Hong Kong, Singapore and Malaysia are also at new lows. The dollar is down for the first time in 11 days. Also: Lowe's, Lehman and bank M&A.
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.