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.
Ever wonder how good analyst estimates are? The Street watches them all the time, because...uh, there's no other game in town when it comes to projecting estimates. The general belief among veteran traders and stock market reporters (myself included) is that the analysts tend to overinflate the earnings estimates of the companies they cover.
So Dow is up 400 Tuesday, down 300 on Wednesday, up almost 300 today...guys on the floor have finally figured out how to make money in this market. Come in every other day. It started with Fannie Mae and Freddie Mac this week (both up over 50 percent for the week), but this week's rally quickly spread to financials, then finally to other large cap stocks like GE.
Dollar rallying again today, up 1.7 percent since the close on Monday. The bold analyst call of the day (week, month, year?) goes to Punk Ziegel's Richard Bove, who last night titled his piece, "The Financial Crisis is Over," calling the Bear Stearns sale the watershed event, and concluded by saying "this is a once in a generation opportunity" to buy financial stocks.
There are reports this morning that Fannie Mae has won the capital relief some have asked for. At 9 am OFHEO (Office of Federal Housing Enterprise Oversight--Fannie's regulator) has scheduled a conference call to discuss alleviating some of the capital constraints on Fannie and Freddie.
Morgan Stanley's financial analyst team put out a long report on the state of financials this morning. The title is: "Looking for a Bottom." They are not bullish, they're just less bearish. They argue it's time to reduce short positions on large cap banks, for example, and are less bearish toward other financial sectors.
The unofficial odds are rising that the Fed will announce taper plans at its December meeting.
Three Wall Street trade groups sued the Commodities Futures Trading Commission to stop tough overseas trading guidelines they fear.
Paid in the form of assistance programs, the funds are in effect a subsidy to the banking industry, The Washington Post reported.