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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A number of factors have been proposed to account for the weakness in financials today. Several traders have pointed to National Australia Bank, which on Friday revealed that exposure to the U.S. subprime market was forcing them to set aside an additional $805 million...
Showing a bit of a bounce, however, are the home builders. They were broadly lower at the open, but many of them moved up 8-9 percent from those lows at 10 am ET when the new home sales data were released. That data showed new home sales falling to their lowest level since March, but the results still managed to come in above estimates.
Futures point towards a fairly flat open this morning, despite a much stronger durable goods number. After yesterday’s drop, the markets lost all of their gains for the week, as the Dow is now down 1.3% this week, heading into Friday’s trading. Continue to keep an eye on the financials today, as we wait to see more direction from them.
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