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.
The Buffett offer to take over the insurance liability of the municipal bond part of the mortgage insurers portfolio is causing a lot of debate on the Street. The general conclusion is, good for municipal bond holders, good for furthering a solution to another piece of the credit mess, but bad for the bond insurers, and the market is reflecting that in the down prices of the insurers today.
Stock futures have rallied about 6 points, bond futures have declined as Warren Buffet appeared on CNBC saying he has offered to take over the muni bond insurance exposure from the big 3 bond insurers (MBIA, Ambak, and FGIC)--about $800 billion worth.
Building materials supplier Masco this morning is parroting the downbeat comments of home builders recently. They're down 13 percent pre-open, on an earnings report that was below expectations.
"It's dead, Bob. Like Disco." That was the response of one trading desk to my usual round of middday email asking how business was doing and what was moving. Technically, there is a specific problem with the market: for the last six weeks, natural buyers have almost disappeared.
Dow Jones just announced a change in the Dow Jones Industrial Average. Chevron and Bank of America will replace Altria and Honeywell. Chevron is making a second tour; it came out in 1999. Last time there were changes in the Dow was April, 2004, when AIG, Pfizer and Verizon replaced the old AT&T, Eastman Kodak, and International Paper.
One of the most fascinating things to watch as a Wall Street reporter is the emergence of new technologies, and attempts to fund them. Biotech was the big one a decade ago, but now there are others: robotics, genetics, artificial intelligence, and now nanotechnology.
The good news is that we broke the three day jinx and did not end at our lows for the day. More good news: retailers for the most part did not drop, despite poor January sales. The bad news: a stronger midday rally was quashed. Worse, selling intensity picked up notably at the top, which occurred right after 2 PM ET.
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.