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.
In 2013, he won Third Place in the National Headliner Awards in the Business and Consumer Reporting category for his documentary on the diamond business, "The Diamond Rush."
In 2014, Bob was honored with a Recognition Award from the Market Technicians Association for "steadfast efforts to integrate technical analysis into financial decision making, journalism and reporting."
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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Yesterday, Kohl's and JC Penney reported August same store sales slightly better than expected. Today Wal-Mart, Target, Gap, American Eagle (reaffirms third quarter guidance), Pacific Sunwear all reported sales above expectations. However, department stores did not fare as well.
There's no getting around it: Tuesday was a disappointment. A half hour before the market opened, oil was at $106, down about $9 and traders on the floor were anticipating that the Dow would hold onto what looked like a 200-point up day, the S&P a 20-point up day. What happened?
The Great Commodity Unwind of 2008, which began in July, picked up steam this morning. Remember the trade: investors have not only been long commodities, they have been long the currency of major commodity producers like Australia, and short the dollar. That unwind is now accelerating, with positive implications for U.S. consumers and stocks.
Stocks opened stronger in Europe on a generally more positive tone for stock markets; however, the economic weakness in Europe is front and foremost. The British pound is at the lowest level in two years. Dollar at the highest level since February against the euro. Commodities are down across the board. Ahead of its meeting next week, OPEC may need to cut oil supplies by as much as 1.5 million barrels per day, or nearly 5 percent, Iran's OPEC governor said on Tuesday.
The Dow and S&P were down slightly this week, but there was a lot of good news: oil doesn't rally despite Gustav, Russia; economic news more positive; financials stabilize; dollar maintains strength. The bad news is what could be called the tech problem.
Markets have headed lower late in the morning and into the afternoon, primarily on the Dell and Gustav news. Tech stocks have been struggling all day. Crude oil and natural gas futures were higher this morning, but the markets have not had any help from energy stocks. And Sen. John McCain’s choice of Alaska Governor Sarah Palin as a running mate came as a surprise to many.
Hedge funds have seen the worst start to the year since the financial crisis, as returns in January and March were both in the red.
The Fed indicated to Citi that it would get more time to fix "stress test" planning problems before rejecting its capital plan.
Goldman Sachs reported quarterly earnings and revenue that topped analysts' expectations on Thursday.