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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GE reported first quarter earnings of $0.44, below the $0.51 consensus and $0.50-$0.53 guidance. Full year guidance was cut to $2.20-$2.30 from $2.42. Down 11 percent pre-open. This was the biggest miss most analysts can remember; certainly the biggest miss in over a decade.
We have an energy problem with the markets right now. Volume has been pitiful since the month of April started, with the exception of the first day of the month. Absence a catalyst (start of the quarter, for example), or positive economic stats, the tendency of the markets in this situation is to drift, and usually drift lower.
March retail same store sales were weak, outside of discounters. Remember companies and analysts have been aggressively taking down first quarter estimates for over a month (as well as same store sales), but companies like JC Penney, Target, Gap, Abercrombie, and Kohls were all notably below expectations on same store sales.
Huh, what happened to our rally last week? Same thing that happened to the rallies in November, January, and March. It's not the point moves that're troublesome, it's the news flow and the direction of trading. The only good news is the very light volume on the down days. Want the rationale I am hearing from the trading community?
Citigroup close to selling $12 b of leveraged loans and bonds to a wide group of private equity firms. What will they sell the leveraged loans for? Not clear, but it could be as low as 90 cents on the dollar. Also, note that these are bridge loans for deals; short-term loans. They are not supreme or problem loans.
The news was not particularly good today, and so a modest drop was certainly a decent performance. Consider: 1) semis weak on AMD's poor guidance 2) materials mixed on Alcoa below estimates 3) Fed minutes full of concern about economic slowdown
Washington Mutual did it, raising $7 b in capital ($2 b more than had been discussed yesterday). TPG will purchase $2 b in newly issued securities. They also sold 176 m shares of common at $8.75 a share (closed at $13.15 yesterday), and issued $5.5 b in convertible preferred securities, along with warrants. Slashing quarterly dividend to $0.01 a share.
Futures are down slightly, but have been stable throughout the morning, despite rather downbeat commentary from Alcoa and AMD. Metals a bit weaker (the IMF sold 12 percent of its gold stake, so gold is down 1 percent), dollar fairly stable, Europe down about 1 percent on average.
A rally in commodities and financials was halted midday as Arch Coal gave guidance for the full year that disappointed investors. It was a reminder that the upcoming earnings season was likely to provide a fair share of disappointments. This was confirmed after the close, when aluminum giant Alcoa also reported earnings that were below expectations;
Traders are fretting that copper and China may be harbingers of things to come.
Copper continues to crumble amid China growth worries and a weak Yuan.
A high-frequency trader going public has skeptics, but there are reasons why the top for that industry isn't near yet.
China sees biggest drop in exports in four-and-a-half years and the biggest trade deficit in two years, weighing on stocks.
Obama's approval rating may be low, but he still attracted big money Democrats at a fundraiser in Manhattan.
Wall Street's average cash bonuses hit the third highest on record, New York state's comptroller said on Wednesday.
A U.S. judge ordered Fabrice Tourre to pay more than $825,000 after a jury found him liable for defrauding investors.