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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To everyone who called me or emailed me over the weekend saying, "How could this happen? How could Bear Stearns go from $57 to $2 in two days?" I would offer the comment of one astute trader, who said, "When you are levered 30 times and have no access to finance it doesn't take a huge move on $400 billion in assets and $260 billion of debt to wipe out the equity."
Bear Stearns is not the only one making changes to their calendar. Credit card giant Visa, which was scheduled to price its mammoth IPO Wednesday night for trading Thursday, is moving the offering up to price Tuesday night for trading trade on Wednesday.
The trading pattern remains the same: the market does not move up unless there is some outside piece of news. Today it is the better than expected CPI. Yesterday it was comments from Standard and Poor's and hopes for a government rescue of the mortgage market.
First actively managed ETF coming next week (I think). As you know, Exchange Traded Funds (ETFs) are baskets of stocks tied to indices. Still, most mutual funds are actively managed, that is, they are not tied to indices and they have managers to make picks.
Stocks have pared some losses on a couple of potentially positive developments. First, Standard and Poor's has issued a report saying the "end of write downs is now in sight" for big institutions.
Futures down 17 points, as Carlyle Capital's mortgage unit is on the verge of bankruptcy; their lenders are forcing the sale of assets to meet margin calls. They are in default of margin calls of over $400 million and are highly leveraged.
So Federal Reserve comes to the rescue, and the usual suspects -- financials and homebuilders -- stage an impressive rally, dragging the rest of the market up with them. ...This is not a bad start -- a modest open to the upside, but we need to close higher.
A roller coaster day: It started strong as the Fed took a measure to pump money into the mortgage market. But traders resorted to selling financial stocks midday, and the markets dipped before recovering and closing near the highs. The Dow had the biggest percentage gain in five years. The question now is, have we broken the cycle of selling any rally?
What's up with Bear Stearns? Dick Bove at Punk Ziegel has just put out a note to his clients, and while he did not address the specific rumors floating around, he did tell me that the main problem is that "the business model is broken." Here's Bove's breakdown...
Banks lead this week after underperforming this year. Rising rates provide a boost.
Stocks are at new highs, but where are the bargains?
Stocks trade in narrow range. Financials outperform for second day. Bank of America jumps three percent.
A solar company is reintroducing the idea of credit risk in China
The falling out between Bill Gross and his one-time partner Mohamed El-Erian has quickly turned into one of the ugliest bust-ups in recent history.
The founder of a hedge fund with $21 billion under management provided three investing rules and three favorite stocks.
Former executives at Dewey & LeBoeuf were accused of using accounting gimmicks to fool banks and investors.