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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Now that we are starting to get into the heart of earnings season, the news is looking a little better (thank heavens!). Intel is a big help, but the financials are the key here. After what happened with GE and Wachovia.
With all the talk about the benefits of airline mergers, there are some sad realities around this entire business. Here is a somewhat downbeat -- and controversial -- assessment about what all these mergers might really mean, from Peter Schiff, president of brokerage firm Euro Pacific Capital.
My favorite story today: research from the University of Cambridge concludes that much of the daily movements of financial markets may be correlated with hormone levels, specifically of testosterone (aggressiveness) and cortisol (stress).
It could have been worse. Wachovia's horrible earnings report, along with a dividend cut and a $7 b capital raising effort, dropped many financials two to six percent or more, with small regional banks that have significant real estate exposure particularly hard hit.
On Friday, General Electric surprised, now it's Wachovia Bank's turn. They missed by a mile: a loss of $0.14 from continuing operations, consensus was a gain of $0.40. They are cutting their dividend 41 percent and seeking to raise $7 b in capital, so the poor earnings will be diluted even more.
Well, it could have been a lot worse--while certain financials and industrials are weak, the damage could have been a lot worse from GE's miss. Note that United Technologies' CEO George David tells Reuters he is "quite comfortable" with their full year profit target.
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.
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.