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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Early morning rally fading as financials, retail and energy lead the markets lower. Retail reports very mixed. Shoppertrak said sales at 50,000 outlets up 8.3% more than expected. Everyone agrees electronics sales have been strong, but past that it is a little murky.
Asian markets up nicely here -- Korea and Hong Kong up over 4% -- mostly on reports of a decent start to the Christmas season. Europe flat. The state of retail is what desks are talking about. ShopperTrak, which tracks sales at more than 50,000 retail outlets, and MasterCard Advisors said sales were up 8.3% and 5%, respectively. That was a tad more than many expected--one analyst at RBC Capital Markets said that they were "frankly a bit surprised at these results given our traffic observations."
At last, some good news after the bell! Hewlett Packard beat estimates and is up 2% (they also announced an $8 buyback), but even more important was Nordstrom. They beat earnings estimates by 7 cents and, more importantly, did not lower fourth quarter guidance AND guided 2008 above expectations.
Markets at the close ending at the lows again. Fourth 200 point decline in the Dow this month. More than 300 stocks at the NYSE hit new lows today, the highest level since the August lows. Technicals have now become very important, with the S&P slipping below last week's low.
Stocks a bit weaker this morning as Lowe's joins JC Penney, Kohl's, and Ann Taylor in lowering guidance...down 4% pre-open, and Goldman downgrades Citi to a sell, saying it may have to write off $15 billion in debt losses over the next two quarters. With all that has happened to Citi, traders griping this is a little late, down 4% pre-open.
Biggest worry today: another fade into the close. It’s happened five of the last seven trading sessions. Elsewhere: give the Street some credit. One month ago, as the fourth quarter was starting, traders began lightening up on their positions in financials and retai
FedEx lowering guidance for the quarter ending November 30th. New guidance is $1.45-$1.55, old guidance was $1.60-$1.75. They cite rapidly rising fuel prices (even though they have dynamic fuel surcharges in place); they also note that less-than-truckload freight trends remain weak.
The fourth quarter is now half over, and fourth quarter earnings estimates have been coming down quickly for financials and retailers. Both Kohl's and Ann Taylor lowered their guidance. Ann Taylor noted that "Traffic trends were particularly soft in the month of October," though they improved in November
The floor of the NYSE is buzzing with nervousness and excitement. Specialist firm Van der Moolen has announced they are exiting the business; rumors that other big specialist firms will exit are rampant. Is this it? Will the fabled NYSE floor survive?
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.