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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I have been talking about the unwinding of the “long commodities/short dollar” trade. It continued today. Energy and materials sold off; tech and financials rose. Pray for an in-line or slightly stronger nonfarm payrolls report. ...Meantime, look what lower oil and consolidation talk has done to the airlines this week...
It's finally happening. The "long commodities/short dollar" trade that has been the primary trade for the past three months is clearly in the early stages of unwinding, and stock traders could not be happier. Money is leaving commodities and energy, and going to tech stocks and financial stocks.
Exxon came in light on top and bottom line. There are many problems. Here are the highlights: 1) Production share and contract. Exxon has contracts to take oil out of the ground with many countries. When oil prices go up sharply, the host government takes a bigger share of the profits.
The first of May is a day when a lot of people (including traders) are off all over the world (it's also the title of a very fine Bee Gees song, c. 1969). Futures dropped a bit as jobless claims were a bit stronger than expected; nonfarm payroll report is tomorrow.
Stock traders were disappointed with the Fed statement. How disappointed? The Fed statement was excruciatingly bland. Traders looking for signs of a pause seized on this statement: "substantial easing of monetary policy to date, combined with ongoing measures to foster market liquidity, should help to promote moderate growth over time and to mitigate the risks to economic activity."
Futures trading higher first on a better than expected ADP report, then on a better than expected GDP report. The Street has been acting like the long commodities/short dollar trade is coming to an end; the wording of the Fed's statement will determine if that is really the case.
European bourses are lower today as European banks are continuing to report poor earnings--this morning Deutsche Bank reported its first loss in five years, abandoned its 2008 profit targets and wrote down over $4 b in mortgage-related assets. Allianz also said that their profit targets would be harder to attain.
The newspaper industry's twice-yearly circulation report has arrived, and it is not a pretty picture overall. There was expectation that total circulation could drop 2.5 percent, and perhaps as much as 3.5 percent.
Stocks fall across the globe amid growth fears. Commodities and emerging markets lag.
Now that Alibaba's record-breaking offering is out of the way, global markets are gearing up for a raft of new recruits.
Investors go bonkers for Alibaba. The stock finally opened just before noon.
No, Alibaba doesn't actually cure cancer; however, some traders say it's lifting stocks ahead of its IPO tomorrow.