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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Here are my thoughts so far today: 1) As expected, sloppy trading--weak open, modest rally, sell into rally. The crowd yelling "oversold" cannot drown out the great majority, who feel it is not really worth it to be a hero until things settle down.
AmEx on Monday will tell us about how consumer spending looks, but the pattern is clear: CEOs are talking down expectations. Sound familiar? They did this before! At the end of Q1, there were all sorts of comments from CEOs not to expect much in Q2 and Q3.
As with Union Pacific, Caterpillar came out with very cautious commentary. Caterpillar's third quarter earnings were slightly below expecations, and they lowered 2007 outlook (down 3% pre-open), but the name of the game is to lower expectations overall.
I know what you're thinking...man, when is earnings season going to end? We're only through one-fourth of the S&P 500 earnings, and it seems like it's been going on...forever. It's a little bit of an illusion. The problem is that, as Nick Raich points out, the first part of earnings season
Midday observations: Bank of America joining Citi in essentially announcing they are eliminating their share buyback program (to be technical, the headline said "only limited share buybacks until late '08"). It's likely that their hefty $2.56 dividend (5.3% yield) is safe, for the time being.
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.
Copper is swooning on China fears, and it's not exactly alone.
Banks lead this week after underperforming this year. Rising rates provide a boost.
Prominent money managers are warning of a bubble in some technology stocks and recommend avoiding emerging markets.
Turney Duff chronicled his spectacular rise and fall on Wall Street in "The Buy Side." Here, he offers 10 tips for those young traders climbing the Wall Street ladder now.
The U.S. Senate Banking Committee outlined plans for legislation to wind down mortgage financiers Fannie Mae and Freddie Mac.