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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We have an energy problem with the markets right now. Volume has been pitiful since the month of April started, with the exception of the first day of the month. Absence a catalyst (start of the quarter, for example), or positive economic stats, the tendency of the markets in this situation is to drift, and usually drift lower.
March retail same store sales were weak, outside of discounters. Remember companies and analysts have been aggressively taking down first quarter estimates for over a month (as well as same store sales), but companies like JC Penney, Target, Gap, Abercrombie, and Kohls were all notably below expectations on same store sales.
Huh, what happened to our rally last week? Same thing that happened to the rallies in November, January, and March. It's not the point moves that're troublesome, it's the news flow and the direction of trading. The only good news is the very light volume on the down days. Want the rationale I am hearing from the trading community?
Citigroup close to selling $12 b of leveraged loans and bonds to a wide group of private equity firms. What will they sell the leveraged loans for? Not clear, but it could be as low as 90 cents on the dollar. Also, note that these are bridge loans for deals; short-term loans. They are not supreme or problem loans.
The news was not particularly good today, and so a modest drop was certainly a decent performance. Consider: 1) semis weak on AMD's poor guidance 2) materials mixed on Alcoa below estimates 3) Fed minutes full of concern about economic slowdown
Washington Mutual did it, raising $7 b in capital ($2 b more than had been discussed yesterday). TPG will purchase $2 b in newly issued securities. They also sold 176 m shares of common at $8.75 a share (closed at $13.15 yesterday), and issued $5.5 b in convertible preferred securities, along with warrants. Slashing quarterly dividend to $0.01 a share.
Futures are down slightly, but have been stable throughout the morning, despite rather downbeat commentary from Alcoa and AMD. Metals a bit weaker (the IMF sold 12 percent of its gold stake, so gold is down 1 percent), dollar fairly stable, Europe down about 1 percent on average.
A rally in commodities and financials was halted midday as Arch Coal gave guidance for the full year that disappointed investors. It was a reminder that the upcoming earnings season was likely to provide a fair share of disappointments. This was confirmed after the close, when aluminum giant Alcoa also reported earnings that were below expectations;
Retailers struggle with elevated promotions, nimble competitors and kids' preference of tech over clothes.
It's the biggest complaint of the trading community this year: where has all the volume gone?
Alibaba filed an amended statement this morning, but investors are still waiting to see the IPO terms.
Emerging markets are gathering steam, a sign of the U.S. rally's global heft.
Bank of America asked a federal judge to throw out a verdict finding it liable for fraud over defective mortgages sold by its Countrywide unit.
An influential U.S. financial services industry group is downplaying concerns about possible breaches at JPMorgan Chase and other banks.
Since 1950, September is the worst performing month for the S&P 500 index.