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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Rarely does an analyst come out and say exactly what he is thinking...all the more unusual, then, when Punk Ziegel analyst Richard Bove started this morning's note to clients regarding Goldman Sach's upcoming earnings report by saying: "I am incapable of estimating the firm's short-term earnings results accurately.
I attended a meeting of about twenty-five hedge fund traders last night. These informal gatherings are fairly common on the Street; they're often sponsored by sell-side trading houses. Usually, it's a discussion on long and short positions of the various traders.
Merger Monday sure isn’t what it used to be, with just a small deal from Humana on the boards today. However, look a little farther and you can still see deals, but the players are changing. That's the point in a very interesting note this morning from Joseph Quinlan at Bank of America. Quinlan's point: "The traditional rainmakers - corporate giants from the United States...
Here are my thoughts this Monday morning: 1) The problem for the markets is simple. Stocks have held up fairly well because of the belief that this is a liquidity problem and the economic fundamentals (absent housing) have slowed but held up reasonably well. Friday’s data has made that argument less clear.
The action today highlights the great difficulties the Fed is facing. Retail sales are stronger than expected, but the response is modest because there is an underlying sentiment of anxiety about the consumer regardless of the current data. Sell into any retail rally is the mantra of the bears.
Looks like Costco's disappointing August store sales was an anomaly. The good news is that retailers beat expectations, almost across the board. A number of retailers noted that some school districts in Texas and Florida went back to school a week later, which gave a boost in August.
Ben Bernanke's comments last week that "we will pay particularly close attention to the timeliest indicators, as well as information gleaned from our business and banking contacts around the country" is causing traders to focus their attention on the Beige Book, which is out at 2:00 today.
Futures lower this morning for several reasons: 1) LIBOR (London Interbank Offering Rate) higher in London; this is important becuase a large amount of corporate financing is tied to it. 2) Challenger, Gray & Christmas August job cuts up 85% from July, 21.7% from same period last year.
Here's some late day thoughts: 1) Those who are still doubtful that the Fed will--or should--cut rates at the Sept. 18th meeting should take a look at Martin Feldstein's speech at Jackson Hole over the weekend. Merrill Lynch noting that Feldstein, who is head of the National Bureau of Economic Research (the agency that determines when recessions start and end)...
Banks lead this week after underperforming this year. Rising rates provide a boost.
Stocks are at new highs, but where are the bargains?
Stocks trade in narrow range. Financials outperform for second day. Bank of America jumps three percent.
A solar company is reintroducing the idea of credit risk in China
The falling out between Bill Gross and his one-time partner Mohamed El-Erian has quickly turned into one of the ugliest bust-ups in recent history.
The founder of a hedge fund with $21 billion under management provided three investing rules and three favorite stocks.
Former executives at Dewey & LeBoeuf were accused of using accounting gimmicks to fool banks and investors.