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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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;
Two big stories today: commodities and Washington Mutual. What's up with commodity prices? Copper, gold, oil all moving up again. Goldman Sachs raises aluminum price estimates on strong Chinese demand during 2008 (somewhat offset by a contraction in aluminum consumption in the US, Japan and Europe, they say), combined with supply constraints in China...
.Three big financial stocks are the top volume movers this morning--Washington Mutual, UBS, and Citigroup. Washington Mutual up 16 percent pre-open on a Journal story that private equity firm TPG and others may invest $5 b in the company, which would provide it with much-needed capital.
The Santa Claus Rally should not be confused with other seasonal phenomena, such as the "Free Lunch" and "January Effect."
The IPO business: This year was huge for IPOs, and 2015 may be even better.
Trying to pick a bottom in energy stocks
It's been the busiest year for IPOs since public offerings hit a record in 2000, and market debuts look set for a strong finish to 2014.
Less cash flow from oil firms may pinch loan payments to banks but gas savings for consumers will create new business.
Some big news this week, including Russia and North Korea. Did any change the game for the market? NYSE floor trader Kenny Polcari weighs in.
Oaktree Capital's Marks thinks that the drop in oil prices could finally expose low lending standards.