CNBCfix - Fast Money Review

Bill suggests MSFT is having a spring-2025-Alphabet moment

MSFT was a popular stock on Wednesday's (3/4) Halftime Report, as Steve Weiss and Bill Baruch each reported buying more.

Bill cited Charlie Munger's advice on waiting for stocks to test a "200-week moving average."

Bill asserted, "Capitulation has happened in the software space." Bill even said, "I think this could be, last spring, where everybody hated Alphabet, this is that moment for Microsoft."

(We kind of doubt that, but if Bill's correct, this is certainly a contender for the Call of the Year.)

Joe Terranova said MSFT is a "safe" software play, but if you want high beta, "just go buy the private equity names." Judge said that takes "guts."

Judge said the IGV (Zzzzzzzzzz) (snicker) is up 4% this week and may be "fully washed out."

Bill bought more CRWD on Monday ahead of earnings.

Bill said AVGO is at the 200-day; he expects another solid earnings report.

Bill said, "I think we're gonna see a risk-on rally broadly."

For the 3rd day this week, Joe mentioned buying the EIS.

Grasso is again the front-runner for Call of the Year for suggesting buy NFLX $75 in January

Steve Weiss on Wednesday's (3/4) Halftime Report said he bought more NFLX. (This writer is long NFLX.)

Judge pointed out NFLX is up "23%" in the past month. Weiss admitted, "I didn't catch the bottom in the 70s."

Weiss said what he likes is that Paramount, as a rival to NFLX (which it really isn't, but whatever, we'll go along with it), is actually "much weaker" with an "obscene amount of leverage." Weiss said NFLX saved $90 billion by backing away, and he's "super pumped up" about the stock and thinks it'll be a "top performer this year."

Weiss' trade is fine, but it's still later than Rob Sechan's awesome Final Trade of a week ago, and even Rob has to rank behind Steve Grasso's remarkable forecast on Jan. 21, with NFLX closing around $85, when Grasso said, "If you want to get greedy in this stock, look back to November 2024 levels. $10 lower from here. If not, dabble at these levels right now."

Meanwhile, Bill Baruch said TSLA has held around 400, "where it needs to," and it's having "success with- with self-driving." He suggested adding as well as buying it if you don't already own it.

Weiss pronounces stock market in ‘pretty good shape’

Joe Terranova, who has wrestled with whether there's sort of been an "all-clear" or not been an "all-clear" this week, at the top of Wednesday's (3/4) Halftime Report stated, "I think a lot of people are looking for this to be the bottom this week."

If nothing else, Joe said, "I think you take the bear market scenario completely off the table." Joe concluded, "You have the buildings of a bottoming process," and, Santoli-like, Joe added, "Let's see where we go from here."

Judge said it "show yous" (sic) (snicker) instead of "shows you," but corrected himself. Liz Thomas said we may "need" to get to 6,500 for a bottom. Liz said we need "deescalation" in order to bottom, and "I'm not convinced that it's done yet."

Liz said we may not be done with the pullback, but we won't have anything "disastrous."

Bill Baruch said we're in the "trough" and there's less chance of a bigger correction than last week, and Monday and Tuesday were "positive," so we're in a "very good scenario."

Steve Weiss said there have been "scary things in the headlines this week," but "indices" have "barely moved." Weiss pronounced the market in "pretty good shape."

Santoli said the market's priced in a "relatively benign scenario" for the Middle East.

Weiss says China is telling Iran not to bomb the Middle East’s oil infrastructure

Steve Weiss on Wednesday's (3/4) Halftime Report said he trimmed TSM; he announced that he started buying "when it was in the 70s," and of course it got larger than his other positions, so, "Just from a risk and a portfolio management standpoint, I had to take some off the table."

Or put another way, his other stocks are underachieving.

Weiss asserted, "I also think that China probably has had to talk to Iran and said, 'Stay away from bombing out the infrastructure in Saudi, everywhere else.'"

Bill Baruch sold SLB; he wanted to "monetize something" out of energy's move.

Joe Terranova advised, "Do not get out of the refiners."

Weiss said that "everybody" who buys oil on these Mideast events thinks they're getting in early, but actually, "they're all gettin' in late."

Joe says dollar lower

Liz Thomas on Wednesday's (3/4) Halftime Report said she thinks the dollar stays weak, and "I think EM is a good spot to be."

Bill Baruch agreed that the EEM is a "great spot to look at." Judge pressed Bill on whether we're at "peak memory" and if so, could Hynix be an anchor on the EEM on any kind of "rollover." Bill indicated people chasing just South Korea could be on the wrong side but pointed out there are "other names" in the EEM.

Joe Terranova said, "I do believe the dollar continues to move lower. That supports the emerging markets story."

Bill touted ILF as well as EEM.

Liz thinks IGV has bottomed

Steve Weiss on Wednesday's (3/4) Halftime Report said CAT and GS have been a "wild ride."

Weiss said CAT is "still overvalued, but there's nothing to reset the value as long as the capex spend keeps happening."

Joe Terranova suggested PHM may do better than other homebuilders because of a "stronger average selling price." Joe said GLW has been "phenomenal," he bought at 109 in early February, one of panelists' several references during Wednesday's show to great winning trades with low cost basises.

CNBC's Dee Bosa spoke with Mo Assomull at the Morgan Stanley "TMT" San Francisco conference. ("TMT" apparently stands for Technology, Media & Telecom.) Mo said the mood among software CEOs has improved in the past month; "It's not all panic." Judge promised Larry & Curly on Closing Bell. OK, he didn't, just a joke, sorry Mr. Assomull.

Liz Thomas' Final Trade was IGV; "I think we bottomed." Weiss said he's been "gettin' my butt kicked by BABA," but he's going to add. Bill Baruch said LNG, and Joe said GS.

On a quiet Fast Money in which Guy Adami and Karen Finerman spent a lot of time talking about how they agree on some things, Karen said the market is "getting used to this new mode that we're in." Sara Eisen interviewed Marc Benioff, who of course doesn't see wreckage happening from AI but thinks it's going to help everyone.

Tom Lee: Markets near bottom

On Tuesday's (3/3) Closing Bell, Tom Lee told Judge, "Markets have been taking this much better than expected. I don't think anyone can say, uh, we're bottomed yet, but this is what looks like the makings of a bottom."

CRWD under $400 a ‘screamer’

Malcolm Ethridge said on Tuesday's (3/3) shortened Halftime Report that if CRWD sells off on earnings, he'll buy; he said that around 385, it's about where it was before the outage of 2024.

Josh Brown recapped the CRWD outage and the stock's boomerang; Josh went on to knock the "fairy tale," presumably referring to the notion of AI sinking cyber stocks, explaining that Anthropic's "bug detector" isn't going to cause Fortune 500 companies to "rip out" their cybersecurity, it's "the dumbest thing I've ever heard."

Josh added, "I think this thing under 400 is a screamer."

Joe Terranova again mentioned buying EIS.

Krinsky’s got a rhyme

Tuesday's (3/3) Halftime Report got half-preempted by Oval Office remarks; when things got started, Joe Terranova explained that we don't have "confidence in the clarity" of whatever's happening in the world to have the all-clear to buy stocks.

Joe curiously recounted, "On a day like yesterday, where it looked as though you had the all-clear and the market's gonna break out to the upside," it wasn't happening Tuesday. The funny thing is, that sounds like revisionist history in 1 day, as Joe had stated on Monday that markets won't have an "all clear" but just "rotational volatility." Evidently, by Tuesday, Joe seemed to think markets were providing an "all-clear" on Monday.

Nevertheless, Joe said on Tuesday that to get "alpha," try CF and SU and CNQ and financial exchanges like CME, and also the Mag 7.

Judge said Krinsky's note says, "When missiles fly, it's time to buy." Malcolm Ethridge said it's a market "where opportunities are created," though you shouldn't buy "across the board." Still, "This is the buyer's market," Malcolm said.

Sarat Sethi said he's adding to DIS, which doesn't seem to have anything to do with Mideast wars, but whatever.

Josh Brown said he sold DVN, apparently because energy has had so much outperformance in the past month.

Joe at one point suggested there's opportunity in emerging markets and suggested EWZ, EWW and once again mentioned EIS. Josh said the rally in international stocks "has legs."

Josh says ‘right bidder’ ended up winning WBD

Judge at the end of Tuesday's (3/3) Halftime Report asked Josh Brown about NFLX.

Josh recounted how he got out of "most" of his position as it broke below 100; "the Street just hated the deal ... I think it's probably a situation where the right bidder won the company. Like, this- Paramount needed this. Netflix didn't need it."

Josh said, "I did add a little bit in the 70s," and it's "back to being a constructive name," and it's an "opportunity" for those who missed it over the years.'

Josh's Final Trade was TOST. Sarat Sethi said DIS. Malcolm Ethridge said NOW and Joe Terranova said RMD; "a lot of people have sleep disorders like me."

Oval Office remarks delay Judge’s daily update on private credit

At the 40-minute mark of Tuesday's (3/3) Halftime Report, Judge said, "I think we need to discuss ... private credit," which Judge called a "big story."

Judge said BX was taking a hit over "record redemptions" in its "flagship private credit fund," which is called BCRED (what a catchy name).

Sarat Sethi is long BX and said some people will take redemptions, but "longer term, Blackstone is a great way to play the alpha in the market." But Malcolm Ethridge said he sold BX last week for the "sentiment problem" in alternative investment managers. Malcolm said the "safest" place in the sector is CG.

Josh Brown said the problem for these companies is that "they've kind of made this big bet, that wealth managers and their retail clients are gonna act like institutions. Unfortunately, the- these- the NAVs haven't even dropped and people are freaking out. Individuals are never going to behave like institutions."

Josh gets away with saying ‘AF’

Late into Tuesday's (3/3) partly Oval Office-preempted Halftime Report, Josh Brown said chemical stocks are on the Best Stocks list, led by ECL; Josh said, "This is HALO AF."

Judge was heard on open mike saying "this is cable" as someone else laughed.

Josh said you can buy ECL now and also mentioned LIN and SHW, though he said he wouldn't "run to" SHW, which makes you wonder why he brought it up. Sarat Sethi suggested buying LIN's products, hydrogen and liquid gas. Joe Terranova said the JOET owns LIN and ECL.

Judge cracked, "I know what HALO stands for, but AF? No I'm just kidding. Don't- don't don't go there."

Josh chuckled, "We're gonna have to leave it there, Judge. We'll be right back." But Judge continued, "Now I'm all flustered," then asked Josh about ACHR. Josh said he owns JOBY too and these aren't big positions as they represent experimental technology.

Fish warns of Iranian ‘renegades’ taking matters ‘in their own hands’

In the latter half-hour of Monday's (3/2) Halftime Report, Judge brought in Fish, the star guest, to ask, of course, about oil.

(Because nobody brings in Fish to talk about Brad Gerstner's 2022 open letter demanding META stop spending so much money on the Metaverse.)

Fish told Judge, "If this was 5 years ago, 3 years ago, the price would be $110," so the market is recognizing a "general oversupply."

Fish said the biggest risk in this "equation" is the "refinery capacity." Fish likened refineries to pizza ovens and said if you don't have enough ovens, the price of pizza will go up, even if you've got plenty of dough and ingredients.

Judge foisted Ed Yardeni's view that this Iran operation will be quick and it'll be back to Roaring '20s. Fish said he has "no idea" if this will be a short or long conflict. But Fish raised the issue of, even if there's a cease-fire, "renegades" in Iran who "take matters in their own hands." (Jessep said that was impossible under his command at Gitmo, which ended up tripping him up in court.)

Fish said there will be a premium on refiners. Judge tried to get Fish to make a call on refiner stocks. Fish agreed that those stocks would be part of it, but "I will leave to Joe and you guys" to sort out.

Fish again mentioned the "renegades" and noted that in Venezuela, "It looks like everyone's playing ball."

Joe Terranova is watching tankers and said FRO, TNK and DHT are seeing "a significant premium." Joe said if you expect a "significant disruption as it relates to the Strait of Hormuz," then "this is exactly where you would go." Presumably, that means he would buy those stocks. But Joe allowed, "I don't foresee that happening" and that the "price action" Monday is "telling you that." Except 1 of those 3 was up 2%, one was down 2%, and one was virtually flat, so we have no idea what the "price action" is signaling. Joe said he's holding VLO and suggested MPC and PSX.

Tim Seymour claims China now has ‘carte blanche’

On Monday's (3/2) Fast Money, Karen Finerman said she thinks of ZM as a "survivor" in the software space and is thinking of adding, but would be "inclined" to do it with calls. Tim Seymour said he likes MSFT. Guy Adami said, "I think the low for the short term is in in IGV."

Much of the show did involve assessment of the attacks on Iran, and Mel brought in an excellent guest, Matt Gertken.

Tim Seymour (who might be one of those Fast Money voices who has been predicting a China takeover attempt on Taiwan) tried telling Gertken that after U.S. actions in Venezuela and Iran, China has "carte blanche." Gertken said he's got a "1/3 chance" that China uses "hybrid or quasi-military action to increase the pressure on Taiwan" this year or next year. Gertken said that "way down the road," it might be that neither China nor Taiwan sees a "pathway" to happy relations, so conflict could happen, but Taiwan is a mountain defended by the U.S. and Japan and would be a tougher assignment than the "easier invasion" of Ukraine.

Gertken said the U.S. is "flexing its muscles in taking low-hanging fruit" against regimes in Venezuela and Iran that have "squandered their domestic stability."

Karen Finerman predicted Donald Trump will reach a "pain point" in terms of how much he cares about Iran and then "he'll resolve it quickly, one way or another."

Judge nearly gives BDCs the day off

Judge on Monday's (3/2) Halftime Report didn't get to private credit until the 19th minute, then Santoli mentioned Blue Owl for the first time during the show.

Santoli said, "It's almost like we got something else to worry about."

Jim Lebenthal reiterated what we think is the same point he's already made about 2-3 times in the last couple weeks, that there's a "liquidity issue" in private credit regarding "redemptions" that will take a few months to wait out. But he doesn't see a "credit crisis."

Stephanie Link sees opportunities in big banks that have been "hit really hard."

CNBC auto/airline ace Phil LeBeau pointed out that "the first quarter hasn't gone as planned" for airlines.

Judge asked Phil about "AI-related job losses" in the travel industry and whether companies adopting AI would travel less. Phil referred to Scott Kirby, Ed Bastian and Robert Isom and stated, "All 3 said that they have seen very strong demand for corporate travel." Phil likened concerns of AI blunting business travel to Zoom "during the pandemic."

Jim doesn’t say a word about the number of humans on the NYSE floor

Joe Terranova opened Monday's (3/2) Halftime Report basically admitting (not his actual words) that the stock market decided strikes on Iran are somehow a non-event.

Joe explained that "certainly equities were discounted over the last month," and the "significant geopolitical shock" that could've sank stocks on Monday "is not unfolding," so we're "back to where we were last week."

Joe said it's the Mag 7 that was "coming to the rescue" on Monday.

Judge actually went to Santoli in the 2nd minute. Affirming what Joe said, Santoli said, "Nobody even allowed much of a dip to occur this morning before, uh, essentially buying it."

Stephanie Link said with all that's been thrown at the market, the S&P is flat on the year.

Stephanie noted oil was only up about $5 and the 10-year yield wasn't plunging.

Jim Lebenthal said, "You don't want to see this become a regional conflict." (The only thing he left out was the Strait of Hormuz, but they did mention that on Fast Money.) Jim said the ISM quietly was "nicely into expansion for the 2nd month in a row."

Burnishing his credentials as Santoli Jr., Joe said "I'm a little bit more, uh, aligned with what Mike said before" in that we won't get an "all clear" for the markets. Joe said he thinks we'll have "rotational volatility." Santoli said the market is "building in an expectation" that action against Iran won't be "long-lasting" or "particularly disruptive."

Joe bought the EIS, saying even though it's up Monday and at an all-time high, he's looking "2 to 3 years" ahead.

Joe said he trimmed 25% of his OIH (Zzzzzzzzz); "I already have about a 30% gain in the position since January 12th."

Jim said he has to start thinking about trimming XOM, which may catch Judge and viewers "by surprise," but "it has simply grown to be too big in my portfolio." (Always a great reason to sell a stock — the amount of the other holdings in your portfolio.) Jim said he still believes in the trade, but the oil market before last weekend was "definitely in an oversupplied situation globally." Jim touted RIG, a stock he always likes, month after month, year after year.

Jim's Final Trade was LMT. Stephanie said NFLX. (This writer is long NFLX.) Joe picked CF.

The entertainment value was a lot stronger than the logic in Jim and Weiss’ job disruption debate

On Friday's (2/27) Halftime Report, Steve Weiss managed to get into a couple of scrapes, but the one with classic nemesis Jim Lebenthal was the best, maybe the best of the young year.

Judge had urged everyone to read Steve Sedgwick's CNBC op-ed on how "Block's layoffs should be a wake-up call on AI and jobs." But then Judge said Greg Ip shrugged in the WSJ that "Tech has never caused a job apocalypse. Don't bet on it now," and that Ed Yardeni is "not too worried about this recession-mongering," which Judge said Ed calls "AI Derangement Syndrome."

Obviously siding with the latter group, Jim, who was at Post 9, for the 2nd time this week pointed out that there are "roughly 300 people on the floor of the New York Stock Exchange. 30 years ago, I was here, and there were 5,000 people."

Jim said financial industry employment "has gone up by 20%," and that digital technology has made price discovery "better" at the NYSE.

Weiss, who was part of the panel remotely, countered that he doesn't think you can make that "connection" because "we've never had a technology that can actually replace workers. ... That's what Dorsey's telling you."

Jim insisted, "I just described it right here"; where are the runners between the specialist stations at the NYSE, the paging clerks. "Technology has quite often replaced workers."

Weiss pushed back, "You must have statistics on how many of those workers didn't retire, right, or didn't go into another industry."

Jim said, "I just gave you the numbers ... if you want to disagree with me, find other numbers."

As the two sorta talked over each other, Weiss demanded "let me talk."

Jim said, "Can you say something that has numbers to dispute the numbers that I gave you."

Weiss said, "The numbers you gave me have no correlation to the financial industry. The jobs in the financial industry were created by the democratization of investing."

Jim chuckled, "All right, whatever. Whatever. ... He's just gonna disagree to disagree."

Weiss said, "That's a bunch of crap. You guys don't want logic."

Jim cut in, "We do want logic. We want logic backed up by data. By data. ... I don't like it when you do this, Steve. You just say 'I disagree' for the sake of disagreeing and you give no logic to back it up."

Weiss complained that Jim's "not even letting me talk."

Rob Sechan opined, "Steve, he gave you every opportunity to talk and back it up- up with numbers."

Weiss said, "That's absolutely not true, Rob. I tell you what, Rob: Why don't you be quiet right now, and you Jim too, and I'll give you my logic. OK? ... Index investing has gone from a fraction of the market to the majority of the market. That democratized investing. That's what's driving the financial services jobs. You've seen household, uh, exposure to equities continue to increase. That's what drove financial services jobs. Getting rid of jobs on the floor of the exchange, which is a- which is such a minor data point, has nothing to do with the growth in financial services. Period. End of story. Unless you can tell me how getting rid of a clerk on the floor led to greater job growth in financial services."

Jim protested, "One more time ... Financial industry employment is up 20% from 5.7 million at the turn of the century to 6.8 million right now."

Weiss said, "So tell me how reducing the floor population created this? That's your assumption."

Jim said, "Steve, my goodness. Like, Why are you- why are you trying to disagree. You said technology destroyed jobs."

As there was considerable talking over each other, Judge intervened, saying, "I let that go long enough." Weiss said, "Jimmy, no offense, but it's never been an effort to disagree with your work." (We think those were the words, though Judge was talking over him.)

Well, hmmmmm ... the funny thing about this exchange is that both had quality points, but neither actually nailed it in his presentation.

We have to pick apart Jim's NYSE example, because 1) he left it incomplete, 2) it doesn't support his larger point (which is a fair point) and 3) it in fact is basically Weiss' argument.

Jim said there used to be 5,000 people "on the floor" (that's the key verbiage), and now there are 300. But Jim didn't say whether most of those other 4,700, or all the guys in those old outcry pits, are still doing the same job but doing it remotely from their office.

But let's assume, for the sake of Jim's argument, that those 4,700 positions have been completely eliminated. That is basically Weiss' point, that this is what AI could do to a lot of industries, not over 30 years but in short order. (Although exactly what industries, we haven't really heard many specifics from Weiss ... we highly doubt we're going to see AI replacement police/firefighters/teachers/health care workers/trash collectors/airline crews, and all of those professions by the way report having serious understaffing issues in many parts of the country ... It seems like the most vulnerable workforce to AI disruption is Uber drivers and cabbies (and that's been projected for about the last 10 years and really doesn't seem a whole lot closer to actually happening), so Weiss is basically referring to tech companies whose staffing tends to twist in the wind anyway as they veer between one hot road-show app and slumps in monthly average users.) Jim is implying that because financial industry employment is higher, all the former paging clerks are now either doing research for Barry Bannister or taking client calls for Fisher Investments.

Weiss is more on point in asking about retirements, which Jim dismissed. The slide at the NYSE "floor" took long enough that the population probably dwindled mostly by attrition; the 60- and 70-year-olds were gradually given alternate jobs and then incentives to quit and weren't replaced. Probably most people who have worked in industries with long-term employment declines have witnessed this.

Jim missed the strongest argument for his point, which is that birthrates are so historically low, there just aren't nearly as many 20-somethings competing for jobs as there were in the '70s, and there are far more 80-somethings who need things. Before it ever creates massive dislocation, AI may actually help reduce some important shortages.

An obvious example that neither party cited is automaker employment. Ford apparently has about 170,000 global workers now ... or less than half of what it had in the '70s. That's obviously because of technological improvements. AI could speed those improvements. But Jim could argue that while Ford jobs are half of what they were in the '70s, now there are American factories for Tesla and Waymo and all kinds of foreign automakers who didn't have factories here in the '70s.

Big picture, Jim is correct, society will eventually sort this out and redeploy where the jobs are. Until Weiss can tell us specifically which workers are facing imminent AI extinction, Jim prevails here.

Judge keeps implying that META turned things around because Brad wrote a letter to no one

Steve Weiss on Friday's (2/27) Halftime Report said he sold AMZN and NVDA.

Weiss said he thinks "near term," NVDA will continue to be "stuck" in the 180-190 range. Weiss said he owns MSFT and Alphabet and those are "highly correlated" with NVDA, and he also owns TSM, which is also sort of an NVDA play.

Weiss was less articulate about AMZN, basically saying it's spending a lot of money and the spending makes sense but apparently it's going to take a while to pay off, then he said that we keep hearing that "this technology" will create jobs like all others, "I just don't believe that's going to be the case."

Rob Sechan protested, "Why is that different, necessarily, this time. Productivity leads to more productive workers, tends to lead to more hiring."

Weiss said the productivity isn't as much for the worker but "the enterprise."

Jim Lebenthal said he's not selling AMZN and he doesn't think we're in the "final 3 innings" of this disruptive technology yet. Jim mentioned Brad Gerstner, whose State of the Union ovation has gone unmentioned by Judge (at least on the program).

Judge explained how the CRWV CEO "doesn't care" about the margin hit from what the CEO calls a "once-in-a-generation opportunity" of ... capex spending.

Kevin Simpson said he's been buying MSFT over the last couple weeks; he thinks it's "rolled over too severely."

In the 17th minute, referring to META, Judge stated, "Brad Gerstner wrote a letter, right, and then they did get fit as he urged them to do."

‘Better make sure there’s a fire’ — Rob seems to be warning the news media about reporting on private credit

Steve Weiss on Friday's (2/27) Halftime Report said "echoes of 2008" are pressuring the financial sector, and people in some names didn't get out at the "first warning sign," and now are looking at "permanent capital loss."

Weiss predicted "more issues" but said he thinks it'll be "contained," though underwriting hasn't been "flawless."

Weiss sees Friday as an "opportunity actually to buy more Goldman and some of the better risk managers out there."

Judge said UBS is putting together a shopping list of attractive banks.

Jim Lebenthal said "you have to be selective in this sector" and that some private credit news is "really kinda dire."

Jim clarified that he "slammed" public BDCs, but "the public equities of the private credit companies, like Blue Owl and Apollo, frankly, I like those." Judge pointed out Blue Owl Capital is down 27% YTD, "even worse than the BDC" this year. Jim predicted OWL and APOL will "come back" and are getting "marked down on an overreaction to legitimate fears. ... But I do not think that these are systemic risks."

Rob Sechan said he disagrees in that he sees value in the BDCs. Rob didn't say "equity" 500 times like he did a day ago but said they have "liquidity buffers" built in. Rob said his concern is that the "fear-mongering" will cause liquidity to dry up in the "retail community," and they'll make "the wrong decision, a la a Lehman-type decision, where everybody tried to run to the door at the same exact time. ... And everybody's gonna get hurt if you yell 'fire' and they all try to run out and there is no fire, they're still gonna get hurt.' OK, you'd better make sure there's a fire."

Judge countered, "I'm sure there were some advisors over the last couple years who were yelling 'Sunshine' about pri- about private credit, endless days of sun, and now there's some turbulence and storm clouds and things are a little more worrisome, and those people who were in those assets because they're either semi- or highly illiquid are stuck without an umbrella and they're gonna get soaked."

Rob said "a great advisor will actually dive in and do the work."

On Fast Money, Steve Grasso said of financials, "You should be buying stocks right now. Software has nothing to do with the headwinds for these companies. Period. End of story. If you- if there were something that was micro, we would know that by now. This just felt like a Friday selloff when there was, we- we have Iran, still hanging in the wings, and we have plenty of things to worry about. This I don't think is one of 'em. And I think if you look at regionals specifically, they have zero to do with, uh, software issues and AI issues."

Gotta say, it is kinda embarrassing when an esteemed company makes a huge bid for something, and the market crushes the stock, then cheers when the bid is dropped

After the A Block on Friday's (2/27) Halftime Report, Judge brought up NFLX. (This writer is long NFLX.)

Steve Weiss said he "nibbled" early in the week and noticed the stock seemed to be going up this week, "then all of a sudden, it starts marching up, so I thought this may be happening, and insider trading is alive and well ... I bought most of it last night ... more than where it's trading; actually right about where it's trading right now."

Weiss summarized what this means for NFLX: "Not only are they not spending, you know, ridiculous sum on a library of old films, uh, they've got now, not just, you know, weak- 2 weak competitors, but 1 much weaker large competitor who is gonna strangle under, uh, the debt load. And Netflix is then gonna buy more content and they'll be able to bid- outbid them on other content like sports. So for me, this is panacea for Netflix."

Judge said the sell side commentary on NFLX is "universally positive" with price targets from 110 to 135.

Rob Sechan noted his spectacular Final Trade of NFLX a day ago, already a Call of the Year candidate, and said he "bought it earlier in the month" and is up 15%, "that does not include today."

Hmmmm, OK ... we looked at the math, and it turns out, it is possible to have bought NFLX during February and be up 15% prior to Friday, but it would've had to be pretty close to the 75.01 bottom. Maybe that's where Rob bought it.

‘Healthy’ times in the market

Sorta like Gordon Lightfoot and the "Summer Side of Life" (an undeniably great tune), Rob Sechan at the top of Friday's (2/27) Halftime Report was pronouncing February's lousy stock market as a positive.

Rob said there's been a "re-rating of fundamentals" that has led to "almost a necessary and healthy reset."

Rob said people have wondered if the market can "do OK" without the big names; Rob said it's "done OK" without them.

Judge agreed that "it feels worse than it is" and said "3 of the 4 majors are green year to date," but it's also been "really volatile."

Jim Lebenthal asserted, "The average stock is doing well." But Jim said it's been a "lousy week" from a "news flow," such as Block layoffs. But Jim said, "This does not look like a market or an economy that needs rate cuts."

Like Rob, Kevin Simpson said we're seeing a "repricing" of Mag 7, etc., that is "incredibly healthy."

Judge and Kevin quibbled over whether there's AI "skepticism" (as Kevin said) or "paranoia" (as Judge seems to think).

Rob’s Final Trade is a stock Malcolm was selling this week

Kevin Simpson had a quiet show on Friday's (2/27) Halftime Report, but he did mention a few trades.

Kevin bought more AAPL, predicting this is the year Siri's usefulness comes to "fruition."

Judge said PLTR got a 180/buy from UBS. Kevin said if you want a speculative name in your portfolio, this is one to try.

Kevin bought NSC, indicating railroads can't be replaced by AI.

Jim Lebenthal said BRK is "very attractively priced."

Steve Weiss' Final Trade was QXO. Rob Sechan boldly suggested BX. Judge noted Malcolm Ethridge mentioned selling BX this week. Jim said XOM, and Kevin said AAPL.

Rob makes an awesome Call of the Day before Tom Rogers makes a call that goes bust in barely 1 minute

At the end of Thursday's (2/26) Halftime Report, Rob Sechan made NFLX his Final Trade. Josh Brown said Rob will make money and that Josh "added some in the 70s." (This writer is long NFLX.)

Incredible timing.

With both, especially Rob, essentially declaring the bottom is in NFLX on a day of major news for the stock (this review was posted overnight Thursday-Friday), the pair of calls are quite possibly going to end up on the Call of the Year list. (And may be trumped by Steve Grasso hanging a buy-75 on NFLX about a month ago.) (Funny how it found 75 several times this month.)

Hours later, about 44 minutes into Fast Money, Julia Boorstin reported on the original NFLX-related news of Thursday — how WBD deemed PSKY's offer to be "superior."

Tom Rogers then joined the Fast Money panel and declared, as NFLX was up about a couple dollars ... a bidding war. (Cue up "The Price Is Right" losing music.) "I'm surprised at the market reaction after market here, with Netflix going up. Uh, that suggests that, uh, people think that they're gonna back out. And I just don't see that at this point. So I would expect, uh, another bid from Netflix and probably some downward pressure on the stock as a result."

Then, literally just 1 minute later, Julia returned, chuckling, with breaking news: NFLX is declining to make a higher bid. (Which explained why NFLX quickly surged through 90.)

"I've been wrong before; I haven't been wrong on live TV like that before," Tom impressively admitted.

Tim Seymour assured Tom that he wasn't being set up; "the news just wasn't out yet, we had- none of us had seen it." Tim said, "Both companies win here."

Julia reported on how PSKY is now picking up the $2.8 billion termination fee that WBD would have to pay NFLX. Granted NFLX no doubt has incurred a few costs in making its offer ... but getting David Ellison to ship you $2.8 billion for letting him borrow more money than the federal government to spend on cable TV seems like one of the best business deals since Warren Buffett gave Lloyd Blankfein a line of credit.

Julia and panelists speculated as to what Ted Sarandos was doing in Washington on Thursday.

Guy Adami predicted NFLX finds "115." Carter Worth, in his curious way of putting things, indicated there's more upside to NFLX than downside.

Rob claims that stocks that are going higher go higher, and stocks that are bottoming go higher

It was after the A Block on Thursday's (2/26) Halftime Report when Judge plunged into private credit.

Judge said, "Marathon's Bruce Richards, big credit manager, fears 15% direct loan software defaults ... that's what he said, according to a report."

Leslie Picker said she talked to CG chief Harvey Schwartz and went on to explain the history of financing software deals and said there's a "big rethink" going on.

Malcolm Ethridge sold BX and added CG, calling CG the "least dirty sock in the hamper." Which paved the way for Rob Sechan to start making pronouncements that seem likely to end up either in the Call of the Year — or Bust of the Year — sweepstakes.

"There's no question that there is episodic issues in this space," Rob said, but he emphasized that there's "equity" underlying all of these credit transactions.

Josh Brown cut in to say how institutions were deemed to be "fully invested" in private credit and the "big idea" was that they need "the next group to come in" (basically everday Joes), and now if there's a "hiccup" when the public is introduced to these strategies, it'll push the story out further "or cancel it entirely."

Rob then really got our attention when he claimed, "There's 2 things that really drive returns in markets. No. 1, it's riding momentum that's positive. If you can ride it longer, you're gonna do really, really well. Mag 7, whatever it is. The other is steering into disruption when it gets crazy. And right now, the public BDCs are discounting dramatic fail- not just 3-5% defaults, dramatic defaults in their pricing."

Hmmmmm. Translated, that seems to be saying, the outperformance comes from either 1) jumping aboard the already-great stocks, and/or 2) picking the bottom as soon as you correctly identify "crazy" situations.

Josh Brown asked Rob, if Rob had "fresh cash," which would he buy, the BDCs or the sponsors, or OBDC before OWL. Rob said as a trade, "I'd go to the BDCs."

Judge asked Rob an impressively tough question: "Are you defending it the way you are because you're putting your clients into private credit moreso than you ever have."

Rob said, "Not moreso than I ever have. It's been a consistent story." Rob insisted, "We dive in, we do a lot of work, we understand the credits that are in 'em." Rob further insisted, "They have a ton of equity beneath each one of these loans. It's a ton. It would have to be hugely disruptive."

Judge wondered, "Isn't what's happening in software 'hugely disruptive?'"

Rob said Indeed is "11% up in the software engineers that they are hiring," and is that happening because they're "unhealthy." Rob added that "private credit are not long loans."

Oh joy — just what we want to hear more about, software

NVDA was the early topic on Thursday's (2/26) Halftime Report.

"This stock never rallies after earnings," said Josh Brown. "I can't explain why," he admitted.

Josh rattled off TPU concerns and what the NVDA multiple is and said, "Not selling, staying long."

Malcolm Ethridge said he sensed a day ago that great NVDA earnings might just be sold off because the market "wants to trade out of AI."

Rob Sechan said the "AI Frankenstein narrative ... is still intact."

Stephanie Link trimmed AMZN and took a little pushback from the panel.

Malcolm pointed to how "local political apparatuses" in Wisconsin and Virginia are taking heat for allowing all these data centers (which sounds like the movie "Eddington," which is curious, because Rob brought up "Frankenstein").

CRM long Rob Sechan asserted that software names, despite being relentlessly hit on AI concerns, are "possible beneficiaries" of the technology.

Stephanie said SNOW is "caught up with the rest of software" but there's an "opportunity" there. Stephanie questioned why SNPS was down so much on Thursday; she bought more and said "This thing is down 35% from its highs," always a favorite Halftime Report metric.

Josh said he added to TTAN and TOST. Josh called TTAN a "screaming buy."

Judge still didn’t give on-air props to Brad Gerstner’s standing ovation at the State of the Union

Josh Brown on Thursday's (2/26) Halftime Report got to take a victory lap on SHAK's big day (even though it's still down hugely from last July).

Judge wondered why SHAK is down 8% over the past year. Josh said it has a "premium multiple" that doesn't help when the sector is shaky.

Josh touted WM on his Best Stocks list.

Stephanie Link's Final Trade was TFC. Malcolm Ethridge said ZS, and Josh said JOBY.

Joe: Private credit is the place for when the software ‘carnage’ is over

Joe Terranova on Wednesday's (2/25) Halftime Report said there's "far more complexity" about software than the Halftime group is acknowledging.

Joe made an excellent point about positioning, saying that if you think software has "resolved the carnage" of the last few months, "you're buying the private credit names."

Joe asserted, "The money is in semis."

Rich Saperstein said SNOW is a "tiny position which we just bought."

That prompted Judge to jab, "Nice timing," and mocked that people always say "It's a very small position in my portfolio." Rich asserted that SNOW "falls into that category" of companies boosted by AI.

"The software armageddon is at or close to bottom right now," Rich declared. However, he said he wouldn’t buy CRM, an "SAS model" with "excessive rents being charged."

Shannon thinks there's "More dispersion to occur" in software.

Moments later, Judge said UBS says 15% defaults "could happen" in private credit. Rich said he "wouldn't go near" names such as KKR, APO, OWL, ARCC even assuming they do rebound.

Rich said muni bonds are a better option than wrapping up money indefinitely in private equity for, on average, the same return.

Jim Lebenthal started rattling off differences between credit concerns and liquidity concerns and insisted this is why people need advisors. (Anyone who thought Jim or anyone else was going to bellow “It’s NOT an OPTION!!!!” was disappointed.)

Joe apparently thinks NFLX has other directions for getting WBD stuff

Pointing to the up day for NFLX, Judge on Wednesday's (2/25) Halftime Report said maybe the stock market thinks NFLX won’t win WBD. (This writer is long NFLX.)

Joe Terranova claimed he “saved” NFLX shareholders by selling “at a lower level,” but he isn’t confident that NFLX wouldn't try “another direction” for acquiring the Warner assets. (We’re not sure what “direction” that would be besides raising its offer.)

Judge doesn’t even offer an on-air congrats to Brad Gerstner for State of the Union ovation

Employing a bit of hyperbole, Judge opened Wednesday's (2/25) Halftime Report telling Joe Terranova that Wednesday is “The biggest day for the tech trade in some time.”

Joe is “100% confident” that NVDA is the “bellwether” earnings report for the market.

Joe also claimed, "I think you have stability in the software names." Judge scoffed, "One day means zero" and "who cares" what IBM is doing Wednesday.

Rich Saperstein spoke of PEG ratios.

In a bit of understatement, Shannon Saccocia said the market is evaluating the “broader impact of AI.”

Jim Lebenthal confused the D.A. Davidson report a day ago about market "bellwether" with the B of A “AI bubble” report. Judge and Jim haggled over what multiples such as WDAY’s represent.

Honestly, not really sure what the difference between Fast Money and Closing Bell Overtime is these days

Joe Terranova on Wednesday's (2/25) Halftime Report suggested HD and LOW may be having an impact on homebuilders, but PHM’s nearing the 50-day in a "technical correction" that he'd "take the other side of."

Joe said FSLR's year was 2025 and now it's "running in place."

Rich Saperstein sang the praises of COST and shrugged off Judge's question about the past 12 months. Jim Lebenthal wondered about the 5.4 PEG ratio. Rich shrugged that he buys on any pullback; "I add to it."

CNBC's Kate Rooney reported that Thrive Capital got OpenAI shares at about a third of current valuation talks. Judge clarified that this is “simply a preferential deal for Thrive.”

Rich bought more PFE (Zzzzzzzz) as well as BMY. He says he wants “some defense in my portfolio.”

Joe touted MRK and rattled off so many health care/pharma names, we couldn’t keep track.

Joe owns TKO personally but not in the ETF; it was "on the bubble" for the ETF but didn't make it in. Joe claimed, "My compliance is watching."

Rich's Final Trade was MSFT, Jim picked APO, Shannon Saccocia said IYE and Joe said TJX.

Fast Money was back for the first time post-Olympics at the Nasdaq, prompting Tim Seymour to call for "Welcome Back Kotter" music. However, Guy Adami got an early jump on things on Closing Bell, and Fast was kinda dry.

Dan calls NFLX a buy

On Tuesday's (2/24) Fast Money, Mel and Guy Adami and Dan Nathan were back for another day on a chilly Miami Beach set when David Faber called in with news of PSKY's raised bid for WBD. (This writer is long NFLX.)

David said PSKY's elevated bid "puts them in what I would argue is sort of the lead position at this point."

David added, "The pressure now guys is on Netflix."

Dan Nathan noted NFLX stock is down steeply from 52-week highs and observed, "Nobody really wants them to do this." Dan stated, "I think you buy this thing, even here, whether they get it or not."

Guy said, "I think certainty, regardless of outcome, is beneficial for Netflix the stock."

In a blast from the past, Dan mentioned that Mel apparently had Meredith Whitney on a panel in Miami Beach.

So are we supposed to ditch all of our Mag 7 stocks in favor of HALO stocks?

Judge opened Tuesday's (2/24) Halftime Report asking about Citrini (Zzzzzzz).

Joe "backlit" Terranova, who apparently got out of his driveway (see below) and resumed his spot as Santoli Jr. next to Judge at Post 9, said entering the year, after a long time of great Mag 7 performance, it was "warranted" to think the market would "recalibrate."

But this year, Joe explained, "the market's spinning all over the place."

Joe then curiously said, "When the market looks really good, you wanna fade it. And when the market looks like it's breaking down and looks awful, you wanna buy it. I think that's the approach." (Curious, because that is basically Sell the rip, Buy the dip, which runs counter to Joe's book title, Buy High, Sell Higher.)

Jim Lebenthal said the Citrini article was "fear-mongering." Jim pointed out that the RSP is having a "great year." Jim said it feels ilke a bear market because of the Mag 7, "but we're just not in a bear market." Nevertheless, Jim indicated he was working his way through a lot of water bottles.

Josh Brown said most stockholders aren't doing trades because of articles like Citrini and said the posting of doomsday theories is "actually very similar to 2011."

Judge claimed Josh's HALO stocks are being "mentioned in newspapers now." Josh went on to rattle off what sounded like dozens of "HALO" stocks; too many to list here. Then others got a chance and Joe also rattled off about 8 names; Jim of course on his list had CLF, a $10 stock.

Jim is basically daring the bears to find ‘degradation’ in software earnings

Jim Lebenthal on Tuesday's (2/24) Halftime Report again defended WYNN (as well as discretionary in general), suggesting it got a little bit "too far ahead of its skis."

Jim yet again said planes and airports are "packed."

Joe Terranova said he's "not as optimistic" as Jim about the consumer and that lots of discretionary names aren't working. Joe made a good observation in explaining that staples have really been bolstered by WMT and COST "having really really good numbers."

Joe mispronounced the last letter of "HALO" as "EYE."

Josh Brown pointed out how Big Oil stocks are surging this year, based on nothing more than a "re-rating," as oil isn't doing anything. (While this page has no problem with people being long XOM or CVX or other oil giants, and those in fact are long-term reliable stocks, we tend to agree with Weiss, who wasn't on the show Tuesday, that it's kind of impossible to predict at any given moment when these stocks are going to move.)

Jim said software stocks have been under pressure for 18 months, but we still haven't seen the "degradation in software earnings."

Reading a sleepy note from Tony Pasquariello about AI, Judge pronounced "onus" as "own-us," which is the correct pronunciation, according to the dictionary.

Rick Rieder is famous for being Not As Handsome As Kevin Warsh But Apparently More Handsome Than Kevin Hassett

During Best Stocks time on Tuesday's (2/24) Halftime Report, Josh Brown brought up NEE. Jim Lebenthal said regulated utilities are a boring sector, but he credited Josh for making it exciting.

Joe Terranova said the JOET bought EXPD (Zzzzzzzz) last October, but it's a broker, so it's AI susceptible. Judge wondered why the JOET bought it; Joe said it had momentum back then.

In a little more "HALO" conversation, Joe said the JOET bought WELL at 111; he said the senior housing REIT has "very strong tailwinds behind it." Joe said HSY is "delivering," but valuation is a "headwind."

Judge promised to have Rick Rieder on Closing Bell, and Rick was indeed on the show.

Judge hectors Joe throughout the program about being ‘backlit,’ while Joe can’t even get out of his own driveway

CNBC's Halftime Report on Monday (2/23) suffered a lack of attendance at Post 9, apparently because of the snowstorm.

Midway through the show, Joe Terranova was making a fairly humdrum point that LLY has "rewarded" you for staying in over the years.

Judge, though, wondered if Joe's window was "backlit" behind him.

Joe protested, "It's the snow!" Joe explained, "If I was able to get out of my driveway, there is nothing more that I would want to do today than sit with you and Jimmy. But, I have to get out of my driveway first."

Judge hectored Joe about the "backlit" after the A Block as well as during, saying Joe needs to "make an investment" in home lighting.

Jim says market ‘may well be getting it right on Adobe’

Judge on Monday's (2/23) Halftime Report said the IGV hit a 52-week low. Jason Snipe said he continues to like SNOW, which he owns.

Jim Lebenthal bought more MSFT but conceded "the selloff could continue."

Jim in the 17th minute mentioned "Burry." Jim admitted he doesn't know if the software bottom is in but said he thinks it's time "to start selecting stocks."

Judge asked for names; Jim offered MSFT, Judge said, "You're giving me 1 name." Jim said "that's the only one I'm buying today."

Jim conceded the ADBE chart and said "the stock market is saying something about this stock." Then Jim shrugged, "I can always take a tax loss there; I got a lot of other things goin' well in the portfolio."

(Ah. Mission accomplished. Someone's got a stock with a tax loss.)

Moments later, Jim said, "There are times where I will say the market, I think, is getting it wrong. I don't say it with arrogance or conceit, I say what I think I believe, what I know I believe. I believe that the market is getting it wrong on Microsoft but it may well be getting it right on Adobe." (Which means we can go maybe another 6 quarters while Jim defends ADBE.)

Joe Terranova said he got stopped out of CRWD in the morning and supplied the slogan; "you don't wanna turn a winning trade into a losing trade," and Joe now has "no cyber exposure" either personally or in the JOET, which Judge found remarkable.

Bryn Talkington said that buying cyber stocks now is "catching a falling knife."

Bryn exits NKE, ONON

Panelists on Monday's (2/23) Halftime Report were making a few tariff-related trades.

Bryn Talkington sold NKE and ONON; she thought the court ruling on tariffs was what those stocks needed, but on Monday, they were sinking; "the thesis around my trade did not play out and so I just, you know, sold it and moved on."

Jim Lebenthal asserted, "There does appear to be a cap with these new tariffs of 15%, above which the president can't go."

Meanwhile, Jim said private credit and Iran concerns are "hovering over the market."

Joe Terranova, in his backlit room, stated, "It really is about playing defense."

With NVDA set to report, Jim admitted, "I really don't want to have to explain a bad reaction to Nvidia on Thursday morning." He thinks the earnings "should be great."

Bryn pointed to the 1-year NVDA chart and said it's "up 42%" in that time, even if it's done little in the last 2 quarters. Bryn said she sold 200 calls; "I hope it doesn't get called away," and 195-196 "continues to be a really strong barrier."

So cold in Miami Beach, poor Mel is literally shivering during Fast Money’s return from Olympics hiatus

On Monday's (2/23) Halftime Report, Jim Lebenthal called DIS "too cheap" and said he's "sticking with it" (which is what he does with every stock), though it's been "dead money for quite some time."

Bryn Talkington last week bought CBRE, a purchase hailed by Judge Monday because the stock got an upgrade from UBS.

In the latter half of the show, Judge quoted an op-ed by Lloyd Blankfein complaining about private credit roping in retail investors. Jim said, "Private credit came up because bank lending went way way way down after the Great Financial Crisis."

Jim and Judge discussed Jamie Dimon's various warnings about a financial calamity. Jim stressed that "systemic credit issues" have happened when the economy's slowing and the Fed is hiking.

On Fast Money, Guy Adami brought up Jamie Dimon and the cockroach thing. We would've liked to welcome the whole Fast gang back and hear a show chock-ful of good stock picks, but instead only Mel and Guy and Dan were shipped to a conference in Miami, where they interviewed a few guests and nearly froze to death.

Judge defends news media after Bryn accuses ‘certain news reporters’ of ‘bad reporting’

Oddly enough, on Friday's (2/20) Halftime Report, a panelist was faulting people for doing something that a fellow panelist not on Friday's Halftime was about to do a couple hours later on Judge's Closing Bell.

During Halftime, Judge asked Josh Brown about OWL. "They need a new PR firm," Josh said, adding that "messaging becomes really important" and instead we're getting a "cavalier attitude" about the market being "stupid" and "the media is against us."

Fast-forward to Friday's Closing Bell, the very end of it actually, when Bryn Talkington (like many Halftime regulars, she turns up on Closing Bell too) faulted "bad reporting" from "certain news reporters" who aren't being "accurate" about companies like Blue Owl.

Judge told Bryn, "I'm gonna stand up for my, my peeps in the- in this industry. You can't blame this selloff on, on reporters, I'm sorry."

Bryn pushed back that when reporters are "gating" people, "there's a lot of nuance here that's not being explained."

Back on Halftime, Judge mentioned that the story with CRWV was a "report" (hopefully one that was "accurate") that Blue Owl shopped debt for a $4 billion data center and "failed to arrange the financing." Jim Lebenthal said recent $1.4 billion in bonds sold by Blue Owl were at par value.

Josh indicates the market may have already kinda gotten over tariffs

Judge at the top of Friday's (2/20) Halftime Report claimed the Supreme Court tariff ruling was "breaking news."

It perhaps would've been had the presidential press conference taken place at 12:45 p.m. Eastern as Judge relentlessly promised for 45 minutes instead of about an hour later.

After Eamon Javers explained all the ramifications, Judge declared it's a "mess."

Jim Lebenthal said this ruling is not a surprise, which explains why the market is up. Jim said "In the end, there is going to be longer-term policy uncertainty increase because of this." Jim said there won't be a sudden 150% tariff on China, "he can't do that anymore," that the statutes the president can use have limits of "like 15%," so "the markets should like this."

Josh Brown said he agrees with everything Jim said; "I just don't know if I agree with the conclusion. I actually don't think this is as positive to the market as most people would've thought it had been."

6 months ago, yes, Josh said, but nowadays, this issue doesn't hold "as much power over the market as it did," and "I think we sorta just got used to it."

Josh predicted, "The next phase of this is more saber-rattling."

Bill Baruch said there's "some uncertainty" regarding tariffs, but "This came for the market when it needed it," because we have "seemingly prices coming down and paving the way for the Fed to cut rates."

Kevin Simpson predicted the presidential press conference was going to be a "beratement" of the Supreme Court.

Steve Liesman joined the show to express a fairly pessimistic view, stating, "I'm not sure the uncertainty goes away for the market or for the Fed," and "the administration should have never done it this way" and "it's all up in the air again."

Steve said the June odds of a rate cut are a "coin toss."

Judge seems to think NOW’s multiple might be going lower

On Friday's (2/20) Halftime Report, Bill Baruch said he's not into "falling knives," but he took a new position in NOW, claiming it's "2 standard deviations below its valuation."

Bill said he thinks NOW is going to be a "winner," which prompted Judge to use air quotes for "winner" and question what the multiple will be. Bill said the current "mid-20s" is an appealing multiple. Judge wondered if 25 is the "right number," given what's happened with CRM. Bill suggeested it used to be 50 or 75, so "the re-rating has happened."

Bill said he bought around 99 and would buy more at 75 "unless our conviction changes."

Bill said he sold GS and cited "exposure to asset management;" he doesn't want to "overstay my welcome."

Meanwhile, Kevin Simpson was also scooping up a software name, saying he sold IBM at 275 and bought MSFT around 400.

Josh Brown predicted a "frustrating year for tech."

ODFL is in Josh Brown's Best Stocks.

Kevin bought MDT; he sold some MRK to move into AMGN. He said he wants stocks that aren't candidates for "AI disintermediation."

Bill bought HL ahead of its earnings report a week earlier. He said his mining portfolio had 20% cash to put to work after there was "froth was coming out of the market." (Translation: Bill got squishy on this sector just because of a couple pullbacks early this year and it's already basically bounced back; if there was truly "froth" weeks ago, it's the same "froth" now.)

In the 47th minute, Judge said the Donald Trump press conference (that had been pegged to the 45th minute on the screen all during the program) was "imminent."

Kevin took some ribbing at the end for being seated next to Judge in the "1 chair," where Joe is generally ensconced.

Stephanie says we should ‘probably expect’ 8-10% in 2026 (which is magically about the same percent return that every strategist assigns every year)

The 2026 stock market is so boring, not even The Dominator, guest host Dom Chu, on Thursday (2/19) could breathe much life into what's becoming a more and more stale opening 10 minutes of commentary on the Halftime Report.

Dom asked Joe Terranova, who's sounding more and more like Santoli Jr., if the market feels "heavy." Joe said the market appears to be "spinning" and that it's more "rotational volatility" than "exit volatility."

Joe said the story is about the "elevated volatility" under the surface.

Stephanie Link predicted a "slow, steady grind higher" and that the equal weight S&P will outperform.

Stephanie said "K-shaped" in the 3rd minute.

Malcolm Ethridge said there's a "huge divergence" between the best performers, energy and materials, and the worst, tech and financials.

Bryn Talkington said the earnings and margins are still coming from tech, but "the market does not like the capex spend." Bryn said, "Alexa is still terrible." Bryn predicted "tough sledding, um, for the next few quarters at least, especially in the software names."

Just what everyone wants to hear.

Stephanie said we should "probably expect" 8-10% this year.

Malcolm said fears of another tech wreck are hovering over a market that otherwise should be a buy. Joe said there's a "degree of AI fatigue."

Dom asked about the slide in PANW. Stephanie said that in the longer term, it'll be a winner and is a "buy here." Bryn agreed that long term, there will be a "buying opportunity," but you have to be "tactical."

Malcolm Ethridge bought more ZS. He said it's one of the quality names being thrown out with the bathwater.

Joe said "K-shaped" in the 23rd minute.

Bryn suggests ETF should be named for Stephanie (which would be the second one on the show)

On Thursday's (2/19) Halftime Report guest-hosted by Dom Chu, Joe Terranova retraced the recent near-round-trip that CVNA has had and mentioned the JOET buying it but said he won't defend the stock, citing the "real" depreciation concern.

Bryn Talkington called PLTR still expensive and said it could "easily" slip to $100.

Joe said DASH had a "comforting" earnings report and has tailwinds.

Joe said the fundamentals of the gold or "debasement trade" remain in place.

Joe said he personally owns the OIH (Zzzzzzzzzz). Joe said the energy sector is unwinding some shorts of the past.

Stephanie Link bought TFC and DOV.

Bryn's Final Trade was XLI, which Bryn said should be renamed LINK after Stephanie Link. Malcolm Ethridge offered MSFT. Stephanie said PWR; Joe said EIX.

Bryn: Market keeping
NVDA below $200

Judge on Wednesday's (2/18) Halftime Report told Joe Terranova that Morgan Stanley says NVDA is the most underowned Mag 7 stock in years.

Joe said it "doesn't sound logical." Kari Firestone started to say it's about the "weight" and chuckled, and Judge agreed; Joe grimaced and demanded to finish his point, which was something about financial institutions reducing "concentration risk."

Kari said "there's a big study" that was in the WSJ last week that if you just owned the index weighting, or more concentrated, over the last 15 years, "you would have done better." Joe conceded that over the last 5 years, portfolio concentration has outperformed diversification.

Later in the show, Bryn Talkington said of NVDA, "The market right now does not want this stock to get over 200." Judge philosophized how the market might need NVDA's "security blanket."

Kari said AMZN is due to have a good quarter one of these times. Judge said the market "can't get its mind past" the "astronomical" spending.

Judge said the "societal issues" of Zuck's social media trial testimony are hard to link to a "shareholder perspective."

Jason Snipe said NVDA hasn't done much over 6 months, but he's "confident" about earnings and "very much looking forward to the print."

Liz Thomas said software is "well into the bottoming process."

Judge reaches back to the 1950s for a movie slogan

Bryn Talkington joined Wednesday's (2/18) Halftime Report remotely after the A Block to explain buying CBRE.

Bryn said the selloff last week was "so dumb" and "so ridiculous." Bryn said rather than being hurt by AI, CBRE will "benefit," which is a common refrain we're hearing from stock buyers this month.

In a really long-ago movie reference, Judge said he had Dan Ives on Tuesday's Closing Bell talking about PANW, and Dan was "defending it from here to eternity." Jason Snipe said the market's "kind of misunderstanding" the impact of AI on the space; Jason thinks it'll actually be a "catalyst."

Judge wondered if CDNS has the "immunity" to fend off AI fears. Joe Terranova said "the disruption element is probably not as strong as it is in other areas."

Kari Firestone bought more SPGI. And Kari bought AWK, a stock we think got some mention in the very earliest episodes of Fast Money. Kari also bought FLS.

The Dominator, Dom Chu, handled ETF Edge, which was about income funds (Zzzzzzzz).

Joe asserted that ULTA won't be disrupted by AI. "The younger generation is focused on beauty in a way that none of us ever were," Joe said, a comment that for whatever reason sent Judge howling.

Josh says Jenny’s concern about cybersecurity disintermediation doesn’t ‘make sense’

Judge on Tuesday's (2/17) Halftime Report noted cyber stocks haven't been "immune" to this year's tech selloff even though people insist they won't be negatively affected by AI.

Josh Brown conceded CRWD has been hit hard this year but said it's had several years of big returns.

Jenny Harrington, who is basically a permabear except 1) She's always fully invested and 2) Owns all the non-tech-stocks that somehow always are doing better than the Mag 7, and whose new theme is that AI is going to wipe out all kinds of stocks except the ones she owns, suggested cyber names might have longer-term concerns.

"What if one of them goes down," Jenny suggested, and "disintermediation" is possible.

Josh Brown cut in, "Respectfully ... none of those arguments make sense. Small businesses building their own cybersecurity? Out of what? Scotch tape?"

"Absolutely they could," Jenny insisted.

Jim Lebenthal said "small players" could develop threats to cyber that the companies aren't ready for. Jim stated, "The threats that have been protected against so far, using things like firewalls or identity verifications, can frankly easily be gotten around by small players." (In case you didn't have enough to worry about.)

Judge questions why Joe bailed on AAPL so fast

On the Halftime Report, Joe Terranova said, more or less, that Tuesday's (2/17) market is the same old thing this year. Jenny Harrington said it feels like "the rotation might continue to intensify."

Jenny said some earnings reports are underwhelming.

Judge said the market's a little "queasy," which Jim Lebenthal said was a good term; Jim said there's been a "rolling correction," but Jim thinks it's "just a lot of noise." Jim said travel and leisure stocks are "all doing well" on Tuesday.

Josh Brown said fears of obsolescence dating to the days of Motorola and Nokia are a "constant thing" in the tech space, so "of course they're terrified" about the impact of AI.

Joe said, "They're spending because of the perceived demand," and the market's "doing its job."

In a dramatic buildup that promised more than it delivered, Josh seemed to think AAPL is the intermediate-term stock to watch, explaining, "Agentic Siri is coming," which he said will be a "meteor" in the AI world.

Judge said Joe bought AAPL on Feb. 11 and "sold it the next day." Joe shrugged and chuckled that he "got stopped out." Joe said, "I'm trying in this environment to keep my losses tight." Judge asked why he bought it. Joe cited a "momentum signal."

Jenny actually calls HALO ‘brilliant’

Judge on Tuesday's (2/17) Halftime Report said B of A finds that retail investors are still buying.

Joe Terranova said that's what he sees, that retail investors are buying dips on long-term stocks, while institutions "have become far more short term."

Jenny Harrington said retail numbers can be contraindicators. Jim Lebenthal said the retail investor is different now than decades ago and that tax refund checks are arriving.

Joe pointed out CVNA's path of the last 6 months or so and said CVNA has a "very strong tailwind," which is tariffs.

After the A Block, Judge said dividend stocks are "hitting a record high" on Tuesday. Jenny credited Josh Brown for coming up with "that brilliant HALO, um, acronym. It's perfect ... I should've thought of that, but of course Josh did, he's so good at those things."

Jenny explained, "It's Hard Asset, Low Obsolescence," and Jenny thinks there's a "rotation" into those names. Jenny touted AMCR, EPD, BMY, KMB and D.

Josh said, "This is a Jenny Harrington Market, and the rest of us are just living in it."

Josh touted PLD and SPG in his "Best Stocks" feature. He started saying "some of these are overbought," indicating those are O, which he called "parabolic," and IRM, suggesting viewers hold off. But Jenny said, "I don't think you need to actually hold off on buying these."

Jenny was "thrilled" to see Jana in FI and Starboard in TRIP.

Panel puts together best show in weeks

There has been much commentary on the Halftime Report this year about AI impact on stocks, but Friday's (2/13) show delivered some of the most cogent commentary yet regarding specific stocks and sectors.

Things got going early when Josh Brown, who wasn't on Friday's panel, dialed in to say he bought CBRE. Josh said that sector has been getting "absolutely crowbarred," an impressive use of "crowbar" as a verb.

But Josh said "if you know literally anything about commercial real estate," none of this is "based on reality."

"I looked at this and laughed. I hit the buy button this morning," Josh said. He's not saying it's a "forever hold," but an "easy trade."

Judge insisted "you do have to be concerned" about "the AI replacement idea."

Josh demanded, "What are we replacing?"

Judge said, "I don't know, you're gonna have CBRE, you know, brokering fewer spaces." Josh said, "No."

Judge insisted, "That's obviously part of the fear."

Josh said that 5 years ago, James Altucher was "telling us New York City is dead forever because of COVID. If you didn't learn your lesson from that, uh, I don't know what to tell you. This idea that we're gonna have empty skyscrapers all over the world ... it just flies in the face of a hundred thousand years of human evolution."

Jim Lebenthal said he regards Josh's move as a "tactical play," which makes Jim think about software stocks trading at the same multiples as airlines. Jim was "front-running" (according to Judge) a DIS conversation by revealing he bought more shares. (Except they didn't really talk about DIS later.)

Amy Raskin bought more CDNS and is "not really worried about AI displacing them anytime soon." Josh again expressed incredulity that TOST stock isn't doing better.

AMZN ‘likely to be a buy pretty soon’

Steve Weiss opened Friday's (2/13) Halftime Report talking about cliches like shooting when seeing the whites of the eyes, but this month regarding AI in the stock market, "They're shooting in advance of shooting first."

Weiss repeated his recent point that when markets correct, people call it "really healthy," but "when they rise up with the same force ... nobody blinks an eye," when it should be "troubling."

Weiss said he knows someone who's "in AI and disrupting a major industry," which is "the Accentures and others similar," and Weiss doesn't think those stocks are buys yet.

Judge asserted that "Claude for work" has "undeniably had an impact" on MSFT. Weiss said he has changed his mind that MSFT will be a big beneficiary of AI spending. "I do think their software product is primed for disruption, and uh, squarely in disruption." He's not selling MSFT but is "looking for an exit."

Shannon Saccocia said there's "actually evidence" that they'll have to "re-rate" stocks such as MSFT and AMZN. Weiss said he can see AMZN's cloud as benefiting from AI, but it will keep taking a deep spend, and he doesn't like buying stocks in big capex cycles.

Amy Raskin said "What worries me most honestly about the last couple weeks is that we got ... capital ex raises across the board, and the semis didn't respond." Judge said, "Well, they have been at record highs."

Jim Lebenthal said we entered the year "quite worried" about Megacap Tech valuation; "we're not so worried about that anymore." Jim said AMZN "is likely to be a buy pretty soon."

Steve Grasso on NFLX is looking like an early Call of the Year candidate

He just scooped up last year's Call of the Year (see way below or upper right column of this page).

Early in 2026, Steve Grasso — for a moment at least — may have a called shot on NFLX. (This writer is long NFLX.)

On Jan. 21, with NFLX closing around $85, Grasso on Fast Money said, "If you want to get greedy in this stock, look back to November 2024 levels. $10 lower from here. If not, dabble at these levels right now."

And in the last few weeks, NFLX is in fact about exactly "$10 lower." On Thursday, it hit a 52-week low of $75.23 and then on Friday (2/13) basically tested it at $75.53 before closing slightly higher.

If 75 holds and the stock eventually goes up, Grasso's call will be a magnificent one.

Jim buys more WYNN just because it went up on Friday

Jim Lebenthal on Friday's (2/13) Halftime Report said he bought more WYNN, explaining that he wasn't planning on it when waking up, but, "Sometimes the price action commands action (snicker)."

Judge asked Jim to clarify whether he wouldn't have bought the stock if it was down Friday. Steve Weiss chimed in, "I'm in the same place, Scott; I don't know what's goin' on here."

Jim complained, "You guys are just funning me now." Judge said it's a "completely legitimate thought."

Jim said it's because a lot of times, people look at stocks as a "trading vehicle," but "this is a long-term play" and it's a "first mover" in the United Arab Emirates.

Weiss questioned why, if Jim has a long-term view, why not buy on weakness rather than on a "plus tick." Jim said he trimmed at 126 and he's been "looking to get back in" and if it had tested the "100 level," Jim would've been "terrified" to be buying too early.

‘I believe a lot of people that were in bitcoin are now in gold’

On Friday's (2/13) Halftime Report, Amy Raskin trimmed gold, apparently the IAU, because it's been a "straight line up."

Steve Weiss said gold is a "safe harbor" right now though the "definition" of why it will or won't work is kind of murky.

Weiss said he couldn't really prove it, but, "I believe a lot of people that were in bitcoin are now in gold."

Judge, fresh off his fashion gambit of Thursday (see below), brought in Ozanian (via Englewood Cliffs) to talk about NBA franchise valuations (Zzzzzzzzzz). Ozanian admitted none of the numbers should be a surprise. (It would be kind of amusing to overhear an argument at Englewood Cliffs; "The Cavaliers should be worth THREE HUNDRED THOUSAND DOLLARS more!!!")

Ozanian said Judge had a "great segment" recently with Marc Ganis.

Meanwhile, Amy Raskin also bought something called PI. Amy does have a knack for mentioning these kind of off-the-radar stocks that eventually surge.

Amy also bought more SLB. Amy likes WMB but says it's getting "more expensive."

Weiss bought more LDOS.

Weiss' Final Trade was QXO; it'll "keep goin' higher."

Judge looks sharp in new gray jacket (but it’s still kind of adventurous fashion)

Judge on Thursday's (2/12) Halftime Report said Barclays notes that software execs haven't made an insider stock buy for 2 weeks.

Josh Brown said they've all got stock at about a 40-cent basis, so the only buys you'll see are "token buys."

Malcolm Ethridge bought more NOW, "averaging my way into it." Malcolm admitted he was calling for "peak pessimism" many dollars ago in the stock.

After the A Block, Judge gave an incredibly laborious dissertation on all the big returns from non-U.S. stocks. Josh said it's "real" and "has legs." (But hardly anybody, in general, ever talks about it on the show.)

PHM is the only homebuilder on Josh Brown's Best Stocks in the Market list. Jason Snipe likes DHI.

Josh said TOST is falling basically every day, but argued, "They're doing tons of AI stuff."

NYT is actually near
a 52-week high

Josh Brown opened Thursday's (2/12) Halftime Report mentioning "HALO" stocks again (whatever those are) and then told viewers, "You don't wanna buy newspaper stocks."

Josh went on to explain that you don't want to buy stocks of companies whose products can be replaced by Claude. Josh said DAL is HALO but EXPE is not.

Jason Snipe bought more ETN, a stock that Stephanie Link is often talking about.

Malcolm Ethridge said there's a "ton of opportunities" in software.

Judge harped on how AMZN was heading for its 8th straight negative day. Josh said there are concerns about the spend, but over time, AMZN's spending has paid off.

Kari Firestone said eventually there will be a "basing out" of AMZN when you can buy.

Malcolm mentioned Burry in the 14th minute.

Malcolm trimmed NVDA for ... yes ... "risk management."

Jenny comes close to being the first to say in weeks that it’s a stock-picker’s market

In the category of Why Bother, Judge on Wednesday's (2/11) Halftime Report for some reason decided to challenge Jenny Harrington on her endless skepticism of the stock market (that she nevertheless fully invests in every day).

Judge asked Jenny about being less than excited about earnings and saying that once you "disaggregate" them, they don't look so great. "Why is the Dow at 50K and why is the equal weight hitting new (sic redundant) record highs every day if earnings outside of the Mag 7 are just kinda-" Judge asked.

Jenny cut in, "No, that is not what I said. I didn't say earnings outside of the Mag 7 are ho hum. I said once you look outside of the Mag 7, you can see a much different picture."

Jenny then said "K-shaped" in the 10th minute.

Judge insisted, "Earnings have blown past expectations. There's no other way to say it."

Jenny said, "This is why I beef against like, 'Hey, earnings are up a lot.' Because I think that just sends people straight back to the same playbook. Where I think that there needs to be more nuance. I think this is a year for active management."

(Translation: Jenny can't stand it that tech stocks, the good ones at least, generally go up. It's a great mindset ... for 2000-01.)

Judge said, "It's not the same playbook ... we've added pages to the playbook." Jenny added, "I don't think the market's great."

We got an ‘at the end of the day’

Joe Terranova was back on the Halftime Report Wednesday (2/11) for the 3rd straight day. (Apparently, he can't drive the volatility point home hard enough.) Joe even said Wednesday's jobs report "validates" what he said a day earlier, "bond market volatility is calm," though Wednesday had "a little bit of a rollover in crypto."

Kari Firestone said the market's "expensive," but one reason is because "there aren't as many stocks to buy."

Kari said earnings are "growing nicely but not great." Judge protested, "What do you mean? ... They're way exceeding expectations." Kari started to say it's "always" supposed to ... improve or something as Jenny cut in, "It's only great in aggregate."

Jenny added, "Once you start to disaggregate ... it's not as good a picture."

Brian Belski said "at the end of the day (snicker), uh, what the market's showing you is that other areas of the market are working, dividend growth, value, small cap."

Joe explained that "momentum can go to different places ... and what momentum is currently (sic redundant) doing, is it's pivoting more towards quality and more towards value."

Belski says Joe’s sale of NFLX means ‘we’re close to the bottom’

In the 2nd half of Wednesday's (2/11) Halftime Report, the panel took up what might be the most interesting stock in the market: NFLX. (This writer is long NFLX.)

Joe Terranova revealed he threw in the towel, saying he sold NFLX after being long since May 2024 at 66.

"I'm saving everyone in America that has a Netflix position; now it can finally go up," Joe cracked.

Joe said you don't want a great winning trade to "turn ultimately into a losing trade."

Judge said "Everybody knows why it's down" without revealing that reason. Joe admitted, "Yeah, it's gonna bounce, but what am I supposed to do? I'm long at 66."

Joe said, "I don't wanna sit here and say 'I bought it at 66 and I sold it at 64' after it went up to 115."

Kari Firestone opined that NFLX may not bounce back soon; "It can hang out down here for quite a while."

Brian Belski still owns NFLX. Judge explained that Belski tends to have a longer-term approach than Joe does.

Belski said of Joe's sale, "I love his move, because it just makes me feel better about my move ... I love how emotional he is about- selling it. That means we're close to the bottom."

Brian said he still owns WBD too. Belski said of NFLX, "I want to own this stock." That prompted Jenny Harrington to draw a greater distinction, saying, "I want to want to own this stock ... I have no idea how AI disrupts this business." Joe pointed out how he could be criticized for not selling at 95. (He also could've pointed out how he kept talking up NFLX and SPOT as a tandem well into the summer as they turned into massive dogs.)

Jenny warns that ‘nothing’s safe’ from AI (except for stocks she likes that are way overdone to the downside)

On Wednesday's (2/11) Halftime Report, Kari Firestone said she bought more APO, saying the sector got hit too hard.

Brian Belski opined, "The market is just kinda goin' down a checklist of where they can pick on, in terms of AI."

Jenny Harrington cautioned that "nothing's safe" from the AI and we don't know the impact yet on some industries.

But moments later, Jenny reported buying G. She said it's down because "there's this great fear that there is disruption from AI coming."

Belski sold MPWR (Judge never bothered to show a chart or graphic) and bought ALAB. Belski also bought PNFP and sold FCNCA.

Jenny finally sold JBLU because it's up "36%" this year and she doesn't see much more, now she can take the capital loss, and of course, tax losses seem to be more important on this show than portfolio gains.

Joe Terranova bought AAPL because there's a "similar pattern match to what existed in August," though he doesn't know if now will be the same "upside." He does see a "3-handle."

Joe called CDNS "undervalued" at 298.

Kari sold HQY and bought BSX. Joe trimmed the XBI. "It seems to be underperforming health care overall," Joe said.

HOOD was taking a tumble. Joe said the earnings report was "not diversified enough" and "too reliant on crypto."

Jenny's "a little worried" that expectations for CSCO are too high.

Santoli said, "It's a 50-50 market most days."

SPOT’s gain is so ‘strong,’ the stock is all the way back to the same price it was ... a week ago

Judge on Tuesday's (2/10) Halftime Report said SPOT is having a "great day." Maybe it was. (This writer is long SPOT.)

Until a day earlier, Judge hadn't noticed this stock for months, despite the fact it had crashed and burned for 6 months after a group of panelists including Joe Terranova, Bill Baruch and Josh Brown had pounded the table for it.

On the show Tuesday, Joe said quality has "never ever" been an issue for SPOT, rather, the "challenge" is the momentum. (Which is like saying, "The reason it's not gone up is because it hasn't gone up.") Joe somehow claimed, "The lift here, it's really strong, it's really important."

How come we never hear about a ‘soft landing’ anymore?

Judge mentioned "K-shaped" in the opening minute of Tuesday's (2/10) Halftime Report. Permabull Stephanie Link said the market's going higher and also said "K-shaped."

Joe Terranova admitted he keeps talking about elevated volatility, but there isn't elevated volatility in the bond market (Zzzzzzzz), which is "remarkably calm."

Josh Brown said we've got an "absurdly strong earnings picture."

Josh called the RSP (Zzzzzzzz) "the No. 1 chart we've been talking about on the show."

Josh impressively explained that "The 'R' in 'RSP' ... that comes from Rydex ... the only company that had an equal-weight index product, and I guess when Invesco bought it, they kept it, the 'R' there." (That practically falls under Fast Money Trade School that Guy Adami and Eric Bolling used to do.)

Joe’s still talking about the Oracle debt offering

Josh Brown on Tuesday's (2/10) Halftime Report said he bought some of his "favorite software names" on the pullback but he doubts there will be a V-shaped recovery because he thinks the market doesn't think all of them will make it.

Joe Terranova brought up "the Oracle debt offering" for the 2nd straight day.

Jim Lebenthal, who didn't have to deal with Weiss' hectoring on Tuesday, called a sell rating on QCOM "way too dramatic," but he doesn't think you have to "rush out and buy Qualcomm."

Joe said MU is high enough above the 50-day that it could still drop, but he takes the "other side" because of the fundamentals of memory.

Stephanie Link bought more SNPS.

What in the world is a HALO stock?

Josh Brown on Tuesday's (2/10) Halftime Report sold OTIS, a stock he had touted more than once; Judge wondered why given that industrials are doing so great. Josh said "the only reason I sold it is because there are too many other opportunities."

Josh was talking about "HALO" stocks; he said "HALO" means "Heavy Assets, Low Obsolescence," and it apparently has something to do with strong companies, but honestly, we had no idea what he was talking about.

Stephanie Link bought EL after its post-earnings pounding "presented an opportunity." (This writer is long EL.)

Judge said the EWZ is up 21% year to date. Stephanie said Brazil is a "power play" and a "very big beneficiary of AI." Joe Terranova talked up the EIS and EWY.

Joe said to "be a little bit careful here" with "somewhat parabolic" GILD. Stephanie is "a little nervous" about ZTS.

Josh said he thinks momentum continues with TOST results, but he continues to be "mystified" by the stock reaction.

Jim Lebenthal said at 116, he's not buying or selling WYNN.

Jim's Final Trade was ORCL, despite gains this week. Joe hung a $1,000 on GS.

SPOT somehow survived the JOET’s most recent rebalancing

This page has complained for weeks about how we haven't heard a word from Joe Terranova in months about SPOT, a stock that only 7-8 months ago he was regularly hailing. (This writer is long SPOT.)

So we were rather shocked to hear Judge bring it up in the 59th minute of Monday's (2/9) Halftime, a segment Judge called "The Setup," even though it was basically Final Trade time.

Joe admitted SPOT is a "falling knife." But then Joe got our Spider Sense going when he actually said it "barely survived the most recent, uh, momentum screen for the rebalance."

How in the world could this stock, in the last 6 months, pass anyone's momentum test???

We looked up the JOET's portfolio, and sure enough, SPOT is in there. (Good. Grief.)

Judge then decided to play trader, stating, "The thing about this is, AI-disrupted." Judge then tried to explain how you can go to "LLM" and put in "Give me the best playlist of these, that, whatever, now it's not the mechanism that actually play the music, but, I don't know, the stock reflects something that is reflective of what I just said."

Honestly, we have no idea what Judge is talking about, but if AI is pulling some kind of Napster 2.0, then that's a much bigger story than the 59th minute of a CNBC program.

Joe noted that the SPOT founder/CEO left the company a while ago, "and they haven't recovered from that."

In case you missed it, Jensen defends AI spending

Joe Terranova at the top of Monday's (2/9) Halftime Report mentioned a bunch of things working including equal-weight (Zzzzzzzz); Bryn Talkington said of the RSP, "let it run."

Steve Weiss said that when there's a correction, everybody says "oh that's healthy," but when the market surges like on Friday and Monday, "Nobody's saying, well that's unhealthy." Weiss concluded, "Valuations right now are too high."

Judge said Melius downgraded MSFT to hold. Weiss drew a comparison to Alphabet a year ago, which he said you can "justifiably" do.

Judge recapped how he asked Jensen on Friday about AI capex. (In replayed clips, Jensen defended it yet again.) Jim Lebenthal said he bought more ORCL on Monday morning. Jim explained, "It's been in a bad period because of this perception that O- that AI is a bubble." But Jim said that Jensen said "these tokens are profitable right now," and that Jensen said people knew that fiber optic spending in the late '90s "wasn't generating revenue."

Basically, when Jim says he’s not going to die on a hill for a stock (as he said a few months ago), he actually will

Back buying all the names he talks about all the time (whether they're good stocks or not) on the Halftime Report, Jim Lebenthal on Monday (2/9) found himself taking some exceptionally good questions — not from Judge, but fellow panelists.

Judge jabbed Jim for recently skiing in France, "winds just blowin' through your hair ... having your fondue" and deciding to buy more ADBE.

Jim said the show had "tremendous" conversations last week about software last week when he wasn't on, and Jim watches it when he's not on. Jim "totally agreed with all of us who were saying, 'This is overblown.'"

Jim added, "Adobe is not getting replaced anytime soon."

Steve Weiss cut in, "I disagree with that." Jim said, "This is what makes a market, and you can disagree with it, that's fine."

Judge then aired a clip of Brad Gerstner from Friday's Super Bowl set saying software names need to prove they're benefiting from AI, or expect lower multiples. Jim said he doubts getting ADBE under a 13 multiple. Jim insisted Brad's points are "already in the stock."

Weiss said there's a difference between MSFT, which makes operating systems, and ADBE and its "security software to protect your documents," and it would "not" be hard to replace what ADBE does. Weiss said, "Instead of paying a license fee for everybody sitting in your company, you could design that same security by using Claude or whatever, you're going to do."

Jim said "You're absolutely not ... because you're not gonna take the reputational risk that all of a sudden your document looks like it's written in sanskrit when you send it to an important client." Weiss said, "I use Docusign all the time."

Bryn Talkington said there's a "tremendous amount of opportunity" in software, but it won't be "V-shaped."

Joe Terranova said he agrees with Bryn, it's not an "all-clear moment" but it won't be V-shaped. Joe said Jim "made one mistake" in discussing ORCL; "you didn't mention last week's debt offering," which according to Joe gave investors "comfort" about the stock; "the CDS tightened on Oracle the most since April of 2021."

Judge may have been right, but bitcoin is more interesting than everyone’s Blue Owl midday trading analysis (including Barry Bannister’s suggestion of possible slide to $38,000 minutes later on Kelly’s The Exchange)

A curious little dispute took place on Monday's (2/9) Halftime Report when Judge pulled an end-around on Joe Terranova.

Bryn Talkington had said she bought more OTF, calling it "overdone." Steve Weiss praised Blue Owl because they "underwrite responsibly ... I've met some of these guys ... they're not taking chances."

Judge then asked the panel, "You guys wanna talk about bitcoin?" But then Judge said, gesturing toward the OTF chart that was still on the screen, "We can stay there for a minute, um, because this stock is moving, and, you know, maybe it's in part on Bryn's move."

Then Judge asked if Joe Terranova had a "last thought here as we look at ... Blue Owl." Which should've made it clear what Judge was talking about. But Joe went on to describe bitcoin. "It's deleveraging ... a lot of margin calls, and we saw a cascading effect of all of that. And ultimately it led to a print of 60,000 in bitcoin."

Joe then compared bitcoin to silver. Judge said, "You talkin' about bitcoin or you talkin' about this, what we're lookin' at on the screen."

Joe said, "You- you mentioned bitcoin. You said, 'Do you want to talk about bitcoin.' You did."

Steve Weiss said, "I'm with you, Scott."

Judge said, "OK. Let's talk about bitcoin. Because I started talking about bitcoin but then mentioned Blue Owl and the move and that's when we went back."

Joe protested, "I heard you say, 'Let's talk about bitcoin.'" Judge then ordered up a bitcoin chart and said Bryn bought more IBIT. Bryn said she bought Friday; "What was happening in crypto felt like a massive washout."

Judge quoted Bernstein as declaring, "The bitcoin bear case is the weakest in its history." Judge revealed, "I feel like it's the exact opposite."

Weiss said ADBE may be in the "too hard bucket" but bitcoin is in the "impossible bucket," because "nobody's been able to tell me what the intrinsic value is here. Nobody's able to tell me what the business use cases are. You can make something up like blockchain technology and security, but that's- that's b.s., we've seen so many of these, you know, bitcoin wallets stolen. ... You've seen some of the bitcoin holders, who incorrectly thought this was a store of value, move into gold."

Weiss said "there's no there there," but he thinks Bryn's right, "theoretically," bitcoin should bounce, but "You need a hundred thousand dollar, a hundred thousand Dow to see this go up."

Everything Weiss says about CLF is true (even as Jim claims he has an ‘edge’ in it)

Jim Lebenthal on Monday's (2/9) Halftime Report actually admitted buying more CLF, which wasn't having the greatest day.

Jim insisted, "You gotta look forward," and he made the usual argument (for years now) that steel prices are going up.

Joe Terranova asked Jim if he could ask him a question "on behalf of the viewer," always a nice gesture. The question was, "Where are the buyers coming in to accumulate" and what to do if it breaks the 200-day; Joe said that the stock was down 17%, "a big move in 1 day," and it's sitting at the 200-day.

Jim told Joe, "you're speaking like a trader" but there's "too much fundamental going on here" that "outweighs" what Joe is saying.

Steve Weiss rattled off Jim's Greatest Hits on this name, "I sold this stock in the 20s; you thought it was goin' to the 40s; you said it's not a commodity business, that, that, that they'll always generate mounds and mounds of free cash flow, and- and they haven't, so at what point do you say, you know what, 'I'm in love with this,' rather than I'm an investor in it."

Jim said he respects the question, but when he has a "fundamental thesis" or "edge" in a stock, when it goes down, he buys it. Jim said CLF has invested in acquisitions that have lifted sales from $2 billion to $20 billion.

This page thought entering playoffs that the Texans would win, 2nd straight bad Super Bowl call

Steve Weiss on Monday's (2/9) Halftime Report revealed he is trimming UBER. He said it's partnering with Waymo, but "partnering doesn't get you the same margins, so clearly margins will take a hit."

Weiss also trimmed NFLX. (This writer is long NFLX.)

Joe Terranova bought more GLW. Joe said it got a higher ranking in the JOET rebalance. (The same rebalance that found SPOT investable.)

CNBC's gorrrrjus MacKenzie Sigalos made what we think is her debut hosting ETF Edge.

Contessa Brewer reported on the brisk amount of gambling for the Super Bowl and how someone made $245,000 on the coin toss. Judge said, "Seahawks and the under was a, a very popular and lucrative bet ... people thought that that was a pretty good, if not sure bet going in." (Yes, and it paid off, but sometimes, those "very popular" bets are wrong.)

Contessa revealed, "I should say, we have a disclosure here: CNBC and Kalshi have a commercial relationship which includes customer acquisition and a minority investment."

Steve Weiss wondered, "Were there any bets on Bad Bunny having more ground yards than the Patriots." Judge said "we gotta go" and told Weiss, "I saw that somewhere else; you ripped that off."

Treasury secretary doesn’t know about VSNT

Late into Friday's (2/6) Halftime Report in Santa Clara, Judge welcomed Scott Bessent, who wasn't in Santa Clara but said Trump Account signups are "going fantastic."

Scott said he wanted to give a "shout-out" to CNBC's "parent company (sic) (snicker), Comcast," saying senior management has been "very helpful." (Ah, a cable giant being "very helpful" to the administration.) Scott said the impact of the Trump Accounts on our "national psyche" may not be felt for even "60 years." That's a long time for gauging impact. ("Hey, didja hear what LBJ's up to??")

Judge asked Scott about the "alleged joke" Donald Trump made about "firing" (sic, joke was reportedly about "suing," not firing) Kevin Warsh if he doesn't cut rates, and Scott's response to Liz Warren in the chippy Senate hearing. Scott said Sen. Warren "seems to have no sense of humor" but "it was a joke" and "the president also made a joke about her not having reservations, so, we know what that's a reference to." Scott said Kevin brings "great credibility" to the Fed chair job.

Judge asked Scott if the Powell investigation should end. Scott punted to Jeanine Pirro but claimed senators reached a conclusion of "No crime, but probably guilty of incompetence." So we have a Treasury secretary labeling someone appointed by his own president as incompetent.

Bessent was not asked who is going to win the Super Bowl.

Jensen insists there’s no drama between him and OpenAI

Judge managed to land Treasury Secretary Scott Bessent for Friday's (2/6) Halftime Report.

And Bessent wasn't even the biggest get of the show.

That would be Jensen Huang. (Who admittedly isn't really "exclusive" these days given that he's giving speeches seemingly hourly and talked to Cramer a few days ago. But still.)

Judge just a day ago admitted, "We keep, you know, regurgitating the same conversation" about AI capex.

In fact, some folks think companies may actually be overdoing it.

But Jensen, who was in Santa Clara with Judge and Brad Gerstner, will tell you anything but and did so Friday.

"Demand is sky-high," the world's AI evangelist said. "Artificial intelligence is going to fundamentally change how we compute everything."

Jensen said that in the past year, we've seen AI "no longer hallucinating" but becoming "super useful."

Jensen said nobody's using AI better than META.

Brad Gerstner, who was also on hand for the entire show, likened AI spending to Jeff Bezos' spending on AWS.

Judge asked Jensen about investors with "PTSD" who are seeing "certain things" from "the last time tech went through this revolution and evolution." Jensen said "it's good to always reflect on history ... but history doesn't repeat."

Judge asked Brad if he's concerned about another DeepSeek; Brad praised Jensen for "putting forth an American agenda."

Judge asked Jensen if there's "really no drama" between him and OpenAI. Jensen insisted "there just isn't." Judge didn't ask Jensen to compare Seahawks defensive line with Patriots defensive line and whether AI has declared a winner in the game.

The Super Bowl is being broadcast by a Comcast property, which is probably why Judge is out there (even though VSNT is supposedly separate and able to license content to different media entities)

Friday's (2/6) Halftime Report was so chock-ful of A-list guests, the regular panelists (especially Steve Weiss) barely got more than a soundbite.

Brad Gerstner joined Judge in Santa Clara. Brad gushed about AI capex spending. Brad said there's a "fog of war" (snicker) whenever we have a "parabolic" rate of change in something or other.

Josh Brown said he's got "residual ice in the driveway" while Judge and Brad "will be at the game." Josh said he's not saying software has hit bottom, but he rattled off a bunch of extremely low RSIs, and if you were an "active seller" on Thursday without a margin call, "you're a donkey."

Malcolm Ethridge bought AMZN. Malcolm said that since COVID, "Retail investors are actively trading a lot more than they used to be."

Weiss said of AMZN, "The guidance was a little disappointing." He's not selling; it's not one of his "larger positions."

Brad Gerstner touted AI capex, saying, "I think for the next 3 years, this is like building the interstate highway system."

Eamon Javers reported on the video on Truth Social being taken down. Judge noted that the White House first claimed there was "fake outrage" about the video until it reached a "crescendo" and left the White House "no choice."

Josh mentioned the PLTU, which we'd never heard of; it sounds like he's not a big fan of it; "you really have to nail the timing." But Josh said this week can be great for longer-term investors who are seeing big drops in stocks they like.

Honestly, Judge talked to some football greats, but they didn’t talk much about either football or investing

The star guest of Thursday's (2/5) Halftime Report was Joe Montana, who joined Judge at CNBC's minuscule set in San Francisco. "Joe Montana is scoring big in the field of venture capital," Judge proclaimed, but viewers didn't exactly get any tips on privately held startups that Joe finds promising.

Joe got into this, apparently, because of a a few teammates. "Harris Barton and Ronnie Lott knocked on my door and said, 'Hey, we want to start a fund of funds in venture,'" Joe recalled to Judge.

(Joe also mentioned selling his house and then having to drive 2 hours, sometimes 4 hours, to get around the area.)

Joe said in venture investing, it's about "people" and you're "betting on" the founders.

Judge asked if being on the cover of Worth (snicker) magazine is as good as being on the cover of SI. Joe said, "I see it in a different light." (Translation: The answer is "no.")

On the Super Bowl, Joe said "I like Seattle" and pointed to Sam Darnold and "what he's been through"; "I'm sure people in Minnesota are kickin' themselves for lettin' him go." (Well, depending on what happens Sunday, maybe they won't be.)

Joe made an interesting distinction between quarterbacks who look at their own bench where "they're telling him what to do," and if QBs can't read defenses and make decisions on their own, "by the time you get to the NFL, it's too late."

Another Super Bowl-winning QB, Joe Theismann, visited with Judge near the end of the show and talked about how stocks "fill the void" after football. Joe said AI is a "whole new era." He's been "bullish" on nuclear for a while. Joe likes OKLO and SMR, pointing to all the data centers in Virginia. As Joe mentioned, he's been on CNBC before, actually in the very early days of Fast Money, when Eric Bolling chided Joe for "averaging down."

Joe said SNOW is "a little expensive for me." In the Super Bowl, Joe said he likes Seattle, "very dominant" defensively and the team that's "best equipped to be able to throw the ball around."

A third guest in SF was Kenny Dichter of Real SLX partners (he used to be with Wheels Up), who joined Judge in between the two quarterbacks. (Maybe Kenny has been on more Worth magazine covers than Joe Montana has.) We don't really know what Real SLX does except that it apparently hosts events for elites at big sporting events, including a Rao's popup at the Ryder Cup that was apparently a really big eal, and now Kenny's got something going with the Super Bowl. Kenny praised V for being "quick" and "agile."

Joe, Bill and Josh all touted SPOT last year, not talking about it anymore

Judge helmed Thursday's (2/5) Halftime Report from CNBC's dinky San Francisco studio, where he would conduct interviews with a couple of NFL greats.

All the regular panelists were remote and got limited soundbites. Josh Brown described the selloff as, "This is not very complicated — these are some of the biggest winners over the last 3 years, where you're seeing the maximum amount of pain."

Josh said, "Pepsi and Coke look like they just discovered a cure for cancer," but he said those kinds of gains don't have "anything to do with fundamentals."

Even Judge admitted to Bryn Talkington, "We keep, you know, regurgitating the same conversation," about AI capex. (Yes. So why does Judge, who runs the show, keep regurgitating it.)

Bryn said Alphabet had an "amazing" call and said "the hedge funds just wanna take everything down," but you should be "choosy" and "opportunistic."

Joe Terranova, who was in that pandemic-era room with a whiteboard and numbers on the walls, said he mentioned "AI fatigue" a day earlier and doubled down on that.

In a bit of an understatement, Bill Baruch said the "larger environment" of the market is that "there is a wave of selling that's kinda- that's taking place."

Bill ditches bitcoin

Bill Baruch on Thursday's (2/5) Halftime Report said he sold IBIT and COIN, saying $75,000 had been "big support" for bitcoin.

Bill said COIN has gone "straight down" since that legislation didn't get passed in mid-January.

Josh Brown bought more TOST, which he stressed is an investment and not trading.

Joe Terranova said he likes KLAC, AMAT and LRCX; he thinks it's semis over software.

Bill trimmed MU, which Judge said went "parabolic." Bill said it's been a "double table-pounder" and had a "heckuva move." Of course, he only sold it from a "risk-management standpoint."

Booted from the internet

Regarding a stock that provoked conversation on the Halftime Report every time it's mentioned, Josh Brown said he did an "average up" in buying more UBER.

Josh said there's been a trend of the stock sliding on earnings based on autonomous questions, and "yesterday was the dumbest" selloff.

We get Josh's rationale, however, it wasn't really any different than what he always says. Josh said autonomous cars will eventually be "rolling toaster ovens" and all that will matter is the platform.

Bill Baruch said he trimmed UBER before earnings and this is a "good place" to buy more.

CNBC's Kate Rooney discussed the new Anthropic Opus whatever.

Bryn Talkington bought GEV, the stock Stephanie Link mentions on every show. As Bryn spoke, Josh was heard to say "I just got kicked off the internet."

Bryn made ZM her Final Trade, which Joe owns personally. Bill offered PLTR, saying there's big support at 120-130. Josh said KNSL and Joe said MRK.

‘Same place’ as Oct. 29

Wednesday's (2/4) Halftime Report was kind of more of the same, but guest host Frank Holland and crew, to their credit, put together a crisp show.

Joe Terranova opened by pointing out, "We're literally in the same place we were on October 29th. ... The volatility's kind of elevating."

Liz "ETF" Thomas said software is a "sentiment trade" with "a lot of indiscriminate selling going on." Even so, "I think some of the selling is just getting a little ahead of itself." Liz predicted churn for a "couple months."

Jenny Harrington asserted that "There are babies being thrown out with the bathwater and opportunities being created," though Jenny doesn't think ETFs are the way to play it. Jenny claimed, "I think there are companies out there that will go to zero," and there are others that are down 50% that will still have a "return."

The "zero" comment raised some eyebrows. Of course, in any given year, some publicly traded stocks are indeed going to zero. But those generally aren't the stocks mentioned on the show.

Jason Snipe said the current market is almost a "protracted Deepseek moment," and though he thinks software in general is kind of expensive, he thinks there could be "harmony" between software companies and AI.

Joe says people can have ‘fatigue’ with owning a stock

Joe Terranova on Wednesday's (2/4) Halftime Report blamed AMD's selloff on "fatigue," which is curious; evidently people grow tired of making money (but what about the "fatigue" in SPOT?).

Joe said what you do "depends on where you entered AMD." (Tip: Your cost basis has no bearing on whether the stock is going up or down.) (Second tip: If you are more concerned about taxes than whether your stock account goes up, you should probably switch to Treasurys and CDs.)

Joe said "uncline" (sic) (snicker) (we haven't heard that one before; that's a good one) and quickly corrected to "decline." (Joe doesn't seem inclined to talk about the "uncline" in SPOT since last summer.)

Bill Baruch, who wasn't on Wednesday's panel, joined remotely to say he trimmed GOOG and AMZN; it's "less of a conviction and more about risk management" (Zzzzzzzzzz) (Then why in the world did he have to dial in to the show).

Joe said LLY had a "spectacular quarter."

Jason Snipe said ABBV's slide is "a call on what's going on with Humira." Jason mentioned a number of products that are heard often in TV jingles around the time of the evening news.

Jenny gushed about how GSK and RGON and BMY "all are minting cash," even though the new GSK CEO makes Jenny a "tiny bit nervous."

Jenny: UBER selloff ‘dumb’

Guest host Frank Holland asked Jason Snipe on Wednesday's (2/4) Halftime Report about UBER sliding.

Jason said, "The big thing for me is, they continue to invest in autonomy," though there's a little concern about profitability and guidance. He claimed there will be "price appreciation" in the future after these investments "filter" through the company.

Jenny Harrington said "it's confusing to me that people don't appreciate this right now." Jenny said Wednesday's selloff is "dumb." Joe Terranova admitted, "I don't feel good about it," and the stock is "breaking down." Joe said the 12-month Street target is still "somewhere around" $102.90.

Joe bought GLW, though it's a "smaller position." Joe bought TKO even though it was removed from the JOET; it only "barely missed the cut."

Joe said XOM hit a 52-week high and asked Santoli about energy. Santoli said it's hard to tell how much is long-term belief or people just moving money around the market, but there's maybe a sense that there's a "floor in crude."

Liz "ETF" Thomas said materials are still "very underowned" and she's still "long, strong and bullish."

Joe said the WMT valuation is "extreme" and he would not "reach" here.

Jenny made the case for CSCO after giving a speech about the importance of when you buy a stock.

When is Joe going to talk about the anvil that is SPOT; on July 29 he said, ‘12 months from now, you’ll certainly be rewarded,’ it was actually over $600 then; where is this reward ... (a/k/a Bill Baruch actually touted it even more)

Most Halftime Report panelists correctly remain bullish even during rocky market times.

However, when the rockiness keeps happening off and on and panelists can barely contain how much they want to keep buying, it makes the conversation kinda stale.

Such was the case Tuesday (2/3), when Josh Brown opened saying it happens a couple times a year where popular trades get "absolutely nuked." He even quoted Taylor Swift lyrics.

Josh explained that "the ground zero is the application layer of the software stack."

Judge pointed to the struggles of the IGV. Joe Terranova said it's a "real theme" that doesn't go away this year. Then Judge said maybe people will decide it's "way overdone." Because within days and not hours, everyone will be buying again, until they sell it all off again.

Permabull Stephanie Link, who is never concerned about a market selloff, was talking up the PMI for the 2nd straight day. Stephanie touted cybersecurity.

Shannon Saccocia said "there's plenty of other places to go" besides tech for growth.

Judge asked Josh about TTAN being in the "eye of the storm" of the selling. Josh said the selling is just "indiscriminate" and "sector-wide."

Josh said things like commodities, which aren't replaced by AI, are "safer" right now.

In a really long-winded discussion about NVDA and others that persisted through the show, Judge questioned, "Is there growing friction between Nvidia and OpenAI?," then gave way to Kristina Partsinevelos for a report, then to Kate Rooney for more on Sam Altman (Zzzzzzzzzzzzzz) (#enuffalready).

Joe gave a speech about PLTR and said it would've been good to have a bigger pop Tuesday and said the JOET's had it since 16. Joe also touted ZM.

Josh bought DVN under the theory that money being drained from tech has to be going somewhere. Josh said the DVN "massive downtrend" since May 2022 is "over."

Stephanie sold MMM because she made 70%, so Judge would need to spend only "5 seconds on this."

Josh mocked Baird's JPM upgrade to neutral with a target of 280. "So they're bullish, but they think the stock's worth $50 less. So do I sell it and buy it back?" Josh said in the next couple of years, it's a "$500 stock," he'll "ignore" this call.

Josh mentioned that WMT joined the $1 trillion club.

For his Best Stocks list, Josh talked up TRGP, GWW and CTVA.

The JOET bought PHM. Stephanie Link said homebuilders are "minting money."

Judge did have a lengthy (by live TV standards) chat with Jim Stewart about DIS on Closing Bell. (See our home page.) Jim claimed it's a "solid" and "good" CEO choice basically because he's "personable" and because Bob is really willing to step down this time. (So why did he step down the last time.)

‘Majority of the gold trade is over’

Brian Belski on Monday's (2/2) Halftime Report made one of those comments that, 11 months from now, should figure into the Call of the Year or Bust of the Year conversations, asserting, "The majority of the gold trade is over." Belski suggested it typically underperforms after achieving 3 standard deviations of something or other.

Judge sort of buried the show's lede until the 25th minute (that's correct, minute, not "25th Hour," the Spike Lee movie), revealing that the JOET actually sold AMZN and META. Joe shrugged that "the rules are the rules."

Judge and Joe haggled over whether retail investors have finally infiltrated futures trading.

Judge asked Joe about APH being in the JOET forever. Joe said it's a "steady company." The JOET sold NFLX and DIS. (This writer is long NFLX.) Joe said NFLX's momentum "without question" has "broken down." (Gee, how could anyone ever figure that out.) (Are there charts of stocks online?) Belski though said of NFLX, "We're more inclined to buy more down here."

The JOET bought MRK, which Joe personally sold (so yet again, Joe spoke of the "uncomfortable position" he feels from owning something personally that's also in the ETF (Zzzzzzzzzz)).

There was a lengthy discussion including Kristina Partsinevelos and Kate Rooney about NVDA's financial "commitment" to other companies (Judge said that's his own word and not Nvidia's) or lack thereof.

Judge tried convincing Joe at the top of the show that market volatility (Zzzzzzzzzzz) may ease in February. "I don't think anyone should expect that," Joe countered.

Stephanie Link noted "the VIX is only 16."

We heard Judge mention "linear" (Zzzzzzzzzzz) (snicker).

Anastasia Amoroso said "I think we have the Fed on our side." (We can't wait to see how much more handsome the new chair will be than the current one at the Federal Reserve press conference.)

Stephanie Link bought SNPS.

Judge said Belski was wearing a "Snuggie" under his jacket and asked Brian if he's warm enough.

You can leave rates unchanged as much as you want, if you’re handsome (a/k/a Rick Rieder lost the beauty pageant)

Eamon Javers delivered news from the White House during Friday's (1/30) Halftime Report, saying Donald Trump was indicating he's not going to demand Kevin Warsh commit to rate cuts because Donald Trump wants to keep it "nice and pure."

Eamon also reported that Donald Trump actually said "looks don't matter, but he's got the right look, uh, for the job."

Honestly, given the Pete Hegseth model, and the fact that to some very interested parties, the Fed chair job amounts to making about 15 business speeches a year on television, we're guessing the White House scout team put together a short list of CNBC recruits that may have included anyone from Joe Kernen to Morgan to Judge to Tim Seymour, and that all were either nixed by Scott Bessent or simply declined to participate.

At another time during Friday's show, Rob Sechan said Warsh is the "responsible adult in the room" because Warsh is aware of the 2008 financial crisis.

We can't wait to see how incredibly good Kevin Warsh is going to look in a sweater/vest at Jackson Hole.

Apparently, every Friday, Jim and Judge are going to tell us that Bob’s actually stepping aside

Basically repeating what they said a week earlier, Judge and Jim Lebenthal on Friday's (1/30) Halftime Report said a filing suggests the DIS "successor" will be announced "sometime in the month of (sic 3 words redundant) February."

Jim bemoaned that "they have to know who the, who the choice is by now," so why is it taking forever. Jim said he's holding DIS, but "one's mettle is tested in holding it."

Meanwhile, Stephanie Link said of SBUX, "This stock should be bought." That's fine; we would swear that we hear about a new Starbucks store/concept overhaul about every 6 months, but whatever.

Josh Brown said he sees autonomy as "bullish" for UBER, but "apparently, most of the Street doesn't." Stephanie Link got a chance to mention GE Vernova and its "book to bill." Rob Sechan talked up GILD.

Jim said XOM has so many things working, it's a great long-term stock even if there's short-term fluctuations to oil's price. Stephanie likes CVX.

Josh's Final Trade was RKT; he said he'd probably add on the dip.

Sucking assets away from crypto; the horror ...

At the top of Friday's (1/30) Halftime Report, Jim Lebenthal noted the "speed" with which the retail crowd has traded silver.

Judge said, "Escalator up, elevator down," which maybe was true Friday, except, to be honest, it's actually been kind of an elevator in both directions this month.

Rob Sechan said, "You certainly saw the mania phase reached earlier this week."

Rob said metals mania "has sucked even assets away from crypto." Stephanie Link said metals maybe take a "pause," but she's glad to have the "unknown" revealed regarding the Fed; Stephanie said Trump's gripes about Powell "might just go away with Warsh."

Josh Brown said the Fed news is just the "excuse" for why gold and silver got sold; it doesn't really have anything to do with policy.

Halftime Report crew apparently likes tagging Jim as some sort of curmudgeon

On Friday's (1/30) Halftime Report, Jim Lebenthal said maybe there's "no near-term catalysts" for AAPL and suggested "people are kinda tired of hearing about supply constraints."

Judge chided Jim for making a "vociferous defense" of MSFT a day earlier over supposed supply constraints while Jim was saying Friday that with AAPL, according to Judge, "investors don't want to hear that." Jim claimed he was saying previously that Mag 7 earnings reports may be met with a "tepid response."

Stephanie Link said the replacement-rate cycle at AAPL has risen from 4 years to 5.2 years, a "big big change."

Josh Brown tried talking about the importance of China to AAPL while Rob Sechan and at least one other person were on open mike the whole time laughing about something; Judge explained after Josh's remarks that it apparently was about the version of iPhone that Jim has.

Stephanie admitted she's "frustrated" with AMZN.

Judge said MU's had an "unbelievable" chart.

Judge suggests Jim is glossing over key issue with MSFT earnings report

Judge started off Thursday's (1/29) Halftime Report on MSFT, indicating it's "spend vs. revenue growth."

Jim Lebenthal, completely dismissing the MSFT selloff, said, "This to me seems well overblown," shrugging that the selloff is simply because "Azure disappointed by about 1 to 2 percentage points."

Judge said, "I mean, I think you oversimplify it a little bit ... you miss the fact that spending was greater than expected."

Jim insisted "there's a supply constraint issue going on here."

Malcolm Ethridge though asserted "the thing that really matters to the Microsoft story right now is Azure cloud credits and their ability to sell those." Jim said the point is "well made" but the stock's "overdone."

Jim said he's not rushing out to buy though because it'll take some time to get going. Rob Sechan said there was "tactical pressure" on MSFT and there's minimal room for disappointment. Josh Brown said, "I think you're in the cooler for 90 days."

It was in the 9th minute when Josh Brown said "monolithic" (as in, the Mag 7 is NOT trading that way).

Judge tries to one-up Josh’s use of French

Judge on Thursday's (1/29) Halftime Report said the IGV was having its "worst day since April 4th of 2025." Judge noted that NOW was down also.

Judge said he doesn't know what "reverses" the narrative about AI killing software.

Malcolm Ethridge admitted he bought NOW recently on the theory of "peak pessimism," and "it doesn't look great." Josh Brown emphasized that ORCL is in a "50, 5-0% drawdown."

Judge talked up how IBM (Zzzzzzzzz) "delivered." Rob Sechan said it's up about 47% since he talked about it on the show last year.

After an AAPL preview, Judge and Josh chided Jim Lebenthal for making the declaration that AAPL is a "great company." Judge said, "How long did you think about working that one up." Jim said, "Hilarious."

Josh bought more JOBY, saying it's taking advantage of the opportunity to raise capital. He sold PL, which he said was a double for him. Josh said "au revoir," and Judge said "merci, beaucoup," apparently to show off.

Jim said LMT is "the stock to own." Rob said LMT is a "great way" to play the defense space.

LLY got a price target hike. Rob said LLY has "re-rated quite a bit."

Josh said NUE is on the Best Stocks list.

How does Judge know that Brad Gerstner’s letter is what prompted META to rein in spending?

On Wednesday's (1/28) extremely sleepy pre-Fed version of CNBC's Halftime Report, Joe Terranova said, "We've lost that broadening-out narrative" (Zzzzzzz).

Joe said you have to take a "pause" (Zzzzzzz).

Judge told Jenny Harrington that he likes when META reports because it's the only megacap Jenny owns. Jenny said, "Just because I don't own them, doesn't hold me back from talking about them." (Yep.)

Sarat Sethi seemed to indicate that V and MA aren't going to be derailed by talk of credit card caps.

Sarat said the oil patch right now is where "momentum comes into play." But Joe said momentum funds aren't into it yet. Bryn Talkington said commodities have gone "parabolic" but energy hasn't yet participated and people in gold and silver will be "moving in to this other commodity." Bryn talked up the RSPG as a better alternative to the XLE (Zzzzzzzzzz).

Sara Eisen had an interview with Vlad Tenev; Vlad spoke of personally talking to Donald Trump about Trump Accounts and said the administration has gotten "the best of the best" across public and private sectors to work on this initiative. (It's good that they've got the best of the best; sometimes it seems like Peter Sellers is running things.) (Vlad didn't say whether they discussed if kids with accounts need to have a free copy of It's NOT An Option.)

Later in the day on Closing Bell, Jeffrey Gundlach said he and Judge were doing their "41st post-presser interview," and it's impressive that Jeffrey keeps count. (However, Judge never went to see the Marisol exhibit at the Buffalo art museum, as far as we know.) Jeffrey always likes to begin by identifying the most common/significant phrase from Jay Powell's press conference; Jeffrey suggetsd it was, "I got nothin' for ya on that."

Jeffrey indicated he's not expecting any more rate cuts during Jerome's tenure as Fed chair.

Also on Closing Bell, Judge happened to claim, "It took the Brad Gerstner letter to, to help them get religion on, on spending."

Which is an interesting allocation of credit.

For example ... this is a completely FICTIONAL example ... let's say this page posted a couple weeks ago that "The Buffalo Bills should fire Sean McDermott."

And then McDermott got fired.

Is Judge going to say, "It took a posting by the CNBCfix Fast Money/Halftime Report Review for the Buffalo Bills to find religion in their coaching situation." Or is he going to conclude that such messages were merely coincidental until proven otherwise?

CNBC trying to convince media landscape of the importance of The Golf Channel

Late in Wednesday's (1/28) Halftime Report, Judge turned to The Dominator, Dom Chu, for a "major development in the golf world." (Translation: The Golf Channel, unlike NBC Sports, is part of Versant.)

Dom said Patrick Reed is leaving LIV and rejoining the PGA Tour. Judge said "the real earthquake as I see it would be if, if Bryson DeChambeau made a similar announcement, and then we would have to be talking about the future of the LIV Tour in general."

Dom said, "We're not there."

‘Shock’? C’mon, it’s health care and the government

Stephanie Link on Tuesday's (1/27) Halftime Report called UNH "a buying opportunity after you actually let it settle for a couple of days."

Stephanie said "Something's gotta give" on Medicare pricing. "The seniors are gonna lose," Stephanie concluded.

Jason Snipe said it's "not good at all" for UNH, but the CEO Hemsley (not Sherman) will respond and the company is diversified.

Judge said Steph and Jason may be dismissing Tuesday's trade as an "overreaction," but what about the full-year chart. Stephanie said, "That's old management." Stephanie said HUM is actually "much more at risk" from this Medicare report.

Joe Terranova pointed to how insurers could "thrive" during the "negative years" of the Biden era and said the Medicare thing will be "flat or down" in 2026 because it's an election year. Stephanie said the Trump administration was supposed to be the "friend" of the industry and "obviously they're not." Stephanie kept saying "shock."

CoStar’s standstill agreement apparently is being monitored at the very highest levels

The Halftime Report's big scoop of the day on Tuesday (1/27) was Judge's chat with Dan Loeb (which wasn't actually on TV, but whatever).

Judge said "new at noon" is that Third Point is "stepping up its activist campaign today against CoStar," a stock you've likely never heard of that had a "standstill agreement" with Third Point.

Judge quoted at length from a letter Loeb is sending to the board that mentions a "dim view" of the company that is "plainly shared" by other stockholders. Judge said he spoke to Loeb "last hour" but went on to quote the letter while the bottom screen text said Loeb told Judge that other shareholders see Third Point as doing "God's work"; eventually Judge mentioned the "God's work" quote.

Joe Terranova said the JOET, for whatever reason, is actually a shareholder of CSGP since last summer (and might ditch this month) and "I support everything that Dan Loeb is saying in this letter." Joe said "They're trying to almost be Zillow" and spending a "tremendous amount of money." Joe said CSGP needs a "pivot."

It’s been ages since Carl Icahn has been on Judge’s show

Joe Terranova on the Halftime Report said Tuesday's (1/27) market is a blow to the broadening theory; "Once again, it's all about tech."

Stephanie Link likes the "setup" of the Mag 7 names being down from their highs.

Discussing META spending, Joe said people have "fallen asleep" on GLW, himself included, and it's a buy on a pullback. Joe also said "president" (snicker) instead of "present" but corrected himself.

Jason Snipe said AMZN has some tailwinds.

Steve Liesman said Donald Trump wants the Fed funds rate at 1%, which Steve said is a "recession-type stimulative funds rate."

Maybe when kids get a Trump account, they should also get a free copy of It’s NOT An Option

Kate Rooney on Tuesday's (1/27) Halftime Report recapped the 5-year anniversary of the GME meme trade.

Judge observed, "Retail's been right on this rally." Joe Terranova said investing is a constant learning process and young people are more financially literate than ever and Joe even mentioned Brad Gerstner's Trump Accounts.

Shannon Saccocia said "we should be encouraging not discouraging, as advisers in my seat; the, the next gen is incredibly interested and engaged in the market."

Judge touted the scheduled appearance of Jeffrey Gundlach on Wednesday's Closing Bell.

Jason Snipe's Final Trade was ABBV and Jason drew chuckles mentioning some of those products you hear all the time in TV commercials.

On Fast Money, Karen Finerman said the GM report was "really great" but lamented, "it doesn't seem to get anything but a cyclical multiple."

Weiss says Jim’s commentary is an argument against live TV

On Monday's (1/26) Halftime Report, Joe Terranova said he "completely" sold JPM and shrugged, "I don't get emotional about this stuff," though he's "comfortably long" GS personally.

Joe said "Going with consensus has been the wrong move over the last 18 months."

That conversation prompted Jim Lebenthal to make a statement (no, not the sweater thing at the end), declaring, "I just wanna say I strongly agree with the concept that there is no such thing as a forever stock."

Jim said "around this time last year," he mentioned selling V, and "there was the question about my education credentials. It was kinda funny actually, I hope you do remember it."

Judge said, "I don't," and Steve Weiss didn't either.

Jim explained that it was Jim Cramer who said, "Anybody who sells Visa, I have to ask where they went to school." Judge said he has "no recollection of that in any way, shape or form." (Editor's note: Neither does this page. Jim mentioned trimming V in December 2024; we also noted that Cramer joined the Halftime set on Jan. 31, 2025.) Jim said Judge "just took glee in it ... I'm reminding you of a funny moment." Judge wondered if Jim had a Red Bull before the show; Jim admitted he had.

Steve Weiss has "no problem" with anyone selling JPM. Weiss said "Jimmy's soliloquy was a great reason not to do live TV." Weiss then questioned why a long-term investor like Jim makes so many short-term market calls. Jim admitted that's a "great point," he is giving short-term views but he's not trading his long-term holdings.

Joe seems to think ‘consensus’ is a dirty word

On Monday's (1/26) Halftime Report, Judge's opening screen text claimed this is a "huge (snicker) week for markets."

Joe Terranova said the volatility that was expected in 2026 is here, and that's the "headline." Joe said foreign central banks are buying gold.

Steve Weiss said there's some "vestiges of the Sell America Trade." Weiss said there's "maybe" a 5% risk of a market "drawdown." One reason would be if the Fed takes a "hawkish" stance Wednesday, another if there's a "disappointing" batch of earnings reports. But that would be "buy the dip," Weiss said. And those scenarios are "all unlikely."

Jim Lebenthal said, "Just to be specific about what I believe both short term and through the end of this year is that the equal weight, small cap, international stocks are likely to outperform the S&P 500."

On Fast Money, Guy Adami said we "absolutely" should be focused on the weakening dollar (Zzzzzzzz).

Weiss sorta gets Jim to switch ‘trapped’ to ‘underwater’

Judge on Monday's (1/26) Halftime Report asked Jim Lebenthal about META.

Jim claimed "There's a lot of people trapped in there" who may be "heading for the exit" if there's a post-earnings spike.

Steve Weiss wondered to Judge, "What does 'trapped' mean?" Judge asked Weiss, "Why are you asking me; ask him." Weiss said, "I need an interpretation." Judge wondered if he needs to be the "buffer."

Jim said, "There's a lot of people who bought it and are down 10, 15%." Weiss said he doesn't see it as "trapped," there's plenty of liquidity. Jim said OK, he means people who are "underwater."

How long has It’s Not an Option been a ‘new’ book?

Joe Terranova bought more ZM, saying on Monday's (1/26) Halftime Report that it "could go to 125, 130 easily."

Jim Lebenthal talked up CSCO; a stock he has liked for probably 15 years running.

Judge said Milius expects the software vs. semis underperformance to "persist."

Joe bought more OIH (Zzzzzzz). Jim thinks crude can "stabilize" between $60-$63. Jim mentioned the XOM buy of XTO (snicker) as why the nat gas move is helping XOM. Joe said March natural gas is only around $3.80. Joe said there's really no way to trade nat gas other than in the futures markets.

Jim said comps in Vegas are tough but as always, recommended WYNN. Joe said LVS is a better trade than WYNN.

Weiss said the BAH contract cancellation was about a court case adjudicated in 2020, "so it seems kind of irrational" to do it now, "so maybe there's more behind it." Jim mentiond the F-35 again.

Jim took off his jacket to reveal a red sweater, apparently in honor of Mr. Rogers, for Final Trades.

Jim insists we ‘kinda’ know who Iger’s successor(s) is without saying who

Judge on Friday's (1/23) Halftime Report announced that DIS is saying in a regulatory filing that it plans to name an Iger successor (snicker) in "early '26."

Jim Lebenthal said this already feels like "early 2026" and it's getting to be like the next Fed chair; "Don't we kinda know who it is?"

Well, actually, we don't, and if it's the 2 in-house underlings, the market is going to be underwhelmed.

Jim said the succession issue is an "unnecessary overhang," though we're not sure who Jim is faulting with that comment; perhaps he is faulting the market for wondering about this, but apparently he is faulting the company for letting it continue this long. Jim said, "Let's get people on those Disney cruise ships, let's get people in the movie theater ... let's focus on that, not the CEO turnover."

Bill sells CEF in favor of ‘straight gold’

Judge on Friday's (1/23) Halftime Report said silver topped $100 and gold hit a record and is closing in on $5,000.

Bill Baruch dialed in to say he sold CEF. (And this must've been some kind of initiative at Blue Line because another chap at Bill's shop joined Kelly's Power Lunch to discuss the same subject.) Bill said he's written that $5,000 gold and $130 silver could just be "middle innings." Now, he wants to trade in CEF in favor of OUNZ, "which is straight gold."

Steve Weiss said the GLD still has "some legs." Weiss said of gold approaching $5,000, "I hope it doesn't turn into bitcoin 125, when that was the top ... that's a very real risk."

Kevin Simpson said "I'd rather play the miners," talking up AEM. (This writer is long AEM.)

Judge says chance of a 10% credit card interest cap is less than ‘slim’

Jim Lebenthal on Friday's (1/23) Halftime Report said the Mag 7 for the past year moves at "unsynchronized (snicker) times," and he thinks AMZN is "due."

Jim said MSFT isn't in the "hurt locker," but he's concerned that investors might find the "exit ramp" if there's a pop on earnings. Judge said "Microsoft has kinda been in the hurt locker" and that the chart "says 'hurt locker' to me."

Kevin Simpson said AMZN is his top pick for the year and that AAPL is the one most under the "microscope."

Weiss said, "It wouldn't surprise me if Meta one day goes into the cloud business."

Kevin bought EXP, which is some kind of play on building materials (Zzzzzzzz). He also bought BLD.

Bryn Talkington bought COF. Judge said, "What's in your wallet." Bryn said it was her "Final Trade" on the day Donald Trump mentioned 10% caps (and it became her Final Trade again Friday) and she thought it was "overdone." She said Brex, which COF is buying for $5.15 billion, was worth $12 billion a few years ago. She said Friday's move was an "overreaction."

Weiss said a 10% cap isn't going to work because "having 10% doesn't compensate them for the risk of the credit card holders that are, that don't have the good FICA scores." Judge suggested the chance of a 10% cap is "slim and none, and, and slim just left."

Kevin bought BAC, but it sounds like he's already got a bunch of big bank stocks.

Bryn thinks she’s done a ‘great job’ trading TSLA

Kevin Simpson owns INTC, unfortunately; Judge on Friday's (1/23) Halftime Report asked Kevin how he would "assess" the stock. Kevin said he bought it a month ago around $42. Kevin suggested not following him in to the trade; in the short term, it'll need a "tweet" or "memeification" to surge again.

Kevin bought MDT and said he's in it for the "demographic," which has kind of been the argument for stocks like that for decades.

Kevin owns SLB but said it's given back a lot of its post-Venezuela gain.

Late in the show, Judge asked Bryn Talkington about TSLA; Judge pointed out it's underperforming the Nasdaq over 5 years. Bryn said, "I think I've done a great job trading this stock because I continue to sell calls. Right now I have 500 calls that expire February 20th. And I feel there's a very low probability that those get called away."

Santoli said Friday was a "total countertrend move" in the market.

Jim worked with guys who made no money in gold in the ’90s, so look out

Josh Brown on Thursday's (1/22) Halftime Report said gold "trends" (that's a verb) and is "a whole different animal" than other commodities, and "this could go on for 10 years."

Jim Lebenthal told Josh "you know" (which Jim seems to say often to Josh) that gold also has trends of "absolutely zero."

Jim recalled that he "grew up in this business with the original gold bugs after we, you know, got off of the gold standard, post-Bretton Woods, everything with Nixon ... these guys went through the '80s and '90s making no money in gold, no yield." Judge said gold seems like a hedge on "erratic policy" and "inflation" and it'll have a "bid" as long as there's a bid in those things.

Jenny Harrington said her clients aren't bullish; "they're nervous." Judge said "maybe their fund manager is making them less bullish."

Jenny mentions 1929

On Thursday's (1/22) Halftime Report, which was basically Jenny Harrington arguing with everybody about everything ("Today's Thursday." "NO IT'S NOT!"), Josh Brown knocked those who react to presidential tweets; "It's mostly algos trading that stuff."

Josh said he likes the market getting beyond data centers. Jenny said "I'm loving this market this year. It's a lot of fun." Kari Firestone said it might end up where the S&P 500 does "very little this year, but these other indices do a lot," even up 20% while the S&P may be up 2%. Jim Lebenthal said earnings growth of AI stocks may be slowing but other stocks are picking up the slack.

Judge said JPMorgan finds that overall market bullishness is at high levels. Josh said surveys like that are "concurrent indicators" that merely reflect "conditions as they are."

Jenny argued with Josh over AI's impact so far on productivity and the job market; Jenny arguing (we think) that increased productivity could drive unemployment. Josh said we're not there yet but it's a no-hire/no-fire economy. Jim insisted it's not about productivity making people irrelevant yet but "the risk for all of us is that AI actually is a bubble and all these stocks are inflated."

At one point, Jenny claimed (sigh) a bunch of metrics show "This market is more expensive than it's ever been since 1929." Josh said Americans' wealth is at an all-time high and they need stocks and suggested comparing stocks today to those of the 1940s is "apples to oranges." (And if we have another 1929, Jenny's stocks will do great; and if we don't have another 1929, Jenny's stocks will do great.)

Kari trimmed Alphabet, saying it had gotten close to 10% of the portfolio.

Jenny argued with Josh during the AI conversation and during the AAPL conversation and with Judge during the AI conversation.

Jim thinks ORCL has stopped going down but also isn’t sure

Jim Lebenthal on Thursday's (1/22) Halftime Report said he bought ORCL personally and stopped buying it for client accounts; Jim said "I think it's stopped going down," then moments later admitted he's "not sure."

Josh Brown questioned if ORCL loses its investment-grade rating. Jim said he doesn't think it will, but if so, "it's a disaster." Jim said the question is "whether OpenAI is good for the money."

Kari Firestone sold INTU (Zzzzzzzzzz).

The panelists debated whether this is the greatest time of all time for retail investors and kind of hailed SCHW and HOOD.

FSLR has made Josh's Best Stocks list; he thinks it's on the "cusp of challenging" a 20-year high.

Santoli said Rick Rieder's odds have improved.

Joe Kernen, stand-up guy

Previewing Joe Kernen's talk with Donald Trump at Davos, Judge at the top of Wednesday's (1/21) Halftime Report said it's "such an incredible time to be able to sit down with the president of the United States, as we are."

Actually, they didn't "sit down" at all.

Meanwhile, Joe Terranova said we don't have the "all clear" yet on yields. Joe said, "Don't bottom-feed" but focus on areas that have worked.

Shannon Saccocia said there's "a bit of fatigue in terms of policy."

Steve Weiss said "you can't find anybody that's negative," and with everyone on the same side of the boat, it's "kinda wobbly."

Weiss said talk of taking over Greenland was "just bluster" and never a possibility.

Malcolm Ethridge bought more NOW and said it's probably reached "peak pessimism." Weiss though argued that a lot of companies are building their own software applications. Weiss said he's "sticking with" MSFT.

Joe bought more XBI and OIH (Zzzzzzzzzzz).

Grasso: Can wait for NFLX to drop $10, or just ‘dabble’ now

Judge on Wednesday's (1/21) Halftime Report asked Steve Weiss about selling half of his stake in NFLX, the stock of the week. (This writer is long NFLX and added Wednesday.)

Weiss said it's important to be "very open-minded as an investor." Weiss said it's a question of whether he wants to "bemoan" that he didn't sell it higher, or raise cash now for a "real market dump" later.

Weiss said, "I still like it on a long-term basis." Bu he's "not happy" it's buying WBD; he wants PSKY to buy WBD and get "crushed" by the debt. "I just don't know why they need it," Weiss said, saying the spend amounts to "5 years worth of content."

Malcolm Ethridge said NFLX has a "YouTube problem."

Later on Fast Money, guest Tom Rogers said of NFLX, "I think the core story is still very much intact" even though the WBD bid remains an "overhang." Rogers did note that in buying WBD, that's a lot of spend on legacy media when the real threat to NFLX seems to be short-form stuff from YouTube.

Steve Grasso said, "If you want to get greedy in this stock, look back to November 2024 levels. $10 lower from here. If not, dabble at these levels right now. ... This is where it should bounce from technically." Karen Finerman said she did "dabble" on Wednesday, buying around 84.

‘We think bitcoin is both a risk-on asset and a, ultimately, a risk-off asset’

The star guest of Wednesday's (1/21) Halftime Report was Cathie Wood, who hasn't been on the show for a while.

Judge asked Cathie about reasons for economic optimism and market multiples. Cathie cited the same reasons everyone cites (deregulation, lower inflation, etc.) for the former and said multiples compressed "significantly" in 2017 and 2018, and "we were up" in the down market of 2018.

Judge asked Cathie why, if she's such a believer in AI, ARKK doesn't have bigger stakes in hyperscalers. Cathie said she's more into stocks that are "not as well known." Judge said it sounds like Cathie thinks hyperscalers are spending too much and not getting enough return on the spending.

Judge asked Cathie if she regrets trimming her NVDA stake a while back. Cathie shrugged that the proceeds went to PLTR and COIN.

Judge said TSLA has done "nothing over the past 12 months." Cathie said there's been a "bit of a tug-of-war," as there always is. Cathie said she thinks robotaxis will "break it out."

On bitcoin, Cathie said there was a "flash crash" on 10/10 related to a software glitch at Binance that "caused auto-deleveraging." Cathie said the shock has been "reverberating." Cathie asserted that bitcoin and gold don't trade together. Judge suggested bitcoin doesn't seem like a safe haven, while gold is trading that way. Cathie actually said, "We think bitcoin is both a risk-on asset and a, ultimately, a risk-off asset."

At the end of the show, Judge asked panelists to opine on Cathie's comments about the hyperscalers. Steve Weiss said "nobody's going to Cathie Wood to invest in hyperscalers," rather, they go to Cathie for the "next generation" of hot stocks.

Judge said that's like a "so what." Weiss said "I don't know what you mean by 'so what.' I answered your question."

Judge asked, "Are you trying to discredit her opinion on it." Weiss said "Not at all," Cathie's smart and a businessperson and "knows they're not coming to her to invest in that."

Josh says NFLX made a ‘checkmate move’; Karen sounds not so sure

Josh Brown on Tuesday's (1/20) Halftime Report again mentioned taking down his NFLX position 85%, though he said "hopefully" he'll get back into a full position at some point. (This writer is long NFLX.)

Josh called NFLX's bid adjustment to all cash a "checkmate move" to win WBD. Josh said, "This is a much worse sit- situation for Paramount than it is definitely meaningful for Netflix right now. Uh, once the deal closes, I think people will get positive about it."

Brian Belski said cash bids are better, and NFLX has "simplified the process."

On Fast Money, after the NFLX earnings report, Karen Finerman, who, in a treat for viewers was in gorrrrrrrjus black like Mel on the same show, said the NFLX numbers were "pretty good" and said the company isn't a great "estimator" of its earnings.

Regardless, "Warner Bros. is so far from over. This bump is not gonna get it done. They know that," Karen said, adding, "Looks like they're gonna end up paying more, if they want it. They seem to want it."

Karen said she's "staying long" NFLX.

Tim Seymour said Ted Sarandos mentioned "2 or 3 things that sound horrible for margin." Tim questioned if NFLX wants to be a "TV company" and expressed skepticism at the 35 multiple.

Dan Nathan said if he were Ted Sarandos, he'd want to have a "stronger outlook" than what was indicated.

Guy Adami though said "I thought the quarter was fine." Guy admitted he had been calling for an earnings-report surge for the stock, which wasn't happening Tuesday, but "I think the guidance scared people ... I think the selloff now is completely overdone to the downside."

Later in the show, NFLX longs got the good stuff from Rich Greenfield. Rich said his impression from Ted Sarandos is "that they are absolutely committed" to closing on the WBD acquisition. Rich said the all-cash offer shows "how focused Netflix is on winning this."

Rich asserted, "It's gonna be really hard for Paramount to come back" because there is "more value" to the spinoff cable assets that NFLX isn't buying.

Paramount should "pack it in," Rich said, unless it wants to "really overspend" and "do something truly crazy from a valuation standpoint." But he doubts PSKY will actually pack it in. (Indeed. We're expecting a cash infusion from Larry any moment now.)

Karen asked Rich if he preferred NFLX wasn't attempting this. Rich kind of punted and didn't really answer, saying, "At this price level, Karen, I'm not sure it matters."

And that, we think, might be the best argument of this whole saga. Buying WBD may or may not be a good move for NFLX. We have no idea. But we hardly think that making a bid/deal is going to permanently mar the NFLX mindset or business model or whatever it is people are thinking when they point out that it hasn't been an acquirer. Should we be outraged that they shifted to streaming instead of sticking with DVDs by mail?

Rich said "a couple dollars more" from NFLX won't "skew this." The issue is whether PSKY decides to "go for broke." Rich conceded, "I think there is a price where Netflix walks away." Rich said ultimately it's a "win-win" for NFLX because the stock would go up even if it loses WBD.

Rich also mentioned Iger and the "transformative" DIS acquisitions of Marvel, Pixar and LucasFilm. "I think of Warner Bros. as sort of being a similar transformative acquisition," Rich said. OK, THAT'S a big difference from Paramount. Those were super-elite properties whose owners weren't interested in an auction but wanted the ultimate Hollywood caretaker (if there is such a thing).

Karen congratulated Mel on Mel's new Closing Bell Overtime gig and made NFLX her Final Trade, though she'd wait "a day or 2."

Panelists don’t seem the slightest bit concerned about big selloff

Joe Terranova started off Tuesday's (1/20) Halftime Report saying that if you want to be troubled by Tuesday's selloff, note that "yields are rising."

Liz Thomas said she doesn't know that we're in an "extreme moment" right now in which you "buy risk assets in general."

Josh Brown shrugged, "This is normal."

Judge suggested to Brian Belski that Monday's political flap may be just "noise." Belski said it's an "absolute headwind" but that there are "longer-term tailwinds."

Joe bought TWLO and retraced his recent trading in the name; bought in early December around 130, sold this month at 137, now he's a "buyer at 119."

Joe again was talking about the 4th quarter "paradigm shift."

Joe bought more of the JOET on Monday because it's equal-weighted, and equal-weighted will be "a dominant theme in '26."

At one point, Judge told Santoli that the market seems to come down to whether we overcome the "own goals" and still win the game.

Karen Finerman on Fast Money noticed "the lack of move in the VIX," saying it was "nowhere remotely close to a panic territory."

Missy dynamite in black on Closing Bell Overtime

Judge and the panelists of Tuesday's (1/20) Halftime Report sure talked up some boring stocks.

We wuz kinda scratching our heads when Josh Brown delved into the latest Best Stocks in the Market (and basically indicated he didn't want them).

Brown said AEP is on the Best Stocks list, but he wouldn't actually buy it. He said NEE is "fine" as long as it's above 78. He said SRE is his favorite of the 3 and "probably goin' to a hundred bucks."

Brian Belski touted NEE and asserted "at the end of the day (we don't hear that nearly as much as we did 10 years ago), uh, utilities are a great AI play."

Josh made an extensive case for TTAN and said he'll be adding to it, as it has tumbled in a week. Josh also talked up TOST again and said it's had a "stupid selloff."

Josh called SHAK a "misunderstood growth story." (Like TOST, it's a stock he talks about frequently.)

Joe Terranova said Tuesday's gain in EQT was weather-related and he doesn't advise buying nat gas names on the weather boost.

Joe said TKO is a "buying opportunity."

Belski talked up SO and the "old-fashioned" utility plays. Liz Thomas predicted energy stocks will "decouple from oil prices generally."

Belski touted SCHW and Joe touted IBKR and the space in general. Joe said "catastriphic (sic) (snicker)" regarding TRV before correcting himself.

For whatever reason, Judge asked Belski several questions about working for Merrill.

Joe called his Final Trade of TBT a "hedge."

Judge is ‘not a lawyer’

On credit card interest caps, Joe Terranova on Tuesday's (1/20) Halftime Report predicted there will be a "resolution that'll push that deadline out into the future."

Joe suggested not selling the credit card stocks.

Judge admitted "I'm not a lawyer" and said he's "not sure if there's legal authority to do this by executive action or otherwise."

Joe noted, "To be a Judge, you have to be a lawyer, right?"

Judge said, "I don't know, might've gotten a special appointment."

Brian Belski mentioned the "noise" and said he doubts that the cap is going to happen.

Regardless of whether NFLX gets WBD, once it’s over, the stock maybe gets going

Josh Brown on Friday's (1/16) Halftime Report said he only has a "very small position left" in NFLX; "I'm very bullish on Netflix long term," he said, but he has "no interest" in the Hollywood battle that's going to take place over the next 6 months. (This writer is long NFLX.)

We think Josh (and others on the show who have made similar comments) is on to something. But he could go further. It seems like the market is not very jazzed — in either direction — about the prospect of NFLX owning WBD. On the other hand, it seems like, once this matter is decided — whichever way it turns out — is when NFLX perhaps will start moving up again.

On Fast Money, Julia Boorstin previewed NFLX earnings. Mike Khouw said there's been "above-average call volume" that's implying nearly an 8% move. Steve Grasso said the WBD bid is a "definite pivot in what investors appreciate from Netflix." Tim Seymour said reasons for the deal are clear, and, "I think it is time to buy Netflix."

If a big tax bill more than offsets the joy of a big gain, then what’s the point?

Honestly, some things we hear on CNBC's Halftime Report are head-scratching.

Jenny Harrington on Friday (1/16) said her cost basis in META is "$116 a share." Great. Jenny's got a big gain.

But then Jenny said, "When you have that big a capital gain, it really changes your calculus on if you're gonna get cute and play an earnings season."

Well, Jenny doesn't need to "get" cute we gotta wonder why someone would ever sell a winning stock, according to Jenny's logic.

It sounds like Jenny is speaking of this bizarre Catch-22 for apparently many stock market investors: Your goal (presumably) is to get a capital gain ... but another goal is avoiding big tax bills ... and those 2 goals can be at odds with each other.

If, as Jenny suggests, holders of META with a big capital gain simply avoid selling it during earnings season, fine. But when are they ever going to sell it? Don't they have to sell it some time if they're going to realize the reward of their great stock-picking? Or is the plan to hold it forever and eventually bequeath it? (Tip: The bequeathee has the same issue of needing to sell it in order to get the cash.)

Whatever. Addressing one of Jim Lebenthal's favorite stocks, Josh Brown said he "dove into the dumpster for a little bit of Adobe ... I was stopped out like within 10 days."

In an enthusiastic call, Josh said "CrowdStrike is, is selling fur coats ahead of an ice age." Stephanie Link said we're in the "2nd inning" of cybersecurity M&A.

K-shaped sighting

Jenny Harrington on Friday's (1/16) Halftime Report said she's feeling good about her portfolio, but not the overall market or economy. "I really am worrying about the future," Jenny said.

Stephanie Link pushed back on Jenny's concerns about the labor market, which prompted Jenny to mention "the K-shaped economy" (ding) in the 6th minute.

Josh Brown said we started kind of a new bull market in late 2022, and now "it does feel late cycle."

Jason Snipe said he's remaining "patient" with MSFT but is aware of the "issues" surrounding the stock.

Stephanie sold ELAN; she said it was up 86% last year. (Congrats.) She bought ZTS and mentioned TAM (ding) for the animal care space.

Josh sold INVH; he said "it's been terrible over the last year" but he had a "decent, uh, percentage gain."

Josh said CBRE is "breaking out" and on the Best Stocks list. Jenny said "it's just a rebound" because the sector was so bad last year.

Fast Money, unfortunately, for about 3 years running now is obsessed with these ridiculous trader acronym portfolio names.

Bill says his team was ‘way ahead’ of NFLX’s slump and sold at 115; suggests $130 (eventually) silver

On a quiet Halftime Report on Thursday (1/15) guest-hosted by Frank Holland, Bill Baruch said if NVDA gets above 193 or 196, then "look out above."

That prompted Frank to ask/clarify with Bill about 3 times whether he thinks NVDA would make a run at new highs. Bill indicated that's a ways away.

Bill actually mentioned the multiple. But Malcolm Ethridge suggested NVDA could be "super range-bound" for a while. Bill got Jim Lebenthal briefly excited about possibly liking software stocks until Bill admitted he's "not very excited about software."

Bill said NFLX has an "ugly chart" and he's "not interested in adding," but he did sell it at 115 in one of his portfolios that was "way ahead of this" (congrats). Frank asked Bill if NFLX buying WBD is a "good deal," which was a great question on Frank's part. Bill said he doesn't "have a strong opinion" but the market says "it's not." (This writer is long NFLX.)

Bill sold TMO and said it hasn't been "exciting." Frank asked if telecom is exciting. Bill pointed to T's year last year.

Bill bought LNG, XOM and SLB. Frank said natural gas is known as the "widowmaker" trade. Bill tried to assure Frank that U.S. natural gas prices don't affect LNG.

Malcolm said he'd buy the big banks on pullbacks. He bought JPM and MS. Malcolm revealed, "I've had to come around to this Joe Terranova idea of buying high and hopefully selling higher."

Bill said JPM is a 2.7% weight in his portfolio so he's not looking to buy more.

In an interview during the A Block, the CEO of COIN, Brian Armstrong, talked to Emily Wilkins about Washington politics. He'd rather see no deal than a bad deal.

Jim sees "bright things ahead for CRH."

Malcolm admitted SPOT has been "a hard one to own" for the last 6 months, but it's reaching a "really attractive entry point," and it's "kind of a pair trade" with NFLX (we heard that from Joe all last summer). (This writer is long NFLX and SPOT.)

Bill affirmed he sees precious metals as an "investment" rather than a trade. "I think silver can get to $130," Bill said, but he doesn't think it'll be a "straight line."

Jim yet again made a bull case for CLF; there's never been a bear one. Now he's saying some recent deals had "hair" on them and maybe that hair gets "cut down."

Jim again made the case for LMT.

On Closing Bell, hosted by Santoli, Stephanie Link said "K-shaped."

Kari on NFLX bid: ‘I don’t get it’

In a quiet episode of the Halftime Report on Wednesday (1/14) led by Frank Holland, panelists found a lot of common ground, especially as it pertains to NFLX. (This writer is long NFLX.)

Steve Weiss said he thinks NFLX was down Wednesday because of the "market overall." Weiss reiterated that he'd prefer NFLX let PSKY make the WBD deal and let PSKY "sink" under the cost.

Weiss said he's debating whether to exit, and it would be because it's "dead money."

Kari Firestone said, "I don't really undersand this deal." Weiss said he's "100%" with that view; "I don't get it."

Joe Terranova agreed with both and said he can't get out of NFLX but would if he could.

Row, row, row your boat ...

Joe Terranova on Wednesday's (1/14) Halftime Report said the market's getting the "consequence of elevated volatility."

Kari Firestone said there's "fear and concern" about the "rhetoric" in Washington.

Steve Weiss made an analogy to everyone in a rowboat being on the same side (which is all these people talking about a great investing environment). Weiss said the market is realizing that "Washington's not that helpful" and actually "attacking capitalism."

Kari indicated she wouldn't "rush in" to bank stocks after such a big year. Joe mentioned CME.

Shannon Saccocia talked up the importance of cybersecurity.

Kari bought LIN, a trade spotlighted by guest host Frank Holland. Kari said "it's a cyclical company, for sure."

Joe affirmed he sold UBER personally and said it's just been in a range. He said we need the "next story" of what the company's about. Weiss said robotaxis are "more competitive." Weiss has trimmed some UBER but said it's "dead money" and will continue to be.

Frank asked Joe about the gold rally. Joe called it a "momentum play that's being embraced by the retail community."

Shannon Saccocia said historically, you wouldn't be thinking about commodities in an era of "expected disinflation," but there are "drivers" now.

Joe said he's getting exposure to oil prices through VLO and OIH.

On Fast Money, Steve Grasso mentiond "Strait of Hormuz," which is ahead of its quota of needing to be mentioned about once a quarter. Karen Finerman said "there's a ton of value" in oil-related stocks.

Tim Seymour questioned how it's OK for members of Congress to make so many stock trades. Steve Grasso pushed back that at least we have transparency about the trades that are made.

‘Houston has the Oilers ... the greatest team of all ... and when you’re talkin’ Houston, you’re talkin’ Super Bowl ...’

On Tuesday's (1/13) Halftime Report, discussing DAL's money from the front of the cabin alone, Josh Brown said, "They're spending with abandon," adding "K-shaped" in the 4th minute.

Judge said "K-shape" in Minute 5.

Jim Lebenthal bluntly stated that the market doesn't need rate cuts.

Jim suggested it's possible that there's "tremendous fiscal stimulus" from the budget bill and possibly even tariff refunds depending on the court ruling, which would be an "absolute waterfall of money" into the economy.

Jim, who made a fashion statement with a sharp tie, reiterated that he thinks concerns about software being "disintermediated" by AI are "overblown," and he's "tired" of defending ADBE but is doing it again; Jim thinks the market's "getting it wrong" on ADBE.

Joe Terranova said if he had "discretion," he'd trim MU and similar stocks, but he doesn't have that kind of discretion in the ETF. Joe calls MU "extremely extended" and "certainly vulnerable."

The whole reason why Steph is bullish is because Steph is always bullish

Jim Lebenthal on Tuesday's (1/13) Halftime Report kept stressing that the market is shrugging off the Jay Powell news for the short term, but he agrees with Bernanke/Yellen/Rubin that "this does make us look like an emerging market economy."

Jim stated, "In the long run, it is a very bad idea to bring the chairman of the Federal Reserve under investigation."

Stephanie Link then made a stark assessment of the central bank: "I just want them to get rates right ... they haven't gotten it right in so many years ... in terms of rate cuts or rate raises."

Judge demanded, "Who, the Fed? What do you mean they haven't gotten it right in so many years? The whole reason why you are bullish in part on the- the picture right now is because you can make the argument that they may have gotten it wrong in the beginning but they've certainly gotten it right since. Inflation's low and the economy's good. What more do you want?"

"And I think that they can cut," Stephanie explained. "Because we don't have a housing cycle. We need housing to recover. And if you don't have a housing cycle, you don't have an auto cycle."

Joe Terranova claimed, "in 2025, we had a paradigm shift (snicker)," a chance to invest in "non-appealing type of assets."

Judge brought up Donald Trump and Elizabeth Warren talking about credit card fee caps, a subject that got a lot of chatter. Josh Brown said, "Elizabeth Warren is not the last phone call Trump's gonna have."

Joe said "What you don't want to do here is a January 20th deadline" though "everyone agrees, this issue needs to be addressed."

Stephanie would buy COF with ‘2 hands, 2 fists’

Josh Brown on Tuesday's (1/13) Halftime Report said materials are now among the Best Stocks of the market, such as MLM and VMC. (It's a list you can kinda front-run simply by checking the 52-week highs.)

Josh said CRH "already made a big move" and might consolidate, and the other 2 are better. Jim Lebenthal called CRH a "stellar long-term holding" and said it's "actually the name to own" in the space.

Judge got Joe Terranova to admit "I made a mistake" in selling the GLD recently. (Bill Baruch also fell for the "froth" argument last week.)

Judge made an elongated Deepseek pun.

Stephanie Link made a new buy of CVX. (Zzzzzzz.) Josh bought XOM as an "exemplar" of the space. (Zzzzzzzz.) Joe bought OIH. (Zzzzzzzzzz.)

Stephanie bought the EWZ.

Stephanie's Final Trade was emphatically COF, saying she'd buy with "2 hands, 2 fists."

On Fast Money, Karen Finerman and the rest of the crew seemed to find NFLX's apparently willingness to adjust its WBD bid to be a bit of a head-scratcher, though Guy Adami is predicting it could pop on earnings. (This writer is long NFLX.)

Weiss sees ‘similarities’ to 1929

At the top of Monday's (1/12) Halftime Report, Joe Terranova noted the bond market and overseas markets were "calm."

Amy Raskin said the market keeps getting political headlines and "looking through them."

Steve Weiss said the market is discounting all these headlines "individually." Weiss said Jay Powell will stay until May but after that, it's "perhaps troubling."

For now, Weiss decided, "Basically the bears are coming to a gunfight with a knife."

Judge said the market's got "broadness" (snicker).

Bryn Talkington said the consumer "in aggregate" is fine and the "catch-up trade, you know, has legs."

Bryn said the Powell-DOJ news is "disturbing and probably a big waste of taxpayer dollars."

Joe said, "The hedge really right now is in the precious metals market."

Weiss said bitcoin fans who thought it was an inflation hedge or store of value "have seen lie put to that, to that narrative." Weiss said he's "a third of the way" through 1929, and there are "definitely similarities" to now.

Judge says Donald Trump ‘expects this Department of Justice to operate in many different ways than traditionally it has’

Eamon Javers on Monday's (1/12) Halftime reported on the statement from former Fed chiefs defending Jay Powell's independence.

Judge said of Donald Trump, "He may claim to know nothing about it, but Eamon, what- what we've seen is that, he expects this Department of Justice to operate in many different ways than traditionally it has in other administrations, is that fair?"

Eamon didn't disagree and said Bill Pulte had been pushing since last year the notion that Powell had "lied" to Congress.

Joe Terranova said caps on credit card interest is a "warranted conversation." Joe predicted that the Jan. 20 deadline will be extended "3 to 6 months." Amy Raskin said this interest rate demand "causes some confusion."

Judge asked Bryn Talkington about Donald Trump's XOM comments. Bryn said, apparently referring to Darren Woods (though we're not sure), that "he" made a "fair assessment."

Amy pointed out where the S&P was in late October vs. now and said it hasn't been a "rip-roaring" market in the last few months.

Whatever happened to DOGE

Bill Baruch dialed in after the A block on Monday's (1/12) Halftime Report to talk about trimming the IJR (Zzzzzzzzz). Bill bought the IYM after talking last week about how important it was to trim the "froth" in precious metals.

Bill bought TSLA. He said it went "straight up" since he sold it in November.

Steve Weiss said he's surprised that both AAPL and GOOGL weren't up more on Monday.

Weiss said MSFT is "just dead."

Bryn Talkington said she's owned ALB for a while and is "still down" on the position; "I would not be putting a new position on this."

Bryn said FCX "probably goes higher," and she expects to get called away.

Bryn offered COF for her Final Trade. Weiss is back to recommending UNH again.

Bryn’s not emphatic enough — it’s Texans all the way (as Cris and Mike provide curious playoff analysis)

Friday's (1/9) Halftime Report included a little segment from the CNBC Sports team, which doesn't have updated NFL team valuation estimates but does have an Alex Sherman chat with NBC/Peacock announcers Cris Collinsworth and Mike Tirico.

(Which is curious. Because supposedly the argument for SpinCo/Versant/VSNT was the ability to make alliances with non-NBC properties, so there's no reason, on paper, that Sherman couldn't also have spoken with PSKY's Tony Romo or FOX's Tom Brady or DIS' Joe Buck.)

(Some things never change.)

Anyway, Sherman got to talk playoffs with Collinsworth and Tirico. Alex's curious question was whether this is a "wackier" or "nuttier" season with "parity" (how is there more parity this year) and "wide open" playoffs.

Cris said there's a "new group of young quarterbacks" who have gotten the top seeds and there's veterans like Josh Allen determined to show them how it's done. (Which really is saying ... absolutely nothing.)

Then Mike really went off on a tangent in stating, "I don't think kids are afraid anymore" and likened QB success to ordering things on AMZN that arrive tomorrow. (AMZN is broadcasting the Saturday night game; maybe Judge can ask Al Michaels if next-day delivery is a factor in NFL QB success.)

Later in the show, Bryn Talkington's Final Trade was INFL, which has nothing to do with the NFL. Judge said that symbol made him think of the NFL playoffs and he asked Bryn about the Texans' chances. Bryn said "pretty good," which is understating it. Bryn also said "Go C.J. Stroud; 24 years old, he's young." That's fine, but Stroud is not the reason the Texans will win the Super Bowl — it's a defense with 3 potential HOFers that is playing offense.

Kevin gets one of the greatest things in the world — a compliment from Seema

Judge about halfway through Friday's (1/9) Halftime Report said UBS upgraded MO.

Kevin Simpson said "it's a yield play" with a "fantastic dividend."

Switching to fashion commentary, Judge told Kevin, "that kinda looks like a smoking jacket." Kevin said, "If I could get away with it, I'd smoke on the set." Judge asked if Kevin's jacket was "plum." Kevin said he'd say "mauve." Steve Weiss said, "I want to know who makes a material that color." Judge said, "Hey man, gutsy move to wear it on live TV, but he did. Confident in himself." Weiss said, "He must be gettin' paid to wear that."

Judge brought in Seema Mody for the CNBC News Update. Seema said, "I think it's a pretty nice jacket."

Weiss actually says he’s praying for PSKY to make a better offer

Judge on Friday's (1/9) Halftime Report said Goldman Sachs cut its NFLX target to 112 from 130. (This writer is long NFLX.)

Judge read the Goldman statement, which sounded like it was written by a corporate focus group (or some AI program).

Steve Weiss, who has spent the last couple years touting the strengths of NFLX (which this page agrees with), said "I equivocate on this" and some days thinks about selling it; he doesn't think the story is "damaged" but it's "dead money for a while."

Taking a blunt stance on the WBD offers, Weiss said he doesn't know why NFLX doesn't let PSKY make the deal and "buckle under the debt" that would prevent PSKY from spending "anywhere near" on content as NFLX does. Kevin Simpson noted, "That could still happen." Weiss said, "I pray Paramount comes out with a better offer."

Kevin asserted, "If you don't write covered calls against Netflix, you can't and shouldn't own it." Kevin said he wrote a January 105 call against it.

Jim gets rather melodramatic about selling a few shares of GOOGL

In what became a rather tedious conversation, Judge on Friday's (1/9) Halftime Report politely grilled Jim Lebenthal over the curious practice of trimming stocks that have been winners. (A stock doesn't care whether it's 3% of someone's portfolio or 50% of someone's portfolio, but whatever.)

Jim said he's trimming C because it had grown to be 6% of client portfolios. "This is still a big position" at 4%, Jim explained.

Jim said C is trading "almost 1.3 times" tangible book. Steve Weiss spoke of being partly compensated in stock on Wall Street and said C's ability to attract top talent is "much improved" with the stock's gains. Jim said it's "fairly valued" now.

Judge said, "I don't have a problem inherently with portfolio management. It's kinda like 'No, no you-know-what, Sherlock.'"

Jim said, "I know what you mean."

But Judge wondered, if the momentum continues, why get out of the stock.

Jim said "I love the question," but "inherent (snicker) in what I'm saying" is that "I hate riding stocks up and down. I just hate it. And you know who else hates it? My clients." (Don't they hate the stocks that go down a lot more than the ones that go up and down?)

But Judge asked why Jim trimmed Alphabet (according to disclosures at CNBC.com, Jim is long GOOG and not GOOGL), as Jim's somehow the "face" of that stock on the show (Judge mentioned Eddy Cue in the 14th minute) and maybe the story "has many many more chapters to be written on a momentum scale."

Jim said, "I'm gonna wear my heart on my sleeve here (snicker). I'm actually, um, proud, flattered, that you've called me out on- that you have called me out on this, OK. And, uh, pride goeth before the fall (snicker), we all know that. We all know that."

Jim said he thought about it a lot, should he trim, but "the right thing to do is put pride aside (snicker) and be willing to get it wrong that it runs to 400, 450, et cetera, and take a little bit of risk off the table."

Jim said he'll find "other stocks to pick" and suggested ORCL might be one.

Weiss said Jim bought Alphabet "when it was in the relative dumpster."

Judge questioned getting out of a stock if you're "afraid" (that's Judge's word, Judge said, not Jim's) of holding it too long. Kevin Simpson offered, "You can't have any emotion." But Judge said Jim made an "emotional move." Jim protested that "somehow the message got messed up there" (not the first time Jim's offered that complaint in a debate with Judge) because Jim actually was "trying to take emotion out of it."

Kevin said if you keep a maximum position, "you have to trim it." Kevin keeps a maximum of 5%.

Jim said "ultimately where I get my compensation, both emotionally (snicker) and monetarily, is from portfolio performance. And these moves are about portfolio performance."

Kevin finds consensus scary

Kevin Simpson said near the top of Friday's (1/9) Halftime Report that the only thing that scares him is the market "consensus" that everyone seems to have.

Steve Weiss said there's broadening but the tech trade is just "more selective" and there's "exhaustion" and that some people were just waiting to January to sell. Weiss bought XLI last week as a "placeholder" until he gets into specific stocks.

Judge said Hartnett is advising "maintaining" the Mag 7 without adding.

Kevin bought W, calling it a "story of efficiency." He said it's a "momentum trade." Weiss asked for short interest, and Kevin said he didn't know but "not as much."

Bryn Talkington said NVDA and AVGO are down for the year and there's an "overhang" of AI. But Bryn wouldn't "count tech out," it's taking a "breather" rather than a "retreat."

Just eyeballing the chart, we don’t see how anyone could’ve made 10% in SLB just this week

On Friday's (1/8) Halftime Report, Kevin Simpson said he bought FDX and spoke of several reasons why he thinks it'll go higher. Steve Weiss said he'd love to buy FDX but apparently can't because one of his companies has a connection to it. Weiss pointed out that having to ground some of its plane fleet didn't wreck earnings.

Kevin bought SLB. He bought Tuesday and thinks it's up 10% since then.

Bryn Talkington said you have to "pick your spots" in the energy space. (That seems to be the Halftime Report message with every single stock this year.)

Jim Lebenthal said sentiment in energy is still negative.

In one of the least exciting mentions, Kevin sold a 113 call in MRK.

Judge said Berenburg upgraded CRWD and pinned a $600 on it. Bryn said this could be a good entry point to buy.

Judge said Morgan Stanley actually upgraded CLF with a $17 target, up from $12.80 (snicker). Jim said steel prices are going up and auto sales are strong. Jim said "there's a lot of moving parts here" but "most if not all" are "aligning positively." (Which is what Jim says EVERY time he is asked about CLF.)

On crypto, Bryn said, "There's been a tremendous amount of technical damage," citing MSTR's odyssey. Bryn said the bitcoin recovery could be "V-shape," but it'll take a "minute."

Thomas Peterffy has some good arguments ... but betting on climate change and the deficit???

A big chunk of Thursday's (1/8) Halftime Report was devoted to a special remote appearance by Thomas Peterffy.

According to Judge, the Interactive Brokers chieftain took issue with comments by Josh Brown on Dec. 19 sort of knocking the predictions markets that are gaining presence in CNBC commentary. Judge said Thomas accepted an invite to appear on the show.

Thomas said that 10 years ago, he wanted to put forward yes or no questions that would be reliable as "economic and climate indicators" in an "attempt to teach Interactive Brokers customers about the probabilistic nature of the future."

He said others "picked up on this idea" and came up with things like "romantic life of celebrities" type of questions. Thomas said, addressing one of Josh's comments, that predictions can go to zero but so can options.

Judge, sitting next to Josh at Post 9, said maybe Tom and Josh don't disagree "on the key point," that "some of the original ideas behind these have been somewhat corrupted."

Thomas said in prediction markets, "only 49.5% of the people make money. And 50.5% of the people lose money." Josh said his point was that it's "fine and valid" to place bets, such as on climate change or whether "Marty Supreme" wins an Oscar, but "that's not going to be larger than the stock market anytime soon, maybe ever."

We saw that 12/19 episode, and it actually was Steve Weiss' point that the predictions market isn't very large and is simply commoditized.

Josh agreed with Weiss and didn't so much question the value of predictions but likened the sector of predictions markets to cannabis stocks, which are all "down 95%," according to Josh, and that number is probably correct.

Thomas insisted that climate change is a "very, very serious question" and if it should "speed up," then "people should know." He also mentioned elections.

OK, in terms of evaluating stocks that might be plays on the business of running predictions markets, we agree with Josh (and Weiss). Other than sports markets, there's not enough binary and un-riggable events out there that are conducive to betting. And multiple platforms could end up hosting that wagering, as happens now in sports betting.

Thomas has a quality point about how predictive markets do provide a clear picture of perception — but the usefulness of that information is limited because the marketplace doesn't know who will win, it only knows who the bettors THINK will win. Somehow hedging a financial position based on climate change wagers seems impossible. So it will be a novelty pastime for people to have fun with.

Still, Thomas made eloquent points, even as he was seated at kind of an awkward angle in the IBKR TV room.

Judge questioned betting on "military action." Thomas said the CFTC requires Interactive to check for manipulation, and questions about wars are supposed to be prohibited.

Despite Josh's assertions, Thomas said predictive markets will eventually be "much much larger" than the "securities market." Josh said he agrees that there will be "huge betting volumes" but tried to draw a "distinction" that, basically, stocks are an investment for the long term vs. going from "one bet to the next." Thomas said subjects like the deficit are very important and said you can get interest on longer-term bets.

For whatever reason, Judge quickly closed the interview without asking Thomas about 1) the stock market, 2) the Trump administration, or 3) whether IBKR would be tempted by the prospect of being acquired by a big financial company, as has been suggested in the past year on the Halftime Report.

Bill says Q1 could be about the only time to make money in 2026

Thursday's (1/8) Halftime Report opened with Bill Baruch trimming the IJR (Zzzzzz). He said he doubled his exposure in Q4 but is just "raising a little cash."

That might not have even gotten a mention here, except for what Bill said next: "You need to make your money in the first quarter" because "the year could really level out from April to November."

That's one of those comments that comes into play about 11 months from now in the Call of the Year/Bust of the Year type of conversations.

Jenny Harrington said she's been "enjoying the rotation" and it's "nice to finally have stocks that are in favor." Jenny said the winners of the last couple years "should take a pause."

Then, we got one of the show's most tired refrains: "You have to do the work this year. You have to think about valuations," Jenny asserted.

Josh Brown pointed out the differences between the IJR (includes speculative companies that may not be profitable) and IWM (profitable companies) and said it's a matter of whether we're in a higher-risk market. Judge wondered if we're in a higher or lower risk market, which is a great question. We don't think Josh or anyone else really answered that question, but Josh said the peak of Mag 7 vs. the Other 493 was in December 2024, so this year is only following through on last year. Josh said the rally in "other stocks" has been building since September/October.

Judge said some including Tom Lee are bullish but saying it won't be a "linear" year. Sarat Sethi said it's "the quality play."

Then Judge said panelists have been saying so far that 2026 will be a "much more tactical kinda year." (He didn't say that that's what panelists say at the beginning of just about every year.)

Anyway, don't throw darts at a board. (But actually, it would be funny if someone did throw darts at a board for 2026 and beat out some of the Halftime Report "tactical" money managers.)

Jenny apparently was criticizing people last May for buying GOOGL

Judge on Thursday's (1/8) Halftime Report said GOOGL is "knocking on the door" of $4 trillion.

Bill Baruch said it's his largest holding at 7%, and he said Jenny Harrington gave him "a lot of heat" when he was buying it last May. (Jenny basically gives anyone heat for buying a tech stock, unless it's META in December 2022 like Jenny bought when everyone was selling.)

Bill said he thought AI could be a "tailwind" for GOOGL rather than a headwind. Josh Brown said Google eventually made a "very bold" decision to go all in on AI, but as of now, it's already gotten "a lot of the credit for that."

Jenny claimed "the problem with 2025" is that "the story of a stock drove the share price." (OK, so now all the banks and health care and great rotation stocks are just story-telling.) But Jenny said Alphabet has "more story" than others.

Jenny likes META best in the Mag 7 because it has the "most assured earnings growth." Josh said it's the "worst AI story of the group."

Bill sees ‘some froth’ in silver, gold

Addressing current events, Judge on Thursday's (1/8) Halftime Report asked Josh Brown about INVH and its "bit of a meager bounceback relative to the pullback yesterday" on Donald Trump's housing tweet.

Josh shrugged that it's been "basically, uh, listless for over a year." Josh stressed that tweets are different than policy.

Judge said Bill Baruch trimmed GDX and CEF. Bill insisted he's "not negative" on metals and miners but there's "some froth" in the space. Blil said for the next 3 weeks, there could be a "consolidation phase." He said his commodity fund bought copper futures and he thinks 5.70 is support.

Jenny Harrington sold NGLOY but said it's not a call on metals but simply "portfolio management."

Josh gave an update on energy stocks that he says are among the Best Stocks; he said VLO is his favorite among the refiners. He also talked up BKR. Sarat Sethi touted CVX and XOM, which he owns.

Jenny was talking about UBER and buying it years ago at 22. (Because it's always about the cost basis.) Sarat tried to make a point about UBER but had to talk over the rest of the panel talking; Sarat said he'll get concerned about valuation when it gets above $100. Bill Baruch said it's a "free cash flow story" and once it gets over $90, it'll draw cash flows.

Bill bought more LDOS; that was his Final Trade.

No one, including Judge, mentioned VSNT. (It did actually gain, after it dipped down to a 31 handle.)

Karen’s VSNT buy is possible contender for Bust of the Year

It didn't come up on Wednesday's (1/7) Fast Money.

Nor did it come up on Wednesday's (1/7) Halftime Report.

But it did come up on Monday's (1/5) Fast Money — that being, Karen Finerman's announced buy of VSNT, the former SpinCo spinoff that is now CNBC's parent company, on its first day of trading.

Karen cited 3 reasons for buying: 1) She's supporting the "home team," 2) that it's now in charge of its own "destiny," and 3) that there was huge volumes of forced selling by all the funds that own CMCSA but can't actually hold VSNT.

As Karen spoke, VSNT was 40 bucks. As of Wednesday, it was already $33.

Gasparino's already writing about how the performance of this stock may be swinging the balance of power in the WBD takeover battle.

This page is NOT rooting against CNBC, the rest of VSNT or anything to do with the "home team." As always, we'd like to see success.

However, we've never quite understood why this collection of assets belongs together in a standalone company or what kind of investment thesis would make any sense here other than "Let's hope a Hollywood studio or Mag 7 name buys us out" (which they could've already done for a LONG time but have not).

And, frankly, we've heard a lot of the same type of corporate-speak about this company that, when it's from other companies, wears thin and gets called out on programs such as Squawk Box.

As of 1/7, Karen remains long VSNT, according to disclosures at cnbc.com.

AMZN, META ‘screaming buys’

It's not every day that you hear "screaming buy" on the Halftime Report, but that's exactly what viewers Wednesday (1/7) got from Stephanie Link.

Link said, "I think that Amazon and Meta are screaming buys for 2026 ... I think it's a reversion-to-the-mean trade."

Jason Snipe said CES "did not disappoint" and said Jensen "does deliver" and NVDA looks like a "good buy."

Joe Terranova predicted AAPL will "deliver in '26" and "north of $300."

Stephanie finally sold ETN though she's "done quite well." And, in the 21st minute, she also mentioned GEV. Joe said the JOET bought ETN in July at 380 but "it's now a losing trade."

Meanwhile, on the broader market, Joe said, "The market's not running away from risk."

Stephanie said we've had "11 consecutive weeks of loan growth" (Zzzzzzz).

Liz Thomas is "cyclically bullish" and likes materials and health care.

Stephanie pounded the table for financials. Jason said the "major theme" is that "Banking fees were up 42% last quarter."

Joe said there's a "tremendous opportunity" to own exchanges.

Stephanie bought more ZTS and NTRA.

Joe says DIS is ‘right at the bottom’ of stocks in the JOET

Judge on Wednesday's (1/7) Halftime Report said MoffettNathanson claims DIS is "next up" as the biggest winner (snicker) of the WBD sweepstakes, which, quite honestly, is beginning to seem like a bunch of people in a neighborhood bidding up a 12-year-old used car for some reason and then starting to wonder why they don't just go buy a new one. (This writer is long NFLX.)

Joe Terranova told Judge about the MoffettNathanson call, "I'm not sure about that." Joe said if you were ranking the 125 stocks in the JOET, DIS is "literally right at the bottom" because revenue growth hasn't been great but it got in because it "had a surge in the 2nd quarter."

Asked about COST, Joe said, "I did a horrible job, uh, advising the viewers on what to do with this stock." Joe said the JOET bought it in 2024 and "it delivered," but it hit a "ceiling" in Q2 of 2025. Joe wondered if it handled tariffs differently than WMT did. Jason Snipe said "the multiple obviously was also a little bit of a story."

Joe said FSLR has worked because it's shifted production to the U.S.; he said to watch the 100-day and to "maintain a bull bias."

Joe gushed about owning APH for "entirety of the ETF."

Stephanie Link actually bought more EL. (This writer is long EL.)

In the show's final minutes. Eamon Javers reported on Donald Trump's new homeowning agenda. Judge demanded, "What power does the president have to do anything about this, at all, Eamon."

Pippa Stevens was back, doing the CNBC News Update.

VSNT looks like a disaster; Judge doesn’t mention

The star guest of Tuesday's (1/6) Halftime Report was Brad Gerstner (which means there wasn't time for hardly anything else, like catching up on the trading in Versant).

Brad joined shortly into the program and claimed, "This is gonna be a stock-picker's market, it's not 2023 or 2024, where we were early in the supercycle and we were recovering from the pullback in 2022." (OK, we'd like to see proof that people were saying in 2023 and 2024 that you don't even have to be a stock=picker; anything you buy will go up.)

Brad said his biggest bet is "AI infrastructure." Brad defended CRWV after Judge mentioned it being "in that group" that got pressure including ORCL (and Judge mentioned the ORCL CDS in the 17th minute).

Judge said he noticed Brad isn't long META. Brad said META is in a "tough transition."

Brad admitted that Alphabet has done a great job since he expressed skepticism last year but said the multiple has grown. Brad said the multiple for software stocks is at a "generational low."

On the rest of the show, Brian Belski stated, "Year 3 of the bull market is usually the worst in the first 5 years, OK. I think we're probably gonna have the Year 3 of the bull market in Year 4." Belski talked up several sectors but especially touted "small midcap."

Joe Terranova said there are "plenty of tactical opportunities here early in the year" and then mentioned a buncha different things.

Josh Brown said anything can happen this year, as it's only Jan. 6, but "Banks are an AI winner" as they won't need as many "bodies at desks."

Belski said he likes CVX. Joe said BA and MRK appear to be breaking out.

Josh talked up PNC and FITB for his Best Stocks and apologized for looking like the guy in green behind the screen in "The Wizard of Oz."

Shannon Saccocia, who was at Post 9 but had a quiet show, made IYC (Zzzzzzz) her Final Trade.

Karen Finerman buys VSNT,
says it’s ‘one for the home team’ (but doesn’t mention that Rotten Tomatoes belongs on her own Worst Corporate Names list with Dress Barn and Athlete’s Foot)

The first day of Nasdaq trading of CNBC parent VSNT on Monday (1/5) was, um, a little underwhelming.

Which apparently prompted Fast Money panelist Karen Finerman to actually buy some shares. (Remember in the old days, when every CNBCer had a bunch of GE stock?)

Here was Karen's explanation on Fast Money: "Several reasons that I did that ... one for the home team. I want to do that ... I do believe that when you are in charge of your own destiny, as Versant is now, that you do a much better job, you're very focused, right ... there's a technical issue to this trade that I think is really important. Which is that, most of Comcast is owned by mutual funds that are tied to, let's say the Nasdaq Composite. So, they need to mirror that. Versant will not be in that. So if you're a mutual fund and you own Comcast, you will get 4% of the number of shares that you own in Versant stock. You can't own it. You must sell it. Regardless of price. ... Often people begin to sell it immediately, so, you saw a ton of volume today ... I love the dynamic of when you have someone selling who cannot own it, regardless of price, they have to sell it. And so I'm also somewhat intrigued by, the media space has gotten a lot of attention ... however Warner ends up, we might see somewhat of a comp to look at ... the balance sheet's in decent shape ..."

OK ... lots to mull here ...

Karen's main argument, that this is forced selling by funds that may otherwise want the stock, is a strong observation. But it's an observation made earlier in the day on the Halftime Report and probably other CNBC shows, and nobody was jumping in to scoop up this stock.

If that's the best argument for buying, it seems like just a flip.

More to the point — What exactly does this company do? It's a collection of media properties that have no connection to each other. What, like they're gonna get someone to read a movie review on Rotten Tomatoes and sign up for Jim Cramer's Stock Club in the process?

Karen also made the argument of "in charge of your own destiny." That's only because no one's dying to own it, including Comcast. CNBCers have been making Karen's argument for more than a year, that CNBC profits get scraped over toward streaming projects and other things. That's fair. Is Karen suggesting that Mark Hoffman would've done all these groundbreaking things if he was in Versant instead of GE/Comcast?? He gave a nightly news hour to Shep Smith.

Finally, there's the Hail Mary argument, which is that maybe cable assets are suddenly going to be in demand because Warner Bros. Discovery seems to be really in demand. How in the world are people going to revert to ordering up cable packages and ditching YouTube and all the free stuff that surfaces there by the truckload every day?

About all Mark Lazarus can say (at least in the clip on Fast Money, below) is that VSNT has "vertical scale" that can "differentiate" the company's assets. What's "vertical" about it? It's a group of cable channels that only make money as part of bundled packages that are rapidly falling out of favor.

Carter Worth advised viewers "avoid" CMCSA.

Monday's Fast Money experienced a setback when Jensen didn't finish his CES event fast enough to appear, as promised, on Fast Money; Jon Fortt said they'd get to him eventually and viewers would see clips Tuesday.

Jim claims ‘we know’ who is going to be Iger’s successor (But what he doesn’t mention is that, in this scenario, Bob will be chairman)

Judge on Monday's (1/5) Halftime Report said CFRA downgraded NFLX. (This writer is long NFLX.)

Revisiting some of his Not-So-Greatest-Hits from last year, Joe Terranova said he doesn't know what gets NFLX going and mentioned, kind of laboriously, what it's like owning dog stocks such as recent NFLX and SPOT personally as well as in the JOET. (This writer is long SPOT.) Joe said "Netfix" (sic pronunciation) is just "bumping at the bottom."

The funny thing about that is, when NFLX is having its moments of surge, everyone always complains about how the valuation is too tough to buy ... and then when it slumps as it's been doing for a while, no one wants it.

Judge said B of A reiterated DIS a buy with a 140 target. Jim said succession is important but not the "main thing." Jim said, "I think we know who it is ... it's gonna be a heckuva surprise if it's not a co-CEO between Josh D'Amaro and Dana Walden."

Hoo boy. That got the Spider Sense tingling around CNBCfix HQ. If we're talking DIS has 2 starting quarterbacks (or 1 starter on a snap count and 2 backups), people are really gonna be wondering who's calling the shots there.

Jim said DIS is "undervalued," but he's got "fatigue" in this name.

Late in the show, Judge and The Dominator, Dom Chu, reported on how Versant (that would be VSNT) is down in its Nasdaq debut. Dom explained how index-related selling may be partly responsible.

Jim has gotten a new title of Chief Market Strategist.

Jim asks a fantastic question (though it doesn’t really seem to have any bearing on whether to invest)

Joe Terranova affirmed on Monday's (1/5) Halftime Report that he sold UBER personally.

Joe said, "80 has been strong support for this stock," but he thinks it could break 80 in Q1. Steve Weiss said "it's still on my sell list." Weiss said "clearly the overhang is robotaxis," though that'll take "a little while." (But somebody's gotta clean those cars and get them serviced.)

Jim Lebenthal said transports have rallied but UBER hasn't and asked Joe and Weiss whether UBER is an "AI stock" or "software stock," which is a great question.

Weiss said "it's a consumer stock." Judge said there's a "competition for autonomous." Weiss said you can "directly correlate" UBER's stock decline to robotaxi announcements.

Someone’s keeping records of Santa Claus rallies

Judge on Monday's (1/5) Halftime Report said Krinsky says the market needs to close over 6909.79 (snicker) to avoid 3 straight negative Santa Claus rallies. (Steve Weiss pointed out last week that people have figured it out and gotten ahead of it.) Joe Terranova claimed Monday it has something to do with the equal-weight trade.

Weiss questioned if the "overhang" on ADBE will disappear, but he doubts it will because he doesn't see "finality" to the AI concerns about software. Weiss noted MSFT is "dead money since July."

Joe unloaded TWLO.

Weiss pointed to TTEC's 5-year chart and said "Call centers are just not needed."

Jim Lebenthal gave a speech about valuation in tech and conceded valuation is not a good short-term indicator but said it makes him rather own AMZN than AAPL.

Weiss: Oil ‘already in oversupply’

Joe Terranova on Monday's (1/5) Halftime Report said Monday's market isn't a "referendum" on the whole year but an "extension" of 4th quarter sentiment.

Steve Weiss backed the bank trade and spoke of a backlog of IPO and other transactions not getting to the market; "I think the floodgates do open." (That's fine, but people including Weiss have basically been making that argument for 4 years.)

Jim Lebenthal said he's recommending equal weight S&P 500 (Zzzzzzzzzz).

Weiss discussed Venezuela oil and said the world is "already in an oversupply situation," and now there will be "more oil coming to the market."

Jim pointed out that it'll take "years" to get a "flood" of oil out of Venezuela. Judge said there's been "hyperbole" from Washington. Jim pounded the table for XOM as a "place to start" if you don't own energy.

The best (and worst) of 2025 on CNBC’s Halftime Report, Fast Money and beyond

It's that time of year ...

With thousands of stock market predictions being made on CNBC television in the course of a year (particularly on the shows Halftime Report and Fast Money), determining the best and worst takes some serious culling. We can't account for everything. Undoubtedly, people have recommended stocks that surged 100% or more, and we barely noticed if at all.

So relevance is a very important factor. We review the headlines on this page over the course of the year but also take a look at the specific stocks, sectors and news events that drove the conversation. And that provides a good starting point.

So we took an extra-long look at the reactions to Liberation Day, Eddy Cue Day, ORCL's rocketship day and a certain car company that remains perhaps the market's most reliable "trading stock." Frankly, a lot of big moves were missed and/or only noted after they happened, such as INTC (barely mentioned on this page), or Tim Cook's visit to the White House. One trade that seemed like a big winner, bitcoin, perceived as a Trump trade, was great from April to October, bad the rest of the time. We had trouble finding as many original calls as usual, maybe because the S&P was "only" up 16% on the year — not as big as some other years, and many of the strongest stocks were the same as in previous years.

Anyone who announced during 2025, "Play the AI trade all year, play most of the Trump trades, bail out before the big tariff announcement, get back in immediately after, stay out of bitcoin in the 2nd half and oh by the way pick up some precious metals and as always stick with TSLA" would've been a shoo-in for Call of the Year.

Nobody actually made that exact statement.

There were a lot of great ones though. Panelists and guests expertly reacting to political events and news events and technology events. There were also some busts. Sorry. Have to include the bad with the good. (And you'll get a chuckle out of many of them.) Here goes ... First, we have to start with the busts:

THE BUSTS

15. Jenny Harrington says 7% for 2025 would be a ‘massive win’

On the Sept. 2 Halftime Report, Jenny Harrington stated, "If we were to end 2025 at up 8%, or up 7%, I would consider that a massive win." Jenny concluded, "I don't see how we go from up 10% on the year now to up 20%." Jenny had also said on July 18, "I don't see how we end up up 14% on the year. I don't think we have another 7% in the 2nd half."

14. Joe Terranova and Jim Lebenthal on Sept. 10 seem to think ORCL is going to keep going higher

It wasn't a terrible call. But it was incorrect at a key moment in time. Sept. 10 was sort of "Oracle Day." Halftime Report panelists for days would talk about how they bought ORCL shares in the past so much lower. On Sept. 10, Joe Terranova said "parabolic moves are very tempting" for shorts who expect a "mean reversion," but Joe advised, "You should not be outthinking yourself" and don't try to short it. Jim said he doesn't see a pullback "anytime soon."

13. Judge nearly throws Weiss off the set

On Feb. 24, Judge asked Steve Weiss about Weiss' exposure to Chinese tech stocks. Weiss at first called it an "unfair question," then really got under Judge's skin when saying, "I'm gonna answer it more intelligently than you asked it." Judge even used the term "dude." Weiss said it was a "leading question." Judge went on to explain, "Everybody up here is tired of that B.S., OK. If you can't have a civil conversation ... without insulting people, then just be quiet ... And just move to the other chair. Just move to the other chair. ... Just slide down 1 chair. Or outside. Go there. Or over there." (This was definitely kind of cringeworthy, but honestly, shows need a bit of excitement like this sometimes.)

12. Marianne Lake’s Q&A at the Goldman Sachs conference causes knuckleheads to hand a gift to opportunistic JPM buyers

During Santoli's Midday Word on the Dec. 9 Halftime Report, Judge said JPMorgan was presenting at a Goldman Sachs conference for financials, and it seemed to be affecting JPM and perhaps the market. Santoli said the "CFO" (sic not the correct title) was talking about consumers being "a bit fragile." The screen text, and Judge, said the person making the "fragile" comment was Marianne Lake. Judge pointed out how JPM shares and the overall market had turned lower.

11. Judge insists Joe’s wrong about TSLA’s ‘1 month’ return without clarifying the 1-month timeframe

This one was a mess to write about and also a mess to recap. On the Aug. 4 Halftime Report, Joe Terranova told Judge, "1 month, Tesla, 1 month Tesla is actually- I don't believe it to be negative." Judge insisted, "It's negative by 2.3% over 1 month." Joe said they've got an "issue" over the data. Judge demanded, "What do you mean, you disagree with me" and asked the "control room" to verify that TSLA is "down" in the last month. Judge actually stood up at Post 9 to gesture while wondering, "Are we talkin' past each other?" Joe said "I think we're disagreeing on this." After the A Block break, Judge admitted there's "conflicting stuff all over the place" when in fact, it's as simple as defining what "month" you're measuring. Finally, Judge rather clumsily said that a viewer pointed out something Judge should've been cognizant of, that if the TSLA 1-month calculation starts with the June 30 close (317), it's a different result than if it starts with the July 1 close (300). (There again, he still didn't specify whether the endpoint would be exactly 1 month (presumably 31 days in this case) or 1 month plus the first few days of August, when the show occurred.) Given a 3rd try after another commercial, Judge explained that "Tesla is in fact down 2.3% over the last month if you use the closing price on July 3 ... to today." Joe said a "1-month time frame" will show a "5% return" because "they are taking the opening price of Monday, July 7th, the 4th was a holiday, the 4th was a holiday, and from Thursday's close on the 3rd to Monday the 7th, Tesla had that big decline. That's the difference." Joe added, "I guess it's how you define '1 month.'" Judge shot back that "Most people would define it by the actual month."

10. Brad Gerstner complains to Judge about ‘fake news’; Jim Lebenthal says some news reports are just a ‘rumor’

On April 3, Brad Gerstner disappointed Judge by claiming there's been "fake news" reported about CRWV; Judge sort of got Brad to backpedal. On Oct. 8, Jim Lebenthal said he was buying ORCL (price in the 280s) (#ouch) and dismissed the news report in The Information, cited by Judge, about margins. "Who did it come from?" Jim said, before saying, "OK, it came from a news report that suppose- supposedly, they saw an internal document. It was not a release by Oracle." "That's far different than a rumor," Judge said. "It's not far different. It's not far different from a rumor," Jim protested. Many news headlines should be met with skepticism — let's not fault the messenger.

9. This page predicts a 3-peat of the Mag 7 — and Kansas City Chiefs

This page isn't really in the market-call business, but if we make a prediction and it's a bad one, it has to be acknowledged. Sometime during the 2nd weekend of January 2025, this page foolishly put up a post titled "It's a 3-peat: For the Chiefs, and the Mag 7." Yes, it was a massive bust, and please know that the embarrassment is still felt here. We honestly can't fathom what happened to the Kansas City Chiefs since the AFC Championship Game of January 2025. We do think we were half right.

8. Paul Tudor Jones’ insufferable ‘quacks like a duck’

On Oct. 6, CNBC relentlessly aired Paul Tudor Jones' Squawk Box commentary about how right now seems like October 1999 (OK, it's fair for him to draw that comparison) and then regurgitating Paul's obnoxious quote "So it looks like a duck and quacks like a duck. It's probably not a chicken, right?" throughout the day. And whatever happened to Carl Icahn's Day of Reckoning?

7. Brian Belski cuts S&P price target to 6,100 on April 9

During a week of stock market turmoil, a couple days after hectoring Brian Belski over Brian's 6,700 S&P target, Judge on April 9 said Belski has "now revised" that target, to 6,100. So basically Brian resisted lowering the target at the onset of Tariff Nightmare, then caved when it was already time to start buying. The correct response was to not change the target at all.

6. Steve Weiss on April 28 says recession ‘well on its way’

It wasn't even his strongest commentary of the month, but on April 28, Steve Weiss stated, "I believe the economy is going to recession" and is "well on its way."

5. Steve Weiss claims Trump ‘will not be good for markets’

OK, we hesitated about putting this one on here, because this page is not making a political statement here. But as a matter of record, Steve Weiss on April 4 was taking what any objective measure would be calling a too-early victory lap on a Trump presidency prediction, as Weiss said that apparently people looked "side-eyed" when he said "since he was elected" that "Trump will not be good for markets, will not be good for the economy. That's in fact turned out to be true." Whether Trump has been good for "the economy" is surely debatable. And in fact, it also could be debatable whether the S&P's gain this year should've been much higher. But the S&P 500 is up 16%-plus this year, which is a healthy return by any standard, so if you followed this bit of Weiss advice, you missed out.

4. Steve Weiss on April 2 says TSLA brand damage is ‘permanent,’ stock around $282

Bill Baruch on the April 2 Halftime Report argued that there isn't permanent brand damage to TSLA from Elon Musk's DOGE stint. But Steve Weiss argued that there is, and Dan Ives sounded somewhere in the middle. The chart indicates TSLA was about $282 on that day, and it DID fall immediately after as a tariff nightmare hit the markets, but 4 weeks later, it was back over $282 and basically never looked back.

3. Steve Grasso on Jan. 24 predicts a bitcoin double ‘in short order’

On Jan. 24, Steve Grasso declared, "Bitcoin will probably double from here — in short order." It closed at $104,000 that day, according to Yahoo Finance. But he wasn't done. Grasso on July 14 said some people think bitcoin will get to $200,000 this year; he wouldn't say if he's one of those people, but he does think it goes "much, much higher from here." Karen Finerman apparently agreed with everything Grasso said.

2. Judge’s Burry Bubble

It started, apparently, on Halloween. As annoying as Paul Tudor Jones' "quack," except it went on for weeks as Judge fell for it hook, line and sinker. It was the spree of Michael Burry (the dude who dials in trades while lying on the floor, it's really cool) comments in which Judge concluded, "Um, he thinks we're in a bubble. I mean I think he's made that pretty clear from his postings on, on social media." On Nov. 18, Judge said Burry says he's long MOH stock and long PLTR puts, which according to Burry, "like peanut butter and bananas." The Halftime Report hasn't mentioned Mike since.

1. CNBC’s new logo

The old CNBC logo with peacock was great. Everyone understands the business realities of why it had to change.

But the end result is flat, generic, colorless and obviously focus-group/consultant inspired and approved.

Stock market colors are green and red, not blue. The letter "N" in CNBC's acronym is insignificant. And in the way that our eyes play tricks on us, something about the new N can make the logo appear that it's crooked.

The obligatory statement that hosts had to read on the air — "embrace a distinct identity that aligns with our future as a brand" — was no better.

Melissa Lee, asked for an opinion on air, said she likes the new logo; "it's clean, it's modern, it's inclusive."

Judge was not asked.

And 2025 Halftime/Fast Money Call of the Year countdown ...

12. Kari Firestone buys UNH ‘right at the bottom’

Unlike TSLA, which Halftime panelists generally won't touch, UNH is a stock that everyone at some point in time seems to own. We checked the chart. It was a horrible stock to be owning through April. Since May, in general, if you happened to buy in late July or early August, great; if not, it's kinda meh. In May, Halftime Report panelists were tripping over each other to announce the super-high levels in 2025 at which they had sold UNH. There WAS, in mid-May, a really sharp plunge and bounceback that took place in a matter of days, only to have a plateau/slide again.

Several panelists — mainly Steve Weiss but also Stephanie Link and Kari Firestone — talked constantly of buying UNH. The nod here for (apparently) coming closest to catching the bottom goes to Kari. Stephanie and Weiss seemed to have some good buys and other falling-knife buys. Weiss announced purchases and sales of this stock so many times in 2025, we lost track. Kari did admit on May 21, after trumpeting UNH, that the "bad news" in the stock wassn't stopping. But on June 16, Kari told Judge she "bought some more right at the bottom," even though Judge grumbled, "The stock looks like it's at the bottom." On Oct. 29, Kari trumpeted that UNH is up "55% I think from the bottom," which evidently was around the time that she bought. Weiss did announce a UNH buy in August on Berkshire Hathaway news that apparently was up 25% in about a week. Guy Adami made a trading call on UNH earnings in July that proved a bust (it went down instead of up), but give him points for trying.

11. Steve Weiss calls Middle East headlines buying opportunities

It's not the most original call. But given how the financial markets really do react in sort of big ways to skirmishes in the Middle East (usually it has something to do with the Strait of Hormuz), month after month, year after year, it's important that someone set the market straight. Steve Weiss on June 13 said, "Look I've been in the business almost 35 years. We've seen a number of flare-ups in the Middle East. Every single one of those being a buying opportunity."

10. During week of Tariff Nightmare, Josh correctly touts Jessica Chastain to play Jenny in a movie

On the April 8 Halftime Report, Judge asked Jenny Harrington to talk a little about her new book. Josh Brown suggested "Jessica Chastain" could play Jenny in "the movie." That is easily one of the show's BEST suggestions of the year and should be getting more attention. "That's very sweet of you," Jenny told Josh.

9. Steve Grasso on Feb. 27 predicts NVDA, then 120, 90 before 150

Steve Grasso in the first half of 2025 cited Deepseek as a big headwind for NVDA (which actually was a bad call), suggesting NVDA's customers won't spend as much as anticipated; on the Feb. 27 Fast Money, a day NVDA fell from 131 to 120, he predicted 90 before 150. By April 7 (a day that involved other market headwinds), NVDA did indeed find 90 — actually 86. NVDA bulls of course can rightly claim that as Grasso was expressing skepticism about the stock from January through May, any time during that span was actually a great time to buy. But a "90 before 150" that actually proved correct about a juggernaut stock is a great call.

8. Brian Belski on April 21 likens TSLA to AAPL 2003

Halftime Report (and basically Fast Money) panelists have just never fully embraced the TSLA story, always deeply skeptical. (This writer has no position in TSLA.) The regular TSLA advocate of the Halftime Report, Bryn Talkington, is more enthusiastic about the stock than most others, however, even Bryn for a couple years running has been labeling the stock as range-bound and seems most excited about selling out of the money calls against it. So it's Brian Belski who will get the credit here for championing this name — NOT at the start of the year, which isn't much different than the price it's at now (which is why Bryn's sell-the-calls strategy for this name could be considered the superior call), but after Elon Musk did the DOGE thing and the shares were walloped in April and people were talking about permanent brand damage. Brian on April 21 twice said "at the end of the day," and, "I really think that Tesla is to right now what Apple was in 2003, 2004." Quite simply, love it or hate it, TSLA is the ultimate buy-the-dip stock, something not to be dismissed. Steve Weiss responded to Belski, "I gotta move to Naples, man, they're putting something in the water there that's unbelievable."

7. Bryn Talkington calls the Liberation Day tariff chart less than impressive

It was a simple comment on April 4's Halftime Report when Bryn Talkington said "whoever made that board that Trump had out should be fired," and it seemed to very effectively convey what Wall Street has been thinking about this whole endeavor. In May, Bryn said members of Congress are not going to let the administration "torpedo the economy for some Peter Navarro isolationist viewpoint that none of us in America have."

6. Guy Adami makes first Fast Money ‘live event’ in February a smashing success

The seating is a little awkward, and later versions of the Fast Money "live show" seemed to have less buzz. But when Guy Adami made a Donahue-like trip through the fans at the Nasdaq on Feb. 27, it was a great show of support for all the viewers who keep CNBC chugging along each day.

5. Joe Terranova and Jason Snipe both make AMD Final Trade on June 25

The stats are clear — somewhere near the top of this list, there has to be an AI trade. NVDA and AVGO were fine stocks (again) and excellent picks (and 2 very similar charts). The thing is, it's their 3rd big year in a row, and multiple people recommended them constantly. AMD was actually down in 2025 and appeared to be out of favor for a while. As its comeback took place, on the June 25 Halftime Report, Joe Terranova and Jason Snipe each chose it for their Final Trade. Which is why we paid attention to it. AMD shares were 143 that day.

4. Karen Finerman buys DKS in mid-May, probably in the 160s

Yes, DKS did actually finish 2025 in the red. But it finished comfortably above the hit it took in May when it announced a deal for Foot Locker. Karen Finerman on Friday's (5/16) Fast Money said she bought DKS a day earlier, when it plunged. And during Final Trades on that show, it sounded like she also bought it at the end of the day Friday, but we're not sure. Retail is a very tough space for stock calls (M and KSS had big years); this one was significant because Karen, as she pointed out a year earlier after the CRWD glitch, noted that DKS lost more in market value than what the Foot Locker deal was worth. Karen also said "I would much rather own Dick's here than Foot Locker at the same price on the hopes of a higher bid for Foot Locker." (This writer owned DKS for a time after Karen's comments.)

3. Bill Baruch makes the case for gold miners July 9

On the July 9 Halftime Report, Bill Baruch was given a segment to discuss a portfolio he was building of gold miners. Bill said there's a "tremendous supercycle" in the space that will last a while. Bill mentioned a group of names, including AEM, CDE and B. Barrick was around $20 then. (This writer is long AEM and owned B for a time after Bill's presentation.) Kevin Simpson also touted AEM and some panelists (Joe Terranova) at times may have recommended gold. But for whatever reason, no one — aside from Bill on July 9 — pounded the table for gold despite its sensational year.

2. Jim Lebenthal fends off Judge’s ‘existential threat’ concerns about GOOGL

May 7 on the Halftime Report was Eddy Cue Day, which Judge fell for like a ton of bricks. Judge said "the story of the day" was GOOGL's drop. Jim Lebenthal, long Alphabet, said he's inclined to "hold through this" and is "careful about knee-jerking one way or the other." Jim pointed to when there was a problem with Gemini a couple years ago and the stock got "absolutely clobbered." Judge said that was a "bit of a different incident" and not like the "existential threat" that apparently is in the works today. It wasn't just Judge trumpeting the significance of Eddy's comments. Joe Terranova said the news is a "big deal." Josh Brown said it's "extremely significant" and "Joe is right" and "Jim will eventually come around to this point of view." Josh added, "It reminds me of PayPal, but on a much bigger scale." Judge told Jim that the "headline story" is the "definitive usage drop" in Google search, and Judge told Jim that Jim shouldn't be "flippant" about the gravity of the situation. Jim again said he doesn't "knee-jerk" his reactions and he's actually more concerned about the ramifications of the news to AAPL, not GOOGL. ... Now, you may wonder, why isn't Jim's steadfast defense of the stock during this perilous time an obvious choice for Call of the Year? Because 1) Jim was NOT calling the stock a table-pounding buy, he simply said he wasn't selling; 2) The really big move came later from the Justice Department antitrust case; and 3) Just because Judge and some panelists got carried away with a ridiculous market headline, and someone else didn't, isn't enough oomph for the Call of the Year.

1. Marked by an X — Steve Grasso makes the Fast Money/Halftime Report Call of the Year

To anyone actually paying attention, this one has been telegraphed on this page since basically Q1.

X is no longer a publicly traded stock. That's because it was finally acquired by Nippon Steel after two presidents of different parties both said we couldn't possibly tolerate such an acquisition. (Then they changed the terminology a little bit and realized someone had to come up with some money for this company and Bingo, we had a deal.)

Steve Grasso on Fast Money had been calling X a buy at least as far back as December 2024. On Jan. 7, with the stock at $33.30, Steve predicted, "I think you'll see a bailout." On Feb. 7, with the stock having dipped to $36.98, he said X has a "chance" to reach 50. In June, the deal closed around the $55 price, maybe a few pennies off. (This writer was long X during much of the first half of the year). Other stocks may have had bigger gains in 2025. Steve's incredibly accurate assessment of the political scene, and the ceiling on this stock, and the fact it concluded before the year was even half over, ran away with the Call of the Year.

As always, we conclude with our standard refrain: Viewers of CNBC (and the readers of this page) are the best audience in the world, they're informed, they get it, and they don't mind a review of the proceedings. We're here because you are. Happy 2026 ... and Happy Trading!

Jenny can (and should) make fashion observations Any. Time. She. Wants ...

Bill Baruch was not a panelist but dialed in to Friday's (1/2) Halftime Report, apparently to reaffirm his bullishness on gold and silver. Bill started to say there may be a "little bit of froth" and "technical stuff," then his connection gradually started cutting out, so guest host Courtney Reagan had to move on to something else. Kevin Simpson said he's long AEM and touted its 2025 performance. (This writer is long AEM.)

Responding to a couple of BTIG top picks, Malcolm Ethridge backed ZS and NTSK.

Jenny Harrington said "K-shaped economy" in the 50th minute while touting remaining long MAR.

Steve Weiss said he still likes CAT.

In a curious segment, Courtney asked panelists for a New Year's resolution.

Kevin's resolution is to "own fewer higher-quality stocks" and "get rid of some of the clutter." That's an excellent point at any time, we think.

Jenny's resolution is to let the winners "run longer." That's fine and good but sounds much simpler than it actually is. (For example, last year, if you let SPOT and NFLX keep running after June like one panelist in particularly often suggested, you ended up burning a nice gain.) (This writer is long SPOT and NFLX.)

Malcolm's resolution is to get a shopping list for episodes of market volatility, and not to hesitate. That sounds like a reaction to 2025's April 2 Liberation Day.

Honestly, when it came time for Weiss' resolution, this page could sort of predict what he was going to say. Weiss said his resolution "is not to have a resolution" but rather to "keep doing what I've been doing."

Which we can't really argue with.

Late in the show, Weiss for some reason directed tipping jabs about Kevin and Malcolm and then asked Courtney to make a fashion call on the Friday panelists. Jenny cut in to say she'd "pick on" Weiss on Friday while praising Kevin's pocket square.

"I really wanted to take that one," Jenny told Courtney.

(Honestly, we can say that anyone would be honored for Jenny or Courtney to provide a wardrobe appraisal.)

As Courtney introduced Seema Mody on the News Update, Seema said they could ask Weiss "if he wants to do the News Update." (Ouch.) (Actually, that would be kind of interesting.)

If Weiss keeps scoffing at people making new-year calls, why does he keep appearing on the show in the last week of a year and first week of a year?

Friday's (1/2) Halftime Report was guest-hosted by Courtney Reagan, with only Jenny Harrington at Post 9 while Steve Weiss, Kevin Simpson and Malcolm Ethridge took part remotely. Jenny began by predicting "real shifts, some real broadening and some real changes in the new year."

Which, to be honest, kinda sounds like the stuff we hear every Jan. 2 on CNBC.

Jenny said the "pure consensus" that 2026 will be a good year is what "spooks me a lot."

Jenny advised, "I think you should take risk off the table," though that "doesn't mean I'm super-bearish." (No, just the usual Don't-you-dare-buy-a-tech-stock bearish.)

Kevin said Jenny's comments have "a lot of value," but he's not sure "we're there yet."

Malcolm said he's been watching bitcoin, calling it a "barometer" of where investors are. He said there's been a lot of selling by long-term bitcoin holders, which Malcolm called "very telling." He said it may indicate that 2026 isn't the "party" of the last few years and might be a time for "derisking."

Courtney said Tony Pasquariello thinks it'll be a "wilder year," citing tight corporate credit, high P.E. ratios and "quantum leaps" in technology. Weiss said Tony could've made the same comments "last year." Weiss insisted that the calendar changing has "no impact" on market conditions, it's just a "narrative."

Weiss said he sees the market playing out "almost as it's played out in the past year." Weiss again touted TSMC.

Weiss says ‘most of the country is smarter than New York’

Steve Weiss on Friday's (1/2) Halftime Report predicted we won't get a "Mamdani thing spreading through the country," because "most of the country is smarter than New York." Jenny Harrington chuckled, "That's true."

Kevin Simpson thinks MU keeps working and thinks AMZN will finally get going. Malcolm agrees and suggested automation could increase for AMZN (seems hard to believe it could get that much more automated).

Jenny again touted FI and its "very talented" new CEO and said "don't look too much at the past."

Jenny said her top pick for the year is SBRA. Malcolm's top pick is V. Weiss in kind of a lengthy speech said he likes financials.

Kevin talked up buying more BA.

Weiss said FTAI has been great and still under the radar; you could ask 10 people about it, and they'll have "no idea what you're talking about."

Kevin owns INTC, but with a "short leash."

Weiss: BRK-A a ‘show-me stock’

On Wednesday's (12/31) Halftime Report, Jim Lebenthal and Joe Terranova praised Warren Buffett's stewardship of BRK and indicated the company will be fine.

Steve Weiss was less optimistic, saying, "This is slightly better at this point than a true show-me stock," explaining that the company has "lost Buffett," and Charlie Munger died in 2023.

Weiss said "It's the most significant change you could possibly have with the company." Weiss said he'd rather own a "combination" of the S&P 500 and Nasdaq.

Later in the show, Santoli said of BRK, "It's the only conglomerate that's really working anymore."

Couple thoughts here ... Weiss is actually correct that Berkshire is experiencing the "most significant change" possible for any company. (Yes you could point to airlines during the pandemic, but that's temporary.)

However, Weiss is incorrect that, as of now, Berkshire has "lost Buffett." Clearly, Buffett is doing less and less. But if, heaven forbid, there's another 2008, Warren will be fielding calls all day for a line of credit, which was basically his most successful trade of this century, as far as we know. For that reason, BRK-A deserves a premium. And anytime he wants to make a market call, he can.

Pork chops, and apple sauce — remember when Peter Brady changed his personality?

Steve Weiss on Wednesday's (12/31) Halftime Report said the notion of a new year bringing a "fresh start" to the whole market is bogus; "the calendar has nothing to do with it."

Guest host Frank Holland for some reason protested that sentiment has changed recently (which is separate from the point Weiss was making, which is that the sentiment didn't change because of what time of year it is). Weiss asked Frank what that means. Frank said it means "different winners," such as health care. Weiss said health care gaining "has nothing to do with January, or 2026."

Joe Terranova said "the personality of the market" (snicker) has changed this quarter. Weiss said the season of changes is just a "sideshow."

Jim Lebenthal mentioned being on all 3 days this week (as well as last Friday with The Dominator) and mentioned the "signal to noise ratio" (snicker).

It’s a ‘foolish mistake’ for your awareness of recent market moves not to be ‘elevated’

Joe Terranova on Wednesday's (12/31) Halftime Report said Q4 brought a "very clear pivot" to "defensive positioning" (Zzzzzzzzzz).

Joe said it's a "foolish mistake" if your "awareness" of this is not "elevated."

Steve Weiss said the reason there isn't a "Santa Claus rally" is because "everybody's wise to that game" and positions for it, so "it just doesn't happen." (And we can't disagree with that at all.) Weiss said as far as year-end takeaways, there's no volume, so the trading is "meaningless."

Jim Lebenthal bluntly stated, "This is not an economy that needs rate cuts."

Joe was still talking about the trading in precious metals earlier this week that apparently has left a major imprint on him. Joe said you have to "temper your expectations" about CVNA and "most of these high-beta plays, momentum plays that really worked well in '25."

Weiss says energy markets ‘rigged’ by the ‘big players’

Joe Terranova on Wednesday's (12/31) Halftime Report affirmed he's bullish on EQT (Zzzzzzzz) going into 2026, citing "momentum" as a top reason.

Jim Lebenthal insisted "natural gas is strong" and is "basically what the energy sector has been riding on all year." (Oh my. It couldn't have been a very exciting year in the energy patch, then.) (And when are we going to export all this gas to Europe that's going to bring us oceans of money.)

Steve Weiss said he doesn't know why people "waste the time" investing in energy, he said to look at the long-term charts.

Weiss even said he's not saying there's "anything illegal," but energy markets are "rigged by those big players and where they want it to go." Weiss said if you compare the XLE chart with the S&P or Nasdaq, you'll see a "stark" underperformance.

Jim ‘kinda’ wishes he didn’t own AAPL

Steve Weiss on Wednesday's (12/31) Halftime Report said TSMC is his largest position. Weiss acknowledged, "the biggest risk of course is a Chinese invasion." (It's that time of year.)

Jim Lebenthal's top pick was QCOM, a stock he's basically endorsed for 10 or 15 years now.

Jim said he's long AAPL because you kind of have to be because of its presence in the S&P 500, but "I kinda wish I didn't own any of it."

Jim said ONON is "clearly a winning brand."

Santoli was talking about some "Mystery Broker" that he revealed a day earlier that we've never heard of anyway. It's one of those predictions about the market having another big couple years, then look out.

Weiss said he's staying in FTAI. Joe Terranova said the TWLO turnaround is "unfolding."

Jim got to talk about C again, something guest host Frank Holland kind of jabbed.

Goldman Sachs trimmed its HOOD target. Joe said HOOD is "maturing" for sure, but it still has a "correlation" with crypto.

Jim's Final Trade was ADBE. Weiss said BABA and Joe said GS. Joe wished all viewers "health and happiness in 2026." Weiss, who had on that awesome gray sports jacket, jabbed "my friend Jeff Kaplan; keep it to yourself, I'm wearing this jacket again."

It used to be that the Dec. 31 Fast Money included traders wearing tuxedoes to the Nasdaq. That doesn't happen nowadays and it seems like the show's biggest energy this month went to the studio audience thing. Sully guest-hosted on Wednesday and gave it the ol' college try.

This is the time of year when you constantly hear about China-Taiwan on CNBC

It's a quiet trading week, and Tuesday's (12/30) Halftime Report did not have a whole lot of new info (and Jim Lebenthal was on for the 3rd straight business day; how many new fresh opinions can anyone have at this time of year), but give credit to guest host Frank Holland and the crew for putting together a crisp show.

Josh Brown, who went to great lengths to detail all the stocks/sectors that have worked this year, said "the only thing I could find that's down is bitcoin."

Josh explained, with some degree of hyperbole, "What we're really talking about is a wealth-creation atmosphere of enormous magnitude."

Josh suggested AAPL "has won by not playing" in the AI space and referenced "The Kobayashi Maru" of "Star Trek," a reference hailed by Frank Holland and Jim.

Jason Snipe said Mag 7 names have "not traded as a monolith." Jason thinks the "spread the wealth" story in tech continues next year.

Frank opened asking about the Fed minutes (Zzzzzzzz). Jim shrugged that the Fed minutes would just be "a lot of noise." Jason Snipe said the Fed's focus "clearly is labor."

Josh Brown said the Fed is the "least important chess piece on the board."

Frank noted PANW seems to "continue to lag." Jason suggested its acquisitions have held back the stock. Josh pointed out how well CRWD has done in the AI era. Josh said he likes both CRWD and PANW.

Josh in his Best Stocks feature touted HLT, which he said is "asset-light." Josh said travel just hasn't let up. Jim, as he always does, touted DAL.

Frank actually brought up the "Dogs of the Dow." Jason addressed UNH and wondered "what is not in this stock." Josh said the one that interests him is NKE, which is down either 5 or 4 years in a row. Jim said "Quite often with these stocks, what you see is, you get the dividend and nothing else."

Jim said "chomping (sic) at the bit" and "chomping (sic) on the bit" rather than "champing."

The Fast Money gang, helmed by Sully, was talking about "saber-rattling" regarding China and Taiwan.

Gotta ask ... why weren’t the tariffs originally levied with ‘much stronger legal standing’

At the end of every strong year in the stock market, everyone always predicts that the following year won't be as great.

That wasn't specifically what the panelists of Monday's (12/29) Halftime Report were saying. Their choice of word was "volatility." (Translation: Even if the market does go up a lot in 2026, there's going to be some rocky selloffs.) (Which is basically what already happened this year. But whatever.)

Joe Terranova said Monday's selling was simply "profit-taking." But Joe said 2026 figures to be more of a "rental" market, and then he noted the "parabolic move and reversal in precious materials," particularly in silver, something he talked about several times on Monday's show.

So the price of silver is back to ... where it was a couple weeks ago?

Bryn Talkington said the area where we'll have a "bunch of volatility" in 2026 is the Supreme Court decision on tariffs, which would be "incredibly chaotic to undo."

Jim Lebenthal made surely the most relevant prediction of the show: "I find it hard to believe in any way that there will be a recession in the next 12 months." And without a recession, Jim doesn't see "anything other than a positive return" in 2026.

However, he does expect a "lot of volatility" (cue the loser music from "The Price Is Right.")

Jim said if there are tariff refunds, trade uncertainty will "shoot up again," then they'll "institute other tariffs" with "much stronger legal standing" that will lower the uncertainty. (Which they evidently could've done the first time, but didn't.)

Joe said the market's sending a "subtle message" in December in rewarding health care while "pulling back" a bit on the AI trade.

Jim said he's held off on trimming GOOGL and C because it's the last week of December, and "I don't want to take that tax hit now," so he expects "some trimming" in January.

Bryn gushed that higher volatility brings higher premium for selling calls.

Bryn bought silver 14 years ago at $44

After the A Block on Monday's (12/29) Halftime Report, Joe Terranova said he sold the GLD, a "small winning trade."

Joe said it was intended to be a short-term trade, and then explained how you have to react to moves such as what happened overnight. The message is to "reduce positioning," Joe said. (Just a week ago, 12/22, Joe was talking about how he bought high and it went higher.)

Bryn Talkington explained how she bought a "bunch of silver" in 2011 "around 40 to 44 dollars." In September, Bryn said, it got back to 44. The message being, silver isn't the greatest trade of all time. Bryn gave Joe "kudos" for taking profits.

Jim Lebenthal said oil is "asymmetrically priced to go higher."

Whew — Frank didn’t ask Joe to predict the December market

Guest host Frank Holland on Monday's (12/29) Halftime Report said 2nd years of presidential terms since Reagan have brought average returns of only "about 3.3%."

Joe Terranova explained that there's a "consistency" in midterm election years, going back to 1939, if you bought the market on the date of the November midterm date and held till June 30 of the following year, you never have not made a profit. (That means it's always gone up, if we understood Joe correctly.)

Joe suggested some of the sleepy software names of 2025 may be having a "reawakening." Jim Lebenthal of course brought up ADBE and said it didn't get a "mauling" in December like some might've thought.

Joe sold SPOT, a stock he talked up early summer. (And KEPT talking up, for a while.) (This writer is long SPOT.) Joe conceded it's been in a downtrend since the end of June just like Netflix, "and over the last month, Spotify has not worked." And where did he ever get that notion.

2 Monday panelists, Bryn Talkington and Jim Lebenthal, were also both on Friday's (12/26) show, which is curious; how many more fresh thoughts could they have in 2 consecutive business days during a holiday stretch. (Then again, a lot of panelists may be unavailable.)

‘They just let flash mobs come in, just steal everything’

Santoli on Monday's (12/29) Halftime Report said 17 of the 20 top S&P stocks this year were down Monday.

Jim Lebenthal said he's got a position in APO that isn't that big. As always, Bryn Talkington said those stocks are a way to do the private equity trade without getting directly into private equity.

Jim said it's "too early" to take a position in LULU despite some of the corporate activity going on. Bryn said one of LULU's mistakes was a "no-confrontation policy where they just let flash mobs come in, just steal everything, um, very much of like a Target-type of policy."

Bryn said she'll keep NKE through the summer, if it just gets "less worse," it could reach 75 "easily."

Bryn suggested OTF as a Final Trade, which Joe enthusiastically endorsed.

On Monday's Fast Money, Guy Adami and Steve Grasso kept talking about how they're so sure that a China takeover of Taiwan is going to happen.

Bryn talks up NVDA’s P.E.

Bryn Talkington on Friday's (12/26) Halftime Report said "of course" NVDA has more legs for 2026 and touted its P.E. ratio, which is curious, because Bryn typically is one of the panelists who (correctly) says that P.E. ratio is not a valid indicator or stock direction.

Bryn said NVDA's acquisition of GROQ is a "great pickup on talent."

Kevin Simpson bought more BA; he thinks it has "turned the page" (which is a famous Seger song) (not quite the exact words).

Bryn said, "I think we're gonna continue to have $50, 50-ish oil." Jim Lebenthal said the "first stop" for anyone buying energy stocks should be XOM.

Kevin Simpson bought more AEM, noting what a great year it's had. (This writer is long AEM.) He thinks the gold trade continues into early 2026.

Bryn said "you have to hold your nose" when buying crypto.

Kevin said he's "absolutely" a buyer of health care. Jim said you have to be selective in health care and mentioned UNH as one he doesn't want to be in.

The Dominator, Dom Chu, ran a crisp show in Judge's absence.

‘I don’t really understand why it’s national security to have tariffs on Nike shoes’

In a curious buy, Bryn Talkington on Friday's (12/26) Halftime Report said she bought NKE as well as ONON.

Bryn thinks the NKE CEO is on track to turn the company around; it just needs to get "incrementally better."

Bryn said she bought ONON to have some exposure in case the Supreme Court rules against tariffs, which would make those stocks "fly."

Guest host Dom Chu said Jefferies analyst Randy Konik has a sell rating on ONON. Jim Lebenthal said he doesn't understand that rating and called it a "hot product" and a "hot stock." Jim said he's not ready to buy NKE; he wants to see more of the "uptrend."

Bryn said, "I don't really understand why it's national security to have tariffs on Nike shoes," but it would be a "mess" to do tariff refunds.

Bryn says cutting rates will cut the interest on the national debt

Guest host Dom Chu, The Dominator, asked Jim Lebenthal on Friday's (12/26) Halftime Report what the "biggest driving force" has been in this year's market gains.

Jim said it's "earnings" more than anything. Jim said the Fed doesn't need any more rate cuts, though he's aware of "the politics that are out there."

Bryn Talkington said it's hard to be "overly bearish."

Kevin Simpson cautioned, "We have to worry about inflation."

Jim said we've got 2 "really big" Supreme Court decisions next year, including one on tariffs.

Steve Liesman said the market isn't pricing in a massive rate cut next year and said the Fed chair still needs to get other votes, which suggests the possibility of Waller because he has the "best chance of really bringing the committee with him toward a more dovish stance because he's part of the system now."

Bryn said that lowering rates is "very meaningful on reducing the amount of interest we as Americans pay on, on U.S. Treasurys" and also is "incredibly beneficial for housing."

If financial managers actually wanted $20,000 accounts, they could have them

A very interesting debate took place kind of unexpectedly on Tuesday's (12/23) Halftime Report.

Josh Brown curiously was taking a victory lap for human financial advisors, saying WLTH, a robo-advisor, is "actually doing pretty well," but more than half its money under management is in "money market" or "cash management products," which is "more banking than anything else."

In fact, human wealth management advice is having a "renaissance," Josh explained.

We figured, who on the Halftime Report panel would possibly object to someone hyping up human wealth advisors.

So we were surprised when Jenny Harrington said "I'd love it to be true," but "I wonder if it's way too early to actually call victory on this because we're in such incredibly early innings with generative AI."

And that's a quality point.

Jenny said it's possible that within 2-5 years, the generative AI might be "really amazing."

Josh was far from convinced. "Yeah. Rich people don't talk to robots, Jenny. You know this better than anyone," Brown said.

Jenny said, "You bring up a very good point ... it always makes me sad that we can't serve the same way that we serve someone with 2 million dollars, we can't serve all the people with 20,000, and the people with 20,000 and 150,000 frankly need that relationship more but there is an efficiency issue."

That one got the Spider Sense tingling.

"Efficiency issue" translates to "they don't pay us enough money."

Josh agreed it's a "shame" that wealth management is focused on millionaires, but "the reality is, I have 4,000 clients, and 2,000 of them have less than a million dollars," and people still find, "I need to talk to somebody."

Which is dodging the subject.

People who work for NBA teams probably lament that folks who can only spend maybe $50 for a ticket don't have enough money to attend the games.

So charge only $50 for the tickets then.

Joe Terranova pointed to April's market, or whenever someone has a life change, as times people need a human, a fine point.

Back to the debate, Jenny insisted "we don't know enough yet" to be sure that AI can't compete here and it's "too early."

Josh responded by mentioning TurboTax launching "30 years ago" and claiming articles called for the end of accountants (we don't recall that ever happening), and now we've got an "accounting shortage."

Jenny said, "I just don't think it's one or the other."

As for her initial point, Jenny outdueled Josh. However, we are not going to fault Josh for his enthusiasm for human advisorship, which is admirable.

However, it's way too early to claim there's a decisive victory against robo-advisors. Sure, much of current AI is garbage. If we're going to claim (as most Halftime panelists do) that all of this stuff is in only the 2nd or 3rd inning (or even "2nd or 3rd batter of the 1st inning," as some say), then we need far more time to evaluate this scene beyond what some stock we've never heard of is doing in 2025.

Jenny suggests homebuyers need to ‘suck it up’ and accept a 6% mortgage

Judge on Tuesday's (12/23) Halftime Report said Tom Lee is "as bullish as anybody" but actually thinks the first half of 2026 could be "a little bumpy."

Jenny Harrington said it's a "great time" to "reposition a little."

Joe Terranova said, "We are seeing, uh, higher rates around the world."

Stephanie Link conceded higher rates don't help the homebuilders but insisted there's "enormous pent-up demand" for the housing market.

Jenny said that when "all of us bought our first house, mortgage rates were about what they are now," and she disagrees with Stephanie in that we don't need rates at 5%, but if people "suck it up" and starting accepting a "6.2% mortgage now," then "maybe things can move before rates get there."

Judge said, "That's all fine and good, tryin' to tell people who are in a 3-handle mortgage that, 'Hey, just suck it up and, and go at 6 and a quarter.'"

Josh Brown pointed out that bank investors aren't "necessarily" rooting for cuts; "these banks make a lot of money with where- where rates are right now."

Judge impressively harps on serious flaw in Jenny’s argument

At the end of Tuesday's (12/23) Halftime Report, Jenny Harrington rattled off her top dividend plays for 2026, which would seem to be a simple and straightforward segment.

But Judge brought his A game and tripped up Jenny on a statement that really didn't make any sense.

Jenny offered 4 dividend stocks, those being AMCR, BMY, ENB and VICI.

Jenny gave detailed descriptions of each — too detailed, actually, in the category of Saying Too Much When You Don't Have To.

The first 3 raised no eyebrows. But then Jenny got into VICI. She said it owns casinos and maintained "100% occupancy" even during the pandemic. Jenny said "it's on sale right now" because people are saying "Vegas isn't doing well."

Judge wondered about the "disconnect" between the slump in VICI and the casino stocks, which have "done great."

Jenny said the disconnect is "silly" and insisted that there's been "conversation about weakness in Vegas" and maybe VICI had run up on expectation of a gaming license in New York City that didn't happen.

Judge said "if there was a negative feeling on Vegas," why would casino stocks be doing great.

Jenny said, "Don't you hear people talking about Vegas volumes are down." Judge said, "No." Jenny said, "You don't? I do. Everywhere I turn, Vegas is down, international travelers are not so great."

Joe Terranova acknowledged that the JOET ditched VICI in October.

Jenny has a higher opinion of FCX than Stephanie does

In their 2nd debate of the day on Tuesday's (12/23) Halftime Report, Jenny Harrington touted the 17 multiple for FCX and how it's a "pure play" on copper, while Stephanie Link scoffed that it has that multiple because its "execution is so spotty."

But Stephanie said, "If copper goes higher," FCX and ANTO-GB will go up.

Stephanie bought more ZTS and, in the 23rd minute, mentioned "Total Addressable Market."

Joe Terranova again talked up XBI, his "favorite trade" recently.

Joe said FSLR is a "recent addition" to the JOET; he pointed out its roller coaster week so far and said, "I don't like today's price action."

Josh Brown called LYV a "crown jewel type of name."

Stephanie likes the "setup" for EL. Judge said Jeffries raised its EL target, but only to "a hundred bucks," so "maybe they're non-believers." (This writer is long EL.)

Josh again said he thinks FDX "gets through" 300-315 this time.

CNBCfix review: Sydney Sweeney in the overly gaslit ‘The Housemaid’

Michael Burns, the longtime Lionsgate vice chairman, took a seat on Monday's (12/22) Fast Money.

Burns, who has been an occasional Fast Money guest for a long time (which Guy Adami mentioned about 15 times during the episode), first discussed the Warner Bros. situation without really expressing any opinion or providing any scoops.

Then he was asked by Mel for a movie recommendation.

Burns told Mel, "I think 'Housemaid' is terrific." Burns then made clear, "I don't love all of our movies."

Burns went on to explain, "The movie will shock you at times ... and the performances by the, the lead actors is, is extraordinary."

Burns even said, "And I'll send you your 20 bucks back for a movie in New York if you don't like it."

Steve Grasso clarified, "Not to the viewers," apparently meaning that Burns will only refund the 20 bucks to the crew on Monday's Fast money.

"You will really, really, really like it," Burns assured.

Well, hmmmm ... "really, really, really like it."

Let's not get carried away.

But Burns has opened the door for this page to put together a long-overdue movie review. We do that because, to be frank, Judge doesn't have the brass to do even 5 minutes on Halftime about movie criticism.

"The Housemaid" is one of those movies based on a popular book that is actually very good at one thing and then spoils it by being true to the book.

It's a star vehicle for Sydney Sweeney (who's in a new movie every 3 weeks nowadays) and also stars Amanda Seyfried and Brandon Sklenar.

In the first half of the movie, Sydney plays an extremely vulnerable character while she seemingly receives a huge break. This is very appealing. As Sydney attempts to blend in to elite society, it even draws parallels to "Pretty Woman." (It is NOT the same plot as "Pretty Woman.")

Unfortunately, the really important drama of the movie has all happened offscreen, and the "action" portion of the film turns into gaslighting gone berserk, accompanied by a gardener character whose presence has no point and makes no sense whatsoever.

A few scenes are bound to make most people cringe.

There are better options at the theaters.

Worse ones, too.

Steve Grasso predicts WBD outcome will be an ‘Ellison win’

Karen Finerman wasn't on the show, but Fast Money on Monday (12/22) wasted no time in getting to the WBD/PSKY/NFLX news of the day. (This writer is long NFLX.)

Steve Grasso stated, "First of all, I think Trump has played this really down the middle of the fairway. I can't tell who he wants at this point."

But Steve concluded, "I do think it's gonna be a- an Ellison win, even though, up until about a week ago it was probably 60/40 Netflix's way. There's a good shot that Ellison and- and- and Skydance takes it, uh, from here."

Steve added that of the 2 bidders, NFLX may be the more "competitive" company in 5 years, but, "I don't like it for Netflix's stock."

(Despite that outlook, during Final Trades, Steve said that if PSKY doesn't win WBD, it will be looking at LION, which was Steve's Final Trade.)

Julie Biel said, "I think Paramount is in a lot of trouble if they can't get this deal."

Guy Adami suggested that it may be a nice deal for NFLX, but PSKY needs it more.

That seems true. This page honestly doesn't know whether NFLX longs should want this deal to be won by NFLX. However, it does occur to us that if Steve and Julie and Guy are correct, Ted Sarandos is basically the person who will decide how much Larry Ellison is going to pay for this gambit.

Liz is talking about the leader in the clubhouse

Joe Terranova on Monday's (12/22) Halftime Report opined, "The personality of this market, it's becoming more discerning."

Joe said there might be "more rental opportunities" next year, which would require "the 493 to participate."

Liz Thomas said the AI trade can get beyond the "bubble banter" because when everyone's talking about it, it "rarely happens." Liz said we need AI enthusiasm for market "sentiment" but it may not be, in a great sports analogy, "the leader in the clubhouse" for next year's returns.

Steve Weiss said it's a "critical question" as to whether the market has "confidence" in the new Fed chair. Weiss predicted the AI trade will "continue" and that the "land mines" are more on the private side.

Josh Brown though said the answer to the broadening question is that "none of these AI stocks look good going into year-end, and the stock market looks amazing."

"I don't care which Kevin is the Fed chair," Josh said, only that earnings are growing.

Joe said he doesn't think the market is "reliant" on rate cuts in the 2nd half of 2026.

Josh said PLTR and MU are not acting like AI is "unraveling."

Judge said Yardeni predicts a rotation into the 493. Joe insisted, "The broadening out is underway."

Judge goes another episode without mentioning ORCL credit default swaps

Judge on Monday's (12/22) Halftime Report said a CNBC market strategist survey shows 7,629 as the "average" S&P target for 2026, with 11% upside from Monday, and 8,100 as the highest (Oppenheimer) and 7,100 lowest (Bank of America).

Judge said for many, that lower number, if it happens, would be a "disappointment."

Liz Thomas said it's a "safe range" and that after 3 years of big returns, people recognize the "likelihood" of another 15-25% is "really low," so they're just saying "average" (which other people point out, almost never happens).

Steve Weiss said he's optimistic because rates typically have played an "outsized role" in market performance, and we've seen the market "move up" through high interest rates.

Judge said Wells has a 280 on ORCL, or 45% gain, so if that happens, it's hard to believe tech's not going to lead next year. Weiss said they're not stopping building data centers; they just can't get the "skilled labor" to build them. Weiss said he likes financials and will buy C or MS.

Joe predicts ‘substantially’ higher volatility next year

Joe Terranova on Monday's (12/22) Halftime Report said he sold APA, calling it a "terrible trade."

Joe to his credit revisited his recent lousy prediction that nat gas would break out over $5; if we had a dollar for every time someone on CNBC in the last 17 years has predicted a nat gas breakout, we'd be Warren Buffett.

Joe said he did buy GLD at the high and that one's higher and he thinks it goes even higher. Liz Thomas likes gold more than silver, calling silver more "speculative" than gold; Liz said gold has more of a "floor" and silver is "up a little high for me, a little fast."

Joe suggested owning insurers for 2026, saying they have worked off some of the "overbought positioning."

Judge said Krinsky says January is the best month for China tech, or the CQQQ. Steve Weiss bought more BABA and said he didn't have Krinsky's opinion "in mind" when he bought. Joe made a lengthy statement saying that when momentum outperforms, "China outperforms along with it."

Josh Brown offered CSX and hung a "low 40s" on the name. Josh also predicted FDX "will break out" after battling with 300-315 for the last 5 years. Joe suggested the rails and PLD.

Joe sold CBOE (he owned it personally). Joe said over 6 weeks, it's underperformed other exchanges and the financial sector. Joe predicted volatility increases "substantially" next year.

Weiss' Final Trade was UBER; hopefully he took it "seriously."

Jim actually seems to think DIS will go up when one of the underlings is announced as CEO

This week, Judge admonished one of his Halftime Report panelists (and basically the whole group) to take Final Trades "seriously."

Evidently, Jim Lebenthal was doing just that on Friday (12/19) when he offered up DIS.

Jim claimed, "There's been this strange, almost inexplicable momentum over the last month. Maybe the Bob Iger succession announcement is coming soon." (Note: If you're trying to see the Friday Final Trade video clip on CNBC's website, it doesn't work.)

Ummmm ... OK ...

First, this page is highly skeptical (see below, many places) that there's going to be anything but a 3-year extension.

But if there somehow is ... does Jim actually think that the market is going to like whichever name is announced?

The market has long since decided that while Iger is a long-term lame duck, any successor is just going to be Chapek 2.0.

Now, what if it's a "rock star" hire ... imagine if DIS lands Brian Niccol, or Tim Cook enters semi-retirement to take the DIS job, or Jamie Dimon wants to make "Star Wars" movies, or Jensen Huang wants to devote himself to theme parks.

We could see a short-term pop. After that, meh.

Steve Weiss' Final Trade Friday was BABA. Judge stressed, "OK, but you bought it, right."

"I owned it; I added to it today," Weiss clarified, telling Judge, "Thanks for the prompt."

Jenny claims it’s ‘easy’ for ‘anyone’ to ‘compete’ in the sneaker or athleisure space

Her colleagues were dismissive.

But Jenny Harrington made some provocative points about the business world on Friday's (12/19) Halftime Report.

It started when Jim Lebenthal stated, "I don't really know what to say about Nike. I sold this 2 years ago. It was literally twice what it is now. It's not a pat on the back."

Judge showed the 5-year NKE chart and called it "nuts."

Josh Brown said "it's really historic the degree to which they've destroyed this company" and, as far as possibly buying the dip, there's "10 other turnaround stories" with "easier answers" and "more obvious fixes."

Josh added, "The new stars of the NBA just do not sell shoes."

Steve Weiss said, "That chart defines complacency."

That's when Jenny got going. "I don't think it's complacency," Jenny said, but it's "Business School 101," which is that "anyone can compete in the sneaker space, anyone can compete in the athleisure space. Those areas are easy."

Weiss said, "No it's not easy," while Judge was also saying, "No it's not. No. No it isn't. No it isn't. It's not. It's not."

Jenny insisted "it is."

"Judge said to "look at Under Armour's chart." Jenny said, "My point exactly."

Jenny asserted, "It's easier to build a multibillion-dollar athleisure retail/sneaker brand than it is to build another bank. Or another Apple."

Weiss, "Go do it if's that easy. Go do it."

Jenny said "I don't want to."

Weiss said, "You don't want billions of dollars?"

Jenny added, "How easy is it to go change from JPMorgan ... if you're annoyed at people there, over to Citi. It is a pain in the neck."

Judge said "That one's a little apples and oranges."

Jenny continued, "How easy is it to get rid of your Apple cellphones ... I wanna wear Hokas ... instead of Nikes, easy switch."

Josh Brown joined in, stating, "Jenny, this is suicide ... they told Dick's and Foot Locker, we don't need you anymore, we're going direct to consumer, that created a vacuum. What did they think Foot Locker was gonna do? Nothing? They filled it with On. ... It's not easy. Nike handed it to them." (Well actually, if Nike is handing away its market share, than it does actually sound kinda easy.)

Jenny concluded, "It is easy. How many sneaker brands are there. How many cellphone brands are there. How many sneaker brands are there. How many big banks are there. That's the answer. It's easier to compete in sneakers than it is in larger retail brands- like larger brands like Apple and (we think, hard to hear) JPMorgan."

OK. Who won this debate.

The big flaw in Jenny's "easy" argument is NKE's 40-year chart. If it's so "easy" to compete, why was NKE a juggernaut all the way up to 2021? And why aren't Reebok, Puma, Converse and Asics massive juggernauts?

Part of that gain is due to the "rising tide" ... Since about the mid-1950s, Americans' clothing choices simply get more and more casual by the day.

If NKE were in the suit business, the 40-year chart would look the opposite.

But NKE has succeeded in 2 big areas, only one of which was suggested Friday, by Josh Brown: Marketing. For whatever reason, "Air Jordans" took off like few other products. And nowadays, there's no (even remotely) similar pop from today's young athletic stars.

The other NKE success is being able to mass-produce gobs and gobs of shoes, of reasonably good quality, in overseas factories fairly cheaply. Everyone has bought a shoe at some point where there was a rip around the toe within about 2 weeks or the sole began separating after a month or the laces either broke or just plain sucked. Making these problems as rare as possible is a big key to success.

Jenny's argument about JPM and AAPL isn't really relevant; when those companies were started, they didn't have any moat; they only gained it through many decades of success.

Jenny does make a quality point — the barriers to entry to shoemaking (at least until they start adding smart chips) are technically quite low. But making a quality shoe at a profit that brings repeat buyers, and remains a hip brand for many years, is a very high bar. So her colleagues are more right. But the best observation is that this is simply a tough space, and NKE has lost its edge.

Josh likens prediction-market space to cannabis stocks

Late on Friday's (12/19) Halftime Report, Judge talked about updates in the "prediction mania" markets.

Steve Weiss shrugged, "I just personally don't think the market is that big," and Weiss predicted "similar" results as with DraftKings in a "commoditized" space.

Josh Brown said he's "with Steve," and it's "like cannabis stocks ... every one of them is down 95% ... I don't even know if there's one left that, that even would qualify it for the Russell 2000."

Josh pointed out that predictions isn't the same as buying stocks; "if you're wrong on a prediction, it's zero."

Weiss joked, "It'll be easy (sic) to create a predictions market than to build a shoe company." Jenny Harrington said, "I agree. ... It's a low competitive barrier to entry."

Judge said Bernstein gave CAT a 630 target. Weiss said it's one of the "picks and shovels plays" for AI.

Judge noted C, one of Jim Lebenthal's longtime favorites, hit a 52-week high.

‘What the market seems to like are surprises’

Jenny Harrington opened Friday's (12/19) Halftime Report saying, "The bitcoin rebound today seems very unreliable to me" and that the stock market seems "desperate to rotate."

Judge said, "Since 1928, the S&P has risen 75% of the time in the last 2 weeks of December."

Judge said Hartnett says U.S. stocks just got their "2nd biggest" inflow ever. Steve Weiss said observations from "credible people" like Hartnett are "useful," but to Weiss, "they're just noise ... sign along the roadway." Judge said people like Weiss have to "cut through" the noise.

Weiss said he's not selling anything based on Hartnett's observations.

Jim Lebenthal said we've only had a "little squall" and not a "major storm," and there's a "sentiment shift today."

Jim said he's not big on calendar trading, but it's a "fact" that at this time of year after strong market years, "people want in."

As for supposed broadening, Josh Brown told Judge, "I'm not an 'I told you so' guy and I get lots wrong too, but we had this conversation last week. I told you, the most obvious trade is the the one that's gonna work. ... They're buying the biggest, most liquid stocks."

Jenny, though, contended in a curious comment, "What the market seems to like are surprises. I think there's more room for surprises in the 493 than there are in the Mag 7 next year."

Weiss questions where the ‘marginal buyer’ is for NVDA stock

Steve Weiss on Friday's (12/19) Halftime Report said he's "OK" if there's a "yawn" about NVDA earnings.

Jim Lebenthal jabbed, "I love how we're yawning at Nvidia up 34%."

Judge said "Stacy Rasgon is not yawning" but Stacy's team would be "buyers" for next year, citing how cheaply it's trading. Weiss said the issue for NVDA is not fundamentals but with the "marginal buyer," an argument we've heard from time to time about AAPL since about, oh, 15 years ago. Jenny Harrington said, "Right."

Judge suggested they should be talking more about AMZN than NVDA. Josh Brown again made the case for AMZN, as he's been doing all year, saying it's put in "3 consecutive higher lows" and is due to eventually break out past 238.

Weiss suggested the issue is that AMZN is a "consumer" story. Judge said "the consumer's been hanging in there." Weiss said it's a "wait and see." Judge wondered, "Why is it such a wait and see."

Jenny explained, "It's a wait and see because it's only 11% earnings growth next year and it's trading at almost 30 times. Vs. something like Meta, which trades at 22 times."

Weiss said this is a "momentum market" and contended, "The biggest risk actually to this market to me is OpenAI."

Jim though predicted, "I think 2026, Amazon is gonna do what Google did this year and what Apple's done since May." Jim said "I don't care about the numbers and the valuation right now," rather, it's that no other company has "as many pistons." Jenny said she'd rather own NVDA than AMZN.

Josh warns of how autonomous fleet operators are going to have to stay on top of ice cream cone spills in the back seat

In a short but very interesting segment of Friday's (12/19) Halftime Report, Phil LeBeau provided updates on robotaxis and whatever TSLA's latest announcement is.

"Waymo's clearly well ahead," Phil said.

Phil credited Josh Brown, who was on Friday's show, for saying "a number of times" that people will simply summon rides from "who's closest."

Josh said he only cares that the car is "clean" and "shows up quickly." Josh said removing the driver cost in autonomous cars is significant but then conceded that the cars have to be clean, for example, what if the previous rider smashes an ice cream cone on the back seat. (Even though Weiss was on the show, and Weiss has often stated that UBER has an advantage in that drivers have to service their cars, Friday's show did not include what would've been an interesting debate as to whether it's more financially viable to pay a driver to do the driving, cleaning and servicing, or not pay a driver and instead pay crews to do the cleaning and servicing.)

Josh pointed out how much Waymo's cars cost and how many rides will have to be given to be profitable and again suggested fleets will be owned by private equity.

Bertha is retiring

Bertha Coombs delivered the CNBC News Update on Friday's (12/19) Halftime Report.

Judge said, "Bertha, since we're celebrating you today at the network, please allow us to wish you well and the very best in the years ahead."

Bertha said, "It's been such a wonderful privilege to work with everyone here ... I didn't go to grad school but I feel like, being here for the last 20 years, I've learned so much from so many smart people."

Judge said, "It's been our privilege and our pleasure. Bertha, be well."

Judge fell for the head fake

Halfway through Thursday's (12/18) Halftime Report, Judge said the market was "softening within the last 15, 20 minutes or so." (Maybe Marianne Lake was doing a Q&A at a Goldman Sachs conference.) Judge pointed out that bitcoin was giving up gains.

Later, Santoli told Judge the mid-show market dip wasn't attributable to any "incremental news item."

Josh Brown talked up NDAQ, calling the stock a "great risk/reward" and praising the developments in the company this year. Josh said the 200-day is "textbook" support.

Josh said 23-hour (23, according to Judge; 24 according to Josh) trading is "inevitable" and we'll just have to "get used to it." Bill Baruch owns ICE and said it's in "rebound mode" and said it's actually a mortgage play. Josh pointed out how the exchange companies have a lot of operations outside the U.S.

Late in the show, Judge said COIN is adding "prediction markets" to stock trading. Stephanie said they want to be "everything to everyone." Josh said "Robinhood beat them to this."

Hopefully, everyone on Thursday's panel took their Final Trades (Josh: TOST; Bill: ISRG; Stephanie: DKS) seriously (see below).

Sounds like Bill isn’t really ‘worried’ about ORCL even though he didn’t really give Judge an answer

Judge opened Thursday's (12/18) Halftime Report saying Krinsky says it's "premature" to say the "top" is in for AI, but what's happened is "more than just a speed bump."

Josh Brown said the pullbacks in AI stocks have been "kind of breathtaking," which is evidence this isn't a "true bubble," where everything always goes up, and in fact it actually makes him "really bullish" on this trade.

Stephanie Link said she's added to META and said the drop in multiple in AVGO is "crazy." Stephanie said some stocks are offering "really good looks," but "Oracle is not a look" because it doesn't have the free cash flow; Stephanie was mentioning the ORCL credit swaps in the 5th minute.

Bill Baruch said he still owns ORCL and "trimmed it above 300." Bill said he thought it may bottom around 180, but that hasn't happened yet.

Judge asked Bill if he's "worried about" his ORCL position. Bill said "not right now," it's only "about a 1 or 2% position."

Judge said "I don't care about the size of it, honestly"; Judge just wants to know if Bill is worried about it, whether it's "candy-bar size" or "the whole thing." Bill didn't really answer but said it needs "positive price action" and if it can't bounce this week, then ... who knows.

Judge pointed out how MU has surged. Bill claimed he's been "really pushing" this name and it's a 3% position for him and it's "9 times forward."

Josh said one of the signs of a bull market is that it "takes out its own trash" and pointed to MU's chart as an example, in contrast with SMCI.

Josh brings up Sydney Sweeney

Judge on Thursday's (12/18) Halftime Report said "according to reports" (it's The Information, according to the screen graphic), OpenAI is discussing raising "tens of billions of dollars at a 750 billion dollar valuation."

Josh Brown chuckled, "That's like when your friend calls you and says, 'Oh, we're, uh, I'm discussing going to Hawaii with Sydney Sweeney.' Really? Who are you discu- who are you discussing it with? The- the- the mirror? I don't know if I- I don't know if I believe that one."

Judge said SpaceX is talking about $800 billion, so it was "only a matter of time" that OpenAI would throw around a number; it's the "arms race in the private market."

Sydney Sweeney did denim ads

Stephanie Link on Thursday's (12/18) Halftime Report bought GAP (used to be GPS ticker symbol) and cited "product momentum."

Josh Brown said we're in a "denim cycle," which he said happens every 5-7 years.

Josh said CMG is trying to break a downtrend, but he doesn't "trust" it. Stephanie called SBUX her 2026 "stock of the year." She said it's down 3% since Brian Niccol was announced.

Stephanie bought more EL and attributed success to new management. (This writer is long EL.)

Josh got stopped out of PSX in the "mid-130s." He's long XOM because energy is the "forsaken" sector this year. Josh said stock-picking is least relevant in the energy sector, where stocks tend to move together.

Bill Baruch said if crude drops below 55, we'll start to see "production come off." Stephanie said oil giants such as SLB, which she tends to mention a lot, are "extremely cheap." Josh stressed that XOM has been having "higher lows."

Judge brought up JOBY, which Josh likes; the founder was on Money Movers right before Halftime. Josh said the real story with JOBY is the infrastructure it's building to provide sky rides.

Judge carps about the upgrades that he doesn’t actually have to read

Judge on Thursday's (12/18) Halftime Report started to complain that the Street is constantly issuing upgrades on cyber names, "seems to be all the time," and JPMorgan and Morgan Stanley are calling PANW a "top pick."

But Judge said such an upgrade is only "relevant" today because Bill Baruch happened to buy more CRWD.

Bill said he's "leaning into support" in this name. Josh Brown said CRWD may not, as it gets bigger, keep up this huge revenue growth, but it's "on fire" and that "more AI means more cybersecurity risk." Stephanie Link chimed in, "hundred percent."

Judge noted that PANW has been a "nothing burger" this year. (However, as of mid-November, it was having a good year.) Stephanie said it made "2 very large transactions in a 4-month period." Josh said people are using certain stocks for tax losses.

Actually, the moral of the story is exactly opposite of what Judge said

Judge on Wednesday's (12/17) Halftime Report noted that Steve Weiss' Final Trade on Friday was VRT (something we hadn't paid attention to) ... only to have Weiss mention Monday that he was selling shares (we took note of that part).

Judge asked Weiss if he could "just clean that up for me" because it left a "bit of an uneasy feeling with many."

Weiss explained, "Here's what happened: It was my Final Trade. I said it would bounce. It actually did bounce. So if you listened to me, you made money."

Weiss continued, "Weekends for all of us ... are a time of, uh, reflection."

Judge pointed out that Weiss was in the name "for a while" and "the valuation didn't change from Friday to Monday."

Weiss said "No but my thought process did change ... it was not my intention to get out of it Monday when I said that, at all. As a matter of fact, I didn't get out at the highs of the day, I got out at the lows of the day on Monday because I did it first thing in the morning."

Judge concluded that the "moral" of this event is "Take your Final Trade seriously."

Weiss said, "I took it seriously when I made it."

Well, here's the deal ... First of all, kudos to the viewers who noticed/recalled Weiss' Final Trade.

17 years ago, in the early days of Fast Money, and shortly after in the early days of the Halftime Report, this page did take note of Final Trades. They were sort of billed as the panelists' best ideas.

The problem was, the term "Final Trades" includes the word "Trades." And over time, we noticed, a lot of these suggestions 1) aren't exactly "trades" and 2) are the same stocks that panelists already talked up earlier in the show.

There's really nothing wrong with Point 2, other than, we give far more credence to someone making a lengthy case for a stock at the 17th minute of the show than someone casually mentioning an obligatory name at the end of the show when the panelist is required to mention a name.

As for Point 1, that remains a big problem, as people throw out names of companies they like in general but have NO idea whether the stock is actually going up in the next day or next week. (That's often the case for those panelists who aren't even allowed to mention single stocks and can only talk about sectors.) (Which has always made us wonder why those people are on the show.)

Anyway. We used to always include Final Trades in these recaps. Then we were like, Just skip it. Unless there's a notable comment.

Back to Weiss. We checked the tape. On Friday, Weiss said he bought VRT early in the day when it was down so much and actually made the case early in Friday's show, "You can scalp some quick dollars on a trade." For his Final Trade, he said it was due to bounce.

It did climb a little more for a couple hours after Friday's Halftime. In the last hour or so of trading Friday, it started sinking again. By Monday morning, Weiss was throwing in the towel.

It's OK for someone to change their mind. As far as we can tell, Weiss did nothing wrong by selling Monday. He said on Friday it was a trade for a "bounce." He didn't guarantee anyone a millionaire's lifestyle.

However, he probably should've said on Monday's show, "I know I made it my Final Trade on Friday; I think the trade was over by late Friday afternoon."

Weiss also claimed Wednesday that "if you listened to me, you made money." That's a major reach. Just from eyeballing the chart, it does appear that if you bought literally when Weiss was talking up VRT on Friday and sold Monday when he mentioned selling it, you probably came out a tiny bit ahead and didn't lose money. You might've made a few dollars on a $160-something stock. He should've said Wednesday, "If you listened to me, you should've broken even at least."

What viewers should know is that no one should take Final Trades too seriously. Judge's suggestion is almost laughable. 1) The panelists already do take them (somewhat) seriously, as Weiss said Wednesday, and 2) Those "trades" are generally token, repetitive, half-hearted requirements designed to transition the program to the next show and aren't actually a "trade." (Kind of like the "Finally tonight" segment on your evening newscasts, which is either about a "light" story that makes everyone happy at the end of the broadcast, or a not-well-known entertainer's obituary.) Weiss actually did viewers a favor by suggesting something that really was a short-term trade; it may not have taken off as he hoped, but it did not go bust or wipe out anyone during the time span in which he spoke about it.

On Wednesday, Weiss' Final Trade was NFLX. Which was interesting, because that hadn't come up during the program. (This writer is long NFLX.) Weiss said, "I think it's put in a bottom here." Later on Fast Money, Karen Finerman said that with Warner Bros.' board rejecting the latest PSKY offer, she's now thinking, "I don't think Netflix at the moment needs to do anything," in contrast to her recent suggestion that NFLX would need to "bump." Tim Seymour started talking about his own DVD library, which apparently includes "The Warriors" and "Caddyshack." Guy Adami said people should be paying "more attention to" LION.

Joe correctly said he’d ‘regret’ predicting a ‘modest rebound’ in the Mag 7

Judge at the top of Wednesday's (12/17) Halftime Report said Dan Ives is calling this 1996, not 1999.

Joe Terranova said there doesn't have to be a "bubble" in order to have a "correction."

Joe admitted he called for a Mag 7 recovery this week (see below), and Joe claimed it started to happen, but whatever rally was in the works "reversed overnight."

Rob Sechan said he bought more NVDA "the other day."

Steve Weiss said there were "unreasonable valuations" on the way up, including for AVGO. He's not sure the downside has been "reached."

But Weiss backed META, MSFT, GOOGL and AMZN.

In the category of #toosoon, Jason Snipe mentioned "midterms."

Jason Snipe is long ORCL and said it "feels like it goes down every day." Jason recapped the whole recent ORCL story without really saying whether that stock is going to keep going down.

Someone gets a tax loss!

The 2nd half of Wednesday's (12/17) Halftime Report was punctuated by an interview with Rory McIlroy, who extended his GolfPass partnership with Versant; it's a partnership we didn't previously know existed. (We wuz kinda surprised that Judge didn't ask Rory about Oracle credit default swaps.)

Rob Sechan sold WDAY for a "tax loss," which a lot of folks on CNBC seem to like even more than gains. Rob said the sale is "not an indictment" of the business.

Joe Terranova asked for a chart of DDOG and got one (and it looks bad), but he pointed to TWLO as a good one, so you have to be "very specific" in what you pick. (As opposed to all those other times when panelists say you should just throw darts at a board.)

Joe raised some eyebrows in saying, "the entire financial services industry" is "way too bullish." Steve Weiss said we're getting "rational markets" now rather than the "rising tide" type of environment.

Rob contended, "People might be saying they are bullish. The positioning is not reflecting that."

Rob bought DVN. Rob also bought HST. Judge asked Rob about selling VRSK, which Sarat Sethi just announced this week as a new buy. Rob said it has "recurring themes" but "could be a poster child for AI disruption."

For Final Trades, Joe offered TWLO.

Judge says he always likes to address tension in the market

Grasping for interesting things to talk about on Tuesday's (12/16) Halftime Report, Judge began by asking Joe Terranova about "Bank of America's Fund Manager Survey — the most bullish of the past 3½ years."

Joe wanted to talk about "how the market looks" (snicker) and said he'll "probably regret saying this," but he thinks we've been "pretty washed out over the last several days," and he sees the Mag 7 taking the market through a "modest rebound" this week. (Which is interesting, because around the time of Judge's brief hiatus early this month, first Judge knocked Joe for being unwilling to make a market prediction for the month, then Joe mentioned a couple days later how eager he was to finally make the prediction, but Judge ended up not caring anyway.)

Judge then told Stephanie Link, "I always like to address tension within the market." Judge said there's "tension" with a 4.6 unemployment while fund managers are evidently being their most bullish in 3½ years. (How that accounts for "tension," we're not sure.)

Permabull Stephanie actually said "I'm not as bullish" as those fund managers. Stephanie said she's been bullish for 3½ years and was "really bullish" a couple of years ago because people didn't appreciate the strength of the economy. (But what about Marianne Lake's Q&A comments.) Stephanie said she's not sure we get to 15-17% earnings growth next year but thinks 8-10% is doable.

Judge mentioned his favorite term of the week, "run it hot" (snicker), to Malcolm Ethridge. Malcolm said the word that comes to mind when he saw the survey results was "sobering," because of the low cash levels.

Apparently anxious to draw solid conclusions about this market rather than grapple with ambiguity, Judge sort of in a mocking voice pointed out how Tom Lee kept saying in "every appearance" that this is the "most hated rally," but now all of a sudden, "There's too much bullishness?"

Joe said he leans that there's "too much bullishness."

Joe would like to be the Yankees’ GM

Judge on Tuesday's (12/16) Halftime Report said the market's been having an "anxiety attack" about AI stocks.

Stephanie Link said there might be "some indigestion in the short term" because AI stocks are "so crowded" and "so overowned." Judge wondered how long a "pause" would last.

Joe Terranova was talking about ORCL debt going high yield. Stephanie said something not quite hearable about what ORCL wants; Joe responded, "I wanna be the GM of the New York Yankees." (That's an interesting comment. We're not sure we'd want to be a GM. You basically have to recruit jocks all the time. Then if they have a bad year, you're the one who gets roasted on sports talk radio.)

Joe said he's "not 100% certain" that ORCL keeps an investment-grade rating.

CNBC's Dee Bosa said CRWV is a "proxy for those bubble fears." Malcolm Ethridge though said it's more likely "the party will continue" in the Mag 7 trade at least through the first half of 2026; it's the companies with the "borrowing issue" that may have trouble.

Judge suggested in an IPO/Medline chat with Leslie Picker that "maybe we were a year early on the- on the private equity trade."

Stephanie said COIN has "a lot of monetization potential."

‘Literally the worst thing in the world’

Late in Tuesday's (12/16) Halftime Report, Judge said the Nasdaq is seeking a 23-hour trading day 5 days a week (the screen attributed this report to Reuters, which Judge didn't mention). (He did mention the Marketing Department's explanation of the new logo, however, a day ago.) (See below.)

Judge said a Wells Fargo note calls such a Nasdaq move "literally the worst thing in the world" (snicker) and the "epitome" of "making trading more like gambling." Joe Terranova said at this point, it would be hard to go back to the old days of trading.

Meanwhile, Judge said Argus has a 1,200 target on COST. Joe explained that it's rolled over for a "variety of reasons." Joe said the JOET has owned it since 2021, but the momentum has been "neutralized." Stephanie Link said it's "very expensive."

Judge and Stephanie mentioned GEV in the 33rd minute. #check

Sarat Sethi joined late by video to say he bought VRSK, which has 80% recurring revenue in insurance analytics. Sarat sold PYPL, saying it's "time to move on."

Sarat also sold STZ, an interesting stock. (This writer has no position in STZ.) Judge said he doesn't want to use the term "uninvestable," but "trends" on the alcohol space evidently haven't been good. Sarat said if STZ got a lower multiple, he might be interested. Judge asked for the multiple now. Sarat said 15. Judge said it's "below a market multiple already."

Mel calls peacock-less CNBC logo ‘clean, modern, inclusive’

Early on Monday's (12/15) Halftime Report, Judge delivered a statement on behalf of the marketing department of ... the outside consultants paid 6 figures to draw up samples for CNBC, related to corporate imagery.

"As part of our evolution, we have removed the NBC peacock to embrace a distinct identity that aligns with our future as a brand. It's a small visual update as we continue to deliver the same trusted coverage of markets, business and the economy," Judge stated.

Hours later, on Fast Money, Melissa Lee encountered amazingly similar text in the prompter: "Look at the corner of your screen. You may have noticed a new CNBC logo today. As part of our evolution, we've removed the NBC peacock to embrace a distinct identity that aligns with our future as a brand. It's a small visual update as we continue to deliver the same trusted coverage of markets, business and the economy."

OK, let's analyze.

"Evolution" means "still growing." (Though some actually view CNBC as "legacy media.")

"Distinct identity" means "We're not allowed to look like NBC anymore because that's an unaffiliated company now."

"Future as a brand" means "People still care about the 4 letters C. N. B. C."

"Small visual update" means "We're not changing anything you really care about — (yet)."

OK ... Honestly we're not trying to be Debbie Downers here. We kind of doubt most people would've even known the answer to the question "What does CNBC's logo include?" prior to Monday.

We get that this kind of logo has to be small with little room for detail.

But it just looks kind of generic.

It's also a lot of blue. Curious that a network about money doesn't have green in its logo.

There's nothing signifying money or Wall Street. It's like any of those channels you find way down the cable grid.

After Mel's remarks, Karen Finerman had the courage to ask, "You like it?"

Mel responded, "I do. It's clean, it's modern, it's inclusive."

Judge went an entire show without mentioning ORCL credit default swaps (but he mentioned it on Closing Bell)

Judge asked Joe Terranova at the top of Monday's (12/15) Halftime Report if the rotation trade (i.e., anything but the Mag 7) will continue.

Joe said it's the "right place to start the conversation; I think this is going to continue as we go into 2026."

But Joe said the "near term" would include some kind of return to Mag 7 names. Shannon Saccocia stressed that earnings growth is expected to be strong next year.

In the 6th minute, Steve Weiss said the consumer is "bifurcated." (He's a little out of step; the current term in favor is "K-shaped.")

"I'd be surprised if we saw a strong rally into year-end," Weiss said. Judge protested that it can't just be the "high end" supporting the Shake Shacks and Brinkers. Weiss said the consumer's resilient but next year you'll have to "be very careful" about the consumer.

Much later in the show, Weiss said he unloaded VRT to "lessen my exposure to the, uh, AI infrastructure," and VRT was a "natural casualty" (snicker). Judge questioned if it doesn't have momentum. Weiss said the sale is a "market call" on AI stocks, and the stock has an "aggressive" valuation.

Weiss also said late that he thinks BABA is "OK" and mentioned "there are really 2 economies (snicker)" in China, one is the "AI economy" and the other is the "general economy." Joe's in YUMC and said it's "possibly bottomed." Shannon said there could be "profit-taking" in China stocks. Joe said India stocks haven't been working.

JPM up about 7% since Marianne Day

Judge on Monday's (12/15) Halftime Report said financials are the best sector this month.

Steve Weiss said he sees "a lot of juice" still in GS and MS and C. Weiss said "private equity has been held at bay."

Joe Terranova mentioned Marianne Lake's comments (snicker). (Obviously those were really game-changing revelations (in a Q&A) about the American consumer.) "There's plenty of room to build positioning in financials," Joe said, citing deregulation, valuation and strong trading activity. He did express some concern about "regional banks in the energy regions of the country," specifically Texas.

Joe reiterated that he likes UBER long term but not its short-term chart.

Judge finds that people are more optimistic about the economy when stocks are going up

Stephanie Link joined Monday's (12/15) Halftime Report remotely to say she bought UNP (Zzzzzzzz).

Judge asked Stephanie about the "run it hot" (snicker) trade and the possibility of a "policy error" (snicker).

Steve Liesman said a survey shows that if you've got money in stocks, you're likely to spend more during the holidays than those who don't. Judge and Steve agreed that "if we were in the middle of a big nasty bear market," the numbers of people being enthusiastic about stocks would be "depressed."

Joe called LVS the "right casino name to own" and said sorry to Jim Lebenthal (regarding Jim's backing of WYNN), though Jim wasn't on Monday's show; Judge and Joe traded jabs.

Joe said "Costco does not look good" and has had a momentum breakdown. Joe said it doesn't have the "degree of traffic that Walmart has" and has also struggled with tariffs. Shannon Saccocia said "renewal rates have come down" at COST and it's done "essentially zero advertising." Steve Weiss said he doesn't think the COST story is over, and neither does Shannon.

Joe agrees with KeyBanc's TT upgrade.

Joe said momentum in NOW doesn't look so good. Judge requested a YTD chart on the screen.

On ETF Edge, the Dominator, Dom Chu, asked Ron Baron and Michael Baron about Baron Capital launching 5 actively managed ETFs.

Kevin, Weiss say however WBD turns out, NFLX wins ‘either way’

Contrary to some of the rhetoric on Fast Money, Kevin Simpson and Steve Weiss on Friday's (12/12) Halftime Report both seemed to think NFLX comes out a winner of the WBD process either way. (This writer is long NFLX.)

Kevin said he wrote covered calls on NFLX, citing Josh Brown's recent comment that it could be "in a box." Kevin said that's "possible," but he thinks "it's gonna work out really well for Netflix" because even if the offer doesn't succeed, NFLX gets "$2.8 billion" for "doing basically nothing."

Kevin sold a January 105 NFLX call for $3, and he thinks he can "keep clipping coupons." He said Polymark says it's 49% that NFLX does not get WBD. "I think I win either way," Kevin said, but he believes a deal would be a "phenomenal marriage" (without, as is often the case on CNBC recently, explaining what advantages NFLX gets from this aside from a library of Harry Potter films).

Weiss agreed, "I think they win either way," even though it's a "coin toss" as to who gets WBD. Weiss said NFLX may be "dead money," but he hasn't sold, and he thinks the deal is "absorbed in the market" and "either way, the stock pops," but he likes the deal for the long term.

During another part of the show, Judge said JPMorgan is calling SPOT one of its best ideas for 2026 and gave it an "805" target. Kevin said, "If we compare this to Netflix, 805's a reality." (This writer is long SPOT.)

Kevin didn't delve into how Joe, who wasn't on Friday's show, constantly mentioned in spring and early summer how SPOT and NFLX are like tandem stocks (that part was OK) and kept talking about how they were going to rebound together from their midyear stumble when they didn't actually rebound and Joe's call ended up on the "bust" list before he gave it up in autumn.

Kevin on Friday said SPOT's had some "fits and starts," but he's "excited" about the stock.

Oracle’s AI gambit is the (fictional) equivalent of David Ellison giving Arch Manning a billion dollars in expectation of winning Super Bowl 63

Judge and Steve Weiss agreed at the top of Friday's (12/12) Halftime Report that no matter the reason, any reported delay in data center buildouts, even for valid reasons, isn't good for the market.

But Weiss said, "If people sold META because of their capex, this is should be- this should be attractive to them." Weiss said he made a "quick trade" buying QQQ because the selloff is "wildly overdone."

Brenda Vingiello said it's a "healthy development" to sort of keep market AI expectations in check.

Judge turned to Seema Mody for ORCL debt reporting; Seema mentioned ORCL credit default swaps in the 6th minute of the show. (#gotthatoutofthewayfast)

Jim Lebenthal said he's hanging on to ORCL, but it's a reason why you don't "just own 1 stock" (snicker) but "blend" (snicker) it with others that are "more stable."

Jim said of Larry Ellison, "He has frankly to be quite honest risked the company many times before ... but he does have a long track record of success."

Weiss indicated that ORCL's past success may not matter because it's a "different company now than it was ... and they have mortgaged part of the company."

Weiss said ORCL using debt isn't the issue but the "end market" of OpenAI is questionable. Weiss said there's many other ways to make an AI trade than picking a "falling knife."

Jim countered, "It's not a falling knife because I've been in this 3 years, so I've had a triple in it already."

Um, it's a falling knife. Check the chart. (This writer has no position in ORCL or ORCL credit default swaps or anything ORCL.) Stock charts couldn't care less what Jim's cost basis is.

Jim conceded "real risks" with ORCL and stressed that it's a "speculative stock," but if it works, it'll get to $300 "kind of in the blink of an eye."

Weiss asked what the market needs to see for that to happen.

Jim said, "It's gonna take some time. And by time, I mean, another quarter or 2."

OK. So it can get to $300 in the blink of an eye ... but it's also "gonna take some time."

Got it.

(The only thing that matters is that Jim's got a triple in the name already.)

Judge questioned Jim, "You really think a, what, next quarter or 2; that seems completely unreasonable."

Jim admitted, "What's really vexing me right now are the credit default swaps. And as Seema just pointed out, that may well be the banks hedging in advance of financing that's gonna come in over the next quarter or 2."

But Jim said if the "pressure comes off of the credit default swaps," then ... apparently good things will happen as he trailed off. Kevin Simpson said to Weiss' point, ORCL CDS is a "proxy not just for Oracle" but as a "way to hedge the AI trade." "Exactly," Weiss said.

Judge agreed, "This whole thing is a proxy for the AI, uh, everything, almost."

The Time cover is probably a year late, and watered down

In continued AI-stock discussion on Friday's (12/12) Halftime Report, Judge asked Brenda Vingiello about names such as ETN, PWR and others taking a hit Friday.

Brenda said the fundamental story is "still good" and she'd be more inclined to buy the weakness than sell.

Steve Weiss acknowledged that VRT was falling also but said he doesn't think all the data center potential is reflected yet in the stock. Judge said maybe we won't know the outcome until 2028.

Brenda said AVGO's slide is "all about guidance" and not raising it for the full year. It's an "expensive stock," but the fundamentals are strong, Brenda said.

Kevin Simpson bought MU; he said he hasn't owned it since the '90s. Kevin also bought AMAT.

Judge said Time's Person of the Year is "Architects of AI" (snicker) and impressively showed a close-up of the cover so viewers could see the faces.

Weiss gushed about what AI can supposedly do, such as making health care "more accessible, cheaper" (yeah, right). "So, I'm all in on AI," Weiss declared.

‘K-shaped’ (check) in 20th minute

Judge claimed on Friday's (12/12) Halftime Report that "the story of the week" has been the "Russell," Dow and equal weight and "how tech has continued to lag."

Judge late in the A Block said Hartnett on Friday mentioned "the K-shaped economy" and predicted that 2026 will be the "run it hot economy," or "Main Street over Wall Street."

Jim Lebenthal allowed that the 493 catch-up has been predicted for the last year and a half, so it has to come through for the trade to work.

Jim said C is "no longer cheap" and even a "slight premium to tangible book value." Jim said he'd have to think about trimming at 120 or 125. Kevin Simpson said trimming GS back to a 5% position after its gains is simply "portfolio management." Weiss said he's not "restricted" by bigger position sizes with GS; "I'm just gonna let it run."

Brenda Vingiello said V figures to remain a "strong player."

BA actually ‘doing everything right’

In a program chock-ful of stock commentary, Kevin Simpson on Friday's (12/12) Halftime Report said he bought ISRG and cited the aging baby boomers' need for surgery.

Steve Weiss said LDOS has been a "great stock" for him and he has "no interest" in selling, as Citi gave it a buy rating. Kevin said BA is "doing everything right" and the run is "not over."

Jim Lebenthal said the issues for LMT are all in the "rear-view mirror" and he again talked up the F-35, as he does about once a month.

Weiss again talked up Brad Jacobs and QXO, as he hasn't done as often recently.

Jim sees ONON going higher.

Mizuho gave CVX a 206 target — from 204. Brenda Vingiello said CVX is getting back to capital discipline.

HAS meaning Hasbro (not Kevin Hassett as a Federal Reserve commodity)

In a curious Halftime Report discussion Friday (12/12), Kevin Simpson said he "basically got stopped out of" LIN because of "portfolio management" and technical reasons.

Judge said, "Citi says it's goin' to 520." Kevin said, "It could."

Jim Lebenthal volunteered the recent investment theory behind LIN; Judge said it's having its worst quarter since Q1 in 2020. Jim said it's a "value stock" now, but 520 seems "a bit of a pipe dream."

Judge and Jim and others chuckled about the description of either Jim as a value investor or LIN and its "industrial gases" (we're not sure why the chuckles).

Near the end of the show, Judge and Steve Weiss took up CAT. Weiss said he wants to play the "picks and shovels"; he's not selling now but maybe at 650.

Jim talked up what he sees as too-low earnings estimates for DAL. Kevin said he caught U "at the right time" but it's a "high-risk trade."

Brenda Vingiello said PH still has a strong outlook. Kevin suggested the market overstated tariffs' impact on HAS.

Judge asked Kevin about RKLB and ASTS surging this month. Kevin said RKLB is "quietly becoming a massive competitor to SpaceX." Kevin said ASTS is "carrier agnostic" and a "really cool story."

In Final Trades, Kevin said to look at the forward P.E. of MU.

Josh says autonomous vehicles ‘ultimately’ will be owned by private equity

Viewers of Thursday's (12/11) Halftime Report were treated to a feisty and productive UBER debate.

Stephanie Link, who wasn't on the panel, joined remotely after the A Block to report selling UBER. Stephanie said it's a great long-term story, but there's a short-term "overhang" whenever Waymo or robotaxis make an announcement.

"I was up on the name, so I did take some profits," Stephanie said.

Josh Brown was at Post 9 and said, as he always does, "The people that are saying Uber has to catch up have it precisely backwards" before issuing a provocative forecast.

"I think ultimately, autonomous vehicles will be owned by private equity firms. They will be a dime a dozen, they will be everywhere, all over the roads, and what Uber will have is the only profitable network of both autonomous and human-driven vehicles on the roads," Josh said. "This is a huge market misunderstanding."

Stephanie cut in, "They missed on EBITDA last quarter."

"Oh no," Josh said.

"Yes they did. Yes they did," Stephanie said.

"So what," Josh shrugged.

"That's why the stock fell ... that's why the stock hasn't done that well," Stephanie explained.

Stephanie said UBER is going to have to spend to keep up with rivals' technology. Josh said UBER isn't building a fleet of Jaguars with cameras; what is UBER spending on?

"They're still spending a lot of money," Stephanie insisted.

Bill Baruch said UBER has sentiment issues but "it's a name brand," a common bullish argument for the stock going back perhaps a decade, and one thing that won't change is picking up a phone to summon a ride.

But back to Josh's prediction. Autonomous vehicles seem like a strange endeavor for private equity. The costs for maintenance, cleaning and insurance are always going to be significant. Which is why Weiss' regular argument, that Uber's drivers take care of all the maintenance, is maybe the strongest one in favor of the stock.

Getting sick of Sam Altman and David Ellison

Josh Brown opened Thursday's (12/11) Halftime Report pointing out how the RSP, the equal weight S&P, is at a high, indicating "nobody is down" in the "overall" stock market trade and that there's broadening.

Judge quickly moved to ORCL. Malcolm Ethridge said he sold ORCL at the market open, saying he had "2 questions" for the earnings call that weren't answered, one being "where's the ceiling?" Malcolm said management said they couldn't say, but Malcolm mistakenly said "OpenAI" instead of "Oracle," which Judge called a telling "Freudian slip."

Malcolm continued with his 2nd question, which is, What if OpenAI's spending doesn't come through as promised, can ORCL cancel some of its spending, but management only got a "little bit into the weeds" of answering that question.

In the 6th minute, Judge mentioned ORCL credit default swaps and showed the chart, as is seemingly his daily obligation.

ORCL long Jim Lebenthal, however, is "sticking with it" and "not giving up." Jim said it's not about $500 billion or whatever from AI but earnings and the multiple (he said "27").

Bill Baruch said there's a "lot of support" for ORCL at 180, and "260 is a great place to look." (Those numbers are kind of far apart.) Bill stressed that the ORCL rally began with "the June report," when it broke out over 180, so "the whole story makes a round trip."

Judge said Tony Pasquariello is emphasizing Mag 7 earnings growth, since 2005, vs. the S&P 500 (and those are 2 wildly different charts). Josh said "Yardeni said the opposite today ... next year is about the 493, not the 7." Judge said, "That's the tension within the market. The tension of Pasquariello vs. Yardeni. (snicker)"

Bill said the Mag 7 could fall out of favor for a couple months, but "I'm extremely bullish in through (sic) April," and maybe the Mag 7 would lead February to March.

Jim actually bought more ADBE (as you knew he would) in his personal account. Judge hilariously said ADBE has "not been a horse. Been a horse's ..." Judge explained, "It is cable, but, sometimes you leave things to the imagination, and everybody knows what you mean anyway."

Jim said of the earnings and reax to ADBE, "You have no idea how much of a win this is." Jim stressed that there's been an AI overhang for 3 years while ADBE continues to perform. Josh said it's "ridiculously oversold," and he bought on technicals, but he won't hold it as long as Jim.

Marianne Lake comments and Eddy Cue comments seem to the contra-indicators of the year

Josh Brown on Thursday's (12/11) Halftime Report again stressed that there's a breakout in XOM and he thinks it's finally powering past 120.

Judge cut to Breaking News with Phil LeBeau about ... a Rivian AI chip.

After Phil's report, Bill Baruch said he owns XOM and likes the name and noted how it's holding up while the price of crude is slipping. Judge then played Jeffrey Gundlach's bullish comments on commodities a day earlier, the first Gundlach clip played Thursday. Bill said the commodities index is heavily driven by gold and silver with a "high weighting," but the "positive thing" is that gold is "usually the leading indicator."

Josh pointed out that owning commodity stocks is a way of guarding against what commodity spikes can do to certain companies; Josh said airline stocks would get "wrecked" if crude starts climbing; "This is how you hedge that."

Josh makes startling pledge

Josh Brown on Thursday's (12/11) Halftime Report announced that he'd show up "naked" when the Dow hits 50,000.

For "Best Stocks," Josh lukewarmly talked about insurers, first shrugging about HIG and then the name he really wanted to talk about, MKL, which he said some see as a "baby Berkshire." He said it's in a breakout. Josh stressed that ideally this is more of a long-term stock and not a trade.

Bill Baruch though said "I like Berkshire actually."

Josh said the Todd Combs exit from BRK won't be a "big deal to shareholders" because "the key key key people, operationally, are staying."

Judge said UBS upped MU's target to 295 from 275. Bill said he has liked it a long time, and he claimed it's got a "13 forward multiple." Bill sees "a lot of upside."

Josh owns PL, a stock we're not sure we've heard on the show. Josh said Thursday's gain is great, but it's a "multi-year play."

Bill said there's "a lot of upside" in ISRG over the next 2 years.

Santoli kinda sounded like GS may be getting ahead of itself.

Judge promised Tom Lee's 2026 outlook on Closing Bell. We heard it, and it wasn't that exciting. He has a 7,700 S&P target and cautioning there could be some trouble.

The Fast Money gang did what we think is their 3rd show this year with a studio audience. Another fine effort, but late in the production, Guy Adami apparently thought his segment was over and there was a moment of dead air, then shortly after, a commercial briefly interrupted Guy's eliciting of questions from the audience.

Karen on NFLX: ‘I think they want it, I think they will bump’

It wasn't until the final minutes of Wednesday's (12/10) Fast Money that Mel's crew took up the NFLX/PSKY/WBD battle. Fortunately, Karen Finerman got a chance to make extended remarks. (This writer is long NFLX.)

Mel said PSKY just sent a letter in the "last hour" to WBD owners. According to Mel, Karen had "pored through this letter" before they started the show (which would've been at least 50 minutes earlier, which means either a super-quick read by Karen, or maybe the letter wasn't new in the last hour).

Karen said, "I thought it was really directed to retail shareholders" (Translation: Amateur hour).

Karen added, "I thought a lot of it was misleading," including NFLX's stock portion supposedly "buried" in the 8-K; "it was not buried ... at all." Karen said the letter also says it'll take NFLX 2 years to get this done; "I don't know where they came up with that."

Karen said the letter also says "'Tender your shares right away.' That's not gonna happen. Why would you do that," if anything you'd say, "30 isn't enough."

Karen opined, "I do think Netflix is trading down because people think Netflix will counter their already-winning bid." Karen concluded, "So Netflix I think is down because they have to bump. If they want it, I think they want it, I think they will bump."

Tim Seymour chimed in, "And WBD goes higher, and higher." Tim said he "sold half" of his WBD calls. Tim stressed that NFLX "loses if it wins" but then suggested that if it loses WBD, it might also lose. (So NFLX supposedly could lose by buying it, or by not buying it, at the same time.)

Honestly, this is a very interesting New Economy situation. The gut feeling here at CNBCfix HQ is that the only reason this would make sense for NFLX is for untapped theatrical potential, like DIS with Lucasfilm, but Iger was gifted that property because George just wanted to cash in and put the company in the most responsible hands. Theatrical goes against NFLX's mindset. They've outsmarted the industry before. Maybe they'll do it again.

Jeffrey Gundlach again was on Closing Bell with Judge after the Fed press conference; Jeffrey likes to identify the "word" or "term" of the press conference, and he said it was obviously "well-positioned."

Dee on Waymo: ‘I feel safer than having a driver in an Uber or a Lyft’

Joe Terranova on Wednesday's (12/10) Halftime Report said he personally sold UBER for "clarity" (snicker), as it's also in the JOET. He said he sold it Wednesday because it again bumped into resistance in the low 90s.

Joe several times mentioned concerns that the stock would fall through 80. Jenny Harrington said Waymo is a long-term concern but shrugged that a 10% pullback is not "unique to Uber" and she's letting her UBER position "ride" for longer.

Dee Bosa said Waymo just reported doing 14 million fully autonomous rides in 2025 and called the numbers "really astounding."

Dee said, "It feels just as safe. And, in many cases, personally, I feel safer than having a driver in an Uber or a Lyft, you don't know how long they've been driving, what time of the day it is." (Actually, you would know what time of the day it is; Dee means that you don't know how long the driver's been awake and on the road.)

(This is where Josh Brown usually comes in and says that every time there's a Waymo or robotaxi announcement, a bunch of knuckleheads sell UBER. But Josh wasn't on Wednesday's show.)

Joe said that analyst ratings and price targets on UBER are still fairly high, so if the stock pulls back, there could be downgrades.

Everyone at ULTA is ‘with their mother’

Echoing one of Pete Najarian's favorite slogans, Joe Terranova on Wednesday's (12/10) Halftime Report said ULTA has done "a (sic) absolutely phenomenal job" in "marketing to the younger generation." Joe said TJX and ROST are also retailers that are working.

Kari Firestone marveled at the "new market that Ulta's created," which Kari said is "girls under the age of 12 ... everybody is there with their mother."

Jenny Harrington owns REGN and backed Wolfe making it a top pick, "a reasonably cheap stock." Kari likes BKNG. Joe said GD technically is in a "great place" to buy.

Steve supplies Judge with questions for Jeffrey Gundlach

Judge at the top of Wednesday's (12/10) Halftime Report asked Liz Thomas if a 10-year at 4.25% is a "line in the sand" for stocks. Liz agreed that 4.25 is "technical resistance," but Liz thinks 4.50 would be the real issue for stocks.

Joe Terranova said "the most important thing" isn't so much the yield but the possible return of "elevated bond market volatility."

Joe said a hawkish cut is "priced into the market."

Joe said the market's recently been in a "very tight trading range" and that the market is eyeing October's 6,920 intraday high.

Kari Firestone said what's not in the market is potentially disappointing guidance of ORCL or AVGO. Jenny Harrington agreed that the reports from ORCL and AVGO are "way more important ... than anything the Fed says."

Steve Liesman said Kevin Warsh is apparently the first of the Fed short list to get an interview. Steve offered a couple questions Judge could ask Jeffrey Gundlach later in the day, which are, Why exactly are rates higher, and Which Fed candidate is Gundlach most "comfortable" with. (This review was posted before Gundlach's scheduled appearance on Closing Bell.)

Price targets that get mentioned on business television (cont’d)

Jenny Harrington owns FI, which got an "outperform" from Mizuho, according to Judge on Wednesday's (12/10) Halftime Report.

Jenny said the 110 price target on FI is "really interesting," so it would be "almost a double." Jenny said Mizuho is at least "directionally correct."

Joe Terranova asked Jenny if FI management has done well at "navigating the challenges." Jenny said the new management team was like "Whoa," and she thinks they "kitchen-sinked it this time."

But Jenny's "not so sure" about that $110 target. Jenny said some of her accounts have still made money in FI, but a couple times, Jenny mentioned having a "tax loss" (which for some people is more important than actually making money).

Leslie Picker was back at the Goldman Sachs conference on financials, with conference host Richard Ramsden, who told Leslie he was "a little bit surprised by the market response" to the JPM remarks a day ago, but it seems like it just wasn't expected.

Sarat Sethi joined Halftime late by video to tell of buying WCN. He sees it as the "leader" of a "big addressable market." Curiously, Sarat said the company "got rid of a bunch of bad customers." Granted, "bad" customers aren't good for anyone, but getting rid of customers generally isn't a positive catalyst. Kari Firestone said it's "definitely" an attractive stock.

Joe actually made SPOT, one of his busts since the summer, his Final Trade, saying its "correlation" with NFLX has "broken down." (This writer is long SPOT.)

Santoli botches a title

During Santoli's Midday Word on Tuesday's (12/9) Halftime Report, Judge said JPMorgan was presenting at a Goldman Sachs conference for financials, and it seemed to be affecting JPM and perhaps the market.

Santoli said the "CFO" was talking about consumers being "a bit fragile."

The screen text, and Judge, said the person making the "fragile" comment was Marianne Lake.

So we assumed Marianne is the CFO.

She's not.

And neither Judge nor Santoli pointed that out — or even explained what Marianne's title is.

According to JPMorgan's website, Marianne is the CEO of Consumer and Community Banking.

Evidently, Jamie Dimon wasn't speaking. (Translation: This is a big conference ... but not THAT big of a conference.)

Stephanie Link shrugged that banks are the most overweight sector in her portfolio. Joe Terranova said he bought JPM personally a week ago. Judge then brought in Leslie Picker and said it seems like Marianne's use of "fragile" is what "annoyed the market." Leslie said other speakers at this conference were more "upbeat." Santoli pointed out that market moves on the days of Fed decisions have "really diminished" in recent months.

Ticket-scalping, Hollywood-style

Judge on Tuesday's (12/9) Halftime Report said Needham "reiterated buy" on NFLX but is "bearish on the WBD deal though," which is kind of curious positions to take. (This writer is long NFLX.)

Brian Belski said Warner, in the late '70s and early '80s, was what NFLX is now. Belski said the 2 companies being together makes "a lot of sense." Belski said Needham is "understating the importance of the content" of Warner Bros.

We're not sure about that.

On the other hand, we do gotta wonder ... we've listened to David Ellison ... does this guy even know what he's doing?

Perhaps the goal of buying Warner Bros. is to get double the allotment of tickets to the Oscars. (Yes, there's a precedent for that.)

Yes it's nice to have unlimited money and buy up every available asset in some financial sector. We gotta think Seth Rogen's "The Studio" (that's on Apple streaming) is going to get plenty of fresh material here.

Josh claims the media is ‘practically begging’ to report that the consumer’s in bad shape

CVNA has made Josh Brown's Best Stocks in the Market list; like we always say, you can front-run the list by simply checking the 52-week highs.

Judge on Tuesday's (12/9) Halftime Report for the 2nd day expressed amazement that "from the depths of '22," thinking CVNA would be in the S&P by the end of 2025 would've been viewed as "crazy."

Josh said "they somehow pulled it out" because customers have "appreciation (snicker) for the way Carvana sells cars." Joe Terranova said "sustained higher rates ... helps this company" by pushing people into the used-car market.

Josh said he likes EXPE a little better than DAL; he thinks DAL eventually gets through 70 but EXPE is "buyable right now."

Josh said, "The media wants for there to be some confirming evidence that the consumer is faltering ... practically begging for it." Josh pointed out the Dec. 1 TSA "all-time record" screening level. Brian Belski said his portfolios own both EXPE and DAL.

Josh: Mag 7 outperformed the S&P 493

Judge on Tuesday's (12/9) Halftime Report brought in Steve Liesman to say that Donald Trump's insistence that the next Fed chair cut rates is "usually not a spoken criteria" and a "departure from the norm."

Steve said the CNBC survey finds that Waller is actually the most popular choice for Fed chair.

Judge noted that Steve's survey shows "9 in 10" believe AI stocks are overvalued. Josh Brown agreed it's interesting but questioned if it's "really surprising." Josh said "the Mag 7 once again outperformed the, uh, S&P 493."

Josh said it sounds like "one more year of people that are underinvested in the AI theme" who are saying to themselves, "'I'm smart, therefore, those stocks must be overvalued.'" Josh then wondered if that description was "too smart-assey." Joe Terranova said most people who are saying overvalued are staying in those stocks.

Josh gives a 3-minute, 10-second speech about a stock no one’s heard of to open the show

Judge opened Tuesday's (12/9) Halftime Report asking Josh Brown about buying TTAN (Zzzzzzz).

Josh said he was at the NYSE when TTAN went public and made a joke at the time that Josh's landscaper, Frank, "should take a look at it" because it would help "streamline his business."

In a lengthy description, Josh said he's been watching the company for a year; it's one of those "vertical software companies that come to dominate a specific niche." It doesn't make money yet, Josh said, but it's in "crazy growth mode." Josh said it's a "subscription business" and a couple times called the company a "category killer."

Josh said it's a "very similar concept" to TOST.

Judge wondered if the market might be "skeptical" of TTAN given that it's up 4% this year. Josh said it's a "great question" and the stock is "not cheap" and that some people will wait for it to be "earnings positive." But "right now, it's a land grab."

"Good stuff," Judge said.

Greatest hits in the A Block

Early into Tuesday's (12/9) Halftime Report, Judge for some reason quibbled with Stephanie Link, whose voice was scratchy but still appeared (daily) on CNBC regardless, over consumer holiday spending.

Stephanie bought more COF, saying betting against the consumer is always a "bad bet."

Brian Belski sold DECK; he said, as Judge suggested, he was just sick of it but also likes ONON more. Belski also trimmed TGT; trimming that stock probably shouldn't even get a mention on the show anymore.

Belski bought more WFC and JPM.

Joe Terranova said the show's initial comments, including Josh Brown's speech about TTAN, demonstrate that "the broadening is real."

Joe said "idiosyncratic" in the 11th minute while trumpeting ULTA and TJX and ROST and said "it's a healthy market."

In the 20th minute, Stephanie talked about GE Vernova, which she mentions in every appearance. She also mentioned Eaton, which she mentions in almost every appearance. That was followed by Judge mentioning the ORCL credit default swaps, which happens about every day.

Josh sold MMM, saying it's having trouble technically with the 170 level. Josh said there's "absolutely nothing wrong" with the company. But Stephanie said there's "more room to go here."

Kelly hears what Judge says at the end of the broadcast

Josh Brown on Tuesday's (12/9) Halftime Report admitted SHAK has "had a really tough 2nd half of the year" but the stock tends to overreact in each direction and he's sticking around.

Josh added to ZM and predicted it's "about to break out," and he can see it at 100. He bought more TOST because he thinks the market doesn't "understand" the potential.

Joe Terranova said INCY has been working off some "overbought conditions" recently and he likes the company.

Brian Belski backed Goldman's buy-TMO call.

Stephanie Link said the "guide" is what was taking TOL lower. She'd buy it on "further weakness," DHI too.

Joe made APP, a stock he has mentioned off and on, his Final Trade; "it's gonna make a run towards the all-time intraday high" of "745."

Judge mispronounced "Southern Company" as "Southern Comfort" and chuckled about it. Belski bought more SO.

In the final seconds, Judge asked to show a chart of HD, "do we have time to show that real quick." He got the chart. But this time, unlike a day earlier, Judge closed by saying, "The Exchange is now." Then viewers heard Kelly Evans saying, "There's always time. We're in no hurry. Scott, thank you very much."

Karen expects better NFLX bid; Joe would sell NFLX; Judge spends more time on CVNA than on PSKY/WBD/NFLX

On Monday's (12/8) Halftime Report, Joe Terranova said he owns NFLX personally, and it's also in the JOET. (This writer is long NFLX.)

For that reason, "I am uncomfortable getting out of Netflix personally as the stock is on the decline because it's still in the ETF," Joe explained, as he has explained previously regarding different stocks.

But Joe said he "absolutely" would sell NFLX if not for the ETF. Joe said he agrees with Josh Brown's view and asserted there will be a "lot of friction" regarding NFLX. Joe said it'll take a lot of "mental capital" (snicker) to invest in NFLX now and figure out what the collection of assets means.

That was all we heard about this story on Halftime. On Fast Money, as Mel helmed an excellent discussion, Tim Seymour said he added WBD calls last week when he "sensed" this would be a "bidding war."

Tim bluntly stated he thinks the PSKY offer is "clearly superior."

Karen Finerman observed that the arbs don't like this situation because "The time to close is so long," and there's a "bunch of" potential antritrust issues for either side.

"I don't think it's over," Karen said, questioning PSKY's approach. "I don't know why they didn't come up with their best and final at the time where all the bids were due," Karen said.

Karen said of NFLX, "I think they come back with something," such as a "wider collar" or "more shares."

Contrary to Joe Terranova, Guy Adami suggested "Netflix is the play," and that concerns of NFLX getting in a bidding war are "more than in the stock now."

Tim predicted an "overhang" on NFLX, but he said, if the deal suddenly went to PSKY tomorrow, "Netflix is a buy tomorrow."

Courtney Garcia said the value of the cable channels is key to determining the better deal.

Karen said the debate last week was whether NFLX's bid was offensive or defensive, and the determination was "somewhat of both."

Indeed. There will be healthy debate for a long time as to whether WBD figures to be an important part of, or simply irrelevant to, everyone else's movie business.

Even though there are some great assets in play here, we're not sure why NFLX needs them. It's kind of like a guy who already has a car hearing that his neighbor is willing to sell his $30,000 car for $20,000 and figuring, Why not?

Karen said that if Ted were to announce that NFLX was out of the bidding, "The stock I do think would pop from here." But then there would be concerns about a bigger competitor emerging.

Karen said there's an "element of ego" to owning a Hollywood studio. Apparently, there's an even bigger ego about owning 2.

Bryn predicts tax refunds in 2026 will be ‘above average’

Judge presented the most interesting news on Monday's (12/8) Halftime Report right at the beginning, when he said Oppenheimer has an 8,100 on the S&P for next year.

Bryn Talkington said there's a "good backdrop" for 2026, including, curiously, "above average" tax refunds, but it'll be "pretty choppy."

Joe Terranova said the "trading community" (snicker) wants to know when the rate-cut cycle will end.

Shannon Saccocia predicted the Fed will "cut a couple of times in 2026."

Joe again said you can buy ORCL using the November 185 low as a reference.

Bryn likened ORCL's backlog, which Bryn said is "almost 70%" related to OpenAI, to a homebuilder who has to "go build 4 million homes," but the people planning to buy them "don't have the money yet." Judge showed the ORCL credit default swaps chart again, as he does every day.

Joe and Amy Raskin sparred over how confident Hock Tan sounds on the AVGO earnings calls.

Bryn said AAPL is "poised for a pullback." Amy said that for AAPL, AI is a "red herring."

When was the last time you heard someone say Greg Abel is the greatest thing since sliced bread.

Amy Raskin on Monday's (12/8) Halftime Report said Berkshire has a "very deep bench" (snicker). But Amy said BRK shines when "things start to go south," not in a "momentum market."

Joe Terranova, though, contended that BRK has been a momentum stock and is "waning" now.

Judge stated, "The market's just gonna have to get its arms around Berkshire Hathaway after Warren Buffett. It's no more complicated than that." Well, isn't that what the market's been doing?

Bryn Talkington is buying ethereum. Joe said the 12-month target on MSTR (apparently the collective number from analysts following it) is "$473" and is "ridiculous."

Joe suggested you have to "sit and wait" with UBER.

Joe said he'll be "candid"; he admitted he was skeptical of CVNA when the JOET bought it, but "it's up 43% since we made the purchase."

Amy is buying ASND.

In closing, Judge merely told viewers, "I'll see you on the Bell." Nevertheless, in the transition to The Exchange, Kelly Evans said "Thank you very much, Scott" ... even though Scott didn't do anything for The Exchange. Which means either 1) CNBC has low standards for gratitude (although not as low as David Muir), or 2) Kelly doesn't actually hear what's being said on the Halftime Report as her show begins.

When has anyone ever — ever — on CNBC said that the lower-end consumer is going gangbusters.

On Friday's (12/5) Halftime Report, Jenny Harrington stressed, "I'm starting to worry about the consumer."

Judge shrugged that people like Jenny say they're worried about the consumer, "And then they go to Black Friday and they spend hand over fist. ... Somebody's spending, and it's not just the top end, either, by the way. It's just not."

Jenny pointed to the MCD CEO saying "3 weeks ago" that low-end customers are "15 or 20% lower than it was last year."

Judge said Jenny is just making a case for why people will buy Megacap Tech, "that's exactly the point."

Jenny then claimed a "really interesting example" from her screening a day earlier. Jenny said Bath & Body Works (several times, she started to call it Bed Bath & Beyond) and Best Buy are "2 totally different consumer bases, I think." And Bath is "purely discretionary," whereas people with broken laptops have to go to Best Buy. (Which is kind of a strange example; how many people suffer a "broken laptop"?)

Judge said, "All I'm saying is you could sit there and have a debate with yourself for 3 hours over Bath & Body Works vs. Best Buy, and try and determine whether you're gonna buy that stock, when the other person would say, You know what, I know where the- the pudding is being made in the, in AI and, and hyperscalers, and I'm gonna buy, to Josh's point, the selloff in X, or the selloff in Y or the selloff in Z."

Jenny said you can look at AAPL or take a look at Best Buy. Jim Lebenthal said "a lot of other non-Megacap Tech stocks" are working, such as GM. Judge scoffed about Jim touting GM, "You sold it like a long time ago when you were worried about the tariffs." Jim stressed health care and financials.

Josh Brown said Jenny is "right" to express consumer concerns, that there's "less hiring" and "more layoff plans." But Josh wondered why BBY would be a trade on it. Jenny said "I'm not buying Best Buy," it's just something she's "looking at."

Josh and Judge in the 15th minute said "K-shaped," the current slogan for this popular line of chatter.

Kevin says Josh made a mistake selling NFLX

Josh Brown on Friday's (12/5) Halftime Report said he cut his NFLX position by 85%. He said it's a "portfolio management decision," but he doesn't want to "sit for a year" and watch this "political football" tie up capital. (This writer is long NFLX.)

Josh said the stock now "represents a tremendous value," but he doesn't think the stock "will be able to get out of its own way."

Josh said he likes that the deal keeps Warner Bros. "out of the hands of somebody else."

Judge read analyst notes from Huber and Baird about the NFLX-WBD deal. Kevin Simpson said of NFLX, it's "incredibly, um, wonderful to see them go on the offensive." Kevin said Warner is an "IP play" and predicted there will be a "hostile" bid from Paramount SkyDance.

Kevin said the deal can take Warner's franchises to a whole other "stratosphere." Kevin even dubbed Josh's sale a "mistake," and Kevin would be more of a buyer now, and "if the deal does get blown up, the stock will go higher," and Kevin can "write covered calls against this."

Josh asked Kevin if he doesn't think the company's in a "box." Kevin said it may not be accretive "for 2 or 3 years," but he doesn't expect the stock to "just level off."

A little later on Kelly Evans' The Exchange, James Stewart said the deal is "great for Netflix" and that the market will "eventually wake up" to the benefits.

Chris Marangi of Gabelli Funds was also on The Exchange Friday and mentioned the strategy of Versant, which owns "this network, which is probably undermonetized."

Jenny is disaggregating the consumer

Jim Lebenthal at the top of Friday's (12/5) Halftime Report predicted a "Santa Claus rally" and thinks eventually we'll get a "springboard higher" to a record.

Jim suggested we'll eventually have a bubble, but "We're pretty early in the inflation phase."

Jenny Harrington suggested "maybe you change your playbook within your equity allocations," though she stressed she's not saying get out of stocks.

Jenny said "in aggregate," the consumer is "fantastic." But once you "disaggregate," it's a "very different picture underneath." (Which is basically what some used to call "bifurcated" or the "2 Americas" but is now "K-shaped").

Josh Brown though contended that managers who are trailing will be looking for the Megacap Tech names that are "far off their highs." Josh added, "Every year, it's the same old story."

Kevin Simpson said he agrees with the prediction of a Santa Claus rally.

Judge spent time on the "Hartnett" note from Bank of America suggesting a "dovish cut" would actually spook the market about inflation.

Judge said "hyperscalers" in the 6th minute.

Kevin not impressed by DKNG

Judge on Friday's (12/5) Halftime Report said BTIG raised its DKNG target to $45. Kevin Simpson said he'd be thrilled if it got to 40, let alone 42 or 45. Kevin said he likes HOOD better than DKNG and FLUT.

Kevin sold HON; "No one cares about the stock." Kevin bought TJX; "hitting on all cylinders."

Kevin bought NU but said to be careful following him into it.

Judge asked Jenny Harrington about Microchip and Teradyne. Jenny said she owns Microchip preferred, or MCHPP, and it's "still a fair price." Jenny said she has owned TER since 2013 and has a "1,200% return on it," but it's kind of gotten caught up in the AI trade.

Jenny said this is probably a "great time" to own SHEL if you think oil will hold in the upper 50s.

Kevin said he'd "tread lightly" in U though it's got a lot going for it.

Josh Brown again talked up how RKT is going to handle "every step" on the mortgage/homebuying process.

Josh claims ADBE should be an original ‘case study’ at Harvard

Josh Brown on Friday's (12/5) Halftime Report touted AME as among the Best Stocks in the Market. Josh requested a 10-year chart, which is impressive. He predicted it breaks 200 and suggested 180 or 182 as a "reasonable stop."

Judge described Josh's description as "passion" and then in deadpan delivery restated Josh's assessment.

Santoli only had to deliver his Midday Word (and not take over hosting duties for the latter half-hour).

Late in the show, Judge announced a "Trade Alert." Josh said he made a small trade in ADBE, a name Jim Lebenthal seems determined to hold. Josh conceded a "relentless downtrend" but said the stock wants to "snap" it. Josh said, "This is the original company to be a case study at Harvard for reinventing itself," given its 2014 transformation into subscription model.

Jim Lebenthal, who had a quiet show, conceded the AI overhang but insisted again that ADBE outperforms on earnings for "quarter after quarter for years."

Judge returns — and picks up where he left off (sorta)

After missing the previous day and a half, "Judge" Scott Wapner returned for Thursday's (12/4) Halftime Report, and a couple hours later, Closing Bell.

It was a welcome sight for viewers, who undoubtedly wondered what might be going on with Judge to cause him to bolt halfway through a program, as happened on Tuesday's (12/2) Halftime.

About the only mention of Judge's absence in the previous show and a half came from Joe Terranova during Final Trades Wednesday (12/3), when Joe stated, "I can't wait for Scott to get back into town; I'm gonna have an answer for him where we go," meaning where the market goes this month, as Judge had asked of Joe on Monday without getting much of an answer.

But on Thursday, it seems Judge couldn't really have cared less about this particular subject.

After a somewhat combative A Block (see below), Judge said Joe bought more XBI while the screen text said Joe bought JPM.

Regardless, Joe made good on his stated desire of the day before to explain his prediction for December's market.

Joe told Judge, "The other day, it was Monday I believe, you asked me where I thought the market would go through the end of the year. And I had an inability to give you an answer. The reason was, there was nothing showing me any evidence of which direction we could go. I think what has happened over the last 48 hours (is that Judge departed the set halfway through the program and took 2 days to return with no explanation) and I'm pretty confident on this, is that you're seeing the return of a lot of systematic trend-following algorithms back into the market once again. ... They're either trend-following or they're mean-reverting. Now they're back to being trend-following. So I think we are now pushing back towards the all-time high."

Joe continued that "it's things like, uh, biotech and financials and real economy stocks" such as GM.

Judge didn't opine on Joe's statement and simply asked Kari Firestone about trimming HQY. Kari said the valuation was at a level where trimming "makes some sense." Joe then mentioned buying JPM and said the JOET sold it in October.

What does the lack of information surrounding Judge’s brief hiatus signal about CNBC in today’s media?

There was relief all around CNBCfix HQ when we saw "Judge" Scott Wapner back on the air for the Halftime Report Thursday (12/4) and also helming Closing Bell later in the day.

This time, he stayed for the whole thing.

(Sorry. Couldn't resist that one.)

We understand people have a right to privacy. We also understand that CNBC personalities, like all other human beings, take time off for all kinds of reasons. Vacations, travel assignments, holidays, family events, medical or other appointments, flu, migraine, bad cough, etc.

But Wapner for many years has hosted 2 nationally televised TV shows daily. He is most certainly a public figure. And if a public figure suddenly exits in the middle of doing his job, it obviously makes people wonder what's going on.

If David Muir had to pass the baton halfway through "World News Tonight" or if Jimmy Fallon had to do the same on "The Tonight Show," we're sure we'd be hearing about it in our news feed.

If a local TV personality suddenly bolts during the 5 p.m. News, almost certainly, there will be a local newspaper story about it, and that person or someone on the station will acknowledge the absence on-air.

Honestly, even some bloke with a 68-viewer YouTube channel is going to post a lengthy follow-up explanation if for whatever reason he couldn't finish one of his videos.

Yet, no one on CNBC for 3 days running has said anything about why Wapner suddenly exited Tuesday. Substitute hosts merely said they were "in for Scott."

And despite numerous internet searches, we can't find a single instance of the "news media" reporting on Wapner's absence.

Which unfortunately kind of raises questions about the reach of CNBC. If this isn't on the radar of the types of publications that regularly report on TV figures, does it mean nobody's really paying close attention.

(Keep in mind, a lot of CNBC's historically biggest viewership days — the ones that prompt prime-time "What Happened?" specials, even on Sunday nights — have come during stock market breakdowns, and it's been a LONG time since we've had one of those, perhaps March 2020. Maybe you count 2022, but that was pretty much just a slow, bad market, not a crisis of any kind.)

We totally — totally — understand that Wapner's absence actually may be a very insignificant event. Or that it could be a very personal situation. And that Wapner perhaps has not even shared the reason with colleagues, and that any colleagues who have made references to it in some forum or another may have gotten their information from someone other than Wapner. We just know that it remains a mystery.

More than anything, like everyone else, we hope Judge is doing well.

Judge accuses Joe of making up other panelists’ comments on AAPL

We were hoping/expecting Judge would be back in form when we saw that he was helming Thursday's (12/4) Halftime Report.

What we weren't counting on was a strangely chippy dialogue about AAPL's AI.

Early in the show, Judge said that according to JPMorgan, out of the Mag 7, retail investors last week bought more of the Mag 7 except for AAPL.

Judge also said several times that it's a "big deal" that META hired Alan Dye from AAPL. Judge suggested the possibility of "product wars" (snicker) between the companies.

Joe Terranova, though, said, "I think you have a pivot" by META, and that Zuck is just "incredibly competitive."

Malcolm Ethridge said the Alan Dye news is a bigger deal than the META spending story.

Judge asked Kari Firestone if AAPL's 6-month move is "justified." Kari punted, saying, "I think the market tells us what's justified."

Judge demanded to know what the move is "based on." Kari suggested it's "a little ahead of itself" and can "take a rest." But Stephanie Link said, "It's only up 12% on the year."

Joe Terranova affirmed he sold his personal AAPL stake last week because "the exuberance has gone a little bit too far." Joe mentioned the Aug. 6 trip by Tim Cook to the Oval Office, which Joe said "incentivized" those who didn't already own the shares to buy it.

Joe then said the "ultimate" question for AAPL is, "Is success in Apple intelligence priced in or not."

Judge wondered, incredulously, "How could you even ask yourself that question?"

Joe insisted, "I have asked others that question who have sat on this desk, and they have said, Yes it is."

Judge demanded, "You're telling me- who have you asked that- on this show that said Apple intelli- all the- their whole AI strategy is, is in the stock. Who."

Joe said, "There have been individuals (snicker), I think Steve might've said that to me."

"I don't think so," Judge said.

"I think Jimmy said that to me," Joe said.

"No I don't think so," Judge said.

"You think I'm making that up?" Joe asked.

"Yeah," Judge said.

"Really? C'mon. That's insulting. That's insulting," Joe said, although he was keeping at least his end of the conversation light.

"I can't imagine that, that somebody on this program said that Apple's AI-" Judge began to say.

Joe cut in, "Jimmy text me if I didn't ask you specif-"

Judge continued, "Apple's AI effort, whatever they're gonna come up with in- for- from AI is in the stock."

Joe answered, "I asked Jimmy during the commercial break last week, Do you think Apple intelligence is in the stock."

Well, while we don't think Joe's recollection of this subject is anywhere near as important as Judge seemed to think it is, we'll note that Joe first claimed he thought "Steve" made this observation to him, then he said it was something he was discussing with Jim during a commercial break (which viewers wouldn't have overheard unless a hot mike had gone crazy).

While this page agrees with Judge that AI is most likely not priced in yet to AAPL, honestly, we're not sure how anyone can prove exactly why a stock moves (that's what makes the market conversations on CNBC), nor do we think it's mind-boggling, as Judge seems to, that Joe would entertain the question.

Seeking to avoid the argument, Malcolm Ethridge simply said, "I don't think it's in the stock" and that the stock was running on "market mechanics."

Malcolm added, "I just think there's no AI story right now for Apple."

"That's my whole point! There is no AI story yet!" Judge said.

"I asked the question! Why are you arguing with me?" Joe asked Judge.

"How can it be in the stock?" Judge wondered.

"I said I don't know. I said I don't know," Joe stated.

Kari Firestone said there's "potential" for an AAPL AI story.

Judge warns of META trading at 666

Judge opened Thursday's (12/4) Halftime Report with META's pivot.

"It's exhausting," Stephanie Link said. As the screen graphic showed META at 666 and change, Judge cut in, "You better get the stock off this price right now though. ... 666."

"Oh ... stop that," Stephanie said.

Kari Firestone said the stock got "ahead of itself," and now there's an "opportunity" for those not in it. Kari pointed out, "666 is the point of the low of the market in March of 2009."

"We all remember that," Judge assured.

Later in the show, Judge said WMT is "another AI story" that not many people are talking about. Judge asserted that WMT doesn't get to a $900 billion market cap without AI.

Joe Terranova said that for months, he's been saying WMT is a "clear leader" in AI as Judge sort of interrupted him.

Joe said "we" bought WMT in October 2024 at 81, for all those seeking a time-machine trade. Joe suggested COST is "behind" WMT in this category. Joe said WMT has a "rich valuation," which may be an "impediment" to future stock appreciation.

Stephanie said she can't buy WMT because she finds it "way too expensive," even though the 2-year chart shown on the screen shows a steady march higher.

Judge said Citi lowered its ORCL target from 415 (snicker) to 375 (snicker). Malcolm Ethridge said it's "really tough" to tell people to buy it here. (But it's not tough for Jim Lebenthal, who wasn't on Thursday's show.)

Stephanie said the SNOW fall (that's a good one) (our line, not Stephanie's) is "all about guidance." Stephanie calls it a "blip," and "I am going to be adding." Then Stephanie called Thursday's SNOW trading a "silly overreaction."

Judge wondered why there's no "takers" on the panel for CRM. Joe again stressed software's "strong relative underperformance to semis."

Eamon Javers reported on the GAO's look into Bill Pulte and how a GAO inquiry isn't feared nearly like a Justice Department inquiry.

‘I wasn’t here,’ Judge says

In the latter portions of Thursday's (12/4) Halftime Report, Judge was still hectoring Joe Terranova.

Joe called HOOD one of the "better exchanges to own." Joe praised "James Lebenthal" for backing the airline story and the "front of the plane" theory.

Judge cracked, "You think he's gonna forgive you for throwing him under the bus at the top of the show if you praise him so many times now."

Joe protested, "I didn't throw him under the bus!"

Joe bought more EQT and APA and said "I think you want to have the exposure to natural gas."

Malcolm Ethridge bought more CRWD after earnings, though he conceded the valuation "scares people." Malcolm also has been buying NTSK; he said he's "comfortable" talking about it because it's "hovered" around the IPO price, though it's not profitable. He said it's probably an "acquisition target."

Stephanie Link again got to talk about GEV, like we said a day ago, she talks about it on every episode. Stephanie and Joe both talked up VRT.

Judge said JPMorgan raised price targets on TOL and DHI. Stephanie said "Kevin Hassert (sic) would be a (sic) welcome news for this space."

During Final Trades, Stephanie offered SLB; Judge wondered if that's "new." Stephanie noted that she mentioned it "on your show" a day ago. "I wasn't here," Judge explained.

Joe indicates Judge will be back at the helm soon

Wednesday's (12/3) Halftime Report took place without Scott Wapner and without any clarification from CNBC — except for a last-second comment from Joe Terranova.

Joe said during Final Trades, "I can't wait for Scott to get back into town; I'm gonna have an answer for him where we go."

Joe was referring to having an answer about where the market's going in December, of which Joe sort of punted when recently asked about it by Judge.

We checked around the internet and noticed a few people, not actual CNBCers but in some cases referring to CNBCers, suggesting that Judge apparently, for lack of a better term, was a little under the weather on Tuesday when he exited midway through the Halftime Report. People are rooting for Judge's return. Panelists' demeanor during the rest of Tuesday's show and Wednesday's show has not indicated alarm. We're hoping/expecting to see Judge back soon.

Bryn dumps CRM

On Wednesday's (12/3) Halftime Report guest hosted by Dom Chu, Bryn Talkington said she's bailing on CRM before the earnings call, saying it's "stuck in the mud."

Jim Lebenthal said he "completely" understands Bryn's move and likened CRM to ADBE in terms of having AI concerns as an overhang, but Jim is still hanging on with ADBE.

Joe Terranova volunteered, "I'm on Team Bryn for this one," pointing out software names that are underperforming.

Stephanie Link stressed that SNOW not only has growth but opportunity. Jim praised Stephanie's ownership of SNOW and went on to defend owning ADBE again. Stephanie said there are "more attractive" tech names.

Bryn touted the BUG as a way to play the cybersecurity trade.

Steve Kovach reported on the report by The Information about MSFT's sales quotas. Stephanie suggested MSFT is a "crowded name" but has all kinds of great numbers. Joe questioned how MSFT shares have responded to Gemini 3. Dom said they could've had the "same conversation" about GOOGL "9 to 18 months ago."

Still wondering about that ‘complete moron’ ex-employee of Weiss’

Guest host Dom Chu on Wednesday's (12/3) Halftime Report said Wells Fargo is giving ORCL a buy rating/280 target. (Which it already hit — in September.)

Jim Lebenthal concedes ORCL is a "battleground stock," though it was his Final Trade a day earlier. Jim mentioned the debt but somehow did not say "5-6%."

Joe Terranova said he's "not sure" ORCL will be in the JOET for long with a debt/equity ratio of "500+%." (Joe also did not mention 5-6% debt.) However, Joe suggested ORCL could be bought with a reference point of Nov. 25's 185 low.

Bryn Talkington questioned whether spending by ORCL and others in the AI world will only benefit those who come in later. "I'm very unclear about how Oracle's gonna pull this off," Bryn said.

Joe says the younger generation outspends their elders on beauty products

Guest host Dom Chu conducted a discussion of retailers on Wednesday's (12/3) Halftime Report.

Jim Lebenthal said it's still not known exactly how strong the consumer is, but there are positive signs.

Stephanie Link said she's been adding to SBUX and DKS. "I would not be chasing Kohl's here," Stephanie added, indicating TGT would be a long-term story.

Joe Terranova grumbled that BURL is "blaming warm weather for traffic declining." Joe said the name he'd watch is ULTA. Joe claimed of the younger generation, "They spend way more on beauty than we did at their age."

Dom said he can't believe how much his 8-year-old daughter spends on beauty products. "Just you wait," said Stephanie.

Forward P.E. sighting (cont’d)

Stephanie Link on Wednesday's (12/3) Halftime Report claimed UBER is trading at "17 times forward estimates."

(When we asked Google Gemini what the UBER forward P.E. is, we got a range of "21.05 to 22.03.")

Joe Terranova said UBER's been in a trading range but ultimately will clear $100.

Stephanie bought SLB, a name she's talked up on the show in previous years. Jim Lebenthal said he's been bullish on energy for a while.

Jim said his shop's analyst points out that VRTX has a "huge number of shots on goal."

Stephanie talked about GEV and said she'd add to the pullback; Stephanie pretty much mentions GEV and ETN every time she's on the show.

Guest host Dom Chu asked panelists for picks for 2026. Bryn Talkington offered APO, suggesting it could "easily" find 160. Jim mentioned LMT. Stephanie offered SBUX. Joe (who's not sure what the markets will do this month) suggested CDNS.

Santoli takes over for Wapner halfway through Tuesday’s Halftime

Tuesday's (12/2) Halftime Report got one of the rarest things in CNBC hosting — a relief pitcher.

It was business as usual as Scott Wapner ran the show through the A Block, though the A Block did conclude a few minutes earlier than usual at the 22-minute mark.

An extended commercial break that was briefly interrupted by a sign of the market averages (as often appears near the end of the show) ran for 6 minutes before Seema Mody, with no intro, delivered the CNBC News Update.

Seema then announced, "Now I'll send it over to Mike Santoli."

Santoli was in the host chair at Post 9 and said, "Welcome back to Post 9 everyone, I am Mike Santoli, stepping in for Scott."

No explanation was provided as of early Tuesday afternoon for the change. Honestly, this has surely happened occasionally on CNBC over the years ... but we're not sure we actually recall such an instance.

It could be any number of reasons. Maybe Wapner suddenly became ill. Or had a coughing fit that didn't stop. Or spilled a cup of coffee. Or maybe he was double-parked.

It's also possible he had some kind of family emergency. The remainder of the program included a lot of light banter among panelists, indicating Wapner's exit wasn't a serious issue.

But we don't know.

Wapner did not appear later in the day on his other show, Closing Bell; that too was hosted by Santoli.

Perhaps the situation will be clarified on Wednesday's program(s).

Josh not at all troubled by — or not even aware of — the ZM price action that bothers Joe

Joe Terranova on Tuesday's (12/2) Halftime Report said he was a little disappointed with ZM's reaction to earnings; he would've expected a "stronger follow-through."

"It's a dollar off its 52-week high," Josh Brown asserted.

"It's $5 off its 52-week high. 5. 5," Joe said.

"What's the 52-week high?" Josh asked.

"91," Joe said.

"88?" Josh asked.

"91," Joe repeated.

"Closing high 88," Josh said. "All right, I mean, I think- I think it's goin' to a hundred bucks."

Joe cites Softbank as an example of the market’s supposed lack of liquidity

Josh Brown opened Tuesday's (12/2) Judge-led Halftime Report saying people are "sick and tired" of Megacap Tech dominating the market, but regardless, "they're gonna buy these Mag 7 stocks." Josh noted these stocks are the biggest and most liquid, and "they're not even expensive."

Joe "December Won't Do Anything And Next Year Won't Do Great But I'm not Saying It'll Be Down" Terranova agreed the Mag 7 is the "right place for the conversation to be." Joe then doubled down on 2026 being "quality, not momentum," and asserted "the Mag 7 is the essence of quality."

Joe said he keeps hearing a "consensus" about the "concentration being a risk," but "I think that concentration remains in place in '26." Joe mentioned Loop's price hike on AAPL and said "A lot of people wanna own Apple right here."

Judge noted that Joe was talking about 2026 and demanded, "What's gonna happen in December??"

Joe admitted that "beginning Labor Day, I said we would have a chase for performance into the end of the year. And I think we'd a- we'd agree, to a certain extent, that we've had it."

Seriously? From Labor Day, there was a plodding climb up to 6,900, then we're down since late October. If being down in the last 2 months of the year constitutes a "chase for performance," we're gonna have to update the CNBC Definitions Guide.

Joe continued, "I have no idea what's gonna happen here in the final 3 weeks of the year where liquidity is coming out of the market, where volumes are getting lower and lower."

Judge said Joe "punted as bad as the Giants kicker last night. ... Joe just put his foot in the ground." Jim Lebenthal suggested, "Maybe it was a punt and not a field goal."

Jim, who during the shutdown kept claiming that shutdown-caused lack of liquidity was pressuring the stock market, told Joe, "I'm on the other side of where you are. I think I just heard you say, and I need to confirm this, that liquidity is, is getting tighter. Because the opposite is what I see."

Joe said, "I'm not talking about monetary liquidity. I'm talking about the liquidity in the market itself."

"They're the same. They're the same," Jim asserted.

"You see what's going on in crypto? You see what's going on with Softbank?" Joe demanded.

Jim said, "OK, so crypto is the aberration to what I'm saying. ... Liquidity has come back to the market," Jim added, citing the "shutdown end."

Jim said there's an "increasing risk-on sentiment."

Shannon Saccocia asserted, "This AI-enabler trade is going to continue into 2026."

Josh said "there's a universe in which both Joe and Jim are basically saying the same thing, but differently." Josh pointed to the RSP equal weight of the S&P, saying it's at a "year high" and "record high."

Josh said Mag 7 will still be in demand and so will others, and that while AI spending may be controversial, "that controversy's priced in."

Do your own Forward P.E. (cont’d)

On Tuesday's (12/2) Halftime Report, after Steve Kovach reported on AAPL leadership, Jim Lebenthal said he owns the stock but finds it hard to put new money into it.

Jim said it's "33 times forward earnings" while the screen text listed a forward P.E. of "34.73." (As always, it's whatever you want it to be.)

MacKenzie Sigalos said the "Code Red" OpenAI scoop was in the WSJ and The Information; remember a while back when Jim indicated that reports in The Information weren't much more than a "rumor." Judge said Gemini "seems to have changed the narrative" about AI. Joe said it "absolutely has."

Josh Brown talked up AMZN as an AI play.

After the A Block and switchover from Judge to Santoli, Josh offered MS as one of the Best Stocks in the Market that's buyable now on a dip, as the mike also caught Santoli or someone else talking. Josh also talked up CIEN and BKR.

Joe Terranova bought TWLO, as he noted, one of his calls from the pandemic (a great call, but he bailed a bit early, but then it went down anyway). Joe said it actually screens "very similar" to the XBI.

Joe said in cybersecurity, he'd focus on CRWD and PANW. Shannon Saccocia asserted, "Cybersecurity isn't going away."

Shannon said "idiosyncratic" in the 52nd minute.

Why do people on Halftime emphasize that it’s OK to disagree; has anyone on CNBC ever declared that everyone in the world has to agree with Joe Terranova???

He refuses to say it's going down.

But he won't say it's going up either.

(Sigh.)

Joe Terranova on Monday's (12/1) Halftime Report was painting a picture of what sounds like The Most Boring Stock Market in History, opening the show with his current outlook: "I'm less inclined to take risk as we move through the course of December ... I don't think you're gonna get this grand crescendo."

Joe somehow got tangled up in a yields debate, claiming, "The things that suggest yields should be going down. OK. But yet yields are not going down."

Judge rebutted, "Well they were going down last week, I mean, so they're up a little bit today. We're makin' a whole statement based on one day's activity?"

Joe said he wants to see yields below 3.90%.

Jim Lebenthal explained, "I'm on the other side from Joe. Which is OK, it makes a market." Jim said the 10-year at 4.09% "doesn't worry me." Jim said, "I'm a believer in a broadening of the rally, and a rally into year-end."

Bryn Talkington said the 10-year "started the year at close to 4.80," and we're now at 4.09, so "yields are going the exact right direction."

Joe said the 10-year may have been 4.80 at the start of the year, but "I don't care where it was at the beginning of the year."

Joe stressed that he's not calling for the market to be "down" in 2026, but "I think we've priced in a lot of really good things in 2025" that will be tough to "replicate" next year. Jim said double-digit gains in 2026 will be difficult given the current market multiple, but he expects a good December.

Jason Snipe said "there's a story to tell about these other names" besides this year's big winners, and those other names could lift the 2026 market.

Joe said "idiosyncratic" in the 22nd minute.

Eventually, viewers got another statement when Joe offered, "Here's what I think about 2026: 2025 was a year of momentum. 2026 will be a year of quality."

"OK," Judge shrugged.

Jim suggested that rather than a year of quality, 2026 may just be a "broadening."

Joe contends bitcoin ‘going lower’ (but he doesn’t actually say he’s ‘late’ to crypto)

Joe Terranova on Monday's (12/1) Halftime Report was simultaneously making a call/taking a victory lap on bitcoin, stating, "I keep continuing to believe that it's going lower, while everyone else keeps telling me 'You gotta buy it.'"

Meanwhile, Judge pitted Joe and Jim Lebenthal in a discussion of casino stocks and hectored Joe because Joe "hates on" the casino stocks, then "hides behind the rules" of the ETF and buys LVS. (Jim of course is a big fan of WYNN.)

Jason Snipe predicted COST will do better in 2026.

Asked about XOM, which hasn't actually been debated much on the show, Jim brought up a notable Halftime figure, stating, "I've had conversations on the desk with people who will not be named but who often irritate me."

"Name them, please. Just name them," Judge prodded.

Jim sighed, "It's your friend and mine, Steve, who says this stock can't possibly go higher even as oil prices go lower."

We didn't know he ever said that, but whatever.

Kelly’s back

Bill Baruch joined Monday's (12/1) Halftime Remotely and said he bought APP and said it's pulled back to the February high. Bill said, "We think we're in a great bull cycle through April."

The JOET has owned APP, and Joe Terranova said it looks like APP held the 100-day at 523 and there's "very strong momentum" in gaming and AI and automation and advertising.

Bill also bought ISRG and thinks it's having a "great consolidation year." Bill even bought SOFI, not a stock that gets trumpeted on the show very often; he said "next year could be a really great year for it." Bill also bought VRT for the AI infrastructure and hung a 200 on it. He also bought MU.

Mike Khouw was the guest on ETF Edge, as that particular feature seems to be more often stocked with familiar Halftime/Fast Money faces, not obscure fund managers.

Santoli said there's an "upside bias" to the market but noted that the Carolina Panthers won on Sunday when people didn't expect it.

After Final Trades, Judge was stoked about introducing the return of Kelly Evans to The Exchange.

We thought we might get a (partial) week without hearing about how Joe was late to crypto, but he brought it up in the 52nd minute

Judge was off on Wednesday (11/26); on the Halftime Report, guest host Frank Holland at the start of the show kept saying "Happy holidays," but it's only one holiday this week.

Joe Terranova predicted the market will "screen out some of the participants" in the AI trade and "look at" the valuations. Liz Thomas predicted interest in health care will "continue."

Jason Snipe said what's happened to the market recently has been "healthy."

Joe said if you haven't already bought ORCL, it could be a "low risk trade" with a 185 stop. Jason Snipe said ORCL is at an "attractive point." (No one said anything about 5-6% debt.)

Steve Weiss said TSM is the company that works for all the AI, et al. plays. Weiss said the risk is "China wants to take over Taiwan, but realistically, I don't see that happening."

Joe said that CINF, GM, LVS, MDT, MNST, TJX, PLD and ROL are at 52-week highs.

Frank said TJX has "4 times the market cap of Target."

Joe retraced the path of ZM over the previous 24 hours and said he was "troubled" by how it fell back.

Weiss said he's getting "so many texts" about his jacket; he advised viewers to "email Frank Holland directly" to express their opinion. Even Kristina Partsinevelos mentioned Weiss' jacket during CNBC News Update.

Handsome Guys vs. Not As Photogenic — how important policy decisions are made these days

Judge said on Tuesday's (11/25) Halftime Report that he had quickly landed Richard Fisher for Closing Bell to discuss the Kevin Hassett report.

Indeed, Richard was on Closing Bell and told Judge that Hassett being the next Fed chair "would follow tradition," but as far as Kevin's prospects for getting the job, "the only drawback to Kevin Hassett is, he's not as photogenic as Kevin Warsh. You know the president likes good-looking people. And Kevin's (presumably Warsh) a handsome guy."

Judge doesn’t have to nominate Jim for the Hall of Fame just yet

Judge opened Tuesday's (11/25) Halftime Report gushing about "the biggest story," which is Alphabet adding, according to Judge, $2 trillion "in 6 months. That's unbelievable."

Judge even mentioned the "Eddy Cue selloff" in the first minute.

In the 10th minute, Judge decided to ladle on the credit to Jim Lebenthal (who wasn't on the show Tuesday; that's a file photo above), referring to Eddy Cue Day in May and stating, "I'll give him props again, when Lebenthal came out on this show and said 'I think this is way, way, way overdone.' Lord knows I've given that man enough grief about some of his, his positions in certain stocks, so I'll- I will cite him and that call as many times as it takes, um, to get, you know, back into his, uh, good graces."

It's nice that Judge is handing out compliments.

We get that Jim is a fine investor, and as always, we wish him the best in all of his trades.

But Judge is really laying it on thick — since Jim's "call" back in May wasn't even that good.

All Jim basically said was that he's not selling Alphabet and that the Eddy Cue reaction, which tripped Judge's hysteria switch, was overdone. Jim definitely did not say "See, they're going to get a favorable outcome from the Justice Department and then catch up on OpenAI and so today's market cap will double by November."

It's like, if you're on a street corner, and a buncha people jump into the street and play in traffic ... are you supposed to get a medal just because you remained on the sidewalk?

Jim wasn't even alone. Brian Belski on Tuesday's show even claimed, "We were very fortunate in April during the depths to double our position in, in Google, just because we did not believe in the demise of Google due to ChatGPT and OpenAI."

Carter, Guy think NFLX is a buy

On Tuesday's (11/25) Halftime Report, Josh Brown got sort of a victory lap with ZM and said that despite the gain Tuesday, "You have to ride it."

Later in the day on Fast Money, Carter Worth pointed out that back when ZM traded at $500-$600, it had net income of $20 million, and now the income is something like $2 billion but it trades under $100.

Carter curiously stated, "This is why valuation is known as a terrible timing tool." That's a statement we agree with. Except the ZM example Carter cited doesn't support that point. Anyone could argue that the pandemic valuation was out of whack, and that's why the stock fell.

Regardless, Guy Adami predicted ZM "goes higher."

Carter also advised viewers to "take advantage" of weakness in NFLX by buying. Guy Adami said it's at a "logical level" to bounce, though Guy said it's been "squishy" perhaps because the market wonders why it thinks it needs to buy Warner Bros. assets. Dan Nathan noted that SPOT has struggled in tandem with NFLX, as Joe Terranova used to note in late summer while Joe kept touting both stocks while they've been dogs. (This writer is long NFLX and SPOT.)

Weiss’ mention of Monday Night Football is the first time there’s been a buzz about a Panthers game under Tepper ownership

Judge opened Monday's (11/24) Halftime Report without exactly fresh news (then again, it's a holiday week) — he was re-reading Tony Pasquariello's note from Friday "pre-open."

Judge said Tony said "the primary trend remains intract- (sic) (snicker) intact." Tony also mentioned the market being not as "pristine" (snicker), but there's still favorable "interplay" (snicker), which sounds a lot like analyst-speak. #LikeMcGarrettsayson"HawaiiFive-O,""InEnglish,Doc"

Steve Weiss said "I think we're good," and it's "healthy to shake out the late-comers to the AI trade, to the tech trade." Weiss said the market got "overvalued, unquestionably, but we're in good shape now."

Later in the show, Joe Terranova said, "I can't see '26 not having more elevated volatility." Weiss said it's "far from certain" that inflation gets "taken care of."

Jim’s off; no mention of ORCL 5-6%

Judge on Monday's (11/24) Halftime Report announced that Larry Page just passed Larry Ellison as the world's 2nd-richest person.

Joe Terranova attributed GOOGL's success to a "confluence" of factors (basically he rattled off every business its got). Joe said only NVDA and Alphabet are "outperforming the S&P so far year to date."

Joe asserted, "Valuations in tech do matter."

Josh Brown said META and ORCL are in a "bucket" of concerns about spending. But Josh said "Google today is 56% above its 200-day moving average," making it "one of the most extended names in the whole S&P 500."

But Steve Weiss contended that Josh's lumping ORCL and META together is "off-base." Josh stressed that he's talking about "share prices." Weiss said META is "one of the most apt" to translate spending into revenues.

Weiss said big-tech investors are "unfamiliar" with the type of "financial enhancements" being done by some tech giants, but they're just a "pimple" in the overall balance sheet/market cap.

Judge cited a WSJ article suggesting META wants everyone else to pay for its giant data center. Weiss said it's getting "tougher and tougher" to secure energy for data centers, "so it's actually very smart what they're doing." Joe predicted "a lot of private debt deals."

Joe questioned, "If Gemini 3 is as credible, as, as strong, as- as effective as we believe it is, what does that mean for OpenAI." Weiss said if OpenAI were public, its valuation "would be a lot lower." Joe suggested it might be a $500 billion valuation.

Josh predicted NVDA goes "above 200 and stays." Rather than invoking the old standby of innings, Josh suggested NVDA is "Michael Jordan in 1997."

Weiss said names like PLTR were overvalued, and he doesn't think they go back to being overvalued, "and I sort of hope not," but he thinks they do "increase in value over time" when there's a "reason" besides multiple expansion.

If the ex-employee is a ‘complete moron,’ why did Weiss hire him?

Steve Weiss on Monday's (11/24) Halftime Report said he bought BABA, saying some ADR concern hasn't happened, but he mentioned "the invasion of Taiwan," as he's been doing off and on for about the last 10 years. (Oddly enough, the show included breaking news from Eamon Javers about Donald Trump and Xi Jinping arranging visits to each other's country.)

Joe Terranova said Chinese stocks are "very quietly" having a strong year. Judge said, "Not that quietly." Josh Brown kind of backed Joe, saying that on Halftime, they "used to have a segment for Chinese stocks, every show in 2014."

Joe said CVNA has to "prove itself to me," he's "skeptical." But Joe has "strong affection" for CMI. Josh said ZM expectations are "nonexistent." He mentioned again how they use the product at Barry's shop. Josh pointed to the chart on the screen and said "eventually" it'll break through 85.

Josh mentioned more of his Best Stocks; it was health care, and he touted MTD and TMO (he made the typical "no-sellers"-after-a-certain-level argument), and A. Joe mentioned owning a bunch of health care. Judge wondered why no one owns LLY. Weiss cited valuation.

On Fast Money, Tim Seymour suggested that Ukrainians were "the last people that were consulted" on the Russia-Ukraine peace plan.

Weiss says ex-employee downloaded proprietary information; it ended up on ‘his new employer’s server’

On Friday's (11/21) Halftime Report, Judge Scott Wapner was off, but we thought guest host Frank Holland might have to call in Judge Judy.

Josh Brown didn't seem to care that JOBY (Zzzz) is suing ACHR (Zzzz), though he owns both stocks, "but they're both small positions."

The subject prompted Steve Weiss to unleash a personal anecdote on alleged corporate espionage, referring to "the idiocy of these employees" and revealing "We're involved in a lawsuit where, uh, an employee downloaded all our proprietary information, and during discovery, we found it on his new employer's server. So, complete moron, you know, who doesn't realize there's a digital trail on both sides."

Rather than prejudge the case, Frank Holland said they can "let the lawyers handle this one."

Meanwhile, Josh said "Joby is in the lead here" but it's "very early." Josh said investors "have to be patient."

During Final Trades, Rob Sechan said he's got a "Pittsburgh accent." Weiss revealed, "I'm from Manhattan."

Josh would buy NVDA at 180

On Friday's (11/21) Halftime Report, Guest host Frank Holland and the crew took up the Stock of the Week, which is of course NVDA.

Josh Brown said, "I'd pull the trigger at 180," and he thinks 200 is "inevitable."

Rob Sechan said NVDA is at a "26 times forward P.E."

Rob thinks there have been "too many parallels" between NVDA and 1999 CSCO.

Kevin Simpson said he's not selling or "running away" from ORCL but there are "echoes of 2000" and even "2007."

Actually the new president (not ‘new’ if it’s Joe Biden) won’t take office until 2029

Bill Baruch joined Friday's (11/21) Halftime Report remotely to discuss exiting TSLA.

Bill began by saying he bought it in July of last year and was "up 100% on it." Bill's video partly froze at least 3 times when he was talking about recent technical flags. Guest host Frank Holland suggested Bill might've been using "Starlink Internet."

Kevin Simpson said Bill made a trade but investors such as Kevin are holding for a long time and selling calls against TSLA. Steve Weiss made one of his favorite long-standing (and admittedly correct) points, that robotaxis have to be serviced, whereas for UBER, the drivers have to maintain the cars. Josh Brown echoed the same point.

Josh touted MS as one of his Best Stocks in the Market, he predicted it "continues to beat expectations."

Weiss said MS has caught up with GS but Weiss owns enough of GS that buying MS is basically making the "same bet."

Kevin bought more MPC; he said it's "9 times forward earning." Kevin sold a 150 covered call on TJX expiring Friday for $1.50.

Josh said GE Vernova is booked till 2028; "we'll have a new president, maybe, uh, in- in the White House."

Weiss: No ‘major upside’ until next year, or late December

Guest host Frank Holland opened Friday's (11/21) Halftime Report asking Steve Weiss if earnings, or the Fed, are driving the market. "It depends on timing," Weiss said.

Weiss said Thursday had a "stark turnaround" for the market to open that high and close lower.

"The market should be OK right now, today, hopefully," Weiss said, but he doesn't see "major upside" until late December at the earliest, or next year.

Weiss said he doesn't see people "continuing to catch a falling knife in big-cap tech."

Josh Brown said, "We really haven't had a meaningful correction since April." Josh said he agrees with Weiss' commentary except Josh thinks big tech is "where they're gonna go."

Rob Sechan referred to "how frothy the markets got in September and October" and said the Santa Claus rally maybe got "pulled forward," but we're only 5% off the highs. Rob predicted this will be a "shallower correction vs. the deeper ones."

Kevin Simpson stressed that bitcoin is a "correlated asset." Frank asked how to trade bitcoin if the bottom was supposed to be $87,000; Weiss said it previously was $100,000. Rob said a lot of bitcoin levels are "flashing green." Weiss said picking the bottom in bitcoin is "even more of a fool's errand" than with stocks because there's "no tangible value."

Josh said Friday's market is "undoing some of the damage from yesterday." Josh said it's not exactly humans deciding that stocks aren't great; it's generally the machines vs. the machines.

Weiss said there's "more than enough liquidity in the market for any outcome."

On Friday's (11/21) Fast Money, Tim Seymour's blue shirt and blue tie clashed.

Joe’s intent on breaking the record for Most Times Making The Same Comment In A Month

Circumstances dictated that we had to blitz through Thursday's (11/20) Halftime Report ... but during that blitz, we actually heard Joe Terranova say "vomit" on national television.

Joe opened the show telling guest host Frank Holland, "It really relates to cryptocurrencies."

"There's absolutely nothing wrong with Nvidia," offered Stephanie Link, but it's "very overowned." Stephanie mentioned one of her favorite terms, Total Addressable Market.

Bryn Talkington said that 2 months ago, she sold NVDA 200 calls expiring Friday and closed them out "with about a 60% gain." Bryn also sold January 220 calls. Bryn said $200 is a "ceiling" for NVDA and she thinks the stock could trade "somewhat sideways."

Joe asked Frank for a platform to discuss crypto (even though it's the same thing he's been saying several times a week for several weeks). "Allow me a couple of seconds just to talk about this ... I believe our strategy was late to crypto holdings," Joe said. But then he added a new word: "When we added Strategy, I- I literally felt as though I wanted to vomit at that moment."

Judge on May 7 used the term ‘existential threat’

Judge on Wednesday's (11/19) Halftime Report announced that GOOGL hit a "new (sic redundant) record high today."

Bryn Talkington bought the stock, calling it the "juxtaposition to a- to an OpenAI." Bryn said "the market is coming around to their TPUs" and that Gemini, "from a retail perspective, is gaining share from OpenAI," and while Siri is "still this Trojan horse," it "makes sense" that there could be a "partnership," and also there's "Google shopping" where it finds you a Christmas tree.

Bryn reaffirmed, "I don't really pay attention to P.E.s. I think it's just a number. It still has a pretty moderate P.E. relative to its growth rate and margins." (Ah. When P.E.s are considered high, we dismiss them; when they're "moderate," we cite them as positives.)

Bryn basically mentioned 4 or 5 reasons to own Alphabet; had she initially said she had more than 3, we would've skipped.

Jim Lebenthal was on the desk; Judge told Jim, in a bit of hyperbole, referring to last May, "The call that you made on this name was nothing short of extraordinary."

Actually Judge is giving Jim a little too much credit. Jim was merely resisting the Eddy Cue hysteria. Jim didn't say back in May, "Once this Justice Department thing blows over, this will take off."

Jim told Judge Wednesday, "Thank you very much" and it "felt good" and said Monday's show on this subject, when he wasn't there but was given credit by Judge and Joe, was "frankly hilarious."

Jim said "if there's a lesson to be learned from it, it's the power of big," meaning Alphabet has several giant businesses that tend to deliver. Judge mentioned "Eddy Cue" (in the 9th minute) and said that in May, "Everybody sort of lost their minds for a moment."

But what exactly was everyone saying on that Wednesday, May 7 episode, about Eddy Cue's remarks, when Judge thinks folks were losing their minds?

Jim, long Alphabet then, only said he was inclined to "hold through this" and is "careful about knee-jerking one way or the other." Judge that day actually used the term "existential threat" (snicker). Joe Terranova called the revelation a "big deal" and said it's about the "cash cow." Josh Brown said it's "extremely significant" and "Joe is right" and "Jim will eventually come around to this point of view."

Joe admits he predicted a chase for performance (without saying he was predicting it for weeks)

Joe suggested at the start of Wednesday's (11/19) Halftime Report that right now, "You're more inclined to take off some risk," and Joe said "that's the place that I reside myself (snicker) right now."

Joe said, "I called for a chase for performance. Ultimately (sic redundant), the chase for performance began. Maybe it's gonna end a lot sooner than I expected it to. But it needs a catalyst," and perhaps that would be NVDA, which now seems like a good bet. (This review was posted overnight Wed-Thurs.)

Permabull Stephanie Link said that whatever NVDA says "bodes well for the overall market." Jim Lebenthal said he expects a "beat on all metrics."

Everyone loves to talk about how they were buying META in December 2022

Judge asked Stephanie Link on Wednesday's (11/19) Halftime Report if she's "mad" (snicker) at META for its spending. "Initially I was," Stephanie said, but not after she saw the results. Stephanie said, "It trades at 18 times forward estimates." Stephanie mentioned Everyone's Favorite Trade, buying META in December 2022.

Dee Bosa said the "true believers" in Silicon Valley that she talks to, "they will tell you, very quickly, that there's certainly a bubble in AI right now." The reason it's happening is because "they think the bigger risk is sitting it out."

Judge brought up OWL and brought in Leslie Picker to discuss whatever this credit-funds merger was about before it got called off.

Judge is not terribly impressed by Joe’s assessment of TGT

Stephanie Link on Wednesday's (11/19) Halftime Report said she'd "probably" sell the rest of her TGT stake because it's "dead money," though she called the 5% yield "safe and secure."

Joe Terranova got Judge's attention when questioning Stephanie if TGT should be working on "shipping times" rather than boosting capex for remodeling stores.

"There's a million things they have to work on," Stephanie explained, but after Joe persisted on capex spending, Stephanie said, "They have to, Joe." Stephanie said the stores don't have the "traffic."

That prompted Judge to mock Joe's question in a funny voice before declaring, "None of that matters. It's all irrelevant. They don't have the traffic. The stock can't go up because their sales continue to go down."

Joe said they still have to "work on the speed of delivery." Judge said "that's not gonna move the needle."

Joe insisted, "E-commerce moves the needle." Judge said, "I'm not saying digital isn't important."

Joe said, "You are saying!" Joe added, "If you order something from, from Walmart, you're getting it a heckuva lot quicker than if you order something from Target."

Steph said, "You need people in the stores." Judge said, "I'm with you."

Joe said TJX is at an "all-time high."

Bryn out of UBER, would buy in the 70s

Bryn Talkington on Wednesday's (11/19) Halftime Report said she unloaded UBER, saying it's hit $100 "about 5 times" but "keeps getting rejected." Bryn said it looks like it's going to the 200-day at 86. But she'd look to buy it if it gets to the 70s.

Stephanie Link said it's a "pretty attractive" stock at "16 times forward estimates."

Joe Terranova said of UBER, "I'm personally long at 36 from 2023," but he'd get out if it breaks 80. Joe said it's "running in place" since May.

Joe sold the remainder of his personal AAPL stake. He bought the GLD. Joe impressively articulated how the dollar, crypto and precious metals have moved recently; he likes the "resiliency" of the metals.

Santoli said the "market's not comfortable with bitcoin making new lows."

Joe said DASH could be a "falling knife." Stephanie said she'd "definitely" buy BA. Joe said he would own INCY.

Jim Lebenthal called CSCO a "Clydesdale of a stock."

Judge declares Jim’s recent argument that shutdown liquidity was the cause of the market selloff as ‘absurd’

In the 13th minute of Tuesday's (11/18) Halftime Report, Jim Lebenthal mentioned ORCL's "5 to 6%" debt. But he said he's seen credit swaps "more than double" in recent weeks, and there's no way such a risk assessment changed in that short of a time span. Judge explained that "markets react long before a potential event."

Seema Mody, CNBC's designated ORCL Debt Reporter, joined the group to deliver the latest. Seema said ORCL's rating of BBB is "lower than the other hyperscalers."

Jim said that when ORCL had $12 billion in free cash flow a couple years ago, people wondered what it would do with it and didn't want a dividend, which for ORCL would "cement your legacy as a value stock." Rather, ORCL found "productive, uh, projects" for that money, Jim asserted.

Jim said Larry Ellison is "benefiting" from his ties to the president, regardless of what people think about it. Malcolm Ethridge said he's been looking to buy back the half-position in ORCL he sold in October, but the more he looks at it, "the more concerned I get."

Jim asked for the ORCL credit default swaps chart again and said the spike just "screams sentiment." Judge scoffed that Jim's argument of recent weeks that the shutdown was causing a market selloff was "absurd at that time" and "absurd today too."

Jenny Harrington doesn't own MSTR but said she's been watching it only because it's "interesting" (snicker). She's tried to identify who's selling and thinks it's the "lower-end investor" (we didn't know there was such a thing) who no longer has the "ability to take risk." Jenny said, "This inability to take risk is starting to trickle up."

MacKenzie Sigalos, dynamite in stripes, said technical analysts of bitcoin think "the bottom may not be in yet." Josh Brown suggested stocks tied to bitcoin are trading at premiums while they actually resemble "closed-end funds."

How CNBC spells ‘circular’

Judge opened Tuesday's (11/18) Halftime Report with the B of A survey (Zzzzzzzzzzz) finding more than 50% of fund managers think AI stocks are in a bubble. Malcolm Ethridge suggested those same fund managers would say they're still not selling.

Jim Lebenthal said there's a "correction going on in the markets" after thinking a week ago it was "just a little liquidity lightness."

Judge said Rothschild Redburn (try saying that 5 times fast) is downgrading MSFT and AMZN to neutral. Josh Brown said that's a "perfectly respectable" call.

Jim said the "quintessential bubble" was CSCO in 1999 at 120 times; Jim said AMZN and MSFT are at "30, 34 times forward." The screen text agreed with him on AMZN but actually said MSFT is only 29. (As always, it's whatever you want it to be.)

Judge asked Jim about whether "circular deals" in Big Tech are a cause for concern. Jim brought up fiber optics in 1999 and said there are "positive returns" now, unlike in 1999, and whether today's world turns out that way is "not gonna be known for 2 years." Malcolm said not all of the "circular" deals are the same.

Maybe the most telling comment about the market came when Santoli said at the end of the show, "The market peaked on October 29th. That was when the Fed cut rates and then said 'Don't- don't expect another one.'"

Boy, sure would be great if we could all go back and buy GOOGL in May

In the 20th minute of Tuesday's (11/18) Halftime Report, Judge mentioned "Eddy Cue" and questioned if Loop Capital's Alphabet upgrade to "buy" is too late given that it's had a hold since May 2023.

"The time to upgrade this stock is when sentiment got really bad," Judge declared, back in May when Jim Lebenthal "upgraded" it on Eddy Cue Day. Jim sighed that this is "the exact mirror image" of Baird downgrading ORCL after it's down 33% in a month.

Judge quoted Sundar Pichai as saying that everyone in AI will get hit if there is a bubble. Josh Brown said, "I don't think you get murdered in an Alphabet at a 27 forward multiple" (but whether 27 is an accurate "forward multiple" is anyone's guess). Judge said it's different with chips and even said "tap ya on the shoulder," a prominent line in the 2007-08 Eric Bolling days of Fast Money.

Judge makes his daily Burry quota

In the 24th minute of Tuesday's (11/18) Halftime Report, Judge mentioned Michael Burry. Judge said Burry posted a trade, long MOH stock and long PLTR puts, according to Burry, "like peanut butter and bananas."

Jenny Harrington boasted, "Every day that the market's had a terrible day, there has been a disproportionate amount of green on my screen," because of health care, real estate, utilities, energy, companies with "fair valuations." Jenny said she added AMCR. "I think Michael Burry's call is smart," Jenny said. Courtney Reagan on CNBC News Update said the U.K. is cracking down on ticket resellers; they're going to have to stick to face value (see if that works).

Josh Brown talked up ABBV and AMGN for his Best Stocks in the Market list.

Malcolm Ethridge said he likes the opportunity in ZS and cybersecurity.

Jenny talked up UBER; Josh said UBER has faced headwinds from narratives about Waymo and Tesla, "very reminiscent of when they said Netflix was dead because Disney+ was launching and, uh, all these other streaming services." Josh called UBER "ridiculously cheap."

Judge felt compelled to squeeze in, just before Final Trades, Jenny's sale of WPP. Jenny said it's "doing horribly compared to its 2 top peers" and she has a "huge tax loss," which is what some stock investors live for.

Actually it’s not too farfetched — Tim takes over DIS, and Iger can run AAPL

Judge on Monday's (11/17) Halftime Report said the FT was reporting on AAPL getting busy on a Tim Cook succession plan.

And, honestly, it's to Judge's credit that he brought this up, because it is an FT story, not a CNBC story. #scoops #let'sgetsome

Judge noted Joe Terranova personally trimmed AAPL. Joe said he owns it personally and in the ETF and it's "prudent" not to have it in both places. But Joe said "there's a lot of resiliency" in the stock.

Joe then bickered with Judge over Berkshire's AAPL sales, saying you can't "dismiss" the AAPL sales while getting excited about buying Alphabet. Judge said Berkshire trimming AAPL is "not new." Joe said, "They're selling more Apple than they're actually buying of, of Alphabet."

Judge didn't bring this up, but if Tim is really stepping aside from AAPL's CEO-ship possibly as early as next year, that might make him a prime recruit for Gorman/Iger. To a small extent, they're actually in the same business. We don't know ... we don't know anything about anything ... but we gotta think nobody at Disney and all its constituencies would have any problem with Tim Cook being named successor.

Weiss sees ‘no reason’ to buy crypto now

Joe Terranova on Monday's (11/17) Halftime Report said he wishes he had the "discretion" to keep MSTR out of the JOET.

Joe explained that we had the "peak in the market on October 6th," and these "macro momentum assets are rolling over."

Steve Weiss said of bitcoin, "There is no use case; it's strictly a trading vehicle." Weiss said he made a mistake not selling all of his IBIT when the momentum "died." Weiss added, "I see no reason to step in here."

Joe said this is the most pro-crypto administration, and yet bitcoin on the year is "basically unchanged," which indicates "it's goin' lower."

Later in the show, Tom Lee turned up, in all places, on ETF Edge, hosted by Leslie Picker. Tom said he remains bullish on ethereum because Wall Street wants to "tokenize assets, you know, bring stocks, bonds, real estate onto the blockchain (snicker)," and ethereum is the "neutral, 100% up-time blockchain." Tom conceded crypto is "hyper-volatile."

Tom suggested ethereum is "probably is bottoming this week."

Judge actually mentioned ‘Eddy Cue’ on Closing Bell

Joe Terranova on Monday's (11/17) Halftime Report was downplaying the importance of Berkshire's Alphabet stake, pointing out, "They sold about 9.4 billion worth of Apple ... they're still a net seller."

Judge insisted, "Yeah but, this is a big deal."

Judge prodded Joe to congratulate Jim Lebenthal on liking GOOGL back in May. Joe, who has promised a "chase for performance" for weeks/months, said GOOGL and the SMH are reasons "why you don't get too bearish."

As far as the capex fears that Judge talks about literally every day, Judge said it's "too soon" to know if tech is overspending; the answers will take "years, not months."

Steve Weiss agreed with Judge that it's too soon, and for now, "It doesn't matter." Because if they spend too much, they'll put the "brakes" on it. Weiss said, if you're a company in this space, "You can't wait to spend."

Somebody’s got another small position size in a stock that’s doing badly

In the 14th minute of Monday's (11/17) Halftime Report, Judge said "Michael Burry's back" and also said Chanos is making noise about capex too.

Steve Weiss said, "It's much ado about nothing." Weiss said it's "2 short sellers" and that Chanos is looking primarily at CRWV; Weiss said he himself looked at shorting CRWV, "but I just don't short really anymore." Weiss said the "coverage ratios" of 2 unnamed companies are "monstrous" and are what any companies want; so there's "no there there."

Addressing Morgan Stanley's double downgrade of DELL, Bryn Talkington said memory prices are "outperforming gold," and "memory is increasing exponentially," but short-term margin compression seems "very likely." Bryn said you can buy MU while waiting for DELL's issues to blow over.

Bryn said of NVDA, "the Q&A is gonna decide whether the stock trades up or down."

Sarat Sethi said biotech and pharma are coming back. Shannon Saccocia said there could be a bit of an "unwind" in the short term, then it would be a chance to add. Joe Terranova said he did a "bad job" of bailing on MRK, saying it seems to want to press toward a 52-week high.

Joe predicted a good quarter from CRWD. Joe said he could make the argument that CRWD and PANW are grabbing market share from the others.

Judge said CNBC Pro (they want you to subscribe) came up with a list of "most oversold" stocks that could make a comeback. Sarat said he'd buy the LW weakness. Joe said AXON still needs to work off its "extreme valuation," but that will happen a little "down the line."

Joe said SMCI's and XYZ's charts look "awful."

Judge asked Sarat about ORCL; Judge said when he brought up ORCL, Sarat looked like he "just put the tee shot in the water." Sarat said he brought down ORCL at 300 to "half a position size," now it's "the speculative play" in his portfolio. Judge, who could've brought up the half-position or "small position" point he made last week (see below) but didn't, went on to make a bunch of golf puns regarding ORCL and concluded with "good stuff."

Joe was going to mark the 5th anniversary of the JOET in a CNBC Pro chat with The Dominator, Dom Chu.

Monday's Fast Money welcomed Jim Cramer, who already has a show said he tries to watch Fast Money whenever he can and who has also got a new book for sale.

Judge says panelists only mention ‘small’ positions for stocks on the downside

Judge on Friday's (11/14) Halftime Report, to his credit, again brought up DIS (that's one of the Week's Greatest Hits) and asked Brian Belski about owning the shares.

Belski said he's been rolling back his shop's positions; he said he won't say it's "more of a value stock," rather, "it's becoming more of a concern."

Belski said he's only got a "relatively small position" in DIS. Judge carped, correctly, that nobody ever says they have a "small position" when a stock is surging; "It only happens on the downside."

Belski protested that his "premise" for buying was "because of Iger when he came back." He didn't go into why Bob was willing to exit the first time — cable being a melting iceberg, and streaming being a churn mess for everyone except NFLX. (This writer is long NFLX.) Nor did he opine on whether the stock would move higher (or not as low) if Bob is given a 10-year contract, or if Bob exits completely and two co-CEOs are chosen.

‘Powell doesn’t have the votes now for a cut’

Judge opened Friday's (11/14) Halftime Report talking about what this page would call the Week's Greatest Hits, which include ORCL giving "everything back" from September, "rate-cut rollback" and Burry's ... stuff.

Stephanie Link said it's all "totally overblown."

Malcolm Ethridge said it's "reasonable" for investors to question META making AI investments "to no end."

Judge and Stephanie joked about Stephanie taking up the whole A Block. While still in the A Block, Brian Belskki joked about the "Q Block" and said we're "nowhere near a bubble." (If he had said the opposite, it would lead the CNBC.com website all day.) Belski said comparisons to 1999 are "bunk."

Belski said he was worried a couple weeks ago that there were "too many bulls."

Malcolm said he's looking to buy back ORCL somewhere around Friday's price. He said the story is still strong but the market got "way too euphoric."

Steve Liesman told Judge, "Powell doesn't have the votes now for a cut." Steve bluntly declared, "The market has not been listening to what the Fed has been saying."

Steve joked about the "extended A Block." He said he heard "all of it" and he didn't hear "Fed funds" a single time, which signifies something.

Judge pointed out that the IBB is up. (That's another of the Week's Greatest Hits.)

MacKenzie Sigalos reported that "bitcoin has now erased all of its gains since President Trump's inauguration."

Judge brings up Jim Stewart’s bringing up that Iger could be chairman

Judge, to his credit, on Thursday's (11/13) Halftime Report took up his quite-significant conversation a day earlier about DIS with Jim Stewart on Closing Bell.

It started Thursday when Jenny Harrington said the market had a "stupid reaction" to DIS' results; Jenny of course mentioned the P.E. ratio.

Judge said, "Well their revenues missed, and you got nothing on succession either. I could- maybe people are just getting tired of waiting."

Jenny noted that DIS raised the dividend and announced a buyback.

Referring to the YouTube dispute, Josh Brown volunteered that "they're getting manhandled by Alphabet" in what Josh calls "Mag 7 platform risk." Josh said the length of the dispute calls into question the worth of that programming content. Jenny said "that's a much bigger conversation."

Judge referred to the Nelson Peltz board vote and asked Jenny if she has "regrets" that Nelson's not on the DIS board. Jenny indicated no, then said "I don't know."

As for CEO of this company: Jenny said, correctly, "There's not that many people available for the jobs ... I think this is a particularly difficult succession situation."

Kari Firestone didn't seem to think there's any news in the lack of succession, offering, "They said it would be this- uh, first quarter of next year."

But Judge pointed out that Jim Stewart said Wednesday there isn't "any, uh, insight" into who it might be. Judge noted that Jim suggested there's talk of co-CEOs with Iger as chairman (James Gorman is the current chairman). "He raised that, not me," Judge said.

Gold miners ‘can go up 150% easily from here’

Bill Baruch, whose call to be long gold miners a few months ago is a contender for Call of the Year (this writer is long one of those miners), is at it again.

Bill on Thursday's (11/13) Halftime Report bought CDE and said it bought a company called "New Gold"; Judge wondered if New Gold is a company or just finding new gold.

Bill also bought GROY and, in the day's most startling claim, said, "These things can go up 150% easily from here."

Judge, incredulous, asked, "150%; are you talking about the stock??? After a 200% gain year to date, another 150."

Bill said yes, if they "come to life," because "they're really being benchmarked to 3,200 gold, $35 silver right now."

Kari seems to think there’s a Fed leak every day, says market may drop 5% if no December cut

Judge at the top of Thursday's (11/13) Halftime Report suggested interest rates are the "culprit" for the day's market swoon.

Josh Brown said a portfolio manager he knows calls it "the ABC Market," which has nothing to do with Bob Iger or Jimmy Kimmel or David Muir but "Anything But Chips."

Kari Firestone curiously said, "We've been hearing for weeks now that there's a split at the Fed. And every single day, I- I feel the Fed leaks information, or the members are talking about it-"

Judge countered, "They don't leak it; they talk about it!"

Kari suggested if there's no Fed cut in December, the market may drop "5%," which seemed to make Judge incredulous.

Bill Baruch said the Fed needed to "balance" its opinions. Bill said he feels "pretty confident" we'll get a cut, but it's not a "necessary thing."

Judge suggested it's "necessary" for "certain parts of the market."

Jenny Harrington was describing the market and then reflected on her portfolios, stating, "What's the one thing I've got going for me — they're all profitable, they all have low valuations."

Josh pointed out, "The Dow is beating the S&P 500 over the last month and over the last 3 months ... the Dow has more exposure to Goldman Sachs and Caterpillar than it does to the entire Mag 7 combined."

Josh said in the AI scene, where profitability is an issue, "These guys won't stop doing podcasts and letting stupid things slip out of their mouths."

Judge said ORCL has "round-tripped it and then some."

Jenny talked about CSCO seemingly for no other reason than it's not ORCL.

Judge claims Michael Burry basically is saying ‘bubble’ even if he’s not literally saying ‘bubble’

Evidently unable to resist, Judge on Thursday's (11/13) Halftime Report said, "Again related to Michael Burry ... Um, he thinks we're in a bubble. I mean I think he's made that pretty clear from his postings on, on social media."

Leslie Picker reported that Burry has "deregistered" Scion Asset Management. Josh Brown said, "Family office? Or active ETF?" Judge chuckled, "I don't know."

Meanwhile, Bill Baruch bought more AMGN. Bill said you have to "lean into what's working right now." Kari Firestone said health care has been "oversold for years"; Kari said there are "4 reasons why the health care and biotech stocks are goin' up," but this page, as always, can't handle more than 3.

Jenny Harrington claimed pharma companies will be some of the "true AI beneficiaries," because they'll have "better research" from "fewer scientists." (That's just what the world needs — fewer scientists.)

Josh Brown said the best-performing S&P stock this year is HOOD.

Wonder what XOM’s forward P.E. is

Jenny Harrington on Thursday's (11/13) Halftime Report suggested VZ job cuts may be like UPS, which may be "super compelling" for a portfolio manager but very troubling from a "human perspective." Josh Brown said VZ has been 41 since 1998.

Kari Firestone said she still likes BKNG and it's done great and she's even trimmed a little bit, but it's "debatable" whether post-COVID travel can remain "fantastic." Josh shrugged that it looks like "every other travel stock," with a rounding top. Josh said "travel comps" going into next year are steep; "I'd be really careful."

Josh said names like RKT are stalled by a 10-year yield that is being very sluggish, but he thinks eventually RKT will "run away" with its "full funnel" housing purchase experience on 1 app.

Josh talked up XOM as one of the Best Stocks in the Market. Josh said 125 would be a "real trigger." Bill Baruch said he could potentially be "leaning into" this name by year-end.

Jenny said she's got 21% exposure to energy. She knows "for sure" it will benefit from the data center build. (But did anyone ask Jim Lebenthal if that buildout should be done with debt vs. equity?)

Santoli said there's "narrative static" (snicker) in several places in the market.

Iger might just be chairman with co-CEOs, Jim Stewart suggests

Surely the most curious bit of information heard on CNBC Wednesday (11/12) (no, not Howard Buffett's foundation getting more money from Warren) was Jim Stewart's revelation of DIS "successor" speculation on Judge's Closing Bell.

Um, basically, if you could bet on this subject at a casino — who's in charge at DIS in 2026 — the odds would say Iger -900 ... all others, +500.

But the key word there is "in charge." Because the formal titles include chairman, CEO and president. And in the roughly 1-century history of DIS, there has not been consistency as to which of those titles is actually running the company. (There is consistency on that subject this century, but not the previous one.)

So basically, someone "in charge" could simply change titles, have a "succession" declared ... but still remain "in charge."

Stewart first told Judge that this is "the first time Disney is all-in on streaming." Yeah, right. Every 3 months since about 2021, Jim Lebenthal tells Halftime Report viewers (not an actual quote), "They finally figured out streaming."

Anyway, Judge asked Stewart, "Are you tired of waiting for successor information?" Jim chuckled and said "Well we aren't getting much ... there's continuing speculation they might have co-CEOs. There's even, I've heard talk, that they'd have co-CEOs and Iger would stay as chairman ... None of this is completely implausible ... I have not heard any word of them going outside the company."

What Stewart did not say is that neither the DIS CEO nor board trusts anyone else in the world to run this company; that's the problem.

So it sounds like we're looking at a Putin/Medvedev thing.

Except DIS doesn't even have a Medvedev.

Stay tuned.

Weiss says he doesn’t know why proxy advisors exist, then immediately explains why they do

Judge on Wednesday's (11/12) Halftime Report said MoffettNathanson is saying it's time for NFLX to climb. (This writer is long NFLX.) Joe Terranova asked for a 6-month chart and repeated his refrain that it's done "nothing" since June 30. Joe said it's "consolidating the gains" and "marking time" and looking for a new catalyst. But Steve Weiss said, "It retook the 200-day." Weiss said the Netflix service is still "grossly underpriced," the strongest point of this or basically any NFLX conversation.

Leslie Picker reported on proxy advisors, which apparently have a dubious reputation. Judge questioned whether these services "make a difference for shareholders." Leslie said the "empirical" evidence is "pretty mixed."

Weiss said "I don't know why they exist," then said "They exist for insurance policies for mutual funds and other large institutional investors."

Forward P.E. sighting

Kari Firestone on Wednesday's (11/12) Halftime Report said she bought NVDA, and she was comparing it with previously buying AVGO.

Kari said NVDA is at "31 times" while AVGO is at "36 times." The screen graphic didn't show either stock's forward P.E., so we can only guess what other estimates of those P.E.s are. Then Steve Liesman talked about Rafael Bostic's comments. Then Judge went back to asking Kari about buying NVDA and trimming AVGO. Kari said it's "portfolio management" and what we're "supposed to do" is "buy low, sell high."

Joe Terranova said he can "reasonably see" AVGO and NVDA being fine in 12 months; right now, as for AVGO, NVDA, MSFT, META and TSLA, there's a "breakdown in their momentum score." Joe said he'd rather wait to buy NVDA at a new high over 208, 209, than buying it here.

Forward P.E. sighting II (a/k/a Judge says he owns no Ons)

Jim Lebenthal wasn't on Wednesday's (11/12) Halftime Report panel, but he dialed in to say ONON "should be up."

Jim said, "At 27 times next year's earnings (snicker), I think it's priced to go higher." However, Jim said there had to be "short covering" occurring Wednesday.

Judge asked why ONON was down 36% coming into the earnings. Jim said "it simply got too expensive"; he sold it in February with a forward multiple of "60, 6-zero."

Late on Wednesday's Closing Bell, Kristina Partsinevelos reported on several stocks and wagered $5 with Judge that he owns "at least 1 pair" of On shoes. Judge said, "You can Venmo me the 5 bucks, thank you very much." (This writer owns an On pair but not ONON stock.)

In the CNBC News Update, Kristina Partsinevelos calls Rep. Thomas Massie ‘Thomas Massive’ (sic) (snicker)

In a choppy opening to Wednesday's (11/12) Halftime Report, Joe Terranova observed, "That momentum factor continues to turn more towards quality."

Liz Thomas said this is "part of the chase that's ongoing." Liz sees a "catch-up trade" in pharma, biotech and small caps.

Steve Weiss thinks the rally's in a "pause" until we get past the Fed meeting; Weiss said health care is a "land mine." Weiss said the government will "cut back" on spending. Judge insisted, "This is what the bulls would- would have wanted," which is that the Dow is picking up the "slack" from the tech pause.

Kari Firestone said tech's been the "sole winners," but now we can talk about certain health care names or financials.

Joe talked about not shorting the market, how other winners would surface, and "It will continue into the end of the year."

Joe pointed out how AMD was on the outs in the AI world a couple years ago but now is a "new entry into the momentum category" with "room to go further."

Maybe Judge should ask the mentalist Oz Pearlman what Mike Burry is thinking

In the 18th minute of Wednesday's (11/12) Halftime Report, Judge brought up "hyperscaler debt." (Zzzzzzzz)

Judge said "it remains a big story (snicker); what can I tell you."

Judge said Michael Hartnett says that shorting hyperscaler bonds is a "top trade for 2026." (For all of those Halftime viewers who are planning to short bonds.)

Then Judge said, "Here we go with Michael Burry again," which was basically Burry posting a gratuitous shot of his character in "The Big Short."

Judge brought in Seema Mody, who appears to be CNBC's designated ORCL Debt Reporter. Joe Terranova said ORCL is a "battleground stock." Joe said he believes it's "different than '99," but the market is "sensitive" to debt funding. Joe said, "The debt to equity ratio on this company is nearly 550%. That's not something you should be comfortable with."

Turning to Steve Weiss, Judge said Weiss has said that hyperscaler debt issuance is "much ado about nothing." Weiss said that's true in some names, but he "never liked" CRWV and people are looking at the "real finances" of its deals, as well as with ORCL.

Weiss said "you can rifle-shot shorts," but it's "crazy" to go after META; "there's no there there." Judge said, "This is not a today problem," but people may have "paid more attention" to whatever Burry posted. Weiss said that's true for "certain names."

Liz Thomas claimed that these companies used to have big cash hordes but have "drained a lot of those cash positions." Judge said, "They haven't drained 'em. ... Let's not act like they spent it all the way down." Liz said, "Why do they need debt if they're sitting on the cash." Kari Firestone offered, "If it's cheap enough for them."

Joe again stressed to Kari that using debt "blunts the sentiment and confidence" of the story, a point he's now made probably 5 times in the last 3 days. (For those who only watch 5 minutes of the show at a time.)

The hyperscaler debt conversation ran 10 minutes at the end of the A Block.

Judge reports on the closest thing he heard in the previous 24 hours that sounds like ‘bubble’

Judge on Tuesday's (11/11) Halftime Report was back to talking about Michael Burry posts.

(Because any time a Wall Street figure uses, or gets close to using, the “b” word, Judge’s ears perk up.)

"He's been on a run lately of posting about, you know, potential bubbles (drink) in the old AI stratosphere," Judge revealed, stating that Burry "essentially says" that "the hyperscalers are overstating their earnings."

Judge said he wasn't going to read the whole post (but it was shown on the screen and asserts that the companies are underreporting depreciation).

Josh Brown said the conversation seems to be shifting from stocks in a "bubble" (drink) to these companies "doing something that is deceptive to investors," but "for most people, that's a bridge too far." Josh said most people recognize this tech era as having a "new paradigm."

Grandpa Joe Terranova said, "We've heard a lot in the last several weeks about AI stocks using the debt market." Joe said it "blunts the sentiment because we're so sensitive to what happened in the '90s."

Sounds like Joe’s walking back the ‘chase for performance’ a little bit

Judge opened Tuesday's (11/11) Halftime Report with a stumble right out of the gate, reading Tony Pasquariello's latest note but pronouncing "constitutes" as "constituates" (sic) (snicker).

Permabull Stephanie Link is ... bullish.

Joe Terranova suggested 2026 earnings forecasts may be "a little bit aggressive."

Joe said "The single most important exercise (snicker) you could be doing with your portfolio right now is understanding, Am I maybe a little bit too overweight or too long in the direction of technology?"

Josh Brown said the market is dividing Big Tech between those with "explicable" AI strategies and those whose strategies are "a little bit murkier." Josh rattled off a lot of non-AI stocks that are on or near his "Best Stocks in the Market" list.

Dee Bosa is back and reported on SoftBank selling NVDA. Joe has "no problem" with "ringing the register" but asserted that this move reflects his opening point about how tech positions could be sold as a means of gaining liquidity.

Joe said of NVDA and the space, "I would not chase these stocks here." Stephanie said she maybe wouldn't chase NVDA but is buying META and MSFT.

Whew — Joe doesn’t tell us what AXON’s forward P.E. is

Stephanie Link on Tuesday's (11/11) Halftime Report bought SBUX and mentioned Brian Niccol's track record and says it's a "great opportunity to get in now." Stephanie trimmed TGT.

Josh Brown suggested defense names as the Best Stocks in the Market, singling out LHX and GD and RTX. Joe Terranova said the JOET is in AXON, bought in July 2024 around $300, which is helpful to viewers now.

Joe said Judge greeted his buy of IBB with "skepticism" but is now "warming up" to it. Judge said, "Don't get over your skis." Joe said that it's a "5-year breakout" in progress.

Another screen graphic differs wildly with someone’s Make-Up-Your-Own-Forward-P.E.

Bill Baruch remotely joined Monday's (11/10) Halftime Report to tout buying AMZN, calling it a "breakout story" apparently largely on technicals and different than ORCL.

(Honestly, it seems like people all the time call AMZN a great buy; we don't know why it goes up or down when it does and doesn't.) #translation:peoplestrugglewithcatalystshere

Bill claimed AMZN is trading at "26.6 forward" with a "long-run average about 37."

Amy Raskin agreed that AMZN is a "different story." Amy said, "I think Amazon is better at robotics than Tesla."

Sarat Sethi backed AMZN too.

Then Judge asked, "What's the forward P.E. on, on Amazon?" Sarat said "it's 26 times forward earnings at this point," which is basically what Bill said.

But the screen graphic said "34.90 FWD," which Judge cited. (We could post a screen grab as proof, but Judge announced it regardless.)

Sarat didn't dispute that number for some reason but said the company is "firing on all cylinders" in multiple ways.

Meanwhile, Bill bought more UBER, calling it a "free cash flow story. "Bill said 85 is a "tremendous area of support," and it may never get there.

Bill also bought more COIN, suggesting there's a "lot of support" for bitcoin at $100,000, and he's seeing "data" (pronounced DAY-ta) that indicates crypto is "becoming a real asset (snicker) or a diversifier in portfolios."

Just what the Buffett children’s foundations need, more money

Warren Buffett's Thanksgiving letter is out, which means Becky Quick had to stay late to do some reporting, which occurred on Monday's (11/10) Halftime Report.

As Becky explained Warren's latest bequests, it reinforces the notion that wealthy people in general don't really have a lot of good options for what to do with their money (see our home page essay on this topic. Someone came up with The Giving Pledge in an attempt to remedy this problem. But it doesn't remedy the problem).

Quoting from the letter, Judge said Warren writes that, as far as future returns, "our size takes its toll." Becky said Warren (and Charlie) have talked often of the "law of big numbers," but Warren thinks of Berkshire as "safe."

We’re going to start a drinking game here, for every mention of either 1) ORCL issuing 5-6% debt or 2) the market momentum being intact no matter WHAT happens until Dec. 31 Nov. 30

Jim Lebenthal on Monday's (11/10) Halftime Report said he bought more ORCL and, like he always does, mentioned the "5 to 6%" rates on ORCL debt and said he doesn't want to sound "too blasé" (snicker) about the stock, as he takes his money management responsibility "very seriously."

In the 14th minute, Jim was still talking about government liquidity, as it relates to ORCL's slide.

Judge protested that Jim can't claim ORCL's drop from the mid-300s is all about government liquidity.

Jim said "we never know exactly what it is" and "it's not all 1 thing," but the "biggest factor in that slide from September is liquidity drying out."

Sarat said he still owns ORCL but "I trimmed a bunch of it in the 300s," believing it had gotten "way ahead of itself."

Steve Weiss said he finds it "very interesting" that Jim says we can't pinpoint a stock slide on "1 event" but he seems to be identifying "1 point that's driving the market down." Weiss said "Debt is not all created equal" and noted Sarat's point about ORCL having negative cash flow.

If the top 2 candidates are internal, why is it taking forever for DIS to anoint a ‘successor’? Years-long background checks?

Judge asked Steve Weiss on Monday's (11/10) Halftime Report if tech stocks are "back on track."

Weiss defended META's increased capex spending and said it's "extremely attractive" even though he bought some for a trade and "caught a falling knife." Weiss said it'll be "game back on," in tech, but he said the volatility in the sector isn't over.

Renewing his battle with Judge, Jim Lebenthal stated again, "I do think the swoon in the market in the AI sector in particular has been caused by liquidity issues that stem directly from the government shutdown."

Jim was trying to finish saying that these stocks got hit "simply because" of ... presumably the shutdown, but Judge cut in, "That's where you're gonna go off the rails ... the train has just lost a wheel."

Jim went on to say it was "institutions selling the stock market," and they're going to sell the "top 10 names, which is predominantly AI."

Judge said "understood, but you're making this assumption ... it's not like there was nothin' going on and the whole market came down because the- you know, they were all of a sudden concerned with the government shutdown. Right. Meta startled some people with their earnings report. ... Palantir startled some with the valuation question."

Jim said earnings should have been supportive of stocks.

Judge told Jim that META can't be called "idiosyncratic" when it doesn't fit a narrative. Jim insisted the "dial turn" of the last couple weeks has been about "liquidity flows."

Amy Raskin said we're getting tech spending from debt financing, so we're "closer to the D-Day" (snicker) of when we need to see AI results. Amy made a curious analogy of "giving away AI for free" to giving away cars for free. Amy said, "Almost all capex booms end badly; it's just a question of when."

Jim said in response to Amy, "We're a long way away from it."

Sarat Sethi said he agrees with Jim, but "in addition," the market is discounting slowing in the "K-shaped economy."

Tom Lee sees ‘a lot of chasing into year-end’

Judge brought in Phil LeBeau to Monday's (11/10) Halftime Report to discuss air traffic controller staffing; Phil outlined a lot of angles but basically concluded that, once the shutdown is officially done, it'll probably take "a day or 2" to get all the controllers back to work (although, since the end of the shutdown seems to be highly telegraphed at this point, it's kinda hard to see how anyone would be taken by surprise).

Judge referred to ORCL issuing debt at 5-6% the "nonsense that we're- we're- we're witnessing on a daily basis."

Sarat Sethi owns DAL and said international routes are not being canceled, and that airlines will "optimize" routes once this is settled. Jim Lebenthal said "this is a very temporary situation" for the airlines. Steve Weiss said "there's no moratorium on price increases."

Later in the day, the star guest on Closing Bell was Tom Lee, who said a lot of money managers probably would like to see the year's returns dip back to the level they're at, but Tom expects the typical "seasonal pattern" that will bring "a lot of chasing into year-end."

Weiss tells it ‘like it is,’ says he’s staying long bitcoin because he’s ‘following corruption’

On Friday's (11/7) Halftime Report, Judge asked about the stall in crypto; he started with Josh Brown.

Josh said some people have been buying it simply because it was going up, as happens with stocks, and when it stops going up, some people stop buying. Josh said he agrees with Cathie Wood's point this week about stablecoins.

Steve Weiss though made the boldest statement. Weiss said he trimmed IBIT and still doesn't see a "use case" for bitcoin.

Judge pointed out that Weiss is a "pure" momentum player in bitcoin. Weiss explained, "Here's what keeps me in it, OK, uh, and some people may not like this, but I'll tell it like it is: Trump's family allegedly has $7 billion in bitcoins, probably lower over this week, like it's lower with me. Trump just freed, uh, or just pardoned, uh, the head of, you know, the most influential person. Uh, and, I'm following corruption. And corruption will win to a certain point. And his stake in getting bitcoin higher, is very evident. So I'm following that trail. Pure and simple."

Weiss and Jim have an argument ... apparently over whether tech investors are ‘not used to seeing debt’

Jim Lebenthal and Steve Weiss used to have some great exchanges on the Halftime Report while stationed at Englewood Cliffs; it doesn't happen as much nowadays at Post 9, but Friday (11/7) was a major exception.

It kicked into high gear when Judge said a "tremendous amount" of debt was being raised for tech AI capex (or whatever it is they're buying); Jim insisted "it's not tremendous."

Judge displayed a hyperscaler "watch out" metric (snicker) showing bond spreads. Jim tried to opine but told Weiss "hang on a second," then said ORCL bonds are 5-6%, so they're not "distressed," but that tech investors are "not used to seeing debt," an observation that Weiss took issue with, saying Jim's point is "complete nonsense."

Jim insisted his is a "cogent thought pattern."

Weiss said AAPL has been in the credit markets "for a long time." Jim said "Apple's not part of the AI trade." But Jim and Weiss apparently do agree on how it's a no-brainer to use debt financing, evidenced by the follow-up conversation with Seema Mody, who joined the set to discuss ORCL.

Jim yet again explained that "I would rather they use debt as opposed to giving up precious equity."

Judge opined, "Debt financing is great. Until it isn't."

Judge insisted he's not being "alarmist (snicker)," but "it's what is being talked about on the Street."

Seema though asked Jim about whether there's "additional risk" of ORCL using its credit quality "to help developers obtain these construction loans at a favorable rate?" Jim said he's not claiming there's "no risk" to taking out debt. But he said it's not yet like the late 1990s. Weiss told Seema, "Yes, it adds an extra level of risk. But not one you should be concerned about." Weiss said credit investors are "not worried."

Jim claims the market’s stumble is because of the shutdown, accuses Judge of not letting him speak

Jim Lebenthal on Friday's (11/7) Halftime Report said, "I think the fundamentals support a continued rally in the AI trade," and then uncorked a theory: "What's happening is, liquidity is drying up. And I believe quite strongly that this is a result of the government shutdown."

Judge cut in, "You can't tell me that the Nasdaq down 5% on the week is related to the government shutdown."

"I can, because you're not letting me finish. If you'll let me finish, I absolutely can-" Jim protested.

"It sounds like so absurd," Judge concluded.

"No it's not absurd," Jim said, explaining that "all of this time, money is building in the Treasury general account at the Fed ... it's a 1.2 trillion dollars. That is money that should be in the commercial banking system."

Judge insisted, "Nvidia's down 10% this week because of the shutdown?"

"Yeah," Jim said.

Steve Weiss chuckled, and Judge told Jim, "Stop."

"I wouldn't guffaw it," Jim said, saying his reasoning is "far more believable" than the notion of "we're not gonna be spending on AI chips."

Judge said, "I think you're conflating a couple of things," saying people are "questioning exactly what's being spent." Jim said the product of this spending is, "at earliest, a 2027 result."

Weiss said it's "overly incorrect" to say the shutdown is causing the pullback, and Jim's theory "just doesn't make sense."

Weiss isn’t ‘worked up’ about the Nasdaq’s down week

Steve Weiss told Judge on Friday's (11/7) Halftime Report that "there's no one answer" for the market selloff, but we've continued "to hear the narrative increase that tech's in a bubble ... eventually that narrative lands."

Honestly, we have no idea if that "narrative lands," but there was a lot of conversation on the show Friday related to that particular angle.

Weiss said, "I'm not worked up about it. But I am concerned."

Josh Brown asserted, "Meta represents the first sign that there actually are consequences in terms of stock price for quote-unquote overspending on AI capex without having a coherent strategy that investors can understand or believe in."

Kevin Simpson stated, "Sometimes, markets themselves can become self-fulfilling prophecies."

Judge said Tom Lee advises, "Buy the dip."

Judge questioned why the OpenAI people are talking about a "government bailout or backstop." Weiss admitted, "That's scary," but he doesn't think there's anything to "backstop" that conversation.

Weiss suggests FAA is giving airlines a chance to drop some unprofitable flights

On Friday's (11/7) Halftime Report, CNBC's Phil LeBeau, reporting on the shutdown's impact on air travel, was kind of flummoxed at DFW, though he said "it's calm."

Jim Lebenthal said it's "bad across the board" but that with flights reduced, airfare will cost more, and "they're gonna recover a lot of it with price."

Steve Weiss said, "They may be cutting the flights that aren't profitable." Jim acknowledged that's a "good point" but said "the DOT is gonna tell them where they've gotta cut flights."

Judge demands a 1-year chart of a stock that apparently started trading Oct. 20

On a very quotable Halftime Report on Friday (11/7), Josh Brown may have had the Quote of the Day, mocking that companies will say, "At the lower end, the consumer is struggling. As if there's ever a time where, at the lower end, the consumer is, like, doing just peachy."

Josh said "SHAK is executing" and doing "much better" at retaining employees.

Josh touted WELL on his stocks list, as well as VTR, though he said they're not yield plays. Judge asked how many names are on the "best stocks" list. Josh said "north of 50," but the number is "falling." (Like this page always says, you can basically front-run Josh's info by checking out the 52-week high list.)

Kevin Simpson, who had a quiet show but is constantly buying stuff and talks about it, bought MPC and sold PG. He also sold SOLS, which we'd never heard of. Kevin explained how it was a HON spinoff. Judge requested a 1-year chart, and Kevin had to point out that because it's a spinoff, there probably isn't a 1-year chart. From what we could tell from Google Finance, SOLS started trading in mid-October.

Kevin said he sold DASH because of the earnings miss, calling it "depressing," which seems a little harsh. Kevin said he's not selling DKNG but indicated it's on a short leash.

Cathie Wood lowers her
2020 bitcoin forecast

Guest host Frank Holland on Thursday's (11/6) Halftime Report aired a clip of Cathie Wood on Squawk Box explaining how Stablecoins are apparently muscling in on bitcoin, so she's taking $300,000 off her "bullish forecast" for bitcoin by 2030, from $1.5 million to $1.2 million.

Bryn Talkington acknowledged, "Stablecoins, everyone's using them ... if she's right, 1.2 million, that's still well over a 10x in the next 5 years of bitcoin."

Joe Terranova, apparently again lamenting the JOET's crypto exposure, stated, "I think we're a little bit late to the crypto story."

Bryn suggests ‘very little correlation in the short term’ between earnings and stock movement

We were excited about hearing Liz Ann Sonders' comments on valuation and breadth a day earlier (see below), but Bryn Talkington amped things up on Thursday's (11/6) Halftime Report declaring, "There's actually very little correlation in the short term that- that earnings drive a particular stock or a market."

Well, yes and no.

Yes, earnings in the past tense probably don't drive much in the way of stocks. But a change to earnings expectations, that would drive some stock movement.

Jason Snipe opined that "there's a lot of good things" in recent earnings reports. Jason said the market's in a "bit of digestion."

Joe Terranova had opened the show stating, "The battleship (snicker) of momentum is turning." Joe pointed out when the dollar bottomed and when crypto and gold peaked, all in the last 2 months.

Jenny Harrington suggested, "I think you should take a little bit off the table." Jenny was starting to talk about the "derisking" conversation when guest host Frank Holland cut away to Donald Trump's Oval Office remarks about Eli Lilly and weight loss drugs.

After this news event, Jenny said, while trying to speak over the gonging at the NYSE, that she met with clients in Indiana. Eventually Jenny revealed, "I'm nervous."

Jenny asserted, "The consumer's weak."

Jenny stated, "My bet's on that the government shutdown ends sooner rather than later."

Sully was doing the CNBC News Update.

Joe apparently warns against shorting the market

In a bit of an understatement on Thursday's (11/6) Halftime Report, Joe Terranova said of DDOG, "Obviously you're being rewarded here if you're long." Joe said if long, he'd use a 165 stop.

As always, Bryn Talkington was asked about TSLA. Bryn said the pay package thing is a "very positive clearing event."

Jason Snipe said COST's Kirkland business is $80 billion, which is a lot more than KO's $47 billion revenue for the whole company.

Jenny Harrington said the acquisition by SCHW is so much smaller than SCHW's total operation that it adds "not even a drop" to earnings.

In Final Trades, Joe curiously began with a statement: "Just to wrap the show, I want to be clear here. I don't think that you should be tempted here to go short thinking this is a much larger move. Look at Apple. Apple's higher. The market doesn't want the liquidity, it just wants to work off some of the extreme sentiment and bullishness." Joe predicted the shutdown "probably ends by Monday or Tuesday."

Liz Ann says valuation and breadth are only ‘gauges of temperature’ and have nothing to do with short-term timing

We always like it whenever someone on the Halftime Report takes a crack at the meaning of "valuation," and such was the case on Wednesday's (11/5) show.

Judge was in Denver for the Schwab conference and asked longtime Schwab front person Liz Ann Sonders about the market having bad breadth.

Liz Ann explained, "None of the breadth statistics, much like valuation, they're, they're gauges of temperature, not of timing. They don't serve as anything resembling short-term timing indicators."

That's an interesting way to put it. What Liz Ann is really saying is that they're effects of the buying and selling, not causes of it.

The funny thing is, many folks on the Halftime Report crew will still tell us every day how important valuation is.

(What's really amusing is how they talk up forward P.E.) (#fantasyland)

CNBC doesn’t mention the Story of the Day: Liz Ann wows Schwab conference with chic new outfit

Carl Quintanilla introduced Wednesday's (11/5) Halftime Report referring to Judge as "Rocky Mountain Wapner," as Judge was live from the Schwab Impact conference in Denver.

Early into the show, Liz Ann joined the Denver set and welcomed Judge back to their "quaint little gathering" and stated "the message" about the markets being delivered by advisors is "incredibly optimistic."

"The one thing I worry about a little bit is, is that gambling mentality," Liz Ann admitted. (She must not've noticed that the Chargers are only giving 3 points this Sunday against the Pittsburgh Steelers.)

In a question from Judge's panel (not in Denver but in New York or elsewhere) to Liz Ann about the narrowing of the market, Joe Terranova quoted Steve Weiss (not by name) (Weiss wasn't on Wednesday's show) in saying, "Some will say the enemy of performance is con- is, diversification. Others will say the concentration risk is real, and it's sending an ominous message."

Liz Ann said NVDA is the best Mag 7 performer but stated, "There's 39 stocks in the S&P outperforming Nvidia on a year-to-date basis." Liz Ann said individual investors don't have to take "the same concentration risk" as institutions marking against cap-weighted indexes.

Later in the show, Judge asked Schwab's Omar Aguilar several good questions about the TSLA pay package vote. Aguilar said they have a "very systematic process" for arriving at a decision and said the package aligns with shareholder interests and Schwab wasn't swayed by those demanding it vote in favor.

Maybe the stock market should buy some Listerine for its bad-breadth problem

Out in Denver, before conducting interviews with Schwab folks, Judge at the top of Wednesday's (11/5) Halftime Report revealed Tony Pasquariello's thoughts on the market's jolt this week; Tony finds "the tension is not entirely unhealthy," and the correct approach is being "responsibly bullish." Judge asked Joe Terranova about that assessment. Joe said it was "perfectly articulated once again by Tony."

Joe said the market has "skittishness" about "valuation." (See above about valuation.)

"I think the retail investors are still in charge," offered Bryn Talkington, though they got "beat up a bit" this week. Malcolm Ethridge agreed, stating, "Retail is still in charge."

Joe thinks it might be late for the crypto trade

Pointing to PLTR and then ANET, Joe Terranova on Wednesday's (11/5) Halftime Report said he doesn't think this is an "unloved market," though "Tom Lee has said that, so I'll disagree on air with saying that with Tom. But I think we're in a moment where valuation is going to matter as we move forward." (See above for relevance of valuation.)

Judge said the ANET guidance was "somewhat questionable."

Bryn Talkington said she "originally" bought PLTR at 28, as everyone delivers their PLTR cost-basis victory lap. Bryn said she sold it at 50, 70 and 100. Bryn said, "At $100, I couldn't get my arms around the valuation." (See above for relevance of valuation.)

Joe said it was only a "legal charge" that concerned UBER holders a day earlier. But Bryn quite bluntly stated, "The stock just can't get above a hundred. A hundred is like this outer-Earth orbit."

Malcolm Ethridge said SPOT is "going through a little bit of a remaking" and will "take a little while" to get the stock going, but he wants to "continue owning" the stock. (This writer is long SPOT.)

Joe said he's not "applauding" the JOET adding PINS, stating "the AI effect I think is real here" and is it being "cannibalized" like ADBE.

Shannon Saccocia said there's clearly a "divergence" between higher income and lower income consumers.

Bryn said that a 20% selloff for bitcoin is "somewhat mild." Joe said "Bryn knows way more about the fundamentals of crypto than I do," while Joe is "tracking momentum," and, singling out MSTR, he fears the JOET showed up in crypto "a little bit late."

Another phantom P.E. ratio on the Halftime Report

Josh Brown on Tuesday's (11/4) Halftime Report trumpeted UBER, asserting the "cross-pollination" between Eats and rides is what sets the stock apart and declaring that its forward P.E. is 15 times.

Guest host Frank Holland, to his credit, said "our system" shows the UBER forward P.E. is "almost 30 times." (Or, if we're doing our math correctly, actually about double.)

Josh wondered if Frank was "looking at trailing." Frank said it was "forward." Josh shrugged that "they are literally crushing it."

(This page asked Gemini AI exactly what the UBER forward P.E. is and got back "23.20.")

Joe crows about buying PLTR in January 2024 at $16

Seema Mody reported on PLTR on Tuesday's (11/4) Halftime and aired a clip of Alex Karp earlier on "Squawx Box," which was interesting commentary but included the goofball on the street outside the Nasdaq mugging for the camera that CNBC can't seem to avoid.

Joe Terranova chuckled that he said yesterday that "valuation was the impediment" to PLTR.

Joe said the JOET's huge gain in PLTR wasn't because of his stock-picking, but simply "momentum." (Which is masquerading an effect as a cause, but whatever.)

Joe said PLTR is a "battleground stock," but that doesn't mean you have to "engage" in one direction or the other, in fact a smart approach is to stay away.

Josh Brown said the company is "obviously on fire" and the issue is how much has been pulled forward in the stock.

Frank said Michael Burry appears to have puts on PLTR but isn't shorting it, according to Twitter comments.

Josh said Burry is very responsible in that he discourages people from following his trades. Josh said Burry is not people's "financial advisor" and that he's not always correct and that Burry had "puts on Nvidia in January." Guest host Frank Holland said Burry apparently has puts on NVDA now. (But what do Whitney Tilson and Marc Chaikin have?)

Jim can’t get enough of ORCL borrowing money

Guest host Frank Holland opened Tuesday's (11/4) Halftime Report saying markets are "not as low as we were" in the premarket, and Jim Lebenthal said it's a sign that every dip is "likely to be bought" through year-end.

"There is a lot of cash on the sidelines," Jim asserted, stating some institutional managers are looking for a "Hail Mary" to make their year.

Joe Terranova, who was in that pandemic-era room of the whiteboard and numbers on the wall, said it's "healthy" to have corrections and the "secular tailwinds" are in place; he thinks Tuesday is about "valuation" (snicker).

Josh Brown said it's "more than 1 day" that we're having a "marketwide correction," but it's not being felt in the Mag 7.

Josh said the rally hasn't been very broad recently, and 6½% of the S&P are actually at 52-week lows.

Jim brought up ORCL's debt financing and stated again how it's much more lucrative to borrow at 5-6% in the debt markets than dilute the stock. It's "kind of a no-brainer ... Corporate Finance 101," Jim said.

Josh is more enthusiastic about gold than Joe is

Josh Brown on Tuesday's (11/4) Halftime Report said for those waiting for an NEM dip, here you go.

Josh said some "froth" is coming out of gold miners, but NEM and AU and SCCO are "strong stocks in big uptrends."

Joe Terranova seemed unexcited and advised being "prepared" for the possibility that the "correction can continue." Joe said the dollar rally is having an "effect" on commodities and metals. Joe said Daniel Fisher, a trader friend of his, said a report that Joe forwarded to Daniel mentioned commodity-trading companies are looking to hire gold traders, and Joe said Daniel suggested maybe that's the "sign of a top." (Or maybe the top is AEM actually airing a commercial during the program touting the company's "superior leverage to gold." (This writer is long AEM.))

Joe starting to throw in the towel on SPOT

CNBC's Emily Wilkins reported on Tuesday's (11/4) Halftime that a shutdown vote failed again, but apparently senators are having more talks.

Joe Terranova said AMD was up 58% in October. Josh Brown chuckled that after the gain it's had, AMD will have a great quarter, but the stock will pull back, and websites will say it "disappoints," which Josh said is "so moronic."

The JOET bought LVS. Jim Lebenthal wondered about WYNN. Joe said there's "too much of a fluctuation" in return on equity for WYNN. Jim pointed out LVS' Macau emphasis while saying WYNN's Vegas exposure is undervalued, but "both of these stocks are going to make money."

Addressing RCL, Joe said a lot of consumer discretionary names are "challenged."

At the end of the show, guest host Frank Holland asked Joe about SPOT, a stock Joe used to trumpet this year but has been a dog in the 2nd half of the year. Joe said "it's important to talk about this ... many people own this name." Joe said the response to SPOT earnings was "not good," and it broke its 200-day, and if it doesn't climb back, "you have to reduce your positioning."

Joe's Final Trade was PODD; we don't think we've heard that one on the show before.

Joe says PLTR 12-month valuation is 85; screen text says forward P.E. is 275

It's quite a gap.

Joe Terranova on Monday's (11/3) Halftime Report asserted that the "next 12 months" valuation of PLTR is an "impediment" but is only "85 times" and actually lower than that of BA and ALB.

Joe said that personally, he would've sold this stock several times, but the rules-based JOET formula has smartly stuck with it, and Joe predicted it will "deliver again." (This review was actually posted BEFORE the PLTR Monday earnings report.)

Steve Weiss said BA and ALB are at trough earnings but acknowledged PLTR is an "important part of our defense complex," but "it's valuation, though" even as Joe questioned whether 85 was actually "bad."

The thing is, while Weiss spoke, the screen text said the forward P.E. is 275.

We don't really know anything about anything, but it seems to us like "next 12 months" should be synonymous with "forward P.E." Maybe it's not. We tried to find some answers using AI, but AI wouldn't give us a "next 12 months" P.E. (only the last 12 months). It did give us 217 for a "forward P.E."

Which all reinforced the notion, often stated on this page, that while Halftime Report viewers may hear often about "forward P.E.," best not to make any decisions that way, because commentators can apparently make that number anything they want.

Weiss says Versant should announce ‘a deal with OpenAI’ in order to be ‘worth a lot more’

Guest host Frank Holland on Monday's (11/3) Halftime Report asked Joe Terranova about the JOET rebalance. Joe noted that the JOET started building up exposure to financials in July 2023, and just now, for the first time, there's a "significant reduction in financials."

As you might expect, the JOET bought a bunch of tech stocks.

Steve Weiss cracked, "If Versant Media, CNBC, comes out and announces a deal with OpenAI, doesn't have to give any details, uh the company would be worth a lot more." Frank said Weiss was being "a bit sarcastic."

Joe said the JOET unloaded TSLA; "I'm sure it makes a new all-time high." Weiss faulted TSLA for its "poor governance."

Judge turns up on Closing Bell, talks about Sam Altman’s response to Brad Gerstner’s question about revenue/spending

Joe Terranova claimed on Monday's (11/3) Halftime Report, "It is now a much more difficult environment than it was 30 days ago."

Joe again mentioned equal-weight struggles. Kate Moore, who hasn't been on the show in ages and doesn't really recommend specific trades, said equal-weight has been lagging for a while, so you have to "stay really focused on the large-cap, free-cash generators."

But Kari Firestone said Megacap Tech cash flow is "not as great as it was," that they're using debt now. Nevertheless, Kari said the broadening of a few months ago "just disappeared."

Steve Weiss took issue with those lamenting the lagging of equal weight, quoting Warren Buffett, as he often has, "'Diversification is the enemy of performance.' We've seen that time and time again. And perhaps that's why 75% of portfolio managers underperform the S&P every single year. And it's not the same 75%. So I prefer a concentrated portfolio."

Weiss went on to add, "I'm a fan of debt on a balance sheet for companies that can afford to pay it. And, I don't look at it as a weakness."

Joe protested, "My opening remarks are not to suggest I think the market's going down. ... You will get the continued chase for performance." (Jim Lebenthal, who wasn't on Monday's show, calls it "chase to performance," which doesn't make sense.)

Frank Holland was the guest host of Halftime on Monday, but Judge was on hand for Closing Bell.

Jim’s comment on financing was apparently more notable than we realized

Joe Terranova on Monday's (11/3) Halftime Report again insisted to Steve Weiss that UBER's doing great, saying its all-time high of 101.99 was just set Sept. 22.

Weiss shrugged that it's been "flat for 6 months," then cracked that he's "greedy" and wants more.

Joe said homebuilder stocks haven't responded to the supposed "healing medicine" of anticipated rate cuts.

Guest host Frank Holland claimed early in the show that Jim Lebenthal (who wasn't on the show Monday) last week, during a discussion about Big Tech capex, made a reference to "financial engineering." At the end of the A Block, Frank had to "make amends" with a retraction, stating, "He did not say 'financial engineering' ... He actually said 'textbook corporate financing.'"

We'll take Frank's word for it. That comment didn't show up in our review (see below).

Kari Firestone said NVO and AMGN are "attractive" stocks.

Joe said COST survived the JOET rebalance "barely"; Joe said it has "1 more quarter to really prove itself."

Joe admitted he's been wrong in the latter part of this year trumpeting SPOT and said it can't afford to deliver "flat margins" in earnings Tuesday. (This writer is long SPOT.)

Jenny indicates that your move on FI depends on your cost basis

The bottom line is that she basically claims the stock has bottomed.

But Jenny Harrington offered up a curious blueprint for handling shares of FI on Friday's (10/31) Halftime Report.

In the last 5 minutes of the program, Judge asked Jenny about FI having its "worst week ever."

Jenny first recapped how she has TER in the same portfolio(s) and TER looked great this week, then FI reported, and "you just get slapped, so you can't even enjoy the victory. I always think it's like, being a portfolio manager is like being a parent; you're only as happy as your least happy kid. So this is pretty unhappy."

Jenny then said she's owned FI "going back 10 years" and her apparently lowest cost basis is $25, so "we still have a really big gain" and "your starting point is today" and the new CEO has "kitchen-sinked it all."

The new CEO is "terrific," Jenny continued, and has a "really good management team." Jenny said the stock is now at "8 times earnings."

Then, viewers got interesting transactional advice. Jenny suggested taking a tax loss in FI if you have one and maybe even reloading in a month, but "if you have a big gain, I think you keep holding it."

Jenny then clarified that some accountholders have big gains and "newer clients have a big loss," so "it depends on what your cost basis is."

So we gotta ask ... if it's such great management and they've "kitchen-sinked it" and the multiple is low, why should anyone sell it now? (Unless, as we often suspect, account holders are actually more concerned about their taxes than the value of the account.)

Judge may have asked Jenny about FI, but he didn't ask Kevin Simpson about EME, a stock Kevin touted 10/10 when it was in the 660s and DID go up $100 in a few weeks (and become a contender for Call of the Year), only to get slammed on Thursday. (This writer is long EME.)

Humilis.
Investment.
Strategies.

Brian Belski joined Friday's (10/31) Halftime Report to announce the launch of his own firm, Humilis Investment Strategies.

Belski claimed, "We're just gonna try to keep it simple." (Which would, um, mean putting all clients in nothing more than the QQQ.) Brian mentioned his former associations and said he plans to provide "the same type of portfolios."

Belski conceded that he wondered about "starting a new company at the market top; are we a market signal here" (that's a nod to the Ron Insana hedge fund launch in 2006), but, "We don't think it's the market top." Belski predicted "more normalization" ahead.

Belski's also got a 7,000 S&P target. Belski sees "more of a broadening out," and when do people on Halftime ever predict less broadening.

Belski's new shop has a curious name, which prompted Judge to chuckle. Still, it's a bold and impressive move.

Michael Burry checks a box for Halftime producers

Judge, whose ears are well-tuned to the chance of any figure in finance uttering anything about the word "bubble" or "1999," on Friday's (10/31) Halftime Report said Michael Burry put out a "cryptic as usual" social media post about "bubbles" and how sometimes the response is to do nothing.

After panelists had some more AI discussion, Judge pointed again to Burry's comment and noted there has been "borrowing to build" the data centers. Jim Lebenthal explained that it's much cheaper for ORCL to do a data center with debt financing rather than using equity, though we're not sure how that eases anyone's bubble concerns.

Josh says NFLX never actually buys Hollywood assets that it’s reported to be interested in

Josh Brown on Friday's (10/31) Halftime Report recapped how he's liked NFLX for a while and thought the Brazil-dispute earnings selloff was an overreaction, but as far as the stock's bounce-back, "I don't trust it yet," and he'd take a look maybe on Monday or Tuesday. (This writer is long NFLX.)

Addressing reports about supposed NFLX interest in Warner Bros., though, Josh noted "Netflix is always in the conversation" about Hollywood assets for sale but "they never seem to actually do it."

Judge pointed out David Faber's reporting about NFLX being "on the list" of interested companies. Josh agreed that the Warner Bros. library is "one of the crown jewels of, of Hollywood." But Josh said it sounds "fantastical" for NFLX to go from basically doing no deals to doing an $80 billion WBD deal.

Jim Lebenthal was not asked to opine on whether WBD/NFLX reports amount to anything more than a "rumor." #TheInformation

5 restructurings in a year

Josh Brown opened Friday's (10/31) Halftime Report saying the Investment Committee was saying early in the year that one of the 2 risks to the market (besides trade wars) was the possibility of AI spending fizzling. But if anything, it's gotten stronger.

Judge declared, "Josh is right, you know — it's all about capex acceleration." Jenny Harrington then talked up what has to be her favorite stock of all time, META in December 2022, a trade she'll be reciting forever. But Jenny said that in the AI race, it'll be a "fine line between who overspends severely; who spends correctly."

Kevin Simpson said AMZN was his "Pick of the Week." He's surprised that META sold off to the degree it has and suggested this is an opportunity to buy.

Josh again conceded that his trumpeting of AMZN this year hasn't really paid off, though he said it made a "statement quarter" on Thursday night. Josh also asserted, "The Street is not convinced that Zuckerberg's strategy has a payoff," and he cited "5 restructurings of their AI, um, initiative in the last year. That's like unheard of."

Jim Lebenthal said we're in the "backstretch" of the AI horse race but "haven't even hit Turn 3 yet." Jim said there's a "lot of legs ahead," and this isn't the time to sell GOOGL or META. Jim said January may be an "obvious candidate" for a correction. (In previous years, we should note, Jim has predicted a "crescendo" into early January before a selloff.)

Josh credited Jim for being right about Alphabet on Eddy Cue Day and said the AI scene is not a "horse race" but a "baseball season."

Josh said to Judge, "You're wearing the hell out of that sweater vest."

Wonder if Josh’s Best Stocks in the Market list is a bigger deal than Cramer’s Investing Club

Santoli on Friday's (10/31) Halftime Report suggested that, during strong years, the S&P perhaps peaking in October "doesn't tend to happen."

Judge noted IBM's recent gains. Kevin Simpson said it languished for a while, but it's had "one of the best turnaround stories" in recent memory; he bought more. Kevin also bought more COR, ALL, HD and WMT. Kevin said ALL has a 7½ forward P.E.

Josh Brown somehow has GM and F on his Best Stocks list (which, in general, can sorta be front-run if you simply check the 52-week high list every day). Josh suggested looking for a "low-volume pullback" to get into GM.

Jim Lebenthal said he trimmed WYNN at 126. Jim made CLF his Final Trade.

No one mentioned Things They Don't Like About Chipotle.

Joe suggests CMG’s results may indicate the economy is ‘beginning to contract’

The dreadful day of CMG on Thursday (10/30) gave rise to an interesting discussion on the Halftime Report, although it wasn't as interesting as the last time this stock got a go-round on Fast Money and Steve Grasso pointed out that if you order more than one thing at Chipotle, the system doesn't really handle it very well.

On Thursday, Stephanie Link said she sold CMG and said "mea culpa." In the earnings report, "There was not anything to be positive," Stephanie admitted. "I'm not sure this leadership team is the right leadership team," they've "done nothing but miss."

"I apologize to anyone who followed me into it," Stephanie said, but as a matter of fact, she's "quite tempted" by SBUX as the turnaround there seems to be "starting."

Joe Terranova questioned if CMG's results are "idiosyncratic" or an ominous warning sign of "the economy, the real economy beginning to contract." Joe said RCL, ULTA and GRMN have "all been punished this week." Stephanie said that's the "low and medium area of consumer."

Joe said "boots on the ground, my kids and my kids' friends, they'll tell you the experience is different," the food "doesn't taste as good," and the "environment" at Chipotle restaurants isn't as good. Jim Lebenthal actually suggested the government shutdown has an "effect" on, apparently, places that consumers go, but at least it "should be temporary."

On Fast Money, Guy Adami complained about a Chipotle order delivered to his home that went into the wastebasket because it included beans when the order was specifically made without beans. Guy even mentioned the restaurant location because he said the corporate types would be watching.

Despite all the talk about NFLX on Halftime this year, we don’t think we’ve heard anyone suggest a split

Joe Terranova at the top of Thursday's (10/30) Halftime Report was not seeing a sudden change in the stock market, rather, "I do not believe that this is an inflection point," but just a "return to a degree of normalcy."

Permabull Stephanie Link of course was finding reasons to buy, namely MSFT because (as always) of a bunch of different growth metrics in the earnings report.

Stephanie also added to META because the 12% pullback was "absolutely silly." Stephanie insisted, "The spend is working." Guest host Frank Holland, who must not've done this often enough, marveled that Stephanie "had all the metrics" with META.

Joe, though, questioned META raising debt and noted ORCL has "not traded higher" since the day its stock skyrocketed.

Jim Lebenthal in the 6th minute mentioned Eddy Cue (snicker). Jim noted that Google issued a press release after Eddy's remarks, and he's still unable to "square" how Eddy's assessment of search clicks on Safari differed from GOOGL's. Joe suggested the valuation of YouTube alone is "probably right now rivaling Netflix."

Joe was talking about equal-weight again. Jim stressed that stocks don't go up every day, "We were due for a little bit of a rotation. ... These stocks are up so much."

Jim predicts ‘uptrend’ for CLF

Joe Terranova on Thursday's (10/30) Halftime Report proclaimed AMZN the "weak link in the Mag 7" and "the disappointment of 2025."

Josh Brown previously admitted this week that AMZN didn't have the year he expected.

Joe on Thursday pointed out that AMZN has a "relationship with Anthropic," but not OpenAI.

Jim Lebenthal seemed unfazed by AMZN's lackluster year and asked for long-term charts of AMZN, which the producers provided, and shrugged that it rises and consolidates and it "goes higher over long periods of time."

Meanwhile, Joe suggested that Tim Cook "in the Oval Office" may have been the catalyst for AAPL. Jim said because of AAPL's valuation, he finds it "hard to put new money to work at this price."

Stephanie Link sold DECk but said she might look at it in January.

Guest host Frank Holland asked Jim about CLF's share offering. Jim said, of course, "I think it makes sense" and "nobody should be surprised by this" and the stock is up "33% year to date." Jim predicted of course "it will resume the uptrend."

Joe said the hope is for NOW to be at an "inflection point."

Joe said TT, his Final Trade, hit an "inflection point."

Weiss seems to be reverting to predicting doom and gloom in the intermediate term

Steve Weiss declared on Wednesday's (10/29) Halftime Report that it's "sort of lunacy," but companies that "commit to AI" are getting a "halo effect," which will "broaden out" the stock market.

But Weiss suggested "massive unemployment" ahead.

Later in the show, Weiss said there's a "disconnect" in that execs and even middle management of companies "don't see things being as good in the economy" as apparently the stock market does. Weiss said this has been happening for "months and months." Judge chimed in, "If you're not levered to AI, the economy doesn't look good to you."

Joe Terranova agreed, "We have 2 distinctive economies."

Then Weiss really got our attention when he said there's a "real host of issues" that are going to manifest themselves in "maybe 6 months, maybe it's a year, so you really gotta party now, while you can."

(Ah. OK. We're still wondering the status of Weiss' April predictions for a recession in the "intermediate term.") (It's been 6 months, if our math is correct.)

Judge said Piper Sandler is wondering what would cause the next 10% correction. Weiss said unemployment is a "wild card." Weiss admitted he sounds like an "AI evangelist ... because I am. Because this is not like the internet. This is actually massively increasing productivity of companies."

In even more stark commentary, Weiss said we'll be seeing a "reeducation of the white-collar labor force," pointing to a WSJ article about someone in technology who "had to find a job selling cars," an article also seen by Kari Firestone.

Happy Birthday, Joe

Wednesday (10/29), Halftime Report viewers learned, was Joe Terranova's birthday, according to Liz Thomas, reminding this page of the old days, when we used to trumpet Fast Money/Halftime birthdays, except it just got a little too hard to remember, etc.

But "birthday" wasn't the Word of the Day on Wednesday's show. Rather, it was "perplexing," courtesy of Joe.

Joe opened the program stating, "It's somewhat perplexing. It's perplexing, because the performance that we're seeing is being driven once again by this narrow, concentrated set of equity names."

(Honestly, we don't know why a narrow band of stocks leading the market is "perplexing," but whatever.)

Joe predicted this will "extenuate this chase for (sic not 'to' as Jim says) performance through the month of November." (He's apparently limiting it to November.)

As far as market breadth, or the amount of actual winners vs. losers, "Today's probably worse than yesterday," offered Kari Firestone. Kari said money managers can't diversify beyond the big names without "losing ground to the S&P."

Liz said she'll "take a little issue with the 'perplexing' comment." Then Liz said "Happy birthday, Joe." Joe said, "Thank you very much Liz, continue please."

Liz mentioned "late cycle." Judge said, "I've been hearin' this a lot over the last year or so, if not longer. Are we really that 'late cycle'? How could we be 'late cycle' if people say we're in like the 2nd inning of the whole AI spend and the AI boom. That doesn't match up in my mind." (Bet that Oz Pearlman would know that it doesn't match up in Judge's mind.) (See below.)

(Actually, Judge makes an excellent point.)

"Somebody's wrong. We don't know who yet," Liz responded, explaining why it might feel more late cycle in certain ways. Judge noted, "We're cutting rates." Liz said, "If we have to pause that ..." Judge said, "That seems a lot of 'if' ... We play probabilities too moreso than ifs, right? Isn't that what you all do?"

Joe won’t use the term ‘meme’ stocks, says home traders are do-it-yourselfers

Harping on Joe Terranova's opening comments of "perplexing" on Wednesday's (10/29) Halftime Report (see above), Steve Weiss said that for whatever reason, UBER has stalled, and Judge agreed.

Joe questioned why anyone thinks UBER has stalled and said it's $5 off an all-time high; Judge and Weiss asserted it's basically flat since May.

As Joe mentioned DNUT and BYND and used the term "do it yourself," Judge demanded Joe explain whether "do it yourself" is Joe's term of "meme stocks." Joe explained that he just means "do it yourself" in terms of people picking stocks at home without an advisor.

After the A Block, Judge had to admit he wronged Joe in some way about mentioning the stock VEEV.

Kari Firestone trumpeted that UNH is up "55% I think from the bottom" of not too long ago and said the company is supplying health care while trying to control costs. Weiss said he's staying in the name, but "Health care is in such trouble broadly" that he thinks it's a "minefield."

Joe said insurance stocks have lost momentum.

Weiss said FTAI was having a follow-through selloff, but he's still thinking $200. He made it his Final Trade.

Weiss said CAT is benefiting from the "halo effect" of AI. Weiss called CAT "the tool belt for AI."

Judge is entertained by mentalist on Closing Bell

The best guest of the day on CNBC on Tuesday (10/28) had to be Oz (Judge pronounced the first name as "Owes") Pearlman, who joined Judge on the Closing Bell to tout his new book, Read Your Mind. Oz explained that he's not teaching readers to become mentalists but rather to "read people more effectively."

As expected, Pearlman performed a couple of feats, correctly guessing that Brandon, also seated at Post 9 and who's running a marathon, was thinking of I-72 (the interstate in central Illinois) on a bingo card, and sort of correctly guessing that the stock Judge was thinking of was ORCL (he first guessed INTC, and Judge said "No," but Judge admitted that INTC was the 2nd stock he was thinking of).

"I don't know," Brandon concluded.

Judge told Pearlman, "I lose the ability after a while to be so crazily wowed because everything you do has that effect on people ... It's just impossible ... I just don't get it. No one else gets it either."

We had to zip through Tuesday's Halftime Report, featuring Joe Terranova, Josh Brown, Anastasia Amoroso and Rich Saperstein. Joe talked up how Megacap Tech was front and center. Judge pressed Josh on the Berkshire downgrade. Josh said it's "disingenuous" to do an "armchair quarterback" about BRK selling AAPL in hindsight. But Josh said the KBW analyst "raises legitimate issues" and that 2026 won't be as good for Berkshire as 2025.

Joe bought more XBI and hung a 125 on the target.

Guy informs Tim and Karen about the 3 things that can happen when passing

In the 8th minute of Monday's (10/27) Fast Money, Guy Adami was discussing Megacap Tech earnings when he delved into football cliches.

"It's the old saying in football," Guy said. "If you throw a forward pass, 3 things can happen; 2 of 'em are bad. In this case, 3 things can happen, 2 of 'em are good. The bad I think would be 'We're cutting back on capex,' but I don't see that happening."

Karen Finerman started outlining what are the things that can happen when a pass is thrown in a football game. Guy affirmed the list (which is historically incomplete because it doesn't account for sacks, which works against passing, nor the REALLY important factor, the chance of getting a defensive penalty, which makes passing VERY appealing). Tim Seymour apparently hadn't heard of the slogan, often attributed to Woody Hayes.

Tim noted, "An incomplete pass isn't the end of the world."

Tim's correct. Old-school football, most popularized by the Green Bay Packers of the 1960s but practiced well into the 1990s, says "Throw to score, run to win," and that football comes down to running the ball and stopping the run, and teams that emphasize passing aren't strong enough in the trenches.

The truth is that, since passing was instituted, the rules have always kind of favored passing. It's true that until the late '70s, defenders had far more latitude and offensive linemen had far more restraint, meaning it was legal to hit receivers all over the field and it was a lot easier to rush the passer, 2 factors that discouraged passing.

But the secret to passing is that after an incompletion, the ball reverts to the line of scrimmage, not the mark where the quarterback released it. And passing plays deliver far more yardage in general than rushing plays, so there's no reason not to keep doing them.

Don’t anyone dare tell Joe that the market might NOT rally through Dec. 31 (as Jim wrongly accuses Judge of raising the specter of ‘game over’)

Judge said at the top of Monday's (10/27) Halftime Report that he didn't want to be "too hyperbolic" (snicker), but it feels like a "good portion" of the market rally "is at stake this week," given megacap earnings.

Joe Terranova would have none of it. "This is a resilient market, it continues to recover from everything," Joe explained.

Joe credited anyone who stuck with the market at the start of the month; "You didn't fall into the permabears who've been out there screaming for the last 12 years about valuation and time to short the market." (Actually it's been about 16 years.)

Joe said the market's fueled by numerous things, including "inflation that never showed up from the tariffs." Joe also mentioned "chase for performance."

Judge asked Jim Lebenthal if he's as sanguine as Joe about the market being able to shrug off Megacap Tech disappointments. Jim said "chase to (sic) performance" was the "exact term" Joe used, and Joe even (incorrectly) agreed.

Jim said "there probably will be a chase to performance through the next 2 months of the year." But Jim said the market multiple of 22.5 rests on the "fulcrum" of 14% EPS growth.

Sarat Sethi and Jim said there could be "cracks" in consumer spending or advertising that would be headwinds that make the market "reassess." Joe questioned if the rally actually ends if the megacaps "miss."

Jim said it's about "the math." Joe wondered if that's the "inflection point for the market, game over?" Jim said it's not "game over," and he again said "chase to (sic) performance," but said if megacap did stumble, it'll be an "ugly day" with "contagion."

Joe insisted "the market will recover" and continue its bull path. Jim said "I don't think it's 'game over' to use the term Scott just used."

Judge cut in, correctly protesting, "I didn't use- I didn't use 'game over.'"

Jim wrongly claimed, "You actually did, but it's OK. It's OK. All right, then I used it, fine." (Neither of those statements was correct; it was Joe who used the term.)

Joe insisted that the market can "absorb" a stumble.

Bryn Talkington said the Megacap Tech earnings won't disappoint, but if they did, it "definitely would change the narrative around AI."

Jim said the Monday gain in QCOM, one of his favorite longtime stocks, is "too much."

Jim calls BRK a buy

Judge at the end of the A Block on Monday's (10/27) Halftime said KBW downgraded BRK (B or A apparently) to "sell."

Judge asked Joe Terranova if that call is "justified" (snicker). (As if upgrades/downgrades have to be "justified.")

Joe said "I don't think it's justified," but you're "better served" determining why the stock has underperformed. Joe said BRK is "biding its time" while it finds a new catalyst, which kinda sounds like a sell rating is justified.

Jim Lebenthal though said "it is a buy today" because it's an "incredible combination" of underlying businesses. Judge said KBW points to GEICO margins and rail tariffs. Jim said there's been a "heavy mood on this stock for several months." Judge said, "Because of the announcement," referring to Buffett/CEO. Jim said that explains "a month or two," not the last several months, and insurers have been trading "like garbage." Joe wondered if Berkshire trimming AAPL is part of the reason.

‘The LSU coach has 95 million for nothing’

After the A Block on Monday's (10/27) Halftime Report, Judge asked Bryn Talkington about the proposed Elon pay package.

Bryn said she voted yes and first said that the package is dependent on the stock being worth "8 and a 1/2 trillion dollars," prompting Judge to interrupt (and apologize) to show a chart of the tranches.

Bryn also said "you have to trust the board." Bryn predicted it would "definitely be a clearing event on the stock."

Judge questioned trusting the board; "not if the board is rubber-stamping something," and questioned if Bryn was making a "carte-blanche statement."

Bryn said, "We are in an environment where CEOs, you know, get these huge pay packages based on nothing; the LSU coach has 95 million for nothing. ... To me it's like aligning exactly what a board should be doing. ... To me it's very pragmatic and sensical (interesting, because most people say 'sensible' and there's debate as to whether 'sensical' is a word)."

Joe Terranova said Musk deserves the pay package if he's able to "change transportation forever." Joe quoted Sartre, er, Adam Jonas: "It is our long-standing opinion that if you solve autonomy for cars, you solve autonomy for many other form factors of AI-enabled robotics (snicker)."

Judge again pointed out that the $1 trillion is a common headline number, but it's actually a "long road" to get to $8.5 trillion on the market cap. Jim Lebenthal said, "Honestly, I think if he can do that, he's worth it."

Meanwhile, Joe was asked about NEM. Joe said, in the gold-stock trade, "You really are relying on technicals right now." Joe said NEM is between the 50- and 100-day. Joe said $3,797 is the 50-day for gold. Joe said, "It's gonna take something significant to reverse the near-term downward pressure on precious metals right now. Um, understand that, over the course of time, particularly in January, I think it comes strongly back into favor."

Kevin gets a haircut

Steve Weiss on Friday's (10/24) Halftime Report tried yet again to thread the needle on his market outlook (which basically means explaining why it's overpriced but indicating he's still fully invested), clarifying to Judge that he's been trimming his market exposure because he's got "large positions" in lots of cloud or Big Tech stocks that "all trade alike."

Weiss said it continues to be a "half-full market" but "a couple" Fed cuts are "in the market" and 3% inflation is "way above the Fed target."

Weiss said he's got "more cash than I've had before" but that it's only a 3-4% cash position.

Weiss insisted he's "not bearish" but just "repositioning" (snicker).

Rob Sechan though argued that "the chase is on until the end of the year."

And Jim Lebenthal said he gets Weiss' points, but, "Anytime the market goes down, it doesn't even get 2% down off the high before it gets bought."

Kevin Simpson said the reason the market was higher Friday is that there's a "green light for another cut in December," and "this could be the last 3 handle we see on the CPI."

Judge tried to convince panelists that AAPL's growth has "come way down" while the valuation's gone up.

After a lengthy go-round on why AMD is doing so great, Weiss said he bought GEV, citing a "very, very good quarter."

Judge mentions private credit/asset managers in the 25th minute

Once again discussing ADBE, Jim Lebenthal on Friday's (10/24) Halftime Report said he thinks it could get "mauled into the ground" late in the year from tax-loss selling. But Jim's giving it another earnings report before unloading the shares.

Jim said he bought APOL.

Kevin Simpson bought VST. Kevin also bought MLM and admitted it's a "boring business." He also bought WMT.

Kevin also bought more MRK. Kevin said, "The sector's been out of favor for a long time," which is a curious rationale for buying; does that mean sectors that are in favor should be avoided?

Rob Sechan sold MMM and moved the cash into QCOM and ABBV, which he thinks have "a little more promise." Rob went on to mention ABBV products that you hear about in commercials during the evening news.

Steve Weiss declared that we're in the "most extended down cycle for biotech stocks that we've ever seen."

Weiss sees "no reason" to sell UBER, but he'd like to see $100 become a support level.

Kevin predicted $1.66 per share earnings for AEM and said last week was a chance to pick up some shares on the pullback.

Judge said at the end of the show that Kevin was "finely coiffed."

Josh unable to convince colleagues that ZM is a promising stock

On Thursday's (10/23) Halftime Report, Josh Brown gave a speech about again buying ZM, a company "we use" at Ritholtz Wealth.

Josh cited an "SEC regulation" in which advisers can't use personal cellphones to exchange messages with clients, and according to Josh, during the pandemic, "a lot of Wall Street firms got in big trouble for using their personal communication." Josh said of ZM, "They give you phone numbers that you can use; it's an app."

There's a growth industry — companies who supply phone numbers to financial people so they don't have to use their "personal communication" to recommend Broadcom.

Josh said Ritholtz has added another product, "Zoom Revenue Accelerator." Josh predicted "an inflection point where finally, they're able to show some growth away from just the video calling." Josh said the risk with the stock is "minimal" compared with the upside.

Stephanie Link demanded, "Why haven't you seen the growth then? ... Why are you gonna pay 18 times for no growth?" Josh said, "I'll explain it to you: Because if and when the growth shows up, the stock will get a re-rating."

Josh went on to say that ZM's "stock option compensation problem" has been an "overhang" on the stock.

Stephanie said ZM has a "terrible" chart. Malcolm Ethridge said he's not sold "unless they change their name to Zoom.AI," and Malcolm wondered, "What does Sam Altman think about it? That will change my perspective completely."

Later in the show, Stephanie rattled off all the metrics of IBM, a stock she likes. Josh asked about its 25 forward multiple and said he has the "same question" Stephanie asked him about ZM. Stephanie admitted IBM's historical multiple is 18 but asserted it deserves higher now because 74% of the revenue is "software and services." Eventually we got an "oh by the way." Malcolm said he agrees "wholeheartedly" with Stephanie's argument; he found the selloff "absurd" and bought more in the morning.

470 ‘ceiling’ for TSLA in 2025

Judge on Thursday's (10/23) Halftime Report said a Barron's money manager survey finds that 47% anticipate higher stock prices over the next 12 months, vs. just 28% in the spring. But 57% think stocks are overvalued.

Bryn Talkington, a remote panelist Thursday, explained, "The market goes up 75% of the time," and that playing for the 25% down times is a "fool's errand."

Bryn discussed TSLA and said 460-470 will be the "ceiling for the rest of the year," and 400, 390 is a "great spot," apparently to buy. Bryn suggested buying Thursday at 434 and selling the January 470 for $30.

Stephanie Link bought more VRT, which was up Thursday after a tough day Wednesday. Josh Brown for some reason jabbed Stephanie for saying VRT was down on Wednesday "6 7%."

Josh said he wanted to fade the "very strange earnings reaction" to NFLX, so he bought more. Josh said it's testing its 200-day, and he thinks the "buyers will show up here." (This writer is long NFLX.)

Judge and Eamon Javers talked about the possibility of the government taking equity stakes in quantum computing companies. Bryn reiterated she sold IONQ at 70. Later in the day on Closing Bell, Amy Raskin told Judge she bought IONQ a year ago at 13 and has "trimmed it 3 times," including a couple weeks ago at 66. Amy said it's a small position.

Bill: More gains left in gold

After the A Block on Thursday's (10/23) Halftime Report, Judge called gold a "stock" and quickly corrected himself and said it's having a "rebound."

Judge brought in Bill Baruch via phone. Bill said $4,000 is a "huge level" for gold that was tested a day earlier, but it "didn't even get quite to 4,000." Bill said it made a "382 Fibonacci retracement" back to the July 31 low, which Bill called "very significant."

Bill suggested sanctions on Russia is a tailwind, as it "forces money away from the dollar." Bill bought more NEM, AEM and CDE. (This writer is long AEM.) Bill said there's "really good news around these names" and there could be significant buybacks and dividends.

Josh offered IBKR as one of the Best Stocks in the Market. He said the multiple is a 50% discount to HOOD, though it's in all the same spaces. Josh said the IBKR founder, Thomas Peterffy, is 81 and owns 67% of the stock, and "I think ultimately, this is a company that's going to get acquired." Josh predicted it "breaks into the 70s."

CNBC is still relentlessly promoting the Dec. 11 "Fast Money Live — Trading the Holidays," which makes us think there are still tickets available.

Another NFLX ‘roller coaster’

In a troubling day for markets that only got worse after the Halftime Report aired on Wednesday (10/22), Judge led off Halftime with NFLX. (This writer is long NFLX.)

Joe Terranova gave a speech ("You have to tell the story") about how NFLX has been consolidating since the end of June, and there was no "catalyst" Tuesday to break out of that.

Joe retraced the NFLX stakes taken by the JOET and Joe personally in 2024 (congrats) at much lower prices than Tuesday's. Joe insisted those cost basises are relevant because "it gives me a degree of flexibility in terms of my positioning" (translation: No matter what happens, we made money in this name).

Joe said NFLX fell to $1,114 in the morning, which is "probably too perfect" (it looks like the low for the day was $1,112, and it closed at $1,116). (This review was posted overnight Wednesday-Thursday.) Joe's going to watch NFLX's reaction to the 200-day. Basically he wants it to get above 1,150.

Judge presented some price target changes for NFLX. Steve Weiss, who has often been asked to opine on the stock in the last couple of years, said he's going to "ignore" those. Weiss said he's staying with NFLX and that Joe's momentum strategy is different from Weiss' "bottoms-up fundamental" approach. Weiss thinks NFLX "delivered in the quarter, and they still have a, an amazing amount of levers to pull."

Weiss correctly pointed out that with NFLX, "Every quarter is a roller coaster," and those who have gotten out in the past have made a mistake.

Eddy Cue in the 10th minute

Judge devoted part of Wednesday's (10/22) Halftime Report to kind of a tiresome discussion of Alphabet, which really wasn't that much different than the Alphabet conversation in May.

Steve Weiss trimmed GOOG (according to Halftime disclosures, he owns GOOG and not GOOGL), saying he's concerned about search. Weiss said he's hearing Google search could be down 25% this year. Judge joked about Weiss talking to Sergey Brin "at the diner (snicker)." Weiss says his sources are "informed," though Judge "can make light of them." Judge went on to mention Eddy Cue.

Sarat Sethi said Alphabet will be "dominant" in search for a while.

Later in the show, Judge pointed out the reversal in VRT. Judge and Weiss discussed nuclear plays, including OKLO, the subject of a big FT article. Weiss said he did research on it recently and determined, "There's no reason to own this stock now at these levels. It's too high for a speculative bet." Judge said Brian Belski (not on Wednesday's show) is in the name. Weiss said if you think the market's going higher, maybe you stay with it, and Brian is "somewhat a perennial bull."

Kristina Partsinevelos dubbed BYND's move a "classic short squeeze."

Joe Terranova took up TSLA, saying he's "just being candid," but he has "no idea" why the stock is going up.

Sarat said BX and others in the private equity/asset management space will probably have "bumpiness" in the short term, but longer term, they'll do well.

Contessa Brewer reported on the NHL getting into "prediction markets." Judge said his "first look" was that DKNG has "gotta be down" on this news. But DKNG was up. Judge wondered if prediction markets may be viewed as "complementary." Contessa said it depends on who you ask and pointed out the terminology being used. Judge actually brought up the Paul Tudor Jones "talks like a duck" (sic we think he said "quacks like a duck"). Contessa then actually said, "It depends on what the definition of 'is' is."

Weiss made VRT his Final Trade. Sarat offered TMO.

Steve Grasso: NFLX could ‘break a thousand’

Tuesday's (10/21) Fast Money immediately took up the NFLX earnings report. (This writer is long NFLX.)

Guy Adami observed, "You're starting to see a deterioration in the margins, even in the guide." Guy noted the possibility of a Warner Bros. Discovery bid and said it suggests "maybe this growth story is slowing out; now they need to start to grow by acquisition." Guy said 1,150 is a "huge level."

Karen Finerman said she's long NFLX and claimed the momentum is "tremendous." Karen said there's "a lot to like here," though it's not cheap.

Steve Grasso questioned what happens if AI infringement (a concern that we don't think we've heard expressed about NFLX) is a "huge deal" for NFLX. Steve said, "I would rather be a seller" and said it could "break a thousand," down to 850, though he admitted he thought it was "running out of steam" before breaking out above 850 a while ago; he just thinks the trade is "really long in the tooth."

Piling on, Bonawyn Eison said the "concern" is that "incremental growth" will have to come outside of the U.S., which means higher content spending. But Karen Finerman pushed back that NFLX "can make content cheaper outside of the U.S."

Later, Mel asked Rich Greenfield, "Why is it down?" Rich shrugged, "Investors wanted faster growth," and the "whisper was faster growth in Q4 ... this thing is just an execution story. ... The stock was at this level 12 days ago." Rich said everyone's trying to figure out whether NFLX is actually bidding for WBD assets. Rich said NFLX wouldn't want HBO but the "IP trove of Warner Bros." Rich mentioned Jeff Bewkes' famous "Albanian army" comment.

Earlier on the Halftime Report, pre-earnings, Joe Terranova said he's looking forward to NFLX actually spending less on content because of AI. Jason Snipe mentioned several reasons he still likes the stock.

Jim refuses to opine on whether the country needs a national, strategic stockpile of electrical steel

Judge on Tuesday's (10/21) Halftime Report asked Jim Lebenthal to explain what The Information is about CLF, explaining that critics think it only surged on Monday because of the rare earths mention.

Jim said rare earths is "not what excites me," but that "the narrative is changing." Jim said auto demand is "picking up," and CLF has an MOU with an "international steel company." Jim claimed he's buying more for himself.

Joe Terranova wondered why CLF "keeps reporting negative gross margin." Jim's answer was that EBITDA is positive.

Jim said the country is keeping a "national, strategic stockpile" of electrical steel. Joe questioned, "Do we need that?" Jim insisted whether we need it is "irrevelant," what matters is that we're doing it.

Meanwhile, Joe mentioned the "healthy" pullback in precious metals and said what's happening in gold is "exactly what you want to see happen." Joe said the bull market in precious metals "remains in place."

Jason Snipe has gone from overweight to market weight in AAPL.

Bill Baruch bought more AMZN and joined remotely to explain why, saying it "tested the 200-day moving average on Friday." Bill predicted a lot of "chase" if it gets over $230. Bill said he wouldn't be surprised to see it up 10-15% on the year. Joe noted that he has said recently that AMZN is a 2026 story.

Jim once again talked about GOOGL and search (but not regarding Eddy Cue this time); Jim said there is competition to search, but Jim "emphatically" doesn't think AI/search will be a "pervasive weakness" for the stock.

In a rare Halftime appearance, David Faber discussed the Warner Bros. Discovery revelations.

Nearly a whole A Block about AAPL (but nothing about Eddy Cue)

It somehow took Judge 22 minutes on Monday's (10/20) Halftime Report to get to his new favorite subject, the "credit-related stocks," citing the "worry list" of Carlyle's CEO.

But about all the way up until then, the gang was talking about AAPL.

Joe Terranova pointed out that AAPL and GOOGL were "negative" in 2024. It "carried forward into 2025," Joe said, then there was "that 1 spark," maybe Tim Cook in the Oval Office.

Jenny Harrington couldn't contain herself, complaining, "I feel like I'm sitting on another planet here," calling it "crazy" that panelists are so excited about AAPL being up "1% on the year."

Jenny claimed AAPL has the "worst setup" of the Mag 7. Jenny claimed she could find "tons of things" with more promising stories.

"It's up 30% since the beginning of August!" Joe declared twice, saying that's when "we highlighted it."

Jenny questioned, "Why should it go higher from here." Judge then turned to Josh Brown; Jenny complained, regarding Josh, "You're Team Joe, you're Team Joe."

Josh didn't say that Joe was right but did say there's a "buzzing like wildfire" in Silicon Valley about AAPL's "secret project" that is something called Veritas, an employee-only chatbot that is "probably the early stages of what Apple's AI is actually going to be."

But CNBC's Steve Kovach said later that Veritas won't be for the public but will be "baked right into Siri" (snicker).

Steve Kovach said there's a "China rebound" for AAPL.

Amy Raskin said she's holding AAPL and views it as "the ultimate staple," and 30 times for such a stock is "OK," compared with COST at 50.

Jenny wondered if Amy would put any "fresh new cash" into AAPL, or is it such a prominent holding because a bunch of clients have had it forever and don't want to pay the taxes. Amy said she doesn't have "any problems" owning it at 30 times given the market's at 23.

Joe predicted AMZN will be a "2026 story" now.

Joe insisted the "chase for performance" is real. Joe said the VIX is about 18. Jenny protested, "I don't think this is binary — you don't need to be bullish, and you don't need to be bearish. It's OK right now to be cautious."

Jenny suggests "you can incrementally de-risk (snicker)." Judge said Jenny is "constantly citing the fact, well we're only up this year to date or we're up- it's skewed by the events post-Liberation Day," and what happened in April was an "artificial bottom ... unforced error ..."

As for those credit-related stocks, Jenny said she bought TSLX in January after a "super, super intense" research process and found it's "different than the rest." Judge said Wells Fargo sees regional banks as a buy. Joe said he's not sure he'd buy here, he'd "pause."

Starting points have gotta start somewhere

Judge on Monday's (10/20) Halftime Report asked Josh Brown whether utilities, health care and staples leading this month is a warning sign for the market.

Josh said it's "the ultimate example of cherry-picking starting points." Josh said those aren't the only leaders, and that utilities for example are in a "bull market in electricity."

Judge said "I think people understand that," but what about staples and health care. Josh said "doom and gloom" in health care is lifting because fears about what RFK Jr. is going to do are getting quashed.

Meanwhile, Josh trumpeted the technicals for AXP, a stock that forever should have the symbol AMEX. Josh said there's "no natural sellers left." Josh said it's the best chart in financial services.

Josh talked up ACHR as well as JOBY and said they trade on headlines, and the Dubai Air show is coming up. Jenny Harrington said she's "delighted" that Jeff Smith is focused on TRIP.

Judge said Rick Rieder, his guest on Monday's Closing Bell, is in the "Final 5" for Fed chief.

When the tide goes out, um, you find out who’s been swimming, uh, ...

Friday's (10/17) Halftime Report crew basically shrugged off whatever's going on in private markets as someone else's problem.

Judge opened saying, "We do have these credit issues which are hanging over the markets" (Zzzzzzzzzz). But Judge said the question is whether they are "idiosyncratic and overblown," or "something more widespread" (Zzzzzzzzzz).

Judge even mentioned in the opening minute Jamie bringing up the "cockroach issue" (Zzzzzzzzzzz).

Jason Snipe would note we've had "Jamie Dimon's comments on loop."

Judge pointed out how BDCs and alt managers are down.

Bryn Talkington revealed she's an investor in the "private company" of Blue Owl and that she bought ARCC.

Bryn said you can look up exactly what Blue Owl and ARCC own and that the "transparency" issues in general are getting painted with a "very broad brush."

Judge in the 5th minute even mentioned the "bathing suit" and the "tide."

Steve Weiss said he doesn't see a 2008-like situation, but private credit is "not regulated" like the big banks.

Weiss pointed out the difference in rates between prime and what private credit's been lending at.

Joe Terranova, joining from that pandemic-era room with the numbers on the walls, said the JOET has 7 midcap banks and 2 superregionals. Joe said the momentum from those kinds of financials in 2024 is "coming to the end of the road." Joe said what we heard Friday from the regional banks was "somewhat comforting."

Judge pointed out that the JOET can't do anything until the next rebalancing, which is still a couple weeks away, so Joe just has to "sit there and watch this movie unfold" (snicker). (The question is, is the movie going to be "Apocalypse Now," or "Adaptation"?) (#Sadly,Judgedoesn'tdomoviecriticism)

Bryn pointed out that high yield is "showing no signs of stress."

In the 27th minute, Judge admitted, "I think we surrounded that, uh, story."

‘Still pretty fully invested’

Bryn Talkington on Friday's (10/17) Halftime Report said she sold IONQ, saying it's a research company that's one of the momentum plays talked up on X, but it will take a long time to make money.

"I bought it in the 30s; I sold it at 70," Bryn boasted, arguing that "these stocks make no sense on any valuation metric."

Judge said that while Bryn made money in IONQ, Amy Raskin's (who wasn't on Friday's show) ownership trajectory in the name is "unbelievable."

Bryn is standing pat on crypto plays despite the volatility in the "asset class." Steve Weiss is sticking with his crypto position (apparently the IBIT), though "I still don't know what the use case is."

Bryn said until we get "clarity" on the Indonesia mine, FCX won't break above 45.

Weiss explained selling BAC (Zzzzzzzz); he wants to reduce his exposure "overall to the market," even though he's "still pretty fully invested."

Jason Snipe trimmed AAPL (Zzzzzzz). Jason bought more IBB, predicting M&A in biotechs.

Santoli said the market just wants to "escape." Santoli said we're getting "bumps in October."

Bryn's Final Trade was BMNR while selling November 55 calls for $5.

Dan Nathan: ‘Too early’ to get ‘hyperbolic’ about regional banks

Judge in the 23rd minute of Thursday's (10/16) Halftime Report aired a clip of Glenn August in Beverly Hills, where Judge this week made a trip that was kind of a reporting bust, talking about Judge's favorite subject nowadays, whether there are "cracks" in private credit.

Then Judge played the Jamie Dimon "cockroach" clip, which is maybe No. 2 or 3 in the recent poll of Judge's Favorite Comments This Month.

Josh Brown mentioned "First Brands" a couple of times.

Late in the show, Judge was talking about the 10-year under 4.0 and the 2-year being "lowest since 2022," then Judge filled time with more about private credit.

Fast Money talked up the yield and banks at the top of the show. Dan Nathan said it's "probably a bit too early" to get "hyperbolic" about regional banks. Steve Grasso pronounced the yield activity "all normal." Grandpa Guy Adami said rates are going lower "because people are scared of something."

Josh calls NEM ‘way too extended,’ but Bill says there’s a ‘long runway’ for gold miners

Josh Brown on Thursday's (10/16) Halftime Report said this is the best year ever for gold and silver miners.

"The run is probably not over," Josh said, because gold is still gaining; however, he called NEM "way too extended." But he thinks AU has a "special situation" that's appealing. Josh said it "easily could go to a hundred" if gold gets to $5,000. (This writer has no position in NEM or AU but does own a couple gold-mining stocks.)

Bill Baruch owns NEM and seemed to think it's less extended than Josh thinks, saying it's made "a lot of great acquisitions." Bill pointed out that energy or "input" costs are lower for these companies, and they have a "long runway" that's maybe in the "1st quarter," he doesn't think you need to chase it but he's not sure how big of a pullback there will be.

Judge said "they put up a lot of points in the 1st quarter."

Judge provides a long-overdue movie quote

On Thursday's (10/16) Halftime Report, Bill Baruch said he bought more SPY as well as the IJR; Bill cited in part no "follow through" Monday from the Friday meltdown and on Tuesday, Jerome Powell mentioning an "endgame to QT."

Out of the blue, to our happy shock, Judge said the "no follow through" observation reminds him of the scene in "Airplane!" where the guy shuts off the runway lights and is like, "Just kidding."

(We're taking Judge's word for it — honestly, we've seen that one a few times, and it's hilarious, but it's been literally decades, and we don't recall that scene specifically.)

Kari Firestone said people's concerns seem to be about valuation and AI, but she's "not as worried" about those things now as some people are.

Malcolm Ethridge sold some ORCL, stating it's a "great place to be trimming."

Bill bought TDG because it's a stock he has liked, but we didn't really get what the catalyst is supposed to be.

Kari bought ROP, a stock maybe never mentioned on the show. She trimmed BKNG because it got to be a "really big" position.

Kari bought more UNH.

Kari said we're entering a "new era" in biotech. But Judge noted that Kari only owns AMGN, and only in her charitable trust. Kari said this is getting to be the time to own them and talked of owning companies that are "tangential."

We heard ‘cooking oil’ and thought they were going to discuss Mark Sanchez

Judge was apparently taking a travel day from the less-than-scintillating (based on what we saw on TV) Beverly Hills CAIS conference, so guest host Frank Holland opened Wednesday's (10/15) Halftime Report saying "I don't think (hosts of the 11 a.m. show) Carl and Leslie know their mikes are still on." But viewers didn't hear anything, so we don't know what Frank was talking about.

Frank mentioned "cooking oil" with Joe Terranova.

Joe said of this week's market, "It's about the Fin 5," which delivered something "historic." Joe said he's "not particularly sure" (snicker) if it's time to reduce his bank holdings given the results.

Permabull Stephanie Link was most impressed by MS' "ROTCE at 24%."

Jim Lebenthal in the 6th minute brought up "First Brands" and also "cockroach" (snicker) (apparently the word of the week, after last week's Paul Tudor Jones' quacking like a duck) and mentioned watching credit spreads.

Joe affirmed that the chase for performance this year "ultimately will happen." Stephanie said, "You don't fight the Fed. ... You do not fade the- this rally. You actually do chase."

On Fast Money, Guy Adami suggested C could get to 1.2, 1.5 tangible book (snicker) "in this new order."

Whew — Jim wasn’t asked about any more ‘rumors’ in The Information

Guest host Frank Holland on Wednesday's (10/15) Halftime Report said Stephen Miran, who might be the most entertaining Federal Reserve figure in decades (this page is taking no position on Miran's policy views, only entertainment potential) claimed there's "consensus" on the neutral rate.

But Liz Thomas said she's not so sure there's a consensus on neutral rate. Permabull Stephanie said you want to own cyclicals; "I don't care where the neutral rate is."

Frank insisted on talking about small caps (Zzzzzzzz); Liz took up the subject, saying "We're looking at a very dovish Fed in 2026."

Joe suggested XBI and IBB and said Jason Snipe (who wasn't on Wednesday's show) is a fan of the latter.

As usual, Stephanie did get into Total Addressable Market, with the hyperscalers and cybersecurity this time.

Joe said the "thematic" approach to utilities is "very real."

Joe said PGR had a "miss on every front" and implied the JOET would be kicking it out on Halloween.

Joe said DASH is a "verb" and its partnership gave DPZ a boost. Jim Lebenthal said DAL earnings will be "better than expected," and the multiple of course is too low, which is basically what he always says about DAL. Like Jim with DAL, Stephanie trumpeted GEV.

Robert Frank was back for another wealth report, something CNBC is obviously emphasizing. #Versant

Joe said COST is "troubling" to him because it has "not delivered."

Stephanie said the new TGT CEO could do things "quicker" than an outsider, but the downside is that "they needed someone from the outside." Stephanie said it's a "show-me story."

Discussing ONON, Jim actually said with a straight face, "There's only so long that the consumer can keep spending like this."

Stephanie Link's Final Trade was VSCO, always an exciting name.

Judge was dressed quite warmly for an indoor Beverly Hills event

Unfortunately, Judge's trip to Beverly Hills seems like — at least based on what CNBC viewers got Tuesday — kind of a bust. (Aside from the fact he flew to California to talk to Robert Frank back East about alternative investments.)

Early on Tuesday's (10/14) Halftime Report, and right at the top of Tuesday's Closing Bell, Judge asked about Paul Tudor Jones' comments (Judge didn't mentions Paul's quack like a duck garbage, at least not at Halftime).

On Halftime, Joe Terranova, who was broadcasting from that COVID-era room with the numbers on the walls, again was concerned about "what positions do you hold that could be a source of liquidity."

Josh Brown said Jamie Dimon mentioned the "cockroach" slogan. Josh said the "big risk in the 4th quarter is if people get nervous about the First Brands situation."

Judge said B of A's fund manager survey found the most bullishness it's reported since February. Shannon Saccocia, who was on location in Beverly Hills, said the market needs to see if some of the concentrated capex dollars get spread around.

Joe said Friday was a "very stark reminder to all of us to look at what you hold" and determine if those positions can be a "source of liquidity."

Joe again made the point he likes making to Jenny Harrington (who wasn't on Tuesday's show), stating, "This hasn't been a quality rally in 2025. This has been a momentum rally, this has been a crypto rally, this has been an AI-adjacent rally, and in some areas of the market, it's a junk rally."

During the show, Steve Liesman recapped the comments of Jay Powell, who wasn't in Beverly Hills, but Philadelphia. Franklin Templeton CEO Jenny Johnson spoke to Judge in Beverly Hills about market reaction to Jay Powell. Jenny brought up employment equilibrium and productivity and concluded, "It actually feels like the labor market is OK." Jenny affirmed, "I'm pretty bullish."

"I believe we are in early innings of what AI is doing," Jenny said.

Also in Beverly Hills, Glenn August of Oak Hill stated, "I do not see a bubble in private credit." Glenn and Judge also took up Jamie's cockroaches. Glenn said, "I don't see a recession anytime soon." But he did predict lower returns for private equity.

Robert Frank said remotely during his discussion about alts that the amount of money going to private equity has gone up tenfold since the financial crisis.

Halftime Report programming goes 83 minutes without a commercial break

Joe Terranova on Monday's (10/13) Halftime Report predicted to guest host Frank Holland that "the secular bull market trend remains in place" and there will be "a little bit of a chase for performance," but you can't "dismiss and ignore" what happened Friday — and be careful if the market starts using your type of stocks as a source of funds.

Jenny Harrington said the lessons from Friday are "tune out the noise" but also that "there's fragility out there." Jenny even mentioned "priced for perfection."

Steve Weiss chalked up Friday's market meltdown less to a tariff "tantrum" about China and more to "sensitivity to where the market is." Weiss said the market's in a "tentative position."

Nevertheless, Weiss is "pretty much fully invested." (So much for the tentative market.)

Jim Lebenthal claimed "there are some serious concerns in terms of leverage." Jim even mentioned the Bear Stearns hedge funds of June 2007. (Which reminds us of when Eric Bolling declared on Fast Money in August 2007 that (maybe not the exact quote) "I think we've bottomed!") (The quote was true for a couple months, but by October ...)

Jenny said "today" is the time to think about repositioning your portfolio (for all those who need a project).

In the 23rd minute, Frank ended the A Block and went to commercial — the first during the Halftime Report since Thursday (see below).

For the 3rd time in a couple months, Joe tells Jenny his comments are ‘not personal’

Steve Weiss on Monday's (10/13) Halftime Report mentioned BDCs having "issues" such as First Brands, but it's not "enough at this point to derail the market."

But Jim Lebenthal said "we want more information" about creditworthiness.

During a discussion about the day's winners, Joe Terranova told Jenny Harrington, "You know this — quality hasn't worked in 2025."

Jenny chuckled, "No offense Jenny, you know this."

Joe said, "It's not personal to your portfolio."

Joe explained that "Quality's not bouncing back today; momentum's bouncing back today."

Joe said he "wouldn't touch" BDCs now.

Jenny said "we all know out there that there is a huge bifurcation in the top end of the consumer and that they're still healthy, and in the lower end of the consumer."

On Monday, we didn't catch an update from CNBC as to whether Adam Parker was able to "grind" some trades over the weekend (see below).

Joe’s ‘perplexed’ by market euphoria over the Wiki-scraping outfit

Right after the A Block of Monday's (10/13) Halftime Report, guest host Frank Holland said Goldman upgraded NEM to buy (which seems kinda overdue), even though the screen text/chart was trying to tell us something about AVGO.

Joe Terranova again talked about how strong precious metals are. Frank then tried to go to "headlines with our Kate Rogers. Kate." But nothing happened, so Frank said, "Oh, sorry, not just yet."

Jim Lebenthal said "gold's had a heckuva rally" but it feels like a "melt-up phase," and he wouldn't "dive in" now.

Joe said the JOET added PYPL at the end of July at 68.76, so it's "literally a break-even."

Jim said he trimmed WYNN at 126 and he'd like to add back. He thinks the pullback is "tariff-related."

Eventually Joe took up AVGO's Chart of the Day and deal with OpenAI; Joe said "it is somewhat perplexing to me that we are becoming more and more reliant on this one private company's ability to keep spending." (Actually, it doesn't seem "perplexing" at all to this page.) Jenny Harrington said that when she saw the news earlier in the day, it reminded her of Oprah handing out cars.

Santoli said he wonders if Friday's trade was the end of a stretch of "unusually subdued volatility."

Jenny sold NEE; she explained how she owned the convertible preferred and that the multiple had gotten kind of high at 23.

Late in the show, Joe said, "I don't think the market needs the rate cuts" and the Fed would rescue any "wobble" in the labor market. Steve Weiss questioned if Joe thinks the market, or economy, doesn't need the rate cuts. Joe affirmed that he doesn't think the market needs the cuts. Weiss wondered if the market would hold its level if the Fed made such an announcement. Joe said the market would "wobble to a certain extent" but would recover if earnings are strong. Jim Lebenthal predicted a 25-point cut.

Jenny gave a lengthy explanation for her Final Trade of TSLX.

Frank said Judge is going to have a "big lineup" Tuesday from the CAIS conference in Beverly Hills.

Bryn predicts Monday ‘washout’ (and Adam is going to ‘grind’ a few trades)

Well into the day's selloff on Friday's (10/10) Closing Bell, Judge brought in Halftime Report regular Bryn Talkington, who asserted the selloff is "way more than China."

Bryn also pointed out, "Trump has never said 'let's decouple.'"

But those weren't the headline comments. Bryn also said, "Markets don't typically bottom on a Friday. And so I think maybe, maybe Monday we get a washout."

Adam Parker, also on Closing Bell, said, "I didn't know that," then curiously added, "I'm gonna go back to the office and gr- grind a little to 'The market doesn't bottom on Friday.' Thanks for the idea. I'm gonna go grind on a, on the weekend, uh, so that's always a good, good to learn stuff."

Oh my — Judge goes a full hour without a commercial or news break

By the end of the show, we were practically in disbelief.

Judge went an entire hour on Friday's (10/10) Halftime Report without a commercial, or even a news break.

If you're thinking, as we were, "must've been some big breaking news," well ... if you consider a Truth Social post to be big breaking news, then ...

We think part of the reason was that Judge was expecting an Eamon Javers update around the time of the typical end of the A Block, but that update didn't come until later, and also that Leslie Picker was set up to deliver a lengthy report on BDCs in the latter half of the show.

(Whatever. Seems like lost revenue for Versant, but what do we know.)

One annoying thing about the telecast was the screen text with one line a lot longer than the other telling us that Trump is the "pres."

It’s Peter Navarro Day in the markets

On Friday's (10/10) elongated Halftime Report, Rob Sechan opined, "I think the sharp reaction to this news shows how priced for perfection markets have become."

Rob even mentioned AAII surveys (snicker).

Rob claimed, "Markets have become solely focused on the good news around AI."

Permabull Stephanie Link said, "We're only down 1.3% on this news," which ie "encouraging."

Jason Snipe bluntly stated, "This is an absolute buying opportunity."

Kevin Simpson said rate cuts and AI enthusiasm are "in tandem," so there's "opportunity" in Friday's pullback, but if we "lose the AI enthusiasm" or the Fed "backs off" rate cuts, that's a "reset" that would make Kevin "a little bit nervous." Judge said that would be a "game-changer scenario."

Kara Swisher evidently is in the ‘Tron’ movie (not in the picture above)

Eventually on Friday's (10/10) Halftime Report, Judge returned to the day's planned topic, which was the 3-year anniversary of the bull market. Judge stated, "When bull markets go 3, they usually go longer."

"The average bull market is 51 months," agreed Jason Snipe.

Judge also said of the shutdown, "The market hasn't seemed to care about it." Jason predicted it gets resolved "shortly."

Kevin Simpson bought EME a week ago at 647; "there's still plenty of upside here."

Judge and the panel acknowledged the homebuilders have been in a recent slump. Permabull Stephanie Link insisted they're at the "trough."

Kevin wrote a 520 call on CAT expiring next week, annualizing an 8% premium.

Rob Sechan said he said a week ago that RACE is "far too pricey," but you can "own this long term" for its "software-type margins."

Kevin again talked up AEM; "I don't think the trade's going away." (This writer is long AEM.) Rob said there's been a "retail uptick in ownership of gold."

Kevin bought CPNG. But he got stopped out of RBLX; there are "more and more states coming after them."

Rob touted LMT.

Kevin bought ASTS and RKLB last week.

In a discussion that took a long time, Leslie Picker reported on some issue related to BDCs. Then Steve Liesman and Judge assessed where Fed members are leaning.

Judge actually says some surveys show a ‘pretty nasty picture’ of the economy (wonder if they show an AI bubble too)

Judge opened Thursday's (10/9) Halftime Report saying the 3-year anniversary of the bull market was Oct. 12. Josh Brown pointed out to viewers that "It's very expensive to miss a bull market."

Josh said the average gain of Year 4 of a bull market is "16.2%," so you don't have to feel like bailing.

Bill Baruch observed, "Right now we're only at 15% ... There's still a lot of runway here this year." But Bill said there is "concentration" in the biggest stocks and "some deterioration in momentum in the near term."

Jim "Gangbusters" Lebenthal offered reasons "not to be bearish," which include a good earnings outlook, the economy being "very far from a recession" and the fact the Fed is cutting. Judge actually countered that there's non-government surveys showing a "pretty nasty picture" of the economy. Jim insisted "there isn't a lot of firing," though he conceded there's not a lot of hiring either.

Josh predicted "explosive" bank earnings starting next week.

Jim said of C, "I see absolutely no reason why this should trade at a discount to tangible book value (snicker)." Jim claimed Jane Fraser "hasn't gotten full credit for it yet."

Judge said, "C'mon, look at the stock, what do you mean she hasn't gotten full credit for it."

Jim said, "Because it trades at less than 10 times earnings, as I said, just a hair under tangible book value."

Shoes as an alt investment?

Judge on Thursday's (10/9) Halftime Report said JPMorgan is calling SHAK a top short idea.

Josh Brown said it's "not the first time" SHAK has gotten a downgrade, and "nothing they're saying is new to the market," it's more like they want to "press their bet." Josh noted SG and CMG are slumping too.

Judge said AMD is up "43% in 3 days." Bill Baruch said it had almost been "left for dead" and it got an "absolute repricing." But Josh asked for a 1-year chart and questioned who's buying the stock now, other than someone who absolutely for whatever reason must own this name.

Leslie Picker reported that millennials are more into alternative investments than stocks. Josh said it's "nonsense," that "if you were born in 1996, you should have a hundred percent stocks."

Josh added that "You do not need alts at 27 years old" and noted it's just a survey and questioned if the numbers are really accurate. Shannon Saccocia said "It's not just private equity," and Bill suggested "they might be 25% crypto." Shannon even said "shoes." Everyone agreed that the "alt" bucket includes a lot of stuff.

Reporting from Macau, Contessa Brewer said "Macau's booming."

Late in the show, Josh said he's long NFLX and "expectations are not terribly high" and it bounced off the 200-day. (This writer is long NFLX.)

Jim Lebenthal mentioned "Bud Fox" when making ORCL his Final Trade; Josh brought up the "abyss." Jim called that "a little obscure."

Branding issues: Jim obviously doesn’t know what The Information is (and he thinks legit news scoops are ‘not far’ from rumors)

Viewers of Wednesday's (10/8) Halftime Report learned that Jim Lebenthal's buying more ORCL, as it has slid a little since its recent meteoric rise.

Jim even brought up "Eddy Cue" (snicker) in explaining why he's not necessarily believing the "rumor" (snicker) about ORCL.

Judge rightly wondered, "What rumor are you talking about?"

Jim said it was yesterday's story on margins.

"It wasn't a rumor. What do you mean a 'rumor.' It was- it was a report," Judge said.

"Who did it come from?" Jim asked.

"The Information," Judge said.

"Who did it come from?" Jim repeated, before saying, "OK, it came from a news report that suppose- supposedly, they saw an internal document. It was not a release by Oracle."

"That's far different than a rumor," Judge correctly said.

"It's not far different. It's not far different from a rumor," Jim protested.

(Ah. OK. So The Pentagon Papers were just a "rumor.")

(Got it.)

"A news organization seeing an internal document is not that far different than a rumor?" Judge asked in disbelief.

Jim stated, "It is unsubstantiated!" Then Jim mentioned Eddy Cue (snicker) 2 more times.

Judge said, "What Eddy Cue said was a factual statement too ... he didn't make it up. What are you talking about?"

Jim said, "I'll tell you exactly what I'm talking about. And I said I'm not impugning him ... Yes, there was an inference that Alphabet's search volume was declining. That turned out not to be the case."

(So, in other words, what Jim was actually trying to say is that the market overreacted to those reports, not that those reports were wrong, even though he hopes they are.) (We're happy to help any time.)

Weiss joined in to discuss how business investments are always studied for "payback period" (Zzzzzzz.)

How come Judge doesn’t revisit the ‘intermediate term’ warnings Weiss was making every day in April

Judge opened Wednesday's (10/8) Halftime Report saying we're 6 months past the market's "Trump tariff tantrum," when the S&P low was 4,835.

Joe Terranova pointed out that the China tariff arrangement (ugh) will need to be extended again in November. (Which city is going to host the Scott Bessent meeting this time.)

Judge said the Nasdaq low during the tariff tantrum was 14,784.

Steve Weiss pointed out how it's not all about AI, how CAT is at an all-time high and how it was "under 300" back in early April. But Weiss still wants to be in Megacap Tech. In a strong endorsement of a colleague, Weiss said the JOET is "perfectly geared" for this environment.

Bryn Talkington talked up DELL and compared Michael Dell to Larry Ellison.

Judge brought in Kristina Partsinevelos, who Judge said coined the term of Nvidia becoming "the new First National Bank of AI." Joe said the "circular financing" today is delivering "tangible products," unlike in 1999. Joe said AMAT is "joining the party" and has a "green light on momentum." Weiss said TSM "continues to be explosive." Jim Lebenthal was chuckling because he apparently got out of AMAT.

‘This reminds me of Tesla’

Judge on Wednesday's (10/8) Halftime Report wondered if there's a "level of complacency" given the "unabated" rise of gold. Jim Lebenthal said there are "esoteric reasons" (snicker) that gold needs to be discussed.

Much later in the day, on Fast Money, guest host Sully suggested the market suddenly "woke up" and decided FCX's copper will be in big demand. Karen Finerman, in chic blue, again talked about owning bitcoin instead of gold. Steve Grasso predicted, "the same people that have been buying gold will wind up buying cryptocurrencies." Even so, Steve predicted $5,000 gold.

Back on Halftime, Santoli said gold and the Mag 7 ETF are "neck and neck" on a 2-year chart.

Bryn Talkington got deep into the details on private credit (Zzzzzzz) but suggested this is the time to add to KKR or APO; she'd buy those over private equity itself. Joe Terranova noted a lot of those stocks haven't traded that well recently.

Josh Brown, who wasn't on the day's panel, dialed in to discuss the JOBY offering. Josh said the stock is actually higher than the offering price, and (this seems quite a stretch), "This reminds me of Tesla," when bears warned of dilution, but the stock would go up "20%" after a "massive secondary." Josh said the fact JOBY can do a secondary is the bullish part. Joe said it has to be looked at as a "form of a clearing event."

Joe is already buying more XBI. "You buy high, and you sell higher," particularly with a breakout, Joe explained. Judge questioned if such a breakout determination can be made "in 24 hours." Joe said, "When you get that type of a breakout, yeah ... automatic buy signal."

Steve Weiss said health care is moving on momentum, not fundamentals as the industry is facing changes that will reshape business models. Joe admitted his MRK buy has been "disappointing."

Weiss in Final Trades offered NFLX, claiming it "finally bottomed." (This writer is long NFLX.) Judge twice told Jim he was "sorry" not to bring up CLF during the show.

Steve Grasso on Fast Money called the Commerce Secretary Howard "Lutkin" (sic) before asking for and receiving clarification on the name. (At least Steve wasn't asked what The Information is.)

Judge claims he wonders whether he woke up on another planet

Jim Lebenthal on Tuesday's (10/7) Halftime Report said he's still in ADBE basically "because it hasn't gone down" and didn't get "slaughtered" after its last earnings report.

After Jim's speech, Judge said, "You're waiting until the stock goes down to sell it?"

Jenny Harrington advised Jim, "You should just sell it, buddy."

Judge wondered, "Did I wake up like in, on another planet today; what's happening here." Jim returned to the multiple and other metrics. Jim said "I may indeed sell this as a tax-loss harvest (sic last 5 words basically redundant)."

‘Rhymes with the late 1990s but not with 1999 or with 1997’

Judge opened the Halftime Report yet again Tuesday (10/7) with the only subject he's cared about for weeks, the possible "AI bubble."

Josh Brown pointed out, "A lot of the people who are saying 'bubble' today were also saying it in 2023 when Nvidia quadrupled." (Honestly, we don't know if Josh is right about that; he'd have to supply statements from "a lot" of these people.)

Judge cut in to Josh's commentary to mention ORCL's reaction to the Information story (Zzzzzzzzz).

Discussing ORCL, Joe Terranova observed, "The spending here is being done by debt."

Jim Lebenthal said this market feels "a little bit like it rhymes with the late 1990s but not with 1999 or with 1997." (Which means either 1998 exclusively, or some combination of the 3.)

Jenny Harrington bought MRP, saying it's a "complex structure" but a "land bank."

Jenny bought KMB (Zzzzzzzzz).

Judge aired a clip of Josh interviewing Peter Lynch this week. Josh said Peter is kind of sticking with his decades-old advice. Judge noted that Lynch pointed out that just because a stock has already moved doesn't mean it's done moving.

Judge said Ray Dalio is recommending 15% gold exposure.

Late in the show, Jenny said she sold DEA, a stock she's mentioned previously. "I lost 50% on the share price; I made 25% on the dividends, so net loss overall," Jenny said.

As promised, Joe bought the XBI.

Josh's Final Trade was VEEV. Judge admitted, "We've talked about Veeva a lot this week."

Getting tired of ‘quacks like a duck’ (By the way, when is Carl’s Day of Reckoning coming?)

Like anyone, this page believes that financial legends opining on market conditions is a helpful thing for the financial world.

Sometimes, that opining sounds a lot like wisdom-dispensing.

Such was the case Monday (10/6), when CNBC relentlessly aired Paul Tudor Jones' Squawk Box commentary about how right now seems like October 1999 (that part was fine) and "So it looks like a duck and quacks like a duck. It's probably not a chicken, right?" (that part was obnoxious and we're sick of hearing it).

Steve Weiss on Halftime told Judge we've been in FOMO "for a while," then made a very constructive observation about the current AI market vs. the 1999 market, that anyone in 1999 could claim a dotcom something or other, but being an AI player takes cash.

Weiss predicted this ends "the same way" as the 1999 market but will "extend longer" than October 1999 to March 2000 because this time, you "need capital."

Weiss said he's "super pumped" about MSFT, GOOGL, AMZN because he thinks they're "undervalued."

Anastasia Amoroso wonders if investors will begin to question the "trajectory" of the AI trade.

Joe Terranova seemed to think that we've got room before March 2000, opening with, "The calendar is the enemy for those that (sic should've been 'who') are bearish (as if anyone is). Because in fact you are gonna see portfolio managers begin to chase."

Anastasia said, "I think the semiconductor trade may be running out of steam in not-too-distant future." Joe said the key is what does "distant future" mean, asserting the "dramatic spending" right now should help the semicondutor industry.

Very late in the show, Santoli made a great observation, saying that before we get to 1999, we have to get to 2021 and the "truly speculative IPO stuff, SPAC stuff."

Judge helps Weiss with a time-machine trade

Steve Weiss on Monday's (10/6) Halftime Report said his personal "debate" is whether to start a new position in C or buy more BAC.

Judge said the C chart shows "You should've done that many many many months ago, right."

Weiss agreed, "Without a doubt." Everyone agreed they should've listened to Farmer Jim (who wasn't on the show) about C. (The question is, when. Farmer Jim and Weiss both have talked up buying C many times over the last 15 years. It's the broken-clock thing.)

Joe gets his daily mention of NFLX and SPOT being similar stocks

Judge, who sort of grumbles about all the analyst notes on NFLX but then vigorously reports them anyway, asked Steve Weiss on Monday's (10/6) Halftime about the latest positive assessment of the stock from some shop or another. (Honestly, does it really matter?)

Weiss noted perceived risks to the company, but "I just don't think there's a there there," Weiss said. "I just don't understand the concerns franky."

Joe Terranova for the umpteenth time mentioned NFLX and SPOT together (this writer is long NFLX and SPOT) and said it's "a little bit frustrating" because there's a "breakdown in the momentum" of NFLX and said it's "uncomfortably close" to the 200-day. (He's right about that; NFLX the stock has sucked for months.)

Joe says he’ll buy the XBI

In a very fine (but overlooked by Judge) demonstration of the ultimate in stock market ethics, Joe Terranova explained why he still personally owns a nonperforming stock such as ZM.

Joe said ZM hasn't done anything this year and bluntly stated it's "not a growth story." (It's not the worst chart we've ever seen, but Joe's basically right.) Joe indicated that Judge should stay tuned for October rebalancing as to whether it stays in the JOET. Judge noted Joe owns it "personally." Joe then said he'd rather wait for it to get "liquidated" from the ETF before selling it personally, for how that might look.

Meanwhile, Joe said his hockey-playing son in Danbury, Conn., orderd a vacuum the previous night and DASH delivered it in 45 minutes. Joe explained, "I ordered the vacuum, and then he had to call me to ask how to put it together."

ETF Edge was actually handled by Seema Mody. Seema's guest suggested silver and its miners have more upside than gold.

Judge said Krinsky thinks health care (Zzzzzzzz) might be breaking out. Joe vowed he would buy the XBI "on the close today" with a "very wide stop."

"I personally think health care's broken," Steve Weiss said, adding that "Veeva" is the type of tech company that will thrive. (That's yet another mention of VEEV after Josh Brown claimed last week that it never gets mentioned on the show.)

Joe has mentioned VEEV 3 times this year

Josh Brown on Friday's (10/3) Halftime Report actually said his mention of VEEV might be "like the only time" it's been mentioned on the "network" (sic) (it's really a "channel").

But Joe Terranova talked about the stock on June 4, Aug. 18 and Sept. 8. (Hit PgDn a bunch of times.)

Josh said $300 has been resistance for VEEV, and if it can get above it and stay there, it'd be a "new leg of the bull market." He'd put a stop at 260, 265.

Judge declared at the 48-minute mark, "Final Trades coming up," which seems an awful lot of minutes to be conceding to ads. But Judge did return in a few minutes to have Amy Raskin talk about Chevy Chase Trust making the CNBC FA 100 list; Judge suggested scanning the QR code on the screen to see the whole list.

Finally, in an elongated Final Trade session, Stephanie Link said CMG has been "absolutely horrible" this year, but it's always been a 2nd-half type of stock.

Judge cuts off Amy for suggesting ChatGPT might not be a $1 trillion IPO (a/k/a inflating ‘very big’ heads)

Judge led off Friday's (10/3) Halftime Report with "AI bubble talk" (snicker) and mentioned David Solomon's and Jeff Bezos' comments.

Rob Sechan said leadership will move the application of the technology, but we're "not there yet."

Rob said there's "really no signs of capex slowing."

Stephanie Link of course doesn't see a bubble because the investment is "across every different industry."

This type of conversation doesn't happen without an "innings" reference; Judge then said that Morgan Stanley's Lisa Shalett says market discounting of AI is in the "7th" inning.

Josh Brown said he doesn't know which inning we're in but asserted "there's going to be a correction" regardless of whether we're in the 1st inning or late innings.

Josh said "the only thing" that will keep the rally going "is if the rally keeps going, and I know that's a tautology."

Rob said Josh is "spot on," though "I hate to inflate a very big head already."

Amy Raskin said the "central question" is whether AI is a "natural monopoly" like "search" and "social," but maybe AI won't be, and if so, "ChatGPT might not end up being a trillion-dollar company." Judge immediately cut in, "Oh, it's on the way there."

The use case for all 240 is ...

Josh Brown on Friday's (10/3) Halftime Report revealed, "I talk to people in bars and taverns," which is how he knows how people keep waiting during the summer and early fall for an NVDA pullback and don't get it and eventually just buy anyway.

Amy Raskin shrugged that she's owned AAPL "forever" and "I'm not buying it here."

Judge said Chanos is harping on supposed cracks in private equity and suggesting it's like "packaging of subprime." Josh said the junk bond market is a lot stronger than in past cycles; the issue now would be BDCs. Judge and Rob Sechan got tangled in an insider conversation about private credit, private equity and alternative assets at the end of the A Block.

Josh said Musk's tweet about NFLX is every media company's "worst nightmare," and the impact can be significant, so he "wouldn't completely dismiss out of hand" NFLX having a couple rough weeks, but he doesn't see a "lasting effect" on the stock price, nor does he think NFLX maanagement will "make it worse."

Stephanie Link bought COIN a week ago. Stephanie said COIN has "240 different kinds of cryptocurrencies."

‘An everything rally’

Jim "Gangbusters" Lebenthal got to hold court at the top of Thursday's (10/2) Halftime Report, telling guest host Frank Holland, "History shows that, uh, government shutdowns are indeed a non-event, both for the economy and for the markets."

Jim said he doesn't like to "engage in the banal, trite sayings," but "the trend is your friend." Jim said that means "the equity markets" are the place to stay. (The trend is your friend is basically what Jeremy Siegel said, almost verbatim, later on Closing Bell Overtime.)

"Any dip in the markets is highly likely to be bought," Jim asserted.

"The trend really is towards an everything rally here," Jim said.

Jason Snipe said the S&P was up 10% during the 35-day shutdown in 2018 and said we've had "14 shutdowns since 1981."

Jason said Jim's right, that "The chase is real." Jason said he'd reallocate to sectors that have "not grown."

Frank said Tom Lee is pinning a 7,000 on year-end and says he'd buy the dip.

"The dip is buyable right now," Jim repeated, saying Tom Lee's notes are "always worth reading."

Jim said the factor of people chasing is "not to be trivialized."

AI bubble ‘overdone’

Jason Snipe bluntly addressed bubble talk on Thursday's (10/2) Halftime Report, explaining, "Maybe this, this, this story of an AI bubble, um, is a little bit overdone. Right, I think at least in the tactical, in the short run."

Jason likes BLK, which has a new AI tool.

Jim Lebenthal admitted, "I'm getting my face rearranged in Adobe."

Jason suggested "a lot of the bad news is, is priced in" to UNH. Shannon Saccocia said health care is "cheap."

Jim called the Berkshire-OXY deal "intriguing." Jim called it a "tuck-in acquisition" and said it's just a small part of BRK's cash pile.

Jason said CL has been in the "penalty box" this year but will get some earnings recovery next year.

Early in the show, Shannon Saccocia said a lot of small cap companies (Zzzzzzzzz) aren't that great; she'd caution "not to move too early on this" because the better small caps figure to gain in 2026, but after listening a couple times, we honestly don't know if she meant not to trim "too early," or buy "too early."

Late in the show, guest host Frank Holland AGAIN asked Shannon about small caps as far as Q4. Shannon said you want to be "selective."

But Shannon's Final Trade was to stay with small caps if you're in the trade, though she doesn't know if she made a "strong enough case" for it earlier in the show. (Zzzzzzzzzz)

Jason said SNOW is hitting on "all strides." (Kinda odd buying a company called "Snowflake" in 80-degree weather, but whatever.)

Jason and Jim both said they don't want to trim ORCL. Jim predicted it "bottoms and goes higher."

Jim yet again touted WYNN. Jim said you can actually make money in energy and also mentioned RIG but admitted it won't do well if oil prices sink.

Jim's Final Trade was VRTX. Frank flummoxed Jim noting Jim owns it and wondering if he's "buying more." Jim stated, "It's a Final Trade, I mean ..." Frank chuckled, "I'm just asking, Jim." Jason Snipe's Final Trade was NOW.

Judge admits he got overzealous about Eddy Cue’s remarks

Judge mentioned "Eddy Cue" (snicker) in the 16th minute of Wednesday's (10/1) Halftime Report.

Judge said the GOOGL stock move since then "surprised a lot of people" and there was a "tremendous overreaction in the market that day" and even "maybe we overreacted about it that day."

Well, true. Among other things, Judge on that day (5/7) warned Jim Lebenthal not to be too "flippant" about the gravity of Eddy's statement.

But it wasn't only Judge. Joe Terranova that day said the Eddy Cue revelation is a "big deal" as it's about the "cash cow." Josh Brown said it's "extremely significant" and "Joe is right" and "Jim will eventually come around to this point of view."

OK.

On Wednesday, Joe admitted to Judge, "I was one that overreacted." But Joe said the stock really only took off with the "regulatory clearing moment." (Jim wasn't on the show.)

Judge said Tony Pasquariello points out that since ChatGPT's launch, the Mag 7 has gone from $7.1 trillion to $18.6 trillion.

Judge said Tony says about the Nasdaq in general, "a lot is in the price."

Riding a boat of tech stocks

On Wednesday's (10/1) Halftime Report, Liz Thomas said a rally into year-end is a "possibility" but maybe not "unabated," as the market may be "due for a pause."

Joe Terranova predicted a "strong" Q4 but said not to be surprised by a "little bit of a rotation." Joe said the "Fin 5" hasn't been performing in recent days.

Steve Weiss said "everybody seems to be on the same side of the boat."

Weiss said in a couple weeks, "we're gonna really hear for the first time the impact of tariffs." (Weiss also claimed months ago that in the "intermediate term," things are going to get rough; where are these rough times and recession?) (Judge hasn't asked.)

Weiss again brought up "paycheck to paycheck" but now it's "tougher" for them. Weiss said there's "2 levels of consumers here and the gap's widening." (Ah. It's John Edwards' Two Americas time.)

Judge said consumer finance names haven't been performing well and rattled off recent results of a bunch of them.

Joe said maybe instead of a "bigger boat," the market will get "another boat."

Joe said, "The economy is clearly, right now, deteriorating" (snicker).

Joe said airlines are trading as though leisure travel will be more challenged. Judge said "restaurant stocks haven't traded that well."

Joe said NVDA is "not reliant on the economy" (snicker) and that APPL looks like it "wants to break out above last December's high."

Liz indicated that Mag 7 "sentiment" is different than sentiment about the consumer.

"I think the consumer is in fine shape," Liz said, no "alarm bells." In fact, "Credit spreads have not budged."

Judge pointed out how much GEV is up and said it got a downgrade on valuation. Joe said the power names are a "well-known tailwind for the market."

Weiss said "AI names" don't have to go up but just need to hold their "pole position."

Late in the show Judge said China tech stocks made a big comeback in Q3. Weiss said he thinks there's more to go, "I'm pretty sure there is," but he's going to wait for a pullback that might not happen. Rounding out his Greatest Hits from earlier in the show, Weiss said one of the risks to BABA is that "China does go after Taiwan."

Joe says airlines may have peaked in Q1

Jim Cramer joined the crew of Wednesday's (10/1) Halftime Report at Post 9 to tout his new book (Zzzzzzzz).

Joe Terranova bought MRK, saying it had a "clearing event," which Judge finally clarified involves drug import pricing. Judge said it's already "moved a lot" on that news. Joe said the stock's gotten a "restart."

Hours later, on a sleepy episode of Fast Money, Karen Finerman said she bought PPH and said "maybe, you know, the target is off the back of this industry."

Back on Halftime, Joe doesn't like the Jefferies upgrade of DAL. Joe thinks there's a "pretty good chance that the airlines peaked in the first quarter of 2025."

Steve Weiss said "Brad" is being "very, very disciplined" at QXO.

Joe said WELL is a play on the "exponential growth" in senior housing.

John Mullen of Parsons Capital in Providence joined the crew to disucss the firm's No. 1 ranking (up from 2 last year) in CNBC's "7th annual" financial advisor 100 list sponsored by Franklin Templeton.

In Final Trades, Weiss said NFLX's tumble based on a Musk tweet is a "buying opportunity." (This writer is long NFLX.) (Joe did NOT chime in that SPOT kind of trades the same way.)

Jim actually seems to think any number of ‘very talented people’ could get the DIS job

Asking Jim Lebenthal about DIS on Tuesday's (9/30) Halftime Report, Judge finally admitted (after this page has harped on it for literally years) that succession is "the biggest issue hanging over the whole story."

Jim agreed it's "a very big issue," though he doesn't think it's "make or break on the stock." Jim even claimed "there's some very talented people behind Mr., uh, Iger," then botched a few of the names.

Judge cracked, "Don't mention names if you don't know the names." But Judge didn't have the brass to tell Jim that the issue isn't whether the people "behind" Mr. Iger are talented, the issue is that neither the current DIS CEO nor the board trust any other human being in the world (probably not even Brian Niccol given the still-regular SBUX stumbles) besides the current CEO to run the company, which is why we'll be hearing about a 3-year extension soon.

Meanwhile, Josh Brown bought PL, which has something to do with satellite data. He also bought JOBY and ACHR.

Amy Raskin bought more V. She's keeping her IONQ position small. Amy bought more WMB (Zzzzzzzzz).

Joe Terranova yet again said SPOT is the "equivalent" in music to NFLX in streaming; he said the SPOT management announcement "feels very similar" to when Reed Hastings left the reins to Greg Peters and Ted. (This writer is long SPOT and NFLX.) Joe suggested SPOT is in more of a "time correction" than "price" correction. (That's a nice way of saying it's been a dog for months.)

Judge coulda just said ‘Ah, we know what you’re going to say anyway’

Judge opened Tuesday's (9/30) Halftime Report asking Josh Brown to opine on NVDA (as if nobody knew what Josh was going to say). But Josh's sound wasn't working, so it was a Shields & Yarnell routine, and the camera cut back to Judge, who didn't realize the camera was cutting back and was seen pointing something like "what the heck" and then Judge realized he's on camera and said "Oh, sorry."

Judge felt so sheepish about this image, he even repeated it. (Sully would've uncorked a couple of awesome punch lines, but that's Sully.)

(Note: This page does not look to capture screen grabs of CNBCers in goofy poses. Quite the opposite, in fact. In this particular case, we're posting it because 1) it's kinda hilarious, and 2) Judge poked fun at it by re-creating the pose, which affirms that this was a newsworthy event, so it's fair game.)

Mike restored, Josh said NVDA remains the most obvious way to do an AI trade, although there are some "next" NVDA's out there if you want to try to look.

Amy Raskin said she's been trimming NVDA for a while, and "every sale has been a bad sale so far."

Amy questioned how much upside is left with a $4.5 trillion company. Judge said Brad Gerstner says in a podcast that the upside from here is a $10 trillion market cap.

Joe pointed to ORCL giving back a little bit since its huge gain a few weeks ago. Josh tried to stress that the market's not just being carried by only a couple of stocks.

Joe again tells Jenny not to take his comments personally (a/k/a Weiss’ greatest hits)

Monday's (9/29) Halftime Report was basically a group of folks grudgingly admitting that you have to stay long.

Jenny Harrington, echoing her recent comments about everyone she knows not liking this market, said maybe the market's done a little too much. Joe Terranova made the mistake of saying "you" could've made Jenny's points a month ago, prompting Jenny to cut in that she indeed made the comments at the end of August, prompting Joe to say "again, this is not personal," the 2nd time Joe and Jenny have had this kind of exchange in a week (see below).

Steve Weiss was again talking up the people living "paycheck to paycheck," one of his favorite observations which curiously, is always the same observation no matter the decade or the president. Weiss was also mentioning the possibility of China trying to "annex" Taiwan.

Bryn Talkington marveled at the "stickiness of Robinhood."

Joe said he and Josh Brown (who wasn't on Monday's show) "both look like heroes" for buying EA even though they bought for entirely different reasons than an LBO.

Jenny said she made a big return in SBLK because of its "huge, huge, huge" dividends even though the share priced isn't much different now than when she bought it 4 years ago.

In other stock discussion, Joe implied Jenny only cares about charts when they indicate her stocks are good.

Joe suggesed that despite the Morgan Stanley catch-up upgrade of APP, there is still skepticism "embedded in the stock itself."

Weiss said during Final Trades that he thinks bitcoin will get going again.

Weiss: Shutdown ‘will resolve itself’

The Dominator, Dom Chu, was guest hosting Friday's (9/26) Halftime Report and, after some CNBC news updates, asked Steve Weiss to opine on new tariffs and a possible shutdown.

Let's give credit where it's due — Dom gave Weiss an uninterrupted platform to make a statement, and Weiss made a series of eloquent remarks about both subjects.

Weiss announced, "I've been doing this show from Day 1, hittin' on 16 years. And maybe this is the 12th forecasted government shutdown. And guess what — the market's a lot higher than at any point during those last 12 years."

Weiss said it hasn't happened where the president refuses to meet with leaders of the other party, but it's "not surprising at all."

"This will resolve itself," Weiss assured.

Weiss pointed out that drug stocks are up despite tariff threats and that Donald Trump goes "back and forth" on the subject. "The market at this point doesn't take his pronouncements seriously ... I think it's kind of business as usual." Weiss also suggested the Supreme Court "may do away with all the tariffs."

Weiss also asserted that companies have used "tariff levels as a pricing umbrella to raise prices." Weiss said what we've had recently in the market isn't even a "correction."

A few things here ... we highly doubt the Supreme Court will do away with all the tariffs. However, Weiss is exactly right about shutdowns and about companies figuring that since consumers are expecting higher prices, they might as well raise prices.

As for Weiss "doing this show from Day 1" ... that statement, we're kind of skeptical of. The archive here, which only started in mid-2009 (even though the site launched in 2008; we originally were just deleting previous days' accounts), first lists Weiss as appearing on either Fast Money or Halftime on May 5, 2010. We even called him "author Stephen Weiss" (snicker).

Now, the origins of what constitutes "Halftime" are a little debatable. The regular Fast Money (spun out of a segment of, we think, On the Money) first aired in evenings, then got Larry Kudlow's late afternoon spot, but there was an interest in having Fast Money panelists opining during the trading day, so a 10-15-minute "Halftime" edition was carved into the end of Power Lunch, with Mel hosting. Then the Halftime segment expanded to a half-hour, sharing the hour with The Strategy Session, and Judge came aboard, and eventually Halftime got the whole hour.

It's hardly "Day 1." But Weiss has been around for at least 15 years and 4 months. Close enough.

Weiss says there’s a bubble (but mostly in the private markets)

Steve Weiss on Friday's (9/26) Halftime Report was also taking up the concept of bubbles.

Weiss pointed out that if you've been a "panic seller" in the market, you've missed out.

Weiss said there has been a lot of foreign dollars chasing the AI trade in the U.S., then he raised the question himself as to whether there's a bubble and declared "unquestionably yes," but "I don't" see the bubble popping.

Weiss explained that the bubble is "more acutely in the private markets than in the public markets, without a doubt."

Guest host Dom Chu bluntly asked Jim Lebenthal if this is 1999-2000. Jim said it's 1997 and said "1997" about 3-4 times.

Brian Belski briefly joined the crew remotely and said, "I believe that 'bubble' is probably the most overused term in our industry," that it happens when everyone's raking it in, and "I don't think everybody's making money."

Brian said M&A and IPOs in 1999-2000 was "frivolous." Belski pointed out how tech is much more a part of the market mainstream now. "I think 2- 2025 is setting the table for Goldilocks," Belski said, not the first time he's given that kind of extended outlook, saying this year could be the "table setter for Goldilocks for the next 2 years."

Dom asked if the market needs lower rates to keep going. Jim said, "No, of course not!" Jason Snipe said "Definitely not." So the Fed is using rate cuts to make an already good economy better. Weiss said it's a question of "what's the neutral rate." And right now, we're "above" the neutral rate.

Jason said he'd "largely agree" with Ken Griffin about the delayed tariff impact because there was "a lot of inventory build" ahead of time.

Jim said there's "2 halves" of the population, and if you're in the upper half, you've had "one heckuva market rally," and if you're in the lower half, "you're not feeling great, but you are employed." Jim stated, "This economy shows no sign of slowing down."

No new stakes sold in NFL teams, apparently

Stephanie Link dialed in to Friday's (9/26) Halftime Report to say she unloaded FCX. So she bought ANTO-GB, a stock no viewer has ever heard of. Stephanie also bought TER.

Guest host Dom Chu said DAL was reiterated buy with a 72 target at UBS. Jim Lebenthal of course owns it and talked it up again, as he does about once a week (but already had done this week). Steve Weiss wondered how airlines get multiple expansion. Jim said from balance sheet improvement. Weiss said balance sheet improvements "tend to be cyclical."

Jason Snipe said COST had a "double beat." He said it's adding customers under 40, but 1/3 of its products are imported.

Weiss said getting baseball's opening day is "one of the levers" NFLX can pull. (This writer is long NFLX.)

Dom asked Jim about XOM being up 4% for the week and how does the energy sector look. Jim rattled off a variety of energy stocks.

TaylorMade CEO David Abeles sat in at Post 9 in athletic gear and talked up the Ryder Cup.

Mike’s back for more

In today's CNBC/Versant, we're at the point where NVDA could surge $100 in a day (it didn't this week), and every CNBC show is going to lead with the story of someone buying half a percent of some 1-2 pro football team.

We thought we got it out of the system a day ago when Ozanian reported on the Chicago Bears (see below).

But Thursday, he was back on Judge's Closing Bell, and then Morgan & Jon's Closing Bell Overtime, to discuss how the New England Patriots are now apparently worth $9 billion.

So 1) if you're an investor and want to buy, you probably have to wait for another opportunity, and 2) if you're a fan, you just have to hope Rhamondre Stevenson stops fumbling the football.

Ozanian gets the same question on every show (Wednesday, Fast Money, Cowboys; Thursday, Closing Bell Overtime, Patriots), which is, how come a team that isn't very good can be worth more than most others (after the questioner recounts how bad the team has been recently). Ozanian tends to answer that NFL teams share most of the revenue so valuation has a lot to do with monetizing the stadiums.

Meanwhile, on Closing Bell, Tom Lee indicated that despite what Ken Griffin said, it's not like how things got post-1998; "Nvidia to me is still a bargain at 26 times." Tom said this could be a time when we're "possibly topping," but it's "really difficult" for anyone to sell at the top.

Whatever happened to Carl’s Day of Reckoning promised in 2016?

Judge announced at the top of Thursday's (9/25) Halftime Report that "Rates are an issue" (Zzzzzzz) at least since the Fed cut.

Josh Brown said the market is "vulnerable" because it's fueled by tech enthusiasm and ORCL is talking about a new era of debt levels.

Josh also said the QQQ on Thursday would be making its 102nd straight day of closing over its 50-day. (We think that's indeed what happened.) (This review was posted overnight Thursday-Friday.) Judge said "I'm glad you bring that up," because the longest such streak since 2017 was 107, so we might be getting to the point where it's bound to end. Josh cautioned that people do "wild things" in a market like this.

Judge said Ken Griffin is talking about seeing "echoes of the dot-com bubble."

Joe Terranova said he likes Josh's point on ORCL, which is "where you get the echoes, Scott, of 1999."

Judge said Rothchild initiated ORCL with a sell/175, saying the market "overestimates" ORCL's future cloud revenues.

Bill Baruch said he trimmed ORCL but is just "raising some cash here"; ORCL he said is at a 41 multiple instead of historic 19 and is "growing into new muscles."

Judge said there were "analysts literally left stunned" by ORCL's report, and Joe said the stock "went parabolic." Josh pointed out there was a big "run-up from the April lows" and said it wasn't a "mystery" that the company was doing well.

Jim Lebenthal declared, "We will eventually be in a bubble in AI. We are not there yet." Judge opined, "Maybe all bubbles are not created equal," and that a "historical precedent" may not work here. Jim said he wanted to "dance with that," and that if there's a difference with previous bubbles, it's that the earnings are coming through now.

Judge admitted maybe it's a "fallacy" to draw comparisons to 1999. Jim said he doesn't agree with Ken Griffin. Josh said he doesn't think Ken is talking specifically about ORCL, rather, we're seeing "the same stuff we saw in 2021." Josh mentioned "SPAC." (He didn't mention NFTs and digital drawing copyrights.) Josh suggested IONQ and OKLO might be the types of stock activity Ken is talking about.

Joe said of ORCL, "When stocks go parabolic, there is never usually a good outcome to that."

Bill sorta takes both sides of owning PLTR

In the category of Big Winners, Judge on Thursday's (9/25) Halftime Report asked Bill Baruch about PLTR and its "7th straight quarter of double-digit gains."

Bill said he thinks it has a 230 forward multiple (the screen said 245). Bill said it's a "long-term holding" but is only a 1.75% position.

Judge brought up retail investors and what they might be doing. Josh Brown said there are different kinds of retail investors, Robinhood investors may be one thing and Schwab investors may be another.

Judge said Ken Griffin predicts 1 more cut this year, and that Ken expects tariff inflation is still "coming." Joe Terranova noted there's still pressure to the downside on the dollar.

Bill trimmed MU, saying it's doing great but a lot of good news was "priced in." He also trimmed TSLA and CCJ. Josh pointed out how CCJ is linked to the AI trade. Bill trimmed FCX and said the big mine problem sent "shock waves" through the industry.

Jim Lebenthal bought more DAL, a stock he's always bullish on.

Judge told Santoli that Ken Griffin has "no, uh, filter" (snicker).

Matteo’s and 388

Josh Brown on Thursday's (9/25) Halftime Report said he bought PSX, suggesting a breakout is coming, even though he was kind of lukewarm talking about it the other day; he said 4 directors were buying stock over the summer.

Judge then turned to Joe Terranova to recount, for some reason, Joe's laborious experience recently with refiners. Joe said he kept PSX and VLO, then went on to describe the clash of wills between PSX and Elliott. Jim Lebenthal said Elliott "had an absolute home run in Marathon Petroleum 5 years ago."

Josh recently bought EA, which Joe already owns. Josh said he and Joe golf together and "we both eat at, uh, Matteo's and 388." Joe cracked that Josh looks at the JOET to find the "best stocks in the market."

The crew chuckled about auction prices for famous tennis balls.

Joe sold TW and BR. "About 5 weeks ago, I got greedy," Joe said, explaining he lost about 12% on those names buying personally. But TW is still in the JOET.

Judge said CME got a Citi upgrade to buy. Josh isn't long but thinks it "looks great."

AMZN may have done a settlement, but Josh joked that nobody really cancels Prime.

Joe said a day ago that ‘Everything we do is about speculation’

Judge on Thursday's (9/25) Halftime Report said Reuters reported that "an AI-selected stock basket outperformed the U.K.'s top funds."

And you can imagine that the Halftime crew of money managers had some thoughts about that.

Josh Brown shrugged, "Everyone's using ChatGPT." Judge protested, "This isn't looking something up; this is using AI to actually make your portfolio, and it beat the U.K.'s top funds."

Josh pointed out that the endgame is that everyone adopts the same tactic and so the advantage becomes "completely nullified."

But Joe Terranova said "it opens up the opportunity for the retail community." Joe said the "institutional algorithms" pick up on what retail is seeing.

Jim Lebenthal pointed to the chart Judge was showing and noted the size of the drop in the ChatGPT chart in April and indicated that in selloffs, these types of programs suck. Judge said, "You gotta defend your turf."

Jim's Final Trade was C, as it often has been recently.

Stop the presses — the Chicago Bears are now worth $8.9 billion

Honestly, we can't fathom CNBC's bizarre interest in purported NFL team values.

But Ozanian was at it again on Wednesday's (9/24) Fast Money, explaining what the minority interest in the Chicago Bears means to the valuation.

We can't figure in the slightest how this supposed knowledge — what an NFL team is worth, on paper — matters to virtually anyone. If you're a fan of a team and the valuation is less than you thought, are you going to root less hard at the next game?

Or if you're a fan and you want to buy the team, does Ozanian's reporting convince you that it's affordable? (Even though it might not be for sale for decades, if ever?)

Furthermore, Ozanian's numbers are really based on nothing more than the last sales price. It's like high-end real estate — a property going for $30 million probably means a better one nearby will go for more, but not necessarily.

Earlier in the day, on the Halftime Report, Judge said Alex Sherman had a scoop that the NFL might renegotiate its media deals "as soon as next year," for those waiting with bated breath.

Alex said Roger Goodell thinks the NFL's current deals are "leaving money on the table." And that media companies might be interested in paying more money to extend NFL rights to keep Big Tech biggies out of it for longer.

A couple hours later on Power Lunch, Sully told Alex that the NFL "must know" that AAPL, AMZN and NFLX will offer a "stupid high" number.

In other sports news, CNBC maintains its recent obsession with the Golf Channel (Versant thing), as Todd Lewis reported on the Ryder Cup from Farmingdale, but Todd's mike partially went out at the end when he was talking about what a big sports event this is.

Dom Chu said this will be the "biggest Ryder Cup in history." Dom even said Rao's is opening a pop-up.

‘Party on for the next 2 years’

Judge opened Wednesday's (9/24) Halftime Report noting Jerome Powell said a day earlier that stocks seem "fairly highly valued" and that Ed Yardeni is calling that comment Powell's "irrational exuberance moment."

Judge asked Joe Terranova if that terminology is correct.

Joe waffled like L'eggo my Egg'o, first stating, "Not sure that he wanted it to be an irrational exuberance moment because the irrational exuberance moment was followed by many years of price appreciation."

Judge cut in, "That's part of the point; does it- does it even matter if it is."

Joe elaborated, "Chairman (sic actual title is just 'Chair') Powell has done an excellent job as Federal Reserve chairman (sic)," but as to whether the market is highly valued, Joe will turn to the market itself. Joe said it's "obvious that there are some extremes when you're talking about valuation."

Shannon Saccocia said Powell's comment is an "acknowledgment" that they're cutting into a "reaccelerating economic environment."

Judge said Bloomberg is claiming a "frothy and frisky rally in profitless tech grows as the Fed eases."

Jenny Harrington said there's places of froth and places of no froth. Jenny's been in California and Rhode Island in the last 2 and a half weeks. "Absolutely nobody feels good," Jenny revealed, at least the "almost 20 clients that I met with. ... Everybody has that sense of froth."

Judge said Krinsky is predicting some high fliers will crack. Judge and Jenny quibbled over the definition of "speculating," and Jenny even mentioned "Greater Fool Theory."

Joe stated, "Everything we do is about speculation. That's what the capital markets are." Joe said "there's probably a correction coming in the intermediate term" but "it doesn't mean it's 1999!" (Which makes us wonder when or if Judge will ever revisit Weiss' frequent "intermediate term" warning from back in April and May.)

Jenny said she's been telling clients, "I think it's party on for the next 2 years," because of growing earnings and an administration that's interested in supporting asset prices.

Much later in the show, Santoli correctly referred to "Chair Powell."

Joe says Jenny is taking his ‘you’ investing comments personally when he wasn’t talking about Jenny specifically

Judge asked on Wednesday's (9/24) Halftime Report if AI power stocks are extended. Shannon Saccocia was heard to say, "If you're dogmatic about valuations Scott, you are missing the point on some of these areas."

Joe Terranova pointed to Tony Pasquariello's "wonderful snippet" about not fighting the market, which is favoring AI names. Joe said, "Do you really wanna fight the secular tailwind that is building for the sector?"

"No that's why I own them," said Jenny Harrington.

"You're taking it personal; I'm not talking about you specifically," Joe said.

"Yeah yeah," Jenny said.

Judge wondered why Joe was talking about Constellation when GE Vernova was up a lot more.

Judge is pretty good at pinning Joe down on JOET rules

Apparently now China stocks are back "in," according to the discussion on Wednesday's (9/24) Halftime Report.

Joe Terrranova admitted, "I screwed up the China trade ... got out way too soon." He said he should've recognized that people were still "skeptical" as technicals improved.

Judge wondered why China names aren't in the JOET. Joe explained that "a lot of those names have issues" as far as determining actual metrics. Judge asked if those names are allowed in the ETF. Joe said that based on the ETF rules, they wouldn't "qualify."

Jenny Harrington said big banks don't pay "high enough" dividends for her. Judge said big banks are at record highs.

Joe indicated gold and silver, and apparently copper, are going higher (although FCX wasn't higher Wednesday).

We really want to hear more people on CNBC talk about how much AI SPENDING there’s going to be ...

Judge on Wednesday's (9/24) Halftime Report tried asking Joe Terranova about chip equipment companies doing buybacks.

Joe pointed out that Berkshire Hathaway isn't doing it. Judge pointed out that they're talking about chip equipment names. Joe insisted Berkshire is "important to mention." Joe said buybacks aren't the reason for owning the chip equipment names; it's about the AI buildout.

Judge also said UBER and SCHW both have announced buybacks. Jenny Harrington said it's "not surprising" for UBER, a little more surprising for SCHW, but in a "beautiful use of AI," she looked up buyback info and found there are "so many out there."

Jenny surprised Judge by suggesting buybacks aren't much of a catalyst. Jenny also pointed out that sometimes companies get credit for announcements of buyback programs even if all the stock doesn't get bought.

Sully stumps Kristina on a college nickname

After the A Block on Wednesday's (9/24) Halftime Report, Judge brought in Angelica Peebles to discuss the 8-year-old Tylenol post that's now circulating.

Judge said as people saw it, "We were wondering if it was even real. Because sometimes you just never know." Angelica said, "Kenvue is not denying it here."

Judge ran out of time for Final Trades but did manage to get in a soundbite from everyone.

On Power Lunch, Kristina Partsinevelos reported on the retirement of Loyola (Chicago) University's 106-year-old Sister Jean. Sully said "she's 287 years old in TV news anchor years," then told Kristina "I'll give you $100 in bitcoin right now if you can tell me the nickname of the Loyola University sports teams."

Kristina guessed, "The Suns (snicker)? The Phoenix Rising (snicker)? I don't know." Sully pointed out it's "Ramblers." Kristina complained, "You don't even have a hundred dollars in- or a hundred bitcoins. You don't have any."

Mag is up to 10 now (a/k/a parables of parent-teacher conferences)

Tuesday's (9/23) Halftime Report was deftly guest-hosted by Frank Holland.

The only thing is, it was kind of a boring day in the markets, panelists didn't have much to debate (so much for that "controversial" U.S. government investment in INTC that Larry Kudlow doesn't seem to care for), and the last 20 minutes of the show were preempted by Jerome Powell remarks.

Nevertheless, Joe Terranova said the market seems to be "vacillating" between the "Mag 10" and the "490-plus." Josh Brown pointed out that money managers have to stay in the big stocks and aren't going to try to trade every nuance in market momentum. Joe said his point is that it doesn't have to be a "binary choice."

Jim Lebenthal wondered if the strength of the Mag 7 doesn't just extend to the rest of the market.

Frank cited a Bain report on a projected 2030 AI funding shortfall (Zzzzzzz); Jim said 2030 is a "long way away." Jim said he wants to avoid the "parable of the grasshopper and the ant." Jim said he doesn't know what inning the AI trade is in, other than it's not the 9th inning.

In the category of Josh's Best Stocks in the Market (sic last 3 words redundant), Josh said VLO is "No. 1" in the energy sector, then touted MPC and BKR and halfheartedly mentioned PSX and CVX, to the point we wondered how they could possibly be included under the category of Best Stocks in the Market. Joe said Josh's review of these energy stocks reminds him of "parent-teacher night" when Joe was in school.

As Frank prepared to cut away to Jerome Powell's remarks in Rhode Island ("She came from Providence — the one in Rhode Island ...") (That's not what Jerome Powell or Frank Holland said; that's what Don Henley said), Jim Lebenthal said the Fed is generally "not proactive," but "hopefully they'll get it right this time." (But what was the "last time"?)

Joe predicts $1 trillion IPO

Much of Monday's (9/22) Halftime Report was devoted to Jon Fortt's interview with Jensen and Sam to discuss the NVDA-OpenAI partnership (Zzzzzzzz).

Jensen told Jon the deal is "additive" to forecasts already shared with Wall Street. Sam mentioned "curing cancer" at least once. (Show us the cures, please.)

After the interview, Judge said the mention of "additive" was "almost like a, de facto upping the guidance right here on live television, sort of a, of a statement." Bryn Talkington said we're in a "very special moment of time."

Sarat Sethi said he "bought low" in ORCL and is "trimming it back now." Joe Terranova said ORCL is in the JOET; "don't fight it."

Pointing to OpenAI, Joe suggested a "trillion-dollar IPO" is "coming."

Bryn said it's "not '99" but "'96."

Joe: Seems like cash has been sitting on the sidelines since the Great Financial Crisis

Judge on Monday's (9/22) Halftime Report said David Kostin hiked his 12-month S&P target to 7,200. And Tony Pasquariello apparently says not to chase the market nor step in front of the "mega cap tech freight train." Joe Terranova said that's exactly the "disposition" everyone has right now.

Stephanie Link marveled about the amount of buybacks and called it "really material."

Sarat Sethi said fixed income spreads are the "tightest that they've ever been," so people will stay in equities.

Judge suggested there's a lot of cash on the sidelines, evidenced by a WSJ article. Joe took issue with the notion of cash on the "sidelines," suggesting "it seems as though that cash has been sitting on the sidelines since the Great Financial Crisis." Joe suggested, maybe "the world is just getting wealthier."

Joe also suggested a "chase" into year-end.

Bryn Talkington trimmed IONQ, which Judge said is "up 79% in a month." Bryn said it's gone "completely vertical" and that she's in it to make money and thus is trimming, but would buy more if it pulls back.

Joe again said NFLX is in a "pause" since the end of June and once again said NFLX and SPOT are "trading with a very high correlation." (This writer is long NFLX and SPOT.)

For a Final Trade, Bryn suggested buying BMNR and selling the November 80 calls for $6.10. Joe's Final Trade was UBER, which reached the $100 level that he predicted, oh, within the last couple of weeks.

How might the Jimmy Kimmel situation affect the Iger ‘succession’ plan

This page has long been skeptical about The Wall Disney Co.'s stated intention (numerous times over many years) of conducting some sort of typical succession process for its CEO. (Hit PgDn going back basically forever.)

Which basically relates to, There's nobody else whom company honchos (including the current CEO) really trust to handle this company, so while they say they want/need a succession, they really don't know what to do.

(One tip: Any company that has to make the succession into a big process clearly kind of dreads that succession.)

Right at the moment, there's a crisis at ABC.

There could be an argument that whatever the outcome, someone will be ticked, so now's the perfect time for a transition, have Bob make whatever polarizing decision that will be criticized somewhere, and then he can just step down and take the criticism with him and the company with someone else can immediately pick up where it left off.

But there also could be an even stronger argument that "OMG ... this is gonna be a tumultuous 3 and a half years, and we need the steadiest hand possible steering the ship." And then we end up with James Gorman announcing another 3-year extension with a promise/vow to keep looking ...

We'll see.

‘There are going to always be winners and losers in any situation’

Friday's (9/19) Halftime Report, guest hosted by Frank Holland as Judge presumably returns from the West Coast, was chock-ful of opinions on a range of stocks.

Permabull Stephanie Link has decided, "We're set up really well into the end of the year."

"Inflation is relatively tame," Jason Snipe observed. Jason expects more of "the price action that we've, we've already seen so far this quarter."

Frank suggested a lot of economic spending is by the "top end" related to the "AI revoluation." Frank then drew a stark portrait of the economy, stating, "I think if you just walk around, you can see people on Main Street ... businesses are shutting down; restaurants are slower. I mean, you can see it when you go out." Stephanie said, "There are going to always be winners and losers in any situation."

Stephanie actually called AVGO "a little rich" and wouldn't buy it now.

Stephanie bought more COF.

Stephanie bought COIN, kind of a curious name for someone who until buying AMZN years ago always professed to be a "value" investor.

Stephanie called UNH a "great 2026 story."

Kevin Simpson said the Baird target hike on TSLA from 320 to 548 is "a little bit generous," but TSLA and Waymo and Zoox are "changing the way we think about mobility."

Stephanie touted cybersecurity in general, and Jason touted PANW and the Cyberark deal.

Jason and Kevin are long AXP. Kevin said AXP a day ago raised its platinum card fee by $200 a year, and he doubts any card holders will even "consider" switching to a different card.

Shortly after Halftime, on Power Lunch, Eamon Javers told Sully that the White House says the notion of Scott Bessent being both Fed Chair and Treasury secretary at the same time has never been considered.

Kevin notes the last time gold had a year this big, inflation was actually kind of a lot worse

As is typical, Friday's (9/19) Halftime Report included a lot of Kevin Simpson call-writing.

Kevin wrote covered calls on AAPL, a 250 strike that expires in 2 weeks, for "about a dollar and a half." Kevin also wrote covered calls on NVDA but said it's "anybody's guess" as to whether INTC keeps moving short term.

Kevin in a "covered call 101" said he wrote a 335 covered call on JPM that expires in 3 weeks and brought in $1.40. "It annualizes at a 6% option premium," Kevin explained.

Kevin wrote calls on TMUS and LLY.

Kevin, who's long AEM, was asked by guest host Frank Holland about gold. (This writer is long AEM.) Kevin said of gold's spot price, "Why can't it go to 4,000," and pointed out that this is gold's best year since 1979, though inflation was "13%" back then, so "where that similarity starts and stops I'm not exactly sure." Kevin thinks AEM's run can continue; "I like the name a lot."

Jenny says gold ‘entirely dependent on other people’s behavior’

Judge on Thursday's (9/18) Halftime Report replayed Jeffrey Gundlach saying a day earlier at DoubleLine HQ that 25% in gold is "not excessive."

Jenny Harrington, who could play Jessica Chastain in a movie, chuckled, "C'mon!," saying her response was, "Really."

Jenny explained, "I would personally never put 25% of a client's portfolio into gold," partly because "gold doesn't generate income" and that gold is "speculation" and not "investment."

Jenny then curiously said that gold is "entirely dependent on other people's behavior and what they want to make that share price go to."

Well, that's a curious comment ... "entirely dependent on other people's behavior" ... isn't the valuation of any asset dependent on people's behavior? Or are stocks somehow guaranteed to trade in some kind of P.E. ratio range?

Note that Jenny simply referred to "gold." Jenny's comments kind of made "gold" sound like a single stock. Neither Jenny nor Jeffrey (we think) specified exactly how to be long gold. You can buy collector coins, gold bars, jewelry, or use ETFs. Or play the miners. Or maybe there are other ways.

Joe Terranova said the JOET has NEM and that gold has momentum. Joe mentioned the lower dollar and rate cuts as tailwinds; "that trend is not over."

‘Usually 1 year out of maybe 10 where small caps tend to do well’

On the second day of his West Coast swing, Judge was at One Market in San Francisco on Thursday (9/18), hosting the Halftime Report from that little studio that can only accommodate about 2 people on screen at the same time. (This time, Judge didn't have any panelists/guests with him at One Market.)

Josh Brown stated, "Small caps and financials are really the playbook." Josh said the Russell hasn't had a new high for over 900 days, the "2nd longest streak in the history of the stock market."

Josh also talked up HBAN and declared there's been "no multiple expansion" in financials.

Joe Terranova said that aside from not fighting the Fed, you don't want to fight the calendar either; there could be a "possible chase for performance."

Joe praised the JOET for taking an overweight position in financials in January 2024 (which doesn't help anyone right now), which apparently is now 35% of the holdings.

Malcolm Ethridge acknowledged Joe and Josh's points about financials and small caps but said he doesn't necessarily want to own banks that are "below the Big 6."

On the other hand, Judge said Jenny Harrington's "favorite" and "only" banking name is COLB, which we're not sure we've ever heard mentioned on the show. "The big banks just don't fit our strategies," Jenny explained, saying they don't have the free cash flow yields that Jenny's shop requires.

Josh said 7% mortgages have been "crippling" to the housing market for 4 years and that 29-to-31-year-olds have been "locked out of that market." Josh mentioned RKT, HD, SHW as plays on an unlocking of the mortgage market and said the XHB's 10% YTD gain so far is "nothing" compared with where it could go. Malcolm is also long RKT and called it "especially attractive" given the deals it's making.

Joe said there's strong momentum in DHR.

Malcolm shrugged that he doubts we'll be talking about small caps "knocking the cover off the ball" over the next month. He said, "It's usually 1 year out of maybe 10 where small caps tend to do well." Josh conceded there's been "numerous false breakouts," but this time, it's a broad breakout, and there are times small caps outperform the S&P.

Ways to lose $18 billion

Julia Boorstin on Thursday's (9/18) Halftime reported that the hot new META product is Ray-Ban glasses.

Jenny Harrington said that on a "personal note," she doesn't want everyone walking around wearing those glasses, and she said, "Meta lost $18 billion last year in reality labs."

Josh Brown bought EA, saying it technically looks "great" and that there's "exciting" fundamentals. He said EXPE is "shaping up for an entry."

Joe Terranova said WMT will be a "clear leader in agentic AI for ecommerce." Jenny called ZBH a "great place to be" without being in the "nosebleedy" parts of the market.

Josh said LYV "repeatedly" faces complaints when people get shut out of hot tickets but that the company still does a great job.

Josh's Final Trade was CRWD. (This writer previously was long CRWD but had no position on Thursday, unfortunately.)

Jeffrey says the new guy’s interest in 5 cuts this year is ‘a little bit disturbing’

Jeffrey Gundlach told Judge at DoubleLine on Wednesday's Closing Bell that it's the "37th time" they've done a post-Fed interview.

Jeffrey observed that there's a range of opinions on the Fed. "The new guy wants 5 cuts between now and year end. I think that that's a little bit disturbing for, uh, the inflation outlook," Jeffrey said.

Jeffrey and Judge talked a bit about gold; Gundlach said gold "almost certainly" will close over $4,000 this year. Jeffrey said, "I don't really think that bitcoin is, uh, is a very good investment." Jeffrey predicted a rate cut "at the next meeting." Late on Closing Bell, Joe Terranova pointed out the dip, and bounce, in the S&P late in the afternoon.

Who’s going to be the next DIS CEO? (a/k/a Or should we just assume Bob’s getting a 3-year extension) (cont’d)

On Wednesday's (9/17) pre-Fed Halftime Report, Joe Terranova shrugged off the Lyft-Waymo deal.

Steve Weiss called it "nothing more than competitive tension," which apparently (if we understand his remarks correctly) means affecting the "leverage" of UBER with Waymo.

Weiss went on to stress that he doesn't think LYFT is in the same league. Guest host Frank Holland said he's got "both apps on my phone," and he takes the cheaper one. Weiss said "I never look at Lyft" except in L.A., because in general, "the time for the ride is much longer." Joe said Wednesday's LYFT move is "nothing more than a trade." (We should note that Steve Grasso in recent months has touted LYFT as a catch-up trade.)

Weiss yet again made the case for NFLX, even regardless of what Paramount/SkyDance/Warner do. (This writer is long NFLX.) Jim Lebenthal yet again made the case for DIS, stating "streaming is profitable." Weiss stressed that NFLX doesn't have to deal with theme parks and cruise ships.

Joe said WMT is "on its way to a trillion-dollar market cap."

Jim said ABBV has been one of health care's winners; "You can buy it right here."

Jim said C should go to 1.2 or 1.3 times.

Boredom strikes Jim

Guest host Frank Holland on Wednesday's (9/17) Halftime Report (Judge was in California at DoubleLine) initially went to Steve Liesman and asked if there's a chance of 50 basis points (even though nobody really believed there was). (This review was posted late Wednesday afternoon.) Steve didn't respond but motioned to someone that "I just lost" apparently his connection.

So Frank turned to Joe Terranova at Post 9. Joe said "I think you get 25 basis points," and there could potentially be 3 dissents.

Reconnected, Steve Liesman said 50 is not "where the Fed is going."

Liz Thomas offered, "The dot plot itself probably starts to look more dovish."

Frank asked Steve Weiss, what if there's a "hawkish cut." If so, Weiss predicted a "knee-jerk reaction down" but then "it's off to the races."

Weiss said, "This market is a market that's unconcerned with valuation or fundamentals. It's only concerned with direction and feeds off direction."

"You don't fight the Fed. Pure and simple," Weiss concluded.

Despite his gripes, Weiss eventually said the market "looks OK."

Jim "Gangbusters" Lebenthal declared he's "never been more bored in advance of a Fed meeting."

Joe apparently was questioning why Jim wasn't cheerleading more for a broadening into small caps. Jim said Wednesday's Fed meeting "isn't the substenance (sic pronunciation) (apparently meant 'sustenance')" to lift any segment of the market higher.

Weiss cracked, "I'd just like to agree with Jim on something — I wasn't bored until he spoke."

Liz warned, "The most dangerous time to trade is between 2 and 2:30 p.m. Eastern time" on Fed decision days.

Not just ‘James,’ but ‘Xavier’

Jim Lebenthal told guest host Courtney Reagan on Tuesday's (9/16) Halftime Report that a "lot" of the presumed rate cut is "probably priced in."

Stephanie Link said the Fed "probably should ease" even though it's "from a position of strength in the economy." (On Fast Money, Courtney Garcia said, "Realistically, the Fed is cutting into a really strong economy." Dan Nathan though said he's not so sure it's a "strong economy.") Of course, the 4th quarter will be "quite strong," Stephanie said.

Permabull Stephanie said, "If we sell on the news, I'm buyin'," as if anyone would ever think otherwise.

Stephanie at one point said "grinded." According to Merriam-Webster online, the past tense of "grind" is "ground."

The audience could hear Josh Brown, but Courtney apparently couldn't, so while Josh was saying "James Xavier Lebenthal" for some reason (he pronounced it "Ex-avier"), Courtney said "I don't think we can hear you" and cut back to Stephanie.

Moments later, Josh said everyone knows there are always "pockets of euphoria" in a market such as this, but "earnings have kept pace with the gains" on average.

"It's just really hard to paint the bearish picture here," Jim said. "Can an asteroid hit the earth? Of course it can," Jim admitted.

Taking a page from Steve Weiss, who wasn't on the show Tuesday, Stephanie talked up QXO and "rock star" Brad Jacobs. Josh talked up RKT.

Courtney said Jim should take a "victory lap" on C. Jim said "there's more to come" from C.

Josh said sometimes downgrades happen, and there is still a cloud over LYV, but he's staying long; "I think the stock trades higher."

Finally addressing a subject that Judge promised a week ago, Jim said of ADBE, "I'm sticking with it for now," adding "it may very well be bottoming here."

Josh almost sang the Jardiance theme song before making the case for JNJ.

Joe basically tells you that TSLA went up because it went up

The A Block on Monday's (9/15) Halftime Report, guest hosted by gorrrrrjus Courtney Reagan, ended a few minutes earlier than usual.

Immediately after, Courtney asked Joe Terranova about making TSLA his Final Trade on Thursday. (Note: It was a good trade.)

Joe explained, "I said, 'It is a trade.'" Joe said Monday he wanted to "walk through" what he was seeing, though he said Steve Weiss "is gonna cringe during this."

Joe said he has "respect" (snicker) for Weiss' "strategy" and demanded "respect" for his own approach, at least "for a moment."

Weiss chuckled, "As long as it's only for a moment."

Joe said that "trend-following systems" are real and a "powerful effect" and noted that TSLA "gaps above 340" on Sept. 4, which was a "trigger signal." Joe said everyone then looked to the May 29 high of 367, leading to the breakout; "this is a classic momentum move."

Joe said Elon Musk made his big new purchase on Friday, "after all of this actually unfolded."

Joe said TSLA also had 3% short interest, largest in the Mag 7.

Bryn Talkington has also made a lot of noise about the stock and was on Monday's show. Weiss admitted "Bryn's been great in the stock" and that he lost their debate about his shorting the stock a while back (we can't recall exactly when) but he said it's a "cult stock" with fundamentals "atrophying" and the "valuation makes zero, zero sense."

Bryn said she "couldn't agree more" with Joe's technicals. Bryn said the "geofencing" with robotaxis is getting bigger.

Vote of confidence for Gemini

Steve Weiss, whose typical excuses for why the market's going up generally include 1) a new class of investors who buy every dip or 2) the market goes up 90% of the time in general, was asked on Monday's (9/15) Halftime Report by guest host Courtney Reagan about Alphabet.

Weiss said investors are "buying momentum ... that's just the trend in the market; the market just goes higher. Earnings don't mean much."

Weiss said the "controversy" over whether Google has AI seems to have "subsided."

Bryn Talkington though said it's "more than just momentum" for Alphabet. Bryn suggested Gemini is going to be a "real contributor" to Google. Weiss said Gmail has only recently started increasing pricing.

Joe Terranova suggested the antitrust ruling "is a massive clearing event" and the reason for the momentum. Weiss pointed out there were "nice moves before that."

Courtney said she couldn't believe they went 13 minutes before mentioning NVDA.

Asked about MSFT, which brought him an argument with Judge last week (see below), Weiss said the stock's a "permanent compounder" but has times where it lags, "and you just have to fight through them."

Weiss is actually wondering if Tim Cook is ‘going to survive this cycle’

Joe Terranova on Monday's (9/15) Halftime Report was back to talking about "equal weighted," a subject he hasn't mentioned for weeks or months.

Steve Weiss was talking about AAPL not "innovating," which he admits he's talked about "for years" and was "disagreed with" but now he says it's the "main narrative."

Weiss even wondered, "Is Tim Cook going to survive this cycle, or are they gonna bring in somebody. In the meantime, they continue to lose creative people," and he thinks it's "overvalued."

Ted’s only 61

Mike Santoli on Monday's (9/15) Halftime Report was asked about Donald Trump's idea that companies should report twice a year, not every quarter.

Santoli said it's an "interesting" idea but not one the world is "clamoring for." Shannon Saccocia suggested it would be a reversal of a trend toward more transparency. Steve Weiss impressively pointed out that such a policy change would hurt HOOD by reducing the amount of heavy trading events around stocks. Joe Terranova suggested that maybe some entities, the Fed, for example, actually gives us too much information. We hadn't thought about that, but that's a tremendous point. Weiss said he's been advocating for the Fed to "say less."

Weiss is "glad" that BAC is addressing succession issues.

Joe said NFLX since June 30 has been in a "corrective, uh, type of behavior," and that SPOT has had the same kind of "pause" and at some point, there will be a "refresh" and resumption of bull trend. (This writer is long NFLX and SPOT.) Weiss noted NFLX sold off on the Paramount news, but it's a "permanent compounder." He said he'd like to see a "succession plan" for NFLX.

For Final Trades, Weiss predicted FTAI goes "above 200," and Joe said UBER will get to $100.

Weiss: NFLX only having a ‘momentary dislocation’

Judge late in Friday's (9/12) Halftime Report said NFLX is down 5% on the week and attributed it to the Paramount/Warner Bros. activity and said Barron's is suggesting a potential Paramount/Warner Bros. deal can hurt NFLX. (This writer is long NFLX.)

Steve Weiss said you "can't dismiss it completely," but there's room for more than 1 streamer and NFLX will "always be on top."

Weiss said it's more of an issue for "all the other streaming services." He said NFLX is having a "momentary dislocation."

Kevin Simpson said he agrees and sees this is as a "buying opportunity" for NFLX and he wouldn't sell.

A little later, gorrrrrrrjus Laura Martin opined on The Exchange about Paramount/Warner and didn't really directly address the impact to NFLX but indicated this would be a great move for both Paramount and Warner, up to $24 a share; she said there's lots of overlap.

Judge could’ve just showed a chart comparing Nasdaq 100 to Russell 2000 (any time frame), would’ve saved a lot of airtime

We really wanted to hit the delete button here.

But because we took a few moments to transcribe the mind-numbing dialogue about small caps on Friday's (9/12) Halftime Report, we figured we're sort of obligated to post it.

Steve Weiss told Judge he'd "stay big" in the market because "the smaller caps, they're gonna be hit a lot harder by a slowing economy, and that's what we're seeing."

Judge then wondered why the Russell is up "5% over the last month" if the economy is slowing.

Weiss first said, "Well these are new markets," and then got around to saying small caps and stocks that may be considered junky, "they're the last ones to move."

Judge protested, "Well you just said small caps are the last ones to move. We- we both know that generally speaking, small caps are the first ones to go in, and the first ones to come out. So- but they're not the first ones to go in because they're not goin' in! They're up 5% over the last month!"

Weiss insisted, "The dynamic's in this market unlike any other cycle."

Judge said if there's a 50-point cut, that's a big bang for the buck for small caps, so there could be a "rotation." Kevin Simpson pointed out we've already seen a move in small caps before the (apparently upcoming) cutting has happened. Rob Sechan said that if they're "cutting in a benign scenario, small caps will continue to run."

Well, here's the deal ... regarding last ones in, first ones in, etc. ... Zzzzzzzzzzzzzzzz ... we don't know what time frame either person is talking about; are they talking about small caps doing great for 5 weeks or small caps doing horrid (relatively speaking) since 2023.

Yes, Judge has a point that maybe small caps are the place to be, right now, if there's a 50-point cut. Kevin has a valid point that it may already be priced in.

Kevin: 50 basis points would be ‘a little bit scary’

Judge opened Friday's (9/12) Halftime Report by continuing his theme of the expected rate cut possibly being a "sell-the-news event."

Steve Weiss explained, "It's gonna turn on what the narrative is." Weiss said that if there's a "dovish" 25-point cut, the market "goes up."

Bryn Talkington said she doesn't expect a "rip-roaring rally," but "what's been working will continue to work."

Judge asked Rob Sechan just how the rate cut can be "priced in" if the market's climbing to new highs daily. Rob said there's "a little bit of positioning there."

Despite the recent gains in the Russell 2000 cited by Judge, Kevin Simpson said to "stay big." Kevin said that a 50-basis-point cut would be a sell-the-news event because the market might find it "a little bit scary." Weiss agreed with that but said it would "spook the market" for only a "very short term," then it would keep going up.

Wonder if Ozanian has recalculated/updated his NFL team purported franchise valuations

Steve Weiss on Friday's (9/12) Halftime Report declared MSFT is "the most hated, except periodically Apple, of the Mag 7."

Judge wondered, "Why is it one of the most hated. Why does that make sense ... The stock's up more than 21% year to date, so it can't be that hated."

Weiss said to look at how much AAPL is up off its lows, but then he acknowledged that giving the "most hated" label to MSFT "may be an exaggeration." (But then who else in the Mag 7 deserves the label?) But he said MSFT is used as a "source of funds."

Rob Sechan unloaded half of his ADBE stake, though after it bounced a bit after earnings, he wondered if he made a "mistake." He said he doesn't have a lot of stocks in the portfolio that he can take losses in, so maybe ADBE helps in that regard. (Because if you save $500 in taxes while your account value drops $1,000, that's apparently a good tradeoff.) Judge promised he will "press" Jim Lebenthal (who wasn't on Friday's show) on Jim's next appearance as to whether Jim is bailing on ADBE.

Judge says Joe’s 2012 book is ‘probably still available’

Kevin Simpson on Friday's (9/12) Halftime Report bought more HD and made a joke about "Boiler Room." Rob Sechan said the "skies are clearly clearing" for that stock.

Rob said Al Michaels (who was advised to buy HD a day earlier by Josh Brown) did a "great job" of calling the Packers-Commanders game. (Maybe so, but that game was an incredibly dull pro football game. (Zzzzzzzz))

Rob bought more NRG and said there's "more room to run." It was also his Final Trade.

Bryn Talkington bought more KKR.

Kevin wrote covered calls on half of his AEM position, 3 weeks out; he got a little over $3 for it and apparently the strike price is around 160. (This writer is long AEM.)

Kevin bought more CME and said he's hoping for another special dividend.

Kevin also bought more IBM. Steve Weiss said he was just looking at that stock. Rob said it's up a lot since Rob bought it, but it's getting "pricey." In terms of a stock approach Weiss mentioned Joe Terranova's book. Judge quipped, "You should check out the book — it's probably still available."

Whew — Judge isn’t able to ask Joe for the 1-month return on UNH

Judge on Friday's (9/12) Halftime Report said UNH is having its "6th positive week" and is up 35% in a month. (Whether that means since Aug. 12, or the beginning of September, we're not going to bother to look up.)

Rob Sechan sold UNH; he credited Stephanie Link and Steve Weiss for buying it at the lows. Rob said he's owned it "a long time and experienced a lot of pain." Rob cautioned, "There's still risk in this company."

Steve Weiss conceded those risks and said it's "definitely not cheap," but he still owns it because he thinks Steve Hemsley is straightening things out.

Déjà vu with Al Michaels (except for the CLF part)

Superstar Halftime Report guest Al Michaels joined during the 41st minute of Thursday's (9/11) show and told Judge, "This is an annual treat for me. ... It's my favorite show on television."

A sensational comment, and a class act.

Al acknowledged the Super Bowl rematch on Sunday on another platform but said Thursday's game "has to be the next-best game on the schedule." (Um, we hope not.) (Because that game really stank.) (This review was posted overnight Thursday-Friday.)

Al happened to say, "I'm gonna say that this is our best schedule ever, at least at the outset."

Well, we're pretty sure that's what Al said last year. So we checked this page's archive from September 2024.

We didn't actually mention Al talking about a great Amazon Thursday night football schedule last year, so maybe it didn't happen. But we did note that 1) Judge asked Al about NFL team values (a really strange CNBC obsession) (more on this topic later) (Mike Ozanian right at this very moment is probably recalculating his 32 estimates in real time), and 2) that Al asked Josh Brown about the FAS.

Two things that coincidentally also occurred on Thursday.

(Last year, Al also carped about CLF ... which he had also carped about in 2023 ... but not on Thursday.)

Judge pointed out that Al bought EBAY last time on air when Josh Brown recommended it. Al said he was ready to buy a new recommendation from Josh. Josh suggested HD and said that, out of the Dow 30, it has "the most significant amount to gain from the 30-year mortgage rate falling." (Steve Grasso actually said the same thing on Fast Money.) Josh thinks the "ice age" in housing is "over." Al said he bought more but has owned the stock "since Arthur Blank was running the company."

Al then brought up the FAS. He said Josh called it a "day-trading stock" but he's had it for 15 years," and the graphics crew showed a chart. Al told Josh, "Josh I want you to buy some FAS now." Josh said "I'm gonna skip the triple leverage ... but I appreciate the counter-recommendation. Thank you, my friend." (This writer owned FAS into this year but has no position now.)

Judge brought up NFL valuations and asked Al if Al would "marvel as well" about NFL team valuations. Al said the San Francisco Giants in 1975 "sold for 8 million dollars."

Judge thinks Jim may have ordered the A5; Joe says Jim wasn’t at the Hunt & Fish Club

Joe Terranova, who had the "Men in Black" look going in terms of attire on Thursday's (9/11) Halftime Report, opened the show stating, "I think the message today is that what's more important to the market is the labor statistics than the inflation report itself." (Zzzzzzzzz)

Joe pointed out Thursday was a "direct opposite" of Wednesday's trading, that instead of just AI stocks surging, it was the whole market on Thursday. (Thankfully, neither Joe nor Judge nor anyone else said, "What a difference a day makes!")

Joe mentioned the "Fin 5" and identified all 5 banks. (Tip: We're guessing at least one of them is trading BELOW. TANGIBLE. BOOK.)

Josh Brown opined that, if the Fed is "sitting on the fence" as to whether to do 25 or 50, there's now more rationale for the latter.

"This is a rate-cut rally; there's no question about it. It's not about AI today," Josh explained. Judge, though, stated, "Well it's kind of- it's about kind of everything."

Jim Lebenthal acknowledged he's been trimming and raising cash but said "Don't anybody cry for me Argentina, my stocks are doing just fine, there's more than Oracle in there."

But Judge pointed out that Jim was recently saying, "maybe it was 2 weeks ago," that stocks could correct 5-10%.

Jim admitted, "I was wrong."

"I was gettin' at that," Judge said to chuckles.

Jim asserted, "This is getting fully priced in, I think, 50 basis points."

Judge said he's heard from others that "you could get a sell on the news" if 50 basis points happens.

Jim argued "there is definitely a K-shaped, uh, economy goin' on" and cited "jammed" steakhouse crowds "to the gills" as well as air travel.

Judge said Jim is "livin' large" and cut in, "Did you say I'll have the A5, is that what you told them? ... Make it the 10-ounce."

Joe jumped into the steakhouse conversation, stating, "Disappointing — he wasn't in the Hunt & Fish Club, I know that."

Jim chuckled to Judge, "Welcome back."

Jim marvels at tofu costing less than the filet mignon

On Thursday's (9/11) Halftime, Phil LeBeau reported on a DAL exec talking about a continuing slump in the "main cabin" revenue.

Phil suggested a dip for airline stocks might be in the cards given that this is the slowest time of their year.

Jim Lebenthal, who always trumpets whatever Ed Bastian says, called DAL's stock move a "head fake by the market" and pointed out that DAL "guided to the high end of their prior guidance range."

Jim stressed that the "front of the cabin" is where the money is made, and Sarat Sethi agreed. But Judge told Jim, "You can't cite TSA lines and all that stuff to try and make a bullish case on the airlines and then when there's a dropoff in the main cabin, try and argue that it doesn't matter. You know what I'm sayin'?"

Jim protested after talking about the tofu being "a lot less" than the filet mignon at the restaurant he ate at Monday, "You're saying I can't. I'm saying I can, and I am. This is the argument: That where the money is made is the front of the cabin."

Jim also said the front of the cabin has been "physically extended a lot more."

So here's the thing: Jim is correct that he can make the argument that airlines are doing great even if things are slow in the "main cabin."

But Judge has a point, that Jim often cites robust TSA numbers, but how does that jibe with trouble filling the "main cabin"?

Judge thinks someone shorting stocks might as well learn while they’re young

Late into Thursday's (9/11) Halftime Report, Judge said HOOD has a "new slate of features" including letting users short stocks.

Joe Terranova said it's a "catalyst" for shareholders. But Joe said, "In terms of shorting stocks, it is just not my strategy. I don't believe in shorting stocks," and if he wants a market short position, he'd do it by mini-S&P or mini-Nasdaq futures.

Judge sort of said in a mocking voice that "some people" will complain about whether the "younger cohort" should be shorting stocks. Judge said, "The other part of me's like, 'Well, I mean, if you don't learn now, when are you gonna learn.'" Judge said "people like Steve Weiss" employ stock shorting "on a regular basis."

Joe seems in disbelief that Jim is buying ONON

Jim Lebenthal, who on Thursday's (9/11) Halftime Report said he got out of ONON at 58, said he's "building a position" in it as it has pulled back.

Josh Brown said he started trading ONON a couple years ago but "somehow, uh, found a way to lose money on this thing." Josh said it's a "tough category" to invest in and mentioned how fashion goes in and out of style.

Jim agreed it's not a good chart and insisted he's only got a "very small position."

At that point, Joe Terranova put on his glasses to read to Jim ONON's declining revenue growth. Jim countered that EPS growth rate is better.

Joe stressed, "Revenue growth ... so why are you bringing up earnings." Jim said "Joseph" twice and said Joe wrote a "great book" (there's a review on this site) but that Jim's approach is "buy low, sell- sell high."

Jim also said the risk of fickle fashion has "gotten smaller" as the company has gotten bigger.

Judge then told Joe that companies can't be expected to maintain high level of revenue growth; "look at the megacaps; you pick those apart too?"

Sarat Sethi chimed in that ONON is a "brand." Jim agreed and said it's not a "fad." Judge scoffed, "I don't know too many people arguing that it's a, a, a 'fad' at this point either."

Joe: Beware of midterms

Looking a ways into the future on Thursday's (9/11) Halftime Report, Joe "Men in Black" Terranova stated, "Markets don't like midterm election years," so that's something to think about "later in the fall."

Josh Brown cautioned about next week: "You might not like the rhetoric that comes along with the cut."

Judge said DA Davidson is "unimpressed" by AAPL's recent strategy. Sarat Sethi said AAPL stock did what it typically does heading into an event; "It ran up into it," then experienced a little selloff.

Josh suggested KLAR is one of many companies in the buy now, pay later space and there might be "cheaper" ways to play it.

Joe sold MPC but kept VLO and PSX. (Zzzzzz)

Someone bought ORCL at 139 ... but someone else bought it at 86!!

Guest host Frank Holland on Wednesday's (9/10) Halftime Report called ORCL "just amazing."

Joe Terranova said the "natural reaction" to a gain like ORCL's "is to automatically think you can take the other side" in anticipation of "some form of mean reversion."

But Joe said it's an AI market, so "You should not be outthinking yourself" and don't try to short it.

Joe went on to take a victory lap on the JOET adding ORCL in July 2024 at 139, which doesn't really help anyone with a decision now. Joe said "parabolic moves are very tempting" or sometimes "scary," but it's probably best to "take a step back and observe for a little bit."

Jason Snipe declared, "This theme is alive and well."

Frank called Jim Lebenthal a "paragon of patience." Jim said he bought ORCL at 86 "2½ years ago," a recollection that doesn't help anyone now. Jim said that rather than "just pounding my chest," he wants to "draw a conclusion," which is that he doesn't see a pullback "anytime soon."

For those looking to duplicate Jim's great trade, Jim said, "I do think Cisco Systems looks like Oracle 2, maybe 3 years ago." (We think it was around 10 years ago that Jim was saying CSCO was the MSFT of 5 years earlier.)

Joe then delivered an ominous message, at least it should've been ominous to certain other panelists who weren't on Wednesday's show. "Quite candidly, if you haven't participated, you're kinda sitting on the sidelines for a party that's been going on for the better part of the last 2 years, and you might've just missed it."

Joining S&P apparently bad for TTD

Jim Lebenthal on Wednesday's (9/10) Halftime Report said he's not going to sell AAPL, though he "really" doesn't think it's going to do anything like ORCL did.

Joe Terranova said he's got a "modest position" in AAPL but not "extreme excitement" (snicker).

Joe actually said "there is the potential for an end-of-year run-up in small caps (snicker)." Jason Snipe said "no doubt about it," there'll be some kind of small-cap run-up.

Joe also mentioned one of his favorite recent topics, regional banks. Later in the show, Joe listed CFG and RF as perhaps the top regional banks.

Joe praised HOOD for its "very strong team around Vlad" though it still has the "stigma of being crypto-oriented."

Joe said not to buy TTD; "It's almost as if that inclusion in the S&P 500 was the worst possible thing that could happen for that company."

Joe said NEM is managing its business a lot better as gold rises, and has "multiple tailwinds." Jason said UNH has a little momentum behind it.

Joe gave a speech about buying insurance stocks during 2023, but he said it's now a "weaker environment for insurance companies."

Jason mentioned ETN is becoming sort of an AI play.

Judge seems to think that making ‘all’ of your decisions based on valuation is ‘the wrong move’

Judge, casual in golf shirt at Future Proof in Huntington Beach for the Halftime Report on Tuesday (9/9), said UBS "had a really interesting note today" that says "tech valuations, while higher, may not matter as much right now," and ... this is the biggest point ... "History shows that an elevated P.E. alone rarely dictates short-term market direction."

Then, Judge appeared to be making a point while maybe couching it by seeming to attribute it to Halftime panelists: "I can't tell you how many times you guys have said stuff like that, right. Valuation is not insignificant. But if you're making all of your investment decisions based on valuation, you're making the wrong move."

Well, first of all, the reference to "you guys" is curious, because 4 Halftime panelists (one of whom was at Huntington Beach) are obsessed with valuation and talk about nothing but. At least 3 others (one of whom was at Huntington Beach), by contrast, regularly point out exactly what UBS is saying, albeit in stronger terms.

So we're not really sure whom Judge was addressing with "you guys."

Judge followed up by claiming, "Valuations DO matter if everything around megacap tech for example starts to slow down." That's an equally curious statement. In that instance, it's not the valuations that would cause people to sell shares, it's the declining economic outlook that would cause people to sell shares.

Until Judge settles the issue of who on his panel is right and who's wrong about valuations, he should refrain from pronouncements indicating any kind of consensus on the subject.

Rick Rieder (kinda) claims he was misquoted, then basically repeats the quote

Judge on Tuesday's (9/9) on-location Halftime Report at Future Proof introduced Rick "open collar" (that'd be an interesting look for the Fed) Rieder, saying Rick "recently called the current investing environment one of the best he's ever seen."

Rick immediately protested, "By the way, I think that quote went crazy in terms of people repeating it. (Unclear, maybe 'they're' or 'you're'; Rick speaks kind of choppily) takin' a little bit out of context."

But then Rick went on to explain "why I think it's the best environment" and basically affirm his previous comment anyway, adding "There's so much to do" in this market.

Rick said the Fed will cut; he thinks it should "go 50" but he thinks they'll go 25.

Rick said it's an "unbelievable honor" to be mentioned as a possible Fed chief.

In a great question about the Fed, Judge asked Rick, "Have you had your interview yet?" Rick protested, "I cannot, uh, I can't- I can't talk about that." (Translation: We think that means the answer is "yes.")

In a curious word usage, Rick said Fed independence is "superior, in terms of importance," but there are "creative things that you can do." (Translation: Wall Street should trust me and the White House should like me.)

In still more curious word usage, Rick stated, "I always find it hard interpolating what the market is telling you." That sent us scrambling to the dictionary. There is an example where Rick's use of "interpolating" is a correct word, but the gut feeling here is that Rick kinda botched the terminology on this one.

5,000 at Future Proof (and about 4,000 trying to mug for the cameras behind Judge)

On Tuesday's (9/9) Halftime Report, Judge and Josh Brown were joined by Stephanie Link and Shannon Saccocia at Future Proof in Huntington Beach.

Stephanie said there's definitely a cut coming next week; the only question is how many more there will be.

Josh said there are "5,000 people here" at Future Proof, most in wealth management, and that the event's all outdoors.

Josh talked up EBAY but said traders may want to exit if it sinks below 86 and long-term holders may exit if it breaches 82.

Across the country, Leslie Picker conducted an interview with Jamie Dimon in a Manhattan construction zone.

Weiss calls market ‘kinda toppy’ but sees ‘no reason to sell’

Joe Terranova at the top of Monday's (9/8) Halftime Report said momentum is still "intact."

Joe acknowledged the seasonal arguments about September, but there's a "uniqueness to this September," which is that the Fed will be cutting rates while not in a "recessionary environment."

Joe said there's a "high degree of certainty" that there's a rate cut next week.

Bryn Talkington agrees with Joe that we'll get a rate cut. Bryn said earnings were up 11% vs. an expected 4%, and nobody's saying the economy's "struggling" other than a few retailers.

Bryn also said data centers are becoming a "meaningful part of GDP growth." (Well, they definitely are in the movie "Eddington.")

Steve Weiss said that we get daily info on the economy, "and lately, none of it's been good." Weiss said tariffs "aren't going higher" and may even be "taken off completely."

"What's really weakening jobs is AI," Weiss said, which he said "dovetails" with Bryn's comments on data centers, although it doesn't really dovetail.

Weiss claimed, "You've really got a bifurcated economy."

Weiss said the market is "kinda toppy," but he sees "no reason to sell."

Bryn predicted 1 rate cut, then "1 or 2 more," but she said we won't get to a full 100 basis points lower until there's an "all-clear" that tariffs were only a 1-time spike.

Jim thinks there’s more in GOOGL

Joe Terranova actually said on Monday's (9/8) Halftime Report that "regional banks are coming back into favor" and even that there's a lot of talk about "revival" of small caps, which he's "not gonna dispute" (snicker).

Jim Lebenthal said financials in general are "all working," and that he's been noticing at the NYSE that "IPOs have picked up." Guest host Frank Holland tried to convince Jim that some recent IPOs have traded poorly; Jim said the fact there's an IPO is business for Wall Street.

So many financial stocks were suggested by Jim, Joe and Bryn Talkington that it sounds like you can basically just throw darts at a board.

Frank said Wolfe is bullish on biotech. Jim talked up ABBV and VRTX. Joe again trumpeted VEEV but conceded if you're into valuation, it may not be the stock for you.

Frank said Goldman is rating gold miners a buy in Q4, which is months after Bill Baruch talked it up over the summer. Bryn owns FCX and said it could get to 52, but it's been "stuck" in the "45-46 range." (This writer is long shares in a couple gold miners not mentioned on Monday's show.)

Jim recommended GOOGL for Final Trade and said he thinks, despite already a big recent gain, it can keep going.

Frank said Judge and Josh would be at Future Proof in Huntington Beach on Tuesday. (That's the investor conference that's not boring like all the other investor conferences; there's mini golf.)

$25 T-shirts are fine

Stephanie Link on Friday's (9/5) Halftime Report started giving a lengthy analysis of LULU before arriving at a really significant point:

"No one really wants to buy a hundred-dollar T-shirt," Stephanie said.

That's basically true. Some people may actually WANT to buy such a shirt when it's a new concept, etc. But anyone who has bought a T-shirt over about, oh, $50, always ends up wondering, "Is this really any better than a $25 T-shirt?"

Stephanie said LULU has "missed the mark" on products, quality, reliability and pricing (other than that, it's doing great). And there's a lot of competition in this space; "There's just so much product out there."

Jim suggests Scott Bessent’s article may have been motivated by job-security concerns

On Friday's (9/5) Halftime Report, Steve Liesman reported on Scott Bessent's provocative article about Changes That Could Be Made to the Federal Reserve.

Steve told guest host Frank Holland, "This could be a context for action in Congress, Frank, when it comes to the Federal Reserve."

"I'm not happy to hear this news at all," said Jim Lebenthal, explaining that Scott Bessent "effectively kicked out, uh, Peter Navarro when Liberation Day went, uh, went the way that it did." But perhaps Scott "knows that he's got to at least appear to be singing from the same page in the hymnbook if he wants to stay in the Cabinet."

Meanwhile, Frank said a Wedbush analyst earlier in the day said Hock Tan is one of the "best salespeople on Wall Street," and Frank asked Stephanie Link if AVGO is so much higher on basically a sales pitch. Stephanie said, "If you know Hock Tan, he's not a sales guy. At all."

Jim suggested this is a "buy the dip moment" for NVDA. Malcolm Ethridge made the case for ASML. Stephanie Link bought SNOW.

Kevin Simpson said he backs the TSLA pay package with the jaw-dropping numbers in part because it will keep Elon "focused."

When was the last time we heard ‘soft landing’?

Jim Lebenthal on Friday's (9/5) Halftime Report said that a couple weeks ago, the market decided "bad news is good news." Jim said that "most of us hate" that kind of mindset, but "we are where we are," maybe even getting 3 rate cuts this year.

Jim thinks the market will be good into year-end but predicted "a lot of hand-wringing about stagflation" until the Fed meeting.

Kevin Simpson bought more HD and called it a "lower-rate play" and said it should work over the "next couple years."

Stephanie Link bought COF. Stephanie bought GEHC and mentioned an "oh by the way." Kevin called GS' move into T. Rowe "fantastic." Jim said LLY and UNH have weighed on the health care total return, but you can "pick your stocks in this space."

Jim, who in August sang a jingle on-air for Citigroup, coined a slogan for his Final Trade of C: "When life gives you lemons, make Citigroup."

When is that James Gorman deadline again to announce the DIS successor?

Josh Brown on Thursday's (9/4) Halftime Report said very few streaming companies are going to be profitable; he thinks DIS and NFLX can both work.

Josh then curiously claimed "nobody cares anymore" about DIS "succession issues" (probably because any day now, we'll be hearing that Bob's got another 3-year extension).

Judge said Wolfe put a 139 on DIS. Brian Belski suggested it might get to 130. Belski said YouTube and NFLX are the "monsters" and "huge winners" in the space, while DIS is a "value play"; he's "way overweight" the former 2 over DIS.

Josh touted MMM.

Josh touted EA and said it could be like RBLX and credited Bryn Talkington for staying with RBLX. Bryn explained that "it costs just a truckload to create a game. And most games are unsuccessful."

Belski apparently shuffled which of his portfolios owns LULU; apparently it's a "value" play.

Judge seems to think Bill’s tech trimming is a lot bigger deal than Bill thinks

On Thursday's (9/4) Halftime Report, Judge marveled at how early Tim Cook was arriving at the White House for some big tech meeting later in the day featuring the "who's who" of Silicon Valley.

Josh Brown said the execs were surely going to talk about how to not be Europe in the late '90s in its approach to tech giants (and notice how many of the Mag 7 now are based in Europe).

Meanwhile, Josh said AMZN is "one of my highest-conviction positions for this year"; he hung a 250/275 on it.

Bill Baruch said a lot of tech giants are growing into valuations, and AMZN has a 26 forward P.E. (those numbers are always subject to debate) and Bill echoed Josh's 250/275 for AMZN.

Bill said "many" portfolio managers are underperforming the index and will "have to chase." Nevertheless, Bill trimmed NVDA and AVGO, calling it a "positioning move."

Judge said it sounds like Bill is "gaming out" his own seasonal outlook. Bill twice stressed that "seasonally," this is kind of the "soft time of the year," and the Nasdaq "is building out a little bit of a head and shoulders."

Bill also mentioned, "From a portfolio management standpoint."

Judge cut in, "Everybody always says that. Portfolio management. I mean, of course it's a portfolio management standpoint. You run a portfolio; you're gonna manage it." Judge said it looks like Bill is raising cash "in a lot of different places."

Translation: Judge is trying to get Bill to make a bearish market call and not just claim his selling is routine. Bill's only making a mild trading/market timing call.

Bill clarified, "I think the year's gonna finish very strongly."

Josh said he doesn't see how AAPL will be one of the better performers of the Mag 7.

Bryn Talkington said she sold half her AAPL stake in December and bought back at 209.

Bryn says CRM around a low

Judge told Steve Liesman on Thursday's (9/4) Halftime Report that it would be a "surprise" if the Fed doesn't cut and if it doesn't, "I don't think the market's gonna take it very well."

Steve agreed that in terms of market expectations, "it's very much a done deal."

Brian Belski trimmed TXN and then gave a speech for an explanation, eventually saying he moved the cash into QCOM.

Bryn Talkington recently bought CRM around 245. Josh Brown said CRM is a "great company" but is "in trouble." Josh said there's "nothing wrong with Salesforce's products," rather, it's "lower head count" among companies that buy the services.

Bryn said CRM is doing well on many metrics and is getting "lumped in" to a narrative; "I don't think the stock at 241 has much more downside." Bill Baruch said CRM and ADBE have "growth by acquisition" in common.

Belski bought PANW, stating, "We love Palo Alto." (He said "love" about 3 times.)

Judge says Eddy Cue’s Google revelation was not insignificant

It was in the first minute of Wednesday's (9/3) Halftime Report that Judge mentioned the "so-called Eddy Cue (snicker) selloff" and pointed out GOOGL is up 37½% since then, then afforded Jim Lebenthal a victory lap for downplaying Eddy Cue Day months ago.

Jim was quite modest (he didn't have to be that modest) and said a "meaningful overhang" on GOOGL is gone and seemed to think the judge's ruling was kind of a no-brainer, stating, "the idea" that a judge would give Google "draconian" punishment for "monopolistic, uh, uh practice" given that in May, we were hearing about "competition eating Google's lunch," was "completely incongruous (pronounced 'incongress')."

Judge said Jim caught "a fair amount of grief" and mentioned "the Eddy Cue thing" again. Judge claimed Eddy was making a not "insignificant" (snicker) point.

Joe Terranova said the judge's ruling "lifts the obstacle" and "absolutely is a clearing event" and even "benefits the entirety of the AI halo" because Google can "spend more."

Jim did say of Alphabet, "This is going to be an AI beneficiary," and we had to wonder whether Jim has paid attention to some of the "AI" answers that simple Google searching seems to generate. (We're not sure "beneficiary" is as accurate as "perpetrator.")

Steve Weiss noted GOOGL "has always sold at a discount," then said "generally" instead of "always," which he conceded is "too strong."

Weiss said Gmail "is the dominant player" and that Google can "raise prices more now without the glare of antitrust proceedings on them." (We thought he'd mention the obvious, that the whole world watches stuff on YouTube and it's basically 1B to NFLX's 1A.) (This writer is long NFLX.)

Weiss said the stock "recovered from 165 to 200 before this, so you've got to believe some of it was discounted." Weiss also cautioned, "You still have the headwind of search share," which Weiss said will prevent the multiple from reaching the "extent" of META and AMZN.

Joe predicted we'll see the "valuation spread narrow" between AAPL and GOOGL, which right now are kinda close in nominal share price.

Judge seems to think Micah Parsons is the ‘best defensive player in the league’

On Wednesday's (9/3) Halftime Report, Liz Thomas suggested software is a "good opportunity," while cybersecurity is an opportunity for a "long-term period."

But Steve Weiss said the multiples in cybersecurity make Broadcom "look like it's being given away." Judge pointed out that Joe Terranova owns FTNT, CRWD, CHKP and PANW. Joe said said he's "observing the 30-day momentum constantly" because those names are in "correction." (When they were talking about ZM a couple weeks ago, it was all about 12-month-ago momentum.) (This writer is long CRWD.)

Joe called AVGO a "coin toss." Steve Weiss said he "never understood the valuation" of AVGO; he called the valuation "excessive." Weiss said, "I'd still rather own Taiwan Semi."

Jim Lebenthal said if ADBE doesn't "respond" or "move up" on its earnings report, it's the "final nail in the coffin" (snicker) for that stock.

Weiss said he's "very close to pulling the trigger" on buying BABA, which is "just so cheap." Weiss said David Tepper is "still there" in the name, though Weiss wouldn't break any news "that wasn't public"; Weiss said to "look at his filings."

Jim of course agreed with Mike Mayo's C upgrade; Jim said there's no reason it should trade below tangible book.

Julia Boorstin reported on the NFL criticizing Nielsen ratings. "It's always about the money," Judge shrugged.

Judge called Micah Parsons "the best defensive player in the league." Liz asked, "Where did he depart to?" Judge acknowledged, "Your Packers."

Judge should ask panelists to make a call on AAPL vs. AMZN

Jason Snipe's Final Trade on Tuesday's (9/2) Halftime Report was AMZN.

We mention that because, in a bit of a stock market oddity, AMZN and AAPL have been running neck and neck recently in terms of nominal share price.

AAPL closed Tuesday at 229; AMZN closed at 225.

Yes, we know those share prices are nominal; AAPL's market cap is about $1 trillion higher.

But it's a great comparison, and a great opportunity for Judge to ask Halftime panelists to make some calls: Which of these roughly $225 stocks will be the first to $250, first to $300, first to $200. Will either of these stocks hit $275 by year-end.

It would be a far more interesting conversation than the usual tired updates on who's buying/who's selling AAPL and those sellers constantly protesting that they don't dislike the stock; it's just "portfolio management."

Joe suggests AI thesis ‘maturing’

Joe Terranova must've been planning Burger King for lunch on Tuesday (9/2), because he uncorked a whopper of a market observation on the Halftime Report.

Joe stated, "The AI thesis might be maturing somewhat."

Judge rightly cut in, exclaiming, "That's a controversial statement in and of itself. Might be maturing??? People are talkin' about the 2nd inning!!"

Before Joe could answer, Jenny Harrington said, "It's still maturing."

Joe continued, "It's maturing if you correlate it (snicker) to ownership."

Judge mentioned chip stocks that are getting hit. Josh Brown said he still likes LRCX a lot but reminded viewers, "They're still cyclical."

Jason Snipe pointed to SNOW and stocks with AI themes and said "You cannot buy indiscriminately in the space."

Jenny says 7% would be ‘massive win’

Judge opened Tuesday's (9/2) Halftime Report noting "Yields are surging everywhere," a "significant story today," and Joe Terranova agreed.

Joe said momentum names are "working off some of the, uh, overbought conditions" and tech is being "targeted right now in this mild correction."

"Nvidia has not traded well at all since its earnings release," Judge observed, adding that it was an "AI-related selloff" on Tuesday.

Judge cut in to Josh Brown's commentary to report news of Anthropic funding and said "legitness" (sic) (snicker).

Josh pointed out that "other areas of the market" besides AI, including financials, have been working.

Jenny Harrington stated, "If we were to end 2025 at up 8%, or up 7%, I would consider that a massive win."

Jenny concluded, "I don't see how we go from up 10% on the year now to up 20%."

(Jenny's lookalike, Jessica Chastain, was on Jimmy Fallon's show on Tuesday night.)

Jason Snipe noted, "September is traditionally the worst month in the market."

Josh predicted a breakthrough for HBAN.

Jenny said "tariff noise" is affecting certain stocks.

Joe said the JOET owns NEM and that gold ownership now is "important."

Joe predicted private equity will "continue to have penetration into sports." Joe mentioned a stat that's been thrown around a lot lately, Jerry Jones' purchase price for the Dallas Cowboys.

Mohamed El-Erian claims Judge doesn’t like discussing equilibrium inflation rate

On Friday's (8/29) Closing Bell, Judge spoke with longtime CNBC guest fixture Mohamed El-Erian about Fed independence and exactly what's the biggest risk to the economy (which people seem to keep disagreeing on).

At one point, Mohamed told Judge, "The inflation arguments are twofold. One, they're transitory ... and the other view, which I know you don't like discussing, but we're getting evidence day in and day out, is what is direct equilibrium inflation rate (snicker) for this economy that is going through so many structural changes."

Judge responded, "Well, I don't know why you suggest I don't like discussing, I mean, just because I give you a counterport- (sic) (snicker) counterpoint to, to your argument doesn't mean I don't like discussing it. In fact, I want to discuss it further."

Amy says NVDA’s AI spending forecast total that Stephanie trumpets is ‘crazy’

Permabull Stephanie Link started off Friday's (8/29) Halftime Report with some total addressable market commentary about AI and said NVDA reaffirmed it sees $3-$4 trillion in data center/capex spending through 2030.

Moments later, Amy Raskin said, "I think that 3 to 4 trillion number is crazy. I don't think you're ever- that we're gonna get there."

Jason Snipe, apparently trying not to make any waves, only said "the guidance is very strong" in the AI space. Judge said, "Guidance is based on expectations, right. ... I have expectations my football team's gonna do great this year." (Editor's note: Judge is a Commanders fan.)

Jim "Gangbusters" Lebenthal said a lot of stocks have gotten above fair value, he's been trimming and hasn't put money back in "for several weeks."

At some point during talk about data centers, Stephanie offered an "oh by the way."

Jason affirmed buying ETN on the recent pullback. In yet another total addressable market reference, Stephanie said there's "2.4 trillion dollars of mega projects in the pipeline; only 17% have been started."

Eamon Javers said the Lisa Cook hearing ended with "no decision." Eamon expertly outlined several of the arguments and counterarguments made at the hearing.

Stephanie bought DECK.

Judge doesn’t give Amy the same grilling he gave Joe over whether financials are overvalued

Jim Lebenthal admitted on Friday's (8/29) Halftime Report that he trimmed WYNN, suggesting the stock may be "ahead of itself" with football season starting.

Judge brought in Contessa Brewer to tell us it's, according to Judge, "the biggest betting season ever." Contessa said, "Depending on where you're betting."

Contessa said "the biggest threat" to gambling providers is offshore sportsbook wagering considered illegal, and the legal books reportedly get a boost from states that crack down; "It really matters to enforce the law," Contessa concluded.

Late in the show, Judge said the GDX is having its "best month since 2020." Judge said BofA hiked its FNV target. Amy Raskin owns it and said it's been her Final Trade "a few times" this year and she still sees "more upside."

We'll give Amy credit for that, but no one called this space like Bill Baruch on July 9, touting a "tremendous supercycle" in gold miners, a candidate for Call of the Year. (This writer since then is long a couple gold miner stocks that weren't mentioned on Friday's show.)

Amy Raskin suggested financials are "getting a little extended" and unlike Joe this week, got no pushback from Judge. Jason Snipe mentioned BX and APO as names he likes.

Good day for CRWD to be sponsoring the CNBC ticker

The most interesting stock of Thursday (8/28) was not actually NVDA, but CRWD, which sank a day earlier in afterhours (and prompted curious stats from Steve Grasso) (see below) but was somehow roaring ahead Thursday morning. (This writer is long CRWD.)

Joe Terranova on Thursday's Halftime said, "The chart tells you everything about what is going on today." Joe said the morning low "went exactly down to that 200-day moving average, and it held. And what it did from there was it reversed higher. It's tracing out a very powerful technical signal right now. It's called an outside up week. That means you trade below last week's entire range. And now you are above last week's entire range. That's a signal of exhaution ... This might be an example of bad news and good price action."

Judge chuckled, "Maybe that's a sign of a pretty good market that you're in."

Josh Brown said Judge made a "great point," but as for CRWD's earnings, "I don't think that this should be characterized as a disappointment. They beat on the bottom line; they beat on the top line ... I think what people are saying is that they're surprised that they're not seeing higher upside guidance."

Josh recalled, "I saw it down 7% last night, and I laughed," wondering "what Muppet algorithm was programmed to sell this name afterhours?"

Judge said there have been "legitimate" questions about the cybersecurity space, noting the BUG is "having its worst quarter since 2022." Joe agreed that has to be part of the "narrative." Josh said after seeing the numbers the night before, he thought the afterhours reaction was a "clown show."

Bryn Talkington said the FTNT results early in the month sent "ripples" through the space about ARR revenue and caused a "growth scare." Bryn said, "Until that growth scare goes away, there's still gonna be an overhang," which is an opportunity to add longer term.

Steve Liesman wants Bill Pulte to call him, but Bill instead texts a scoop to Judge

About 18 minutes into Thursday's (8/28) Halftime Report, Steve Liesman delivered an update on Lisa Cook's legal action.

While Steve was delivering that update, Judge said he "literally" got "just now" a note from Bill Pulte and proceeded to read the contents: "Quote, in her filing, Miss Cook does not deny that these are her mortgage documents, so one has to wonder why she or Jerome Powell would want this to be a part of the Federal Reserve."

Judge said Bill "sent it to us only, so it's a CNBC Exclusive here."

Judge then observed, "There really isn't, uh, an explicit denial, uh, is there, in the- in the Cook response to, to all of this." Judge asked Steve for "more light."

Steve said, "There is not a detailed denial, but there is a denial Scott," as Steve protested "not having known we were gonna discuss this," he was trying to look up her statement on the computer.

Judge said "Nor do I ... I apologize ... I didn't wanna wait on the news."

Steve eventually said, "In the lawsuit, it- it says, 'Of the allegations made by the president, if she did them, dash, which she did not,' that is explicitly in one of the documents, but, I will tell you Scott, she did not detail how all this come to happen ... potentially a clerical error. But that is not the point of the lawsuit, I would point out," which is that "an allegation is not for cause."

Steve said Bill Pulte "has not responded to my questions; Bill, Bill call me." One of Steve's questions is whether Bill "ever talked to Cook."

Steve concluded, "Bill is probably right here that- that, in all of these documents, she doesn't deny these are her mortgages. But she does deny having done anything wrong here."

Judge pointed out the obvious, that "as an aside," there's a "cloud" that "hangs over the Fed" while the central bank's in an "especially critical time."

Steve agreed that's an "issue" but said "one of the points of the lawsuit is that she did not do these offenses while in office." (But she also "did not" do the thing alleged, according to what he also said.)

Steve then said there are "2 clouds," one is Lisa Cook serving on the Fed, "the other cloud is the ability of the president to make up any allegation he wants (well, um, if she filed 2 separate mortgage documents claiming a primary residence, how is he making it up?) and then fire somebody based on that allegation and not a proven fact. I would say those are 2 rather dark clouds, both of them, and I- I wonder if the 2nd cloud is the darker of the 2."

Steve said, "One has to wonder why Bill Pulte is so involved in the Federal Reserve."

Steve wondered, "Why isn't Bill Pulte- Bill Pulte a fine American — um, allowing Lisa Cook her day in court here. Now I acknowledge the other part, which is I think is a problem for Lisa Cook is (sic grammar), Why does not- she not come forward and tell us what her side of that story is."

Well, here's the deal. We get why Steve and others may be skeptical of administration motives here. But we don't get why it should be OK with people that Federal Reserve honchos (talk about the 1% of the 1% of the population) should be able to claim 2 primary residences.

Judge actually pretends that Brad might say something critical about the White House after going there recently to get his newly renamed ‘Trump accounts’ approved

After a Lisa Cook-centric A Block on Thursday's (8/28) Halftime Report, Judge said it's a "treat" to get Brad Gerstner on the show to talk about NVDA earnings.

Brad as expected sort of took a victory lap, knocking the "clearly wrong" reax to the Deepseek news and how NVDA just delivered a "banger quarter."

Brad said "I kind of laugh" about "some friends" at the end of 2024 "who said, 'We're gonna short Nvidia because they can't possibly grow this fast in '25.' "

After a lengthy speech about NVDA's China market and the Blackwell chip, Brad said NVDA has a "north of 50%" probability of selling chips in China.

Judge asked Brad if he's OK with the government "taking a piece of those sales." Brad admitted it's "an unusual tactic" but said the president says he's a "deal junkie" and Brad will "leave it to Jensen and the president, uh, to- to- to make that deal."

"I feel like you punted on me a little bit," Judge followed up, explaining that "this is the U.S government telling a private business, 'You can do busines in a market, but we're gettin' a piece. And this slippery slope that it may present itself (sic grammar)."

Brad said that as a shareholder, "of course" he doesn't want to pay 15% to the government, but as the president or "Howard Lutnick," it's a "hedge" in case this turns out not "100% good for this country."

Josh Brown asked Brad about AAPL-Perplexity stories. Brad said he likes Perplexity but isn't sure it gives AAPL the "solution they need." Brad called Siri "garbage" and said "it could be 100x better."

Joe Terranova asked Brad why he doesn't own PLTR; Brad said if you're in the business a while, "you make some big mistakes," and missing PLTR was "one of mine."

‘Wait it out till you get another administration?’

Josh Brown on Thursday's (8/28) Halftime Report noted NVDA's strong summer and said "I think it wants 200" and "will get it."

Judge said Seaport is "sticking with a sell rating" and $100 NVDA. Bryn Talkington admitted, "I don't know who Seaport is." Bryn pointed out NVDA's small concentration of huge customers.

Joe Terranova said, "The uptake on Blackwell is incredibly strong" and "the buyback story is remarkable."

Judge said TSLA has "quietly had a pretty good month." (He didn't ask Joe for TSLA's "1-month" return.) Bryn pointed out the stock getting hit when Elon Musk announced a new political party and Bryn decided at the time "I'm gonna buy more here at 293" and sell the August 22nd calls at 320 for $14. Bryn got called away and said that's a "great way to, to play the stock right now."

Judge wondered if vaccine makers are "investable, or untouchable." Sarat Sethi, who had a quiet show (like certain others, he never got a text from Bill Pulte), said vaccine businesses are "not investable," but other parts of JNJ and GSK are "very strong" even though the vaccine portions are "negative value" right now.

Judge incredulously wondered if Sarat's "investment thesis" on this sector is just to "wait it out till you get another administration?" Sarat said, "Science will tell you that some of this stuff does work."

At the end of the program, Judge said it was "an adventurous show, uh, to say the least."

Another curious government percentage is brought up regarding a cybersecurity stock

Guy Adami on Wednesday's (8/27) Fast Money said that the "level-ish" that CRWD was trading at (about 396) is a "pretty interesting level to dip your toe into CrowdStrike, I believe." (This writer is long CRWD.)

Steve Grasso, however, brought up "the percent of revenue that the U.S. government gives to CrowdStrike" (that's the exact quote), which Steve said is 68% and for Palantir is 55%.

Those who witnessed Malcolm Ethridge's analysis of PANW on the Halftime Report a few months ago on 5/28 (see below in the archive) and Judge's follow-up statement that "I think we had some issues with what Malcolm had to say" know just how tricky Steve's statement is and would want to verify. It sounds like he means that 68% of CRWD's revenue is from the U.S. government.

Determining exactly what Steve meant via online searches is difficult. (AI didn't respond successfully to Steve's exact quote.) We did find an SEC filing that indicated that in Q1 and all of 2024, 68% of total CRWD revenues come geographically from the United States. We did actually get an AI result from Google saying the same thing, that Europe/Africa is 15-16%, Asia Pacific is 10-11% and others are 5-6%. The only way those numbers and Steve's numbers are correct at the same time is if 100% of the U.S. revenue is from the U.S. government.

From what we got from AI, in Q2, Palantir reported U.S. government revenue that would be about a low-40s percentage of total Palantir revenue, not 55%.

While the grammar would be off, Steve's CRWD comment could also imply that 68% of what the government spends on cybersecurity goes to CRWD. But that flies in the face of what Judge said 5/29 about Malcolm's PANW comment, that "50% of what the government spends on cyber goes to Palo Alto" (see how this all ties together?). Honestly, heads here are spinning already; we have no clue.

Steve's larger point was that CRWD needs to have a good relationship with the government, and that Guy's technical assessment is valid.

Sadly, guest host Sully — CNBC's Funniest Anchor and one of this site's favorite anchors of all time — never attempted to clarify/verify Steve's numbers. (#calltheControlRoom)

Bill Baruch on Wednesday's (8/27) Halftime Report said he owns CRWD and is "waiting and seeing" what happens but conceded "there's a lot of negativity going into it." (That negativity only got worse Wednesday night.) (This review was posted overnight Wednesday-Thursday.)

Joe Terranova said he owns CRWD personally and noted, "Cybersecurity is not trading well," but Joe said the market has held up and that's a sign of resiliency.

Judge tries to get Joe to say that bank stocks are overvalued; at least it’s better than asking for the ‘1-month’ return

About halfway through Wednesday's (8/27) Halftime Report, Joe Terranova probably prompted a few chuckles when he said the JOET's 35% exposure to financials is "obscene (snicker) to a certain point."

Joe went on to say that big names like JPM and GS are getting "a little bit stretched," which is why certain regionals have had strength.

Judge, inserting some hyperbole here, claimed Joe is the "first person I can recall" who has talked about "potentially too rich" bank stock valuations.

Judge scoffed, "As long as I can possibly remember, everybody's always like, 'Well they trade at such a discount to book, and blah blah blah.'" (That is an absolutely correct statement, and a hilarious one; kudos to Judge.)

After for whatever reason delving into 2006 P.E. ratios (he actually went that far back), Joe said a 15 P.E. for GS and JPM is "probably right about in line" even though moments earlier, he suggested they're a little "stretched."

Joe protested to Judge that he didn't say bank stocks are "too rich," rather just a select few that are "a little bit stretched."

Steve Weiss said he'd agree with Joe that in terms of price to book, those stocks are "gettin' up there," but it's a reflection of the yield curve and a "great environment" and there's "more room to run."

Joe claims to actually believe that Donald Trump’s feud with Lisa Cook should’ve been enough to sink the markets

Joe Terranova must've been having lunch Wednesday (8/27) at Burger King, because he uncorked a whopper on the Halftime Report when stating, "Where are we today after the news from yesterday. No one, including myself, would expect that."

Judge, puzzled, asked, "What's the news from yesterday."

Joe explained, "The news from yesterday surrounding the Federal Reserve."

Judge, flummoxed, asked, "Why."

Joe said, "Why what?"

Judge said, "Why would no one have expec- no one would expect where we are today given the news of yesterday. Why."

"Really?" Joe said. "We're- we're talkin'- we're gonna have the whole conversation about the independence of the Federal Reserve? Yesterday we woke up yesterday morning questioning the very independence of the Federal Reserve, and we expect the market to go higher on that?"

Judge demanded, "Do you still think the Fed's gonna cut in September?"

"I think the Fed was more likely to cut prior to yesterday morning," Joe said.

Judge said, "Some people think they're ... more likely to cut after the fact."

Joe said, "I think yesterday was a forced error (snicker) (that's what they call it now, apparently) on the part of the administration ... the Fed was already going to cut interest rates."

Judge said the market's "looking past the noise, focused on the cut."

Bill Baruch sided with Joe, stating, "I'm as surprised as Joe is," given concerns about Fed independence, but the market reaction has been "more muted" to these kinds of things. Judge said there's a "huge difference" between firing a Fed governor and, say, firing the chair.

Steve Weiss bluntly stated, "It wasn't new news yesterday," that Lisa Cook's name surfaced a week ago.

Judge concluded that the subject was a "worthy" tangent to go off on.

NVDA’s humdrum reax

Judge launched into Wednesday's (8/27) Halftime Report asking panelists to draw up what-if scenarios for NVDA's report after market hours.

Joe Terranova stated, "I will absolutely acknowledge that the bar is high" for NVDA, but even if it's not a blowout, Joe said the market won't roll over, rather, the rotation (snicker) will only "intensify."

Kristina Partsinevelos agreed with Joe about the importance of the China numbers.

Bill Baruch said of NVDA, "The bar might be a little high."

Steve Weiss said that over the last 4 quarters, NVDA makes its guides but has missed a couple times on the "whisper number." However, the stock has "bounced back very quickly" and "the future remains bright."

Kevin Simpson predicted NVDA will have a good report and go higher. (It had a pretty good report but didn't go higher.) (This review was posted overnight Wednesday-Thursday.)

Bill cautioned that this is a "seasonally weak time of year" and if there's a bad reaction to NVDA's report, we'll see "profit taking across the board," but that would set up a "really strong" Q4.

Later on Fast Money, Guy Adami said of NVDA, "The magnitudes of the beat are getting smaller." Danny Moses said he wouldn't short NVDA. Dan Nathan advised buying it for his Final Trade.

Bill warns of possible ‘heavy selling’ in COST

Judge on Wednesday's (8/27) Halftime Report noted a number of high fliers have taken a "breather" recently. Bill suggested it's due to "idiosyncratic things."

Bill talked up MU; "I love this name," but it moves "fast." Bill said it could "exceed 150" on its next move up.

Kevin Simpson bought U, a "speculative name" in software.

Joe said there's a "nice setup" to pick up DASH.

Bill touted AS and said it's got pickleball presence.

Joe predicted WELL goes higher. Joe said COST and WMT have "really struggled here over the last 30 days." Joe suggested the reason is "purely exhaustion." Bill said COST has a "head and shoulders pattern, potentially" and if it drops below 900, it could see "heavy selling."

Bill bought Berkshire (presumably the BRK-B shares) because he wants to buy it when it's "unloved." Joe said the BRKB momentum has been "broken" for 4 months.

Kevin bought JLL, a "one-stop shop" for real estate.

Weiss hung a 200 on FTAI for his Final Trade.

Josh predicts NFLX initiative by year-end to add user-generated content

On Tuesday's (8/26) Halftime Report, Josh Brown predicted "by the end of the year," NFLX will do something "either user-generated" or something with an incentive for YouTube creators to switch to Netflix. (This writer is long NFLX.)

Josh said, "YouTube viewership on a television set ... is 16% of all YouTube views. But accounts for 42% of total watch time."

No one seems to know if Lisa Cook is actually ‘fired’

Judge in his intro on Tuesday's (8/26) Halftime Report said Donald Trump is "moving to fire Fed governor Lisa Cook." That's interesting terminology, because the previous night, the headlines started off saying Donald Trump "fired" Lisa Cook, then it kind of got softened into "says he's firing" or "moved to fire" ... and no one, including Steve Liesman on The Exchange immediately after the Halftime Report, seems to know whether anyone is actually going to block Lisa from showing up at the office.

Meanwhile, Jenny Harrington said UBER "still makes sense for our disciplined growth strategy" despite its big return this year.

Josh Brown talked up SHAK again but said his favorite in the space is TOST, which will "power the payment function."

Josh said ORLY has one of the best long-term charts he's "ever seen." He said it's a "cannibal company" that's "eating itself" by buying back so much stock since 2011. Josh said he'd use a 50-week moving average, which is 86. He also touted SYF, HIG and ALL.

Brian Belski said ULTA is in "one of those sweet spots" of consumer discretionary and will continue to grow.

Malcolm Ethridge made BUG his Final Trade, saying the PANW-Cyberark deal won't be the last.

Perplexity, Zzzzzzz

Judge at the top of Tuesday's (8/26) Halftime Report said there's "yet another report" that AAPL is interested in Perplexity (Zzzzzzz); Steve Kovach joined the show to explain things.

Josh Brown said, "I think, if they do it, you get a new (sic redundant) all-time high in Apple the day they announce it." Josh said, "This is a case where buying it makes more sense than building it" and may be cheaper in the long run.

Jenny Harrington said there's "a lot of overenthusiasm" and said the market is looking "too narrowly" at NVDA and AAPL, though Jenny conceded she's "super excited" about AI.

Judge actually showed a comparison chart of Nasdaq returns after the "seminal moments" of the Netscape IPO and the Chat GPT launch. (Spoiler alert: The charts look about the same.)

Whew! Judge didn’t ask Joe for the ‘1-month return’ of the U.S. government sovereign wealth fund

Judge on Monday's (8/25) Halftime Report actually claimed that the government's interest in INTC represents a "brave new world" (snicker).

Steve Weiss said the move seems like a "hostage-ransom" type of situation. Weiss then referred to Kevin "Hassert" (sic). "This can only go one way, and that way is bad," Weiss said.

Jim "Gangbusters" Lebenthal said the "prior administration" also put requirements on the chip sector, including social ones, so "I don't think it's necessarily new" what's happening with INTC.

Judge insisted that whether you agree with the move or not, it's a "slippery slope."

Judge mentioned the term "free market capitalism," which was used regularly — basically 2-3 times a show — by Larry Kudlow when Larry was a CNBC fixture. (He's on a different channel now.)

Shannon Saccocia suggested there could be a "spillover effect" into health care or other sectors.

Joe Terranova bluntly stated, "So we have a sovereign wealth fund in the United States."

Weiss countered, "This isn't a sovereign wealth fund," but a "targeted approach."

Becky breathless

Late in Monday's (8/25) Halftime Report, Becky Quick actually dialed in with a News Alert; obviously, it had to deal with Berkshire Hathaway, or it wouldn't have been Becky dialing in.

Becky, who sounded out of breath, said Berkshire is "not in the market to buy a train company right now"; that's what she "heard from Mr. Buffett himself."

Judge tried to get Becky to relay some kind of market call from Warren. Becky indicated she knows his opinions on railroads, but ...

Weiss complains that everyone’s on the same side of the trade

Joe Terranova on Monday's (8/25) Halftime Report said bulls got a "perfect" setup on Friday. Joe said it's a question of carrying the "momentum" forward.

"I don't think Jackson Hole really could've gone any better," offered Jim "Gangbusters" Lebenthal. Jim said Q2 earnings were much better than expected. Jim cautioned though that September is a "treacherous desert" (snicker), which sort of invokes "Lawrence of Arabia."

Grandpa Steve Weiss' chief complaint (you knew there would be one) was that "everybody's on the same side of the trade." Weiss said there's now going to be a debate whether it'll be 25 points or 50 points.

Judge said a couple shops, including Lori Calvasina, are actually upgrading small caps (snicker).

Joe seemed to take offense at Judge's suggestion of a broadening or move to equal weight; Joe wouldn't let Judge declare a change in fundamentals but said he can live with the term "repositioning" (snicker).

Sam bursted the bubble

Steve Weiss on Monday's (8/25) Halftime Report suggested that Sam Altman mentioned the word "bubble" because "he doesn't want potential competitors to get funding."

Judge said, "Nobody ever partying in the bubble says there's the bubble."

Joe Terranova twice said "bursted" (snicker).

Shannon Saccocia said NFLX's successful singalong this past weekend is "indicative of their continued innovation." Weiss said, "They constantly add to their value proposition." Joe said the stock may find support around the 100-day; it's evidence that the world is becoming all about streaming. (This writer is long NFLX.)

Weiss isn't ready to sell FTAI.

Jim Lebenthal said BLK is a "buy right here."

Joe said NVDA's had such a good run, it needs to "blow the numbers out here" to send the stock higher.

Weiss compliments Kevin’s wardrobe

Kind of out of the blue on Friday's (8/22) Halftime Report and a surprise to this page, Steve Weiss said Kevin Simpson has gotten a "new wardrobe" and looks more "investment bankerish."

Weiss told Kevin he looks great and called Kevin "Gordon" and "Mr. Gekko." ("You can't come in here looking like this. Go to Maury Sills; tell 'em I sent ya.")

Weiss was remote and not at the NYSE, but the comment provided chuckles for the panel.

Much of the show, in fact, seemed to be relaying Kevin's entire portfolio to viewers. Kevin just bought META on a pullback and said it looks "lucky and smart" on Friday.

Kevin rolled down some ORCL calls. We didn't quite get it (the math was too difficult) but it was some kind of maneuver that apparently turned into a great trade.

Kevin trimmed JPM; he said it was "pure risk management."

Kevin sold HWM after making 30% in 5 months and said he'd buy it on a pullback. Guest host Frank Holland questioned why, if Kevin thinks it's going higher, he would sell it in the first place. Kevin said he has a "tendency" to be "nimble" and keep "dry powder." Frank said "gotta ask," can't "rubber-stamp trades."

Kevin wrote RBLX covered calls expiring next week that could net a $10 profit.

Kevin sold JBL to take profits and would "absolutely" buy a dip.

Kevin bought UBER and thinks it'll break $100. Weiss also bought more UBER because he didn't think his position was big enough. Jim "Gangbusters" Lenbethal said autonomous driving is a reason he likes GOOGL. (By the way, at least a couple folks on Fast Money, Steve Grasso and Tim Seymour, have talked up LYFT, a trade ignored on Halftime that's suddenly looking more interesting though a ways away from the Call of the Year race.)

Kevin again said of MO, he's "happy to be in the name." There's a trade that's really smokin'.

The Fed ‘can’t control inflation’ and ‘really can’t do much about employment’

Steve Liesman, who generally says the stock market is being too giddy about reading into Jay Powell's commentary, conceded on Friday's (8/22) Halftime Report that Jay Powell's speech was "maybe a little bit more dovish than uh, some- some had expected."

Steve said, "He did open the way up for a rate cut." Honestly, every day, there's a new percentage expectation of a September cut; we're tired of it already.

Guest host Frank Holland said he noticed the word "may" in Powell's speech, which Frank said gives Powell "wiggle room" to possibly not cut. Steve agreed it had a "bunch of caveats."

Later, Steve Weiss scoffed at Frank's mention of "may"; explaining, "of course they said 'may,'" because when has the Fed ever "definitely" declared what it would do.

Weiss stated, "The Fed is gonna cut," as it has, according to Weiss, come to the realization that "they can't control inflation." Weiss said the Fed "also really can't do much about employment."

Weiss mentioned "stagflation" twice. (But what about the "intermediate" term thing ... oh, more on that in a bit.)

Jim "Gangbusters" Lebenthal first explained how Powell was talking about the balance of the labor market as demand and supply both shift, then said what really got Jim's attention was Powell's comment that "downside risks may increase quickly."

Jim said the speech was "much more dovish than I expected."

Kevin Simpson expects a September cut "for sure."

Jason Snipe cautioned that companies such as HD, PEP and WMT have talked about raising prices.

As for the market, Jim said it's "pretty likely that we will be higher by year-end," but "there's an awful lot of good news priced into this market." Jim said "the short term might be a little volatile; the intermediate term to year-end is likely to be, uh, rewarded."

Ah. There's that intermediate term again ... See, back on May 13 (check our archive), Weiss insisted he's bullish short term, but it was the "intermediate term" where Weiss believed "the recession comes into play."

That was 3 months ago. When did this "intermediate term" happen? Where was the recession?

Weiss: LULU pullback ‘overstated’

On Friday's (8/22) Halftime Report, Kevin Simpson said he bought more DKNG. Guest host Frank Holland suggested that kind of name is taking market share from traditional casinos.

Jim "Gangbusters" Lebenthal of course made the argument for "hard-asset casinos" having "tailwinds." Jason Snipe sided with "hard asset" casinos over DKNG. Kevin mentioned the start of football season for DKNG. (That stock years ago had a history of accelerating in late August as the football season neared, but we're not sure that's a reliable timing mechanism anymore.)

Frank pushed Jason Snipe on whether he'd buy PLTR. Jason said he'd buy some of the "hyperscalers" that have pulled back a bit. Jason stressed that it's early in the AI trade. (Yes, those "facts" people get from Google Gemini are definitely early-stage facts.)

Jason bought ETN, always one of Stephanie Link's favorite stocks.

Steve Weiss again talked up the Brad Jacobs/QXO story. Why doesn't Brad start an AI company and dethrone Nvidia. Weiss said he's been looking at LULU and thinks its demise is "overstated."

Jim talked up AZN and DAL at the end of the show.

In the show's most impressive moment, Jim sang a commercial jingle — "Citigroup, the Citi never sleeps" — for his Final Trade of C; "I'll only do this on a Friday in August."

We did catch Thursday's (8/21) Halftime but didn't have a chance for a write-up; basically it was just Josh Brown and Jenny Harrington marveling at how much they agreed.

Bryn calls CRM ‘Uber in the 60s’

Asked about his AAPL moves on Wednesday's (8/20) Halftime Report, Joe Terranova first made a mini-speech about "one of the benefits of this show is we're actually active in the marketplace ... if you disagree with what I'm- uh, what I'm saying, listen, you have the ETF out there, go short it, go buy some puts, knock yourself out, have a good time."

Joe said his personal AAPL position is a "trading position" and he started buying at 206, "all the way up to 232," but now he's seeing "exhaustion" around 235-236, and in the near-term, it was time to "ring the register" and cut the position in half.

Kari Firestone suggested getting back in at 210, which Kari said is the 100-day. Bryn Talkington said she added at 210 or 215 and isn't sure it'll get back there; Bryn said AAPL had an "excellent earnings call."

Bryn bought CRM and called it "Uber in the 60s" and said it "easily" could climb "15 to 20% after earnings." Bryn said if DELL gets back to the "low 100s," she'll buy it.

Kari said CRM hasn't had enough to show for its AI spending, but that's starting to change. Kari bluntly said that AI has had an impact on ADBE's operations (despite what Jim Lebenthal has been saying) (Jim's "not gonna die on this hill" with that stock). Bryn said ADBE has a "terrible" chart.

Joe said he redeployed his former AAPL cash into TW; he also bought CBOE and BR. Joe said his recent refiner trade "has not worked out."

Joe briefly explained how TJX acquires inventory "on the cheap" and how it's a rare apparel name that's expanding margins. Joe said he's been to a TJ Maxx and it's a "phenomenal (snicker) store."

Bryn said "Target's woes benefit Walmart." Kari said it can take "years" for a company like TGT to turn things around.

Joe said AMZN's interest in groceries could be a "competitive threat" to WMT.

CNBC apparently didn't have any staff to spare for ETF Edge, so guest host Frank Holland had to do the honors.

Joe, Frank immediately disagree on significance of profit-taking

Guest host Frank Holland opened Wednesday's (8/20) Halftime Report telling Joe Terranova that people wouldn't be "profit-taking" if they thought there was more to get.

Frank asked Joe if there's "significant change in sentiment." Joe said profit-taking could be "motivated by some catalyst" (translation: it doesn't necessarily mean people think the market's going down).

Joe predicted the market is "ultimately (sic redundant) gonna get a reluctant cut."

Joe said momentum peaked Aug. 13 and was maybe a "temporary top."

Kari Firestone bluntly predicted Jay Powell won't be "dovish."

Frank said a CNBC strategist survey has the median S&P target at 6,500 and the average at 6,392, "basically where we are today," so there's not a lot of "optimism" among strategists.

Bryn Talkington suggested "exhaustion" in the market and said that "gravity" works against names such as PLTR. Bryn said tariffs are "absolutely" showing up in PPI if not CPI.

Joe yet again suggested a rate cut is needed to get a market broadending. Joe pointed out the VIX is only at 16.

Liz: Market ‘overestimating’ chance of a September rate cut

Judge opened Tuesday's (8/19) Halftime Report describing Bloomberg's story on options traders buying puts for a Nasdaq "disaster" trade. (Wonder if those buyers have read IT'S NOT AN OPTION!!!!!!.) Joe Terranova, always seated immediately to Judge's left, said he's not sure he likes the term "disaster."

Joe claimed that the AI trade — just on Tuesday — was "unwinding" for a day.

Josh Brown pointed out how recently hot IPOs have pulled back, and Josh cited a WSJ article stating that if a novelist dreamed up a hot IPO called Bullish at the apex of the market, the editor would say, "It's a little bit too much."

Judge said he wonders if Powell's Jackson Hole speech "holds the key" to the "disaster" trade or anything else to do with the market. Liz Thomas claimed there will be "a lot of action before Powell even happens."

In the show's most provocative comment, Liz Thomas said the market is "overestimating the chance of a cut in September."

Liz doesn’t see a ‘ton of upside’ for gold before 2026

Judge on Tuesday's (8/19) Halftime said UBS raised its gold target to $3,600 by end of March. Gold has not gotten much mention in recent years on the Halftime Report. (This writer is long a couple gold miner names, though no specific companies were mentioned in this discussion.)

Liz Thomas said gold "started to kind of stall out" in the spring. Liz opined, "I don't see a ton of upside for gold maybe between now and year-end," though it's "had an incredible run," but we've "squeezed a lot" for now.

Meanwhile, Joe Terranova said he wants to be "humble" (snicker) about the fact that HOOD is going to be "susceptible" to the price of crypto.

Josh Brown stated, "I will not sell any of my shares in Rocket (RKT) right now."

Josh delved into biotech stocks and said he wanted to focus on GILD, which has had "huge gross margin improvement."

Judge pointed out that WMT's year-to-date return is "double Amazon's." Joe said he knew that.

Jim Lebenthal, who had a quiet show, talked up CRH, what Judge and Jim labeled an "under the radar" winner. Jim said it's "twice the size" of Vulcan and Martin Marietta Materials.

On Fast Money, Guy Adami recounted the Cleveland Browns' efforts over the decades that fell short of reaching the Super Bowl.

Jim thinks Jay Powell could get fired if there’s no September cut

Monday's (8/18) Halftime Report was commercial-lite as Judge remained fixated on the dignitaries arriving at 1600 Pennsylvania Ave.

When the conversation did shift away from Eamon Javers' updates, Joe Terranova said he's "not sure" we'll get from Jackson Hole what we got a year ago, which was apparently a clear message about cutting. Joe said there is a "risk" to the market of possible "elevated" volatility.

Judge said with a straight face that Evercore ISI is actually suggesting a "7 to 15% pullback (snicker) into October," depending on what happens with rates and other things.

Shannon Saccocia said her view is that 50 basis points in September is "definitely not the base-case scenario."

Shannon actually said "last week, we saw a really nice rebound in small-cap (snicker) stocks."

Jim Lebenthal said the Fed should do a 25-point cut in September, partly because it's politically "wise."

Judge wondered "what more" Donald Trump could say about Jay Powell. Jim said, "He could actually take action" and that Jay Powell could be fired if there's no cut, as the Fed's on the "thin edge" of independence.

Steve Weiss said the market is "clearly set up" for a rate cut. Weiss predicted Powell's speech will be about Fed independence and "giving it back to Trump" and won't have "hints" about September decisions.

Joe said the market needs more than a "reluctant cut" to get a broadening.

Joe differs with The Strategy

At the end of Monday's (8/18) Halftime Report, Judge asked Steve Weiss about UNH.

Weiss said he bought in the last 10 days because it looked like "something was going on." Weiss said he thinks it can get to 325, then it needs something else, and without the Buffett angle, it's "dead money."

Weiss said his recent UNH buy was intended as a trading position, but now he's going to "stay there."

It was a great short-term call. However, given that Weiss has generally been buying this stock on the way down basically all year, we can't be certain that it was a savvy trading call vs. a broken clock eventually being right.

Judge said Tony Pasquariello is standing by his call of large cap stocks outperforming. Jim Lebenthal admitted he "threw in the towel on small caps (snicker) a couple of months ago." Jim predicts that owning cyclical large caps outside the AI space will get him "the same bang for the buck" as he'd get in small caps.

Weiss said he's sticking with Mag 7 because big companies have the money to hire in a tight labor market (it's tight, he said, because of immigration pressure), while smaller companies don't have those resources.

Jim again defended ADBE but again admitted, if it doesn't work, "I'm not gonna die on this hill," the 2nd time he's used that expression recently.

Judge said Evercore ISI dropped its CRWD target. Joe Terranova said he owns it personally, while the strategy "moved away from it." (This writer is long CRWD.) Joe then talked up VEEV with a lot more enthusiasm than he showed for CRWD.

Weiss said he doesn't mind the government taking stakes in companies such as Intel "in lieu of grants."

Judge said CLF is finally having a good quarter; the screen text said it's up 36%.

Lee Cooperman is being reminded not just of 1999, but late 1999

Judge can never resist saying "new (sic redundant) record" and did so at the beginning of Friday's (8/15) Halftime Report; Rob Sechan said the market is "almost unstoppable" before immediately relaying an anecdote.

Rob said, "I'm lying in bed last night at 10:15. And my phone rings. And it's Lee Cooperman. Calling me. ... The legend ... He says, 'Listen, I'm having one of the best years of my life on a relative basis. Stocks are doing great. Easy to find great things to do. However, this reminds me of late '99."

Rob said Lee "went on to read me something that he calls 'God's plan' from Warren Buffett that he wrote in November of '99."

Rob added, "While we're in a great time now, we don't know what the pivot point out might be."

Jenny Harrington suggested Rob was doing a "humble brag."

Rob conceded "there's a lot of good news," but we have to be "mindful of valuations" (snicker). And exactly what stock direction is Rob inferring from valuations?

Rob concluded, "For now, I think it's more of the same, because of momentum."

Brenda Vingiello agreed there are good things, but other things (such as inflation) "complicating the story."

Judge bluntly asked Josh Brown if there's a "euphoric" reception to market broadening. Josh, who was not at the NYSE but participating remotely and was talking through a robust round of applause at the NYSE for service members, said it's a risk-off day in the market and the only reason the Dow was up was because of UNH.

Finally, "I don't see euphoria, Judge," Josh stated.

Weiss’ UNH buy (the one a week ago, not all the ones in the past year) suddenly looks like a Call of the Year candidate

Jenny Harrington on Friday's (8/15) Halftime Report said there seems to be a "leadership shift" in the market, pointing to the directions of AMAT and UNH.

Jenny shrugged that UNH was surging on just a "little thing," which Judge questioned. Stephanie Link then dialed in to rattle off (seemingly) 15 positives about UNH including "oh by the way" (Stephanie also was on Closing Bell and mentioned "oh by the way" in regard to something else) and "kitchen-sinked the quarter" but it was hard to hear Stephanie over someone speaking at the NYSE floor.

Josh Brown shrugged, "A lot of people who are really excited about UNH today were equally excited at 600, 550, 500, 450."

Stephanie said, "Not me."

Josh said that what Berkshire did "probably puts an end to the credibility problem" for UNH, but the amount of position for Berkshire is simply a "rounding error." But Josh said after UNH earnings fell off a cliff this year, it "probably doesn't get worse from here."

Judge said he gets the Berkshire-size point but that Berkshire won't buy what it thinks are "ongoing dumpster fires."

Stephanie said the new CEO is "going to fix it."

Kinda hate to say it, but Weiss on Monday (hit PgDn a few times) (he wasn't on the show Friday and Judge didn't mention him) was just talking about buying UNH again, that day and the previous Friday and Thursday; this time, it actually paid off with what appears to be 25% in a week.

Small caps are the ‘pain trade’

Judge on Friday's (8/15) Halftime Report said DA Davidson upgraded CRM.

Rob Sechan said CRM dominates its space but faces "macro headwinds and restrained IT spend." Judge argued "Let's get real," CRM hasn't been affected by macro headwinds and IT spend, it's been affected by AI spending. Brenda Vingiello said the data that CRM's got would be "incredibly useful" for AI.

Jenny Harrington talked up LAMR, another new Berkshire stake.

Josh Brown said he bought LRCX on Friday under $100, for a trade.

Rob said he's sticking with AMAT but cautioned that LRCX isn't cheap.

Rob called small caps the "pain trade" and said it's not time to buy yet.

Judge said TGT got a downgrade from BofA. Brenda said she bought it in March as a "turnaround story" but cited ongoing headwinds including 4 days of Amazon Prime Day.

Josh talked up PTC from his "best stocks in the market (sic last 3 words redundant)" list.

Judge told Jenny that JBLU's recent gain seems to have everything to do with Spirit and not anything to do with what JBLU is doing. Jenny said she wouldn't rush out to buy it, nor is she selling it, she's "letting it sit here."

Josh said RKT is "quietly" becoming one of his "better holdings."

Judge hectors Joe over ZM’s inclusion in the JOET, then makes Joe’s dubious explanation sound like A Sunday Afternoon on the Island of La Grande Jatte

Late into Thursday's (8/14) Halftime Report, Joe Terranova happened to mention that owning ZM in the JOET, which apparently began early in the year, has been a "complete struggle."

Judge rightly questioned, "Why is it in the ETF, which- which is on momentum and quality."

Joe said "We're ranking 1 through 125, and literally, it was right at the bubble."

Judge said, "I'm sorry," but given that Joe acknowledges it's "terrible," how does it stay in a momentum ETF that just got rebalanced. (That was a great question by Judge; we'd wonder the same thing.)

Joe explained, "We're using different timeframes. 12 months is really important to us. And over the last 12 months, the stock is up 26%" despite not working shorter term.

Judge said Joe's response "quite honestly was an outstanding explanation, and I mean every bit of that."

Or put another way: It apparently likes last year's momentum more than this year's momentum.

Judge, Shannon take issue with each other’s comments

Things got a little chippy early on Thursday's (8/14) Halftime Report as Judge decided to talk about small caps (snicker).

Shannon Saccocia told Judge, "We have been fairly constructive (snicker) on small caps, and we felt like lower interest rates were just one of the many catalysts that could potentially propel small and midcap stocks to perform better in 2025," as Shannon also mentioned the One Big Beautiful Bill.

Judge said he'd "take issue" with the notion of "many catalysts" because rate cuts are the "only thing" that have made small caps work recently.

Shannon said, "And I take issue with your questioning the transmission (snicker) potentially of things coming out of the One Big Beautiful Bill."

Judge said small caps didn't get "totally ignited" when the bill got passed. Judge said the belief in a cut from the bad jobs report is "the only thing that started this trade."

Shannon said she'll concede there's "additional overhangs in that universe that I don't disagree with you on." Shannon actually predicted "more clarity (snicker) on health care policy."

Joe Terranova offered, "Small caps don't have the earnings growth that mid- and large-caps do."

Bryn Talkington said small caps are "somewhat of a broken sector" or "broken asset class" that doesn't look "anything like" it did in the '90s, '00s. '10s.

Kevin Simpson shrugged, "I see no reason to own small caps, ever."

Guy Adami seems to think UNH call that was a bust may still pan out

On Thursday's (8/14) Fast Money, Leslie Picker reported on Berkshire reporting a stake in UNH.

That prompted Guy Adami to revisit his massive-bust suggestion on July 28 that UNH might surge on its earnings report; Guy said that day, "Anything just on the margins that's encouraging, and this stock goes up 25, 30 dollars tomorrow."

It closed $282.12 on July 28.

On Thursday, Guy recapped his call (he correctly said it was 7/28) and admitted the stock "traded down to like 238, or something like that" (its lowest close afterwards was 237.77, so basically correct though intradays were a little lower) and offered that the "bet" by Berkshire and others is that "they'll get through this difficult patch," so, "It should trade back to 325 on this news."

OK, fair enough across the board. The thing is, even if it does somehow get to 325 in the near future, Guy's 7/28 call was still a massive bust, because he was making a trading call that night, yet you could've bought the stock $40 cheaper within days.

Likewise, on Halftime, Steve Weiss has been buying this stock constantly and by Friday can probably claim some gain for this week, but his constant interest in buying this name for months is ridiculous.

How come the guys who buy options used to have to explain on CNBC how long they planned to hold the options?

The PPI report got a lot of attention on Thursday's (8/14) Halftime Report, as Joe Terranova opined, "I think it takes 50 off the table," but he sees 25 in September, though that might be "all you might get in 2025."

Bryn Talkington said that a 50-point cut "would signal something's wrong." Bryn said today's Fed doesn't want to do the shifting of the '70s and '80s from cut to hike and back.

Kevin Simpson bought MCD, apparently because analysts have upped their price targets. Judge tried to conduct a debate about fast-food/restaurant (those terms were debated) stocks, but no one was really interested.

The panel took up DE's slide. Kevin said the problem is grain prices. Joe questioned whether it's a mix of crop prices and tariffs, in which case it may take a while to get through this; "there's definitely a tariff effect on- in agriculture."

Kevin bought HAS. He also bought MO; "I don't wanna get involved with the smoking or the nonsmoking," but it's a "perpetual compounder."

Bryn said VNOM and FANG are high-quality companies in the "penalty box" that just need a "catalyst" for the stocks to start working.

Joe cautioned that WMT could have one of those great earnings report/bad price action.

Judge somehow seems to think that owning AAPL is like having ‘Gekko on a loop’

On Thursday's (8/14) Halftime Report, Kevin Simpson was gloating a bit about AAPL.

"We bought it at 177 in April" (which doesn't help anyone now) and apparently at 209 "3 weeks ago," so if it gets called away at 245 in just a couple weeks, "I'll take the win."

Sounds like he already is.

Joe Terranova said AAPL is a "momentum tsunami" and "ultimately it blows through 240." Judge for some reason wondered if Joe has "Gekko on a loop; you know, greed is good and, and all- all is well."

Seriously? Owning AAPL is a sign of "greed"?

Joe said he worked with Fish for 18 years and Mark would say there's maybe a little "exhaustion" in the name.

Kevin praised Judge and Joe for a "great conversation" on AAPL a day earlier with Cramer (see below) (who knew that Jim would have time to talk stocks at Post 9).

Kevin bought META. Joe predicted AMZN would "blow through 242."

Bryn Talkington said she bought BMNR at 60 and sold September 75 calls for $9.

Judge again delved into his AI-killing-software theme and cited UBS' note as bolstering his case. Bryn said it's more of a "narrative" or "thesis" than a "reality." Bryn said she's "definitely" looking at names such as ADBE; "I don't see any of this happening yet" or even "remotely happening soon."

Judge claimed the IGV "looks to be in jeopardy" (snicker). Bryn said it needs to "base out."

Joe acknowledged the JOET owns a lot of software names but said software's had a "false start."

Joe said CSCO gave "cautious guidance." Judge said show producers "reached out" to Jim Lebenthal about CSCO; Jim apparently said he wasn't doing anything with it.

Judge said Mizuho seems to think XYZ might be the "comeback kid" of 2025. Joe said he'd like to believe that, but if so, don't give him a price target of 88. Joe said the stock "has a lot to prove."

Imagine that: Joe just happens to bring up a subject that Cramer apparently wants to talk about

Joe Terranova on Wednesday's (8/13) Halftime Report said he's "trading AAPL" by buying more.

That would barely be enough to get any kind of mention. Except Joe said that Cramer won't like it. That prompted Judge to say Cramer may think Joe is "smart" (which was a lead-up to something).

Joe said his target is 240 before interest wanes, but he'll keep a long-term position. Judge suggested Cramer might want to take up the empty seat at Post 9.

Sure enough, Jim did, extending the A Block past the 30-minute mark. (He's already got a couple shows; what's another.) Joe tried giving Jim a speech about why Joe bought AAPL. Jim was more interested in his own outlook for the stock. Jim said AAPL is "still the best product." Judge made a car analogy and wondered if AAPL has the "best engine," er, "AI," to compete with AI wunderkinds. Then Jim gestured dramatically to knock the short sellers in AAPL. Killjoy Judge kept trying to suggest that maybe AAPL does have AI headwinds.

Rick probably should’ve said ‘We need ZIRP again’; would boost his chances

Judge opened Wednesday's (8/13) Halftime Report with a clip of Rick Rieder (in open collar) from Closing Bell a day earlier saying the investing environment is the "best ever" (Judge's term).

Judge asked Joe Terranova if Rick is right. Joe said, "Yes he's right." Josh Brown praised Rick's "versatility of thought" (snicker). Josh pointed out that biotech was actually up, as were homebuilders.

Judge noted that after appearing on Closing Bell, Rieder is suddenly mentioned as one of 11 Fed chair candidates. In something of a lapse, no one on the Halftime panel pointed out that the person most likely to get the job is someone who looks good on television.

Joe actually noted with a notable amount of seriousness that momentum was underperforming on Wednesday, and if momentum is "going to roll over" in the next 30 days (a concern Judge seemed to downplay), would the market "struggle" to make new gains.

Kari Firestone bought TSM, one of Weiss' favorite names. Sarat Sethi defended CRM, but Josh pointed out how the stock is tied to employment; "not the best environment" in recent months.

Judge asked Jim Cramer to opine on Kari buying ORCL and selling ADSK. Jim did wonder if ORCL might get "overstretched, cash-wise." Kari predicted earnings growth over 20%.

Judge said Brinker's a story, "in and of itself" (snicker).

Josh said CAVA is dependent on people going to the office to work. Josh said Chili's is in the suburbs where people live and not reliant on office workers eating there.

Joe said there's some AMZN news affecting DASH.

Josh talked up "new names" KLAC and LRCX among his best stocks in the market; he likes the latter better.

In Final Trades, Josh called TOST a "screaming buy in the low 40s."

Judge thinks ADBE might be a ‘scooter’ in the automotive age

Judge apparently is so devoid of topics for the Halftime Report, he's bringing up previous days' Greatest Hits.

Somehow, on Tuesday (8/12), Judge and Jim Lebenthal ended up discussing ADBE again (sigh).

Jim said the rally could broaden into "unloved names." Jim said ADBE is at 15 times forward earnings (of course, the CNBC Control Room probably has a different number, but Judge didn't offer one), which Jim said is "distressed" for a software company.

Jim suggested that CSCO a year ago had the same sentiment. Judge suggested ADBE might be a "scooter" in an era of automobiles. Jim said "maybe" it is, but he doesn't think so.

Late in the show, Judge brought up CMG. Stephanie Link said, "Last week, I think we spent 20 minutes (actually 10; we checked) on the A Block on it." Stephanie said there are easier comps for CMG in the 2nd half of the year.

They didn’t say his name (but it was another Eddy Cue day)

Tuesday's (8/12) Halftime Report did another dive into Alphabet as well as the software sector.

Brian Belski bought more Alphabet and almost mentioned "Eddy Cue" (Belski mentioned the moment of Eddy's big revelation but didn't actually mention Eddy's name.)

Joe Terranova stated, "It looks like the AI catalyst is back once again."

Joe said it's "baffling" that CRM has gone from 20% revenue growth to "less than 10%." Stephanie Link said, "They can't monetize AI."

Jim Lebenthal argued that the rally was broadening Tuesday from the Mag 7. Judge wondered why it has to be "binary." Jim said they're talking about software stocks trading like they're going out of business; Judge argued they're simply "losing the race." Jim said "existential" was being thrown around regarding Alphabet 2 months ago.

Stephanie suggested there's opportunity in cybersecurity, especially FTNT and PANW, because a lot of names "have really fallen out of bed."

Sounds like NFLX really did make a bid for golf rights

In the second half of Tuesday's (8/12) Halftime Report, Judge actually mentioned "Versant," regarding the extension of golf rights through 2032. (Remember how Versant is going to make money packaging CNBC and MSNBC for other entities aside from NBC.)

"Congrats to Mark Lazarus of course (of course) and- and his team," Judge said, while interviewing USGA CEO Mike Whan. Judge asked Whan if Netflix made a bid. Whan only said there was "interest across the board" (which sounds like a "yes").

Tuesday's Halftime was, to its credit, chock-ful of stock commentary. Stephanie Link said that if TGT did hire an "outside person" to replace Brian Cornell, that would lift the stock.

Brian Belski bought some more LULU and predicted a "major turnaround."

Belski bought more OKLO, "a big momentum name." Joe Terranova said the JOET added ULTA at the end of July.

Belski bought more GS. He predicted an "amazing" banking cycle, which people have been predicting for literally years.

Belski converted his PH stake into FDX.

Jim Lebenthal said there's "enthusiasm" returning to airlines.

During Final Trades, Belski noted he's "humbled" to be on the panel.

What happened to the soft landing?

Judge on Tuesday's (8/12) Halftime Report suggested a September cut is regarded as a "lock." Joe Terranova agreed. Stephanie Link said 50 basis points "is a stretch in a big, big way." Brian Belski said "I don't think there's a chance in you know what that we get 50."

Jim Lebenthal argued that the "equal-weight S&P 500 goes down, unequivocably" if Powell is hawkish at Jackson Hole.

Santoli said, "The rate-sensitive stuff is flying."

When was the last time you heard someone on CNBC say ‘soft landing’?

Joe Terranova at the top of Monday's (8/11) Halftime Report admitted this quarter so far hasn't been "flat to lower" as Joe predicted.

"I think there's a lot of people chasing the market right now," Joe stated.

Judge reported a BofA survey that says "91%" of global fund managers think U.S. stocks are "overvalued," but it's still the most bullish survey since February, as people keep buying the market anyway.

Liz Thomas said the S&P is in the "93rd percentile of valuations" of its own history since 1995.

Jim Lebenthal said we'll "probably have some trickiness" through the end of the quarter.

Joe compared people thinking the market's overvalued to thinking one's home is overvalued, "I'm not gonna sell my house; I have to stay in my house," and likewise, "91% of the general public just can't move into cash."

Steve Weiss stated, "Valuation alone never dictates that a correction is coming." (So, um, what does it dictate then?)

Weiss again pointed to "the new investor base that is used to V-shape recovery."

Liz Thomas said it would be "easy" for the S&P 500 to dip to 6,100.

Jim suggested, "Any dip is likely to be shallow and quickly bought."

Whew — Judge didn’t ask Joe to tell us NVDA’s return in the past ‘month’

On Monday's (8/11) Halftime Report, Eamon Javers reported on how NVDA and AMD have to pay the U.S. government 15% from their China chip sales.

Judge said it's not about the chips but the "precedent" that's being set here.

Judge asked Steve Weiss if there's going to be a "toll" for doing business in China. Weiss did not say anything about China "goin' after" Taiwan said NVDA has a tax rate of "14% vs. the corporate tax rate of 21%," so "I'd love them to pay more," but if it's a "penalty for doing business elsewhere," then he'd have an "issue" with it.

Joe Terranova shrugged, "They're being charged to acquire an export license" and it does set a "precedent."

A feisty conversation about ADBE circles back to Eddy Cue

What would've been a fairly humdrum conversation on Monday's (8/11) Halftime Report about ADBE got slightly combative when Judge objected to Jim Lebenthal's reasoning for the stock's performance.

Jim said ADBE has been outperforming on earnings and buying back stock; Jim conceded AI is "troubling" the stock, but so far, it's not showing up in the results.

Judge asked if those results wouldn't have been better without the impact of AI.

Jim said it's a "good question" but is "difficult to answer."

Judge pointed out that Jim just said that AI "hasn't shown up in the earnings," so "you apparently don't feel like it's a difficult question to answer."

Jim asked to rephrase his answer; "thank you for repeating it back to me."

Judge said, "That's why I'm here."

Jim asserted that "the AI impact is overly priced in."

Joe Terranova asked Jim what the "turnaround" is for ADBE. Jim pointed out sales have risen over 1, 3, 5 years.

Jim also pointed to his defense of Alphabet a few months ago. Judge brought up, yes, "Eddy Cue" and said the Google outlook was more "speculative" whereas the ADBE headwinds are "fact-based."

Jim said he doesn't think it's fact-based. But Jim conceded that if the stock just won't move, he'll be inclined to move on; "it's not a hill I want to die on."

Weiss still buying UNH

Apparently because he can't help himself, Steve Weiss on Monday's (8/11) Halftime Report said he was buying UNH (snicker) (this writer has no position in UNH) on Thursday, Friday and "a little" on Monday.

Weiss said he's "agnostic" as to the company (we think that means, regardless of the company's business fundamentals, the stock is due to bounce) but is hoping to capture a little momentum.

Weiss apparently was joking when he pronounced UNH fundamentals "a little worse" than those of AAPL. Judge questioned that comparison, then said it's "so rare" for Weiss to smile, "in and of itself (snicker)."

Liz Thomas said health care is something to look at with other sectors at all-time highs. Jim Lebenthal said health care is "not a falling knife" because it's select stocks that are driving down the sector's returns.

Jim's probably right, there might be some good ones out there, but the sector is always going to have so much government influence and, especially currently, a risk of being cut off from the spigot that we don't know why any of these stocks would seem attractive now.

Joe Terranova bought more AAPL (Zzzzzzzzz), citing the momentum factor. (It's not like he ever cites other factors, such as options activity.) (Remember those guys?)

Joe owns TKO and said it's having a "knockout" day after its "big deal" with Paramount. Apparently taking a dig at casinos, Joe told Jim, "This is the new entertainment. This is what the younger generation (snicker) wants." In response, apparently, Jim made WYNN his Final Trade.

‘Shaky’ heard about 50 times

Judge actually opened Friday's (8/8) Halftime Report with Dan Greenhaus, who typically is on Closing Bell and hasn't been on Halftime in ages. Dan says the market feels "shaky" (and he didn't mean 1970s Shakey's Pizza).

Jim Lebenthal insisted, "We have climbed the wall of worry" (which isn't to be confused with Phil Spector's Wall of Sound).

Kevin Simpson said he's on the "shaky, 100%" side. Kevin said he doesn't expect a 20% drop "by any means," but 5-8% would be a "great" buying opportunity.

Judge asked Steve Weiss if the market is really "shaky" in a week AAPL is up 12%, NVDA is up more than 5% and PLTR hit a "fresh high."

Weiss said, "It doesn't seem shaky to me at all." Weiss said there's "always" the possibility of a 5-8% pullback on any given day, week, month in the market.

Weiss tried to explain his non-shaky argument to Greenhaus, then basically punted and said Dan can evaluate the macro, because Weiss is "strictly bottoms up" (he said that twice) as an investor and doesn't consider it a victory if he's only down 8% in a year the market is down 10%.

Jim said PLTR could trade at 100 and still be expensive.

Kevin sold a 135 AEM call that expires next week; "I hope it doesn't get called away," but it's a way of hedging a stock that's had a big run. (This writer is long AEM.)

After the A Block, Dan Greenhaus was talking about the consumer and asked for a 5-year chart of RL; Judge stated, "5-year charts are irrelevant to this conversation." Weiss tried arguing with Judge that veterinary spending is "trending down," but Judge pointed to Elanco and Dan said spending on pets is "recession-proof."

Dan said incentives are "extraordinarily high" for homebuilders, but the "outlook for rates" has lifted the stocks this week. Jim bluntly stated, "I'm not so sure interest rates are coming down," at least on the long end.

Kevin Simpson sold ELF at 115 on Tuesday; he said under 100 it's "probably OK."

Judge called Weiss "Count D" during Final Trades. Weiss offered TSM.

Jenny says people ‘don’t feel good’ about making money this year

In case you were happy about your market returns this year, take a listen to Jenny Harrington.

Jenny on Thursday's (8/7) Halftime Report contended that her clients aren't "rah rah," actually "people are wary, people are uncomfortable" and "don't feel good" about making money in this market, but "the government's going to support this market" and "we know they're gonna back away from tariffs."

Stephanie Link wondered "what if they don't back away" and "what if tariffs actually work?"

Jenny said, "That's why you stay ... (here comes the big words) ... fully invested." But, "it's not rah-rah-rah."

Judge pointed out to Jenny that deregulation and "better growth" are "legit" and not "what-ifs." Jenny told Judge, "I would call this a digestion."

‘The UnitedHealth of Mexican food’

The big controversy in the A Block of Thursday's (8/7) Halftime Report concerned Stephanie Link's CMG buy.

(It wouldn't have been a controversy, except by the end of the discussion, Stephanie was trying to make this stock sound like "Citizen Kane," and Judge added fuel to the fire by twice asking for a rationale.)

Stephanie conceded CMG's turnaround will take time, but other restaurants are having same-store sales issues also. After Stephanie gave a lengthy list of reasons to buy, Judge actually twice asked "Why?," prompting Stephanie to re-recite most of the same reasons.

Judge wondered if maybe "the best days are behind this name." That brought a rebuttal from Jenny Harrington, who said that despite all kinds of other restaurants, for her 16-year-old and 18-year-old, "Chipotle's still No. 1 for that crowd."

Jenny, who had falling-mike issues throughout the A Block, nevertheless noted CMG valuation issues. Stephanie argued against every one of them.

Josh Brown agreed that CMG is the "go-to" for his kids "and all of their friends." But Josh said "It's a falling knife. It's the UnitedHealth of Mexican food."

‘Tough to see ... where the dips don’t get bought’

Josh Brown opened Thursday's (8/7) Halftime Report saying the economy is "not identical" to the market, and tariffs "Just really aren't, um, a powerful enough countervailing force to offset what's happening with the AI capex story."

Josh asserted, "It's tough to see a situation where the dips don't get bought."

Stephanie Link talked up ETN (probably her favorite stock of the last 6 months) and sounded in utter disbelief that anyone would ever SELL ETN. Stephanie also talked up ROK. Stephanie also bought UBER. Jenny Harrington and Josh speculated/debated over why UBER dipped Wednesday; too many reasons to list.

Josh said that contrary to current narratives about liquidity leaving the U.S., private investors worldwide are buying "record amounts of U.S. securities."

Josh has lots of spare time

After the A Block on Thursday's (8/7) Halftime Report, Judge brought up the government allowing private assets in 401(k) plans.

Josh Brown said he wrote a "3,800-word blog post about this on Monday." Josh asserted, "Most people don't need this."

Jenny Harrington pointed out that there are funds that provide private asset exposure. Josh said the 401(k) universe of dollars is so large that just opening it to private assets is a windfall for private equity.

Stephanie Link pointed out that "these are long-tailed assets; you're not getting your money back for a very long time."

Jenny said a family member had another family member pass away; the decedent was an "80+-year-old" whose portfolio was "loaded up with these private vehicles," and "they don't unlock for between 4 and 12 years," so the heirs "can't even access their money." Jenny said "I don't know why someone put an 80-year-old" into these types of vehicles.

Josh talked up TJX as one of his "best stocks in the market" (a feature that includes Josh's signature on the screen).

Jenny was pointing out how dividend stocks were going up Thursday.

Kevin Simpson joined remotely to discuss LLY. Kevin said that sensing volatility a day ago, his shop "covered a third of the position" in LLY when it was 750; they wrote a 1-week call in the money for $38; this morning he bought it back for $1.36. Stephanie talked up ELAN.

Jeremy Siegel opened Thursday's (8/7) Closing Bell saying he still likes the market but perhaps the market doesn't like Waller as much as Warsh for Fed chair, even though Jeremy thinks Waller has outstanding credentials.

Joe, Jason knocked it out of the park on AMD, an outside candidate for Call of the Year; Bill nailed gold miners

A couple months ago, this page was pointing out Steve Grasso's fantastic prediction that X would end up getting acquisition money (actually, Steve did NOT predict that the original Nippon deal would be waved through pretending there's different terminology; he predicted the president would come up with the same kind of money so that X wouldn't suffer a humiliating setback) dating back to last year and early this year with the stock in the 30s and pronounced it the leader in the clubhouse for Call of the Year.

But other calls are getting on the radar.

On June 25, Joe Terranova and Jason Snipe both picked AMD for Final Trade. Yes, the "Final Trade" is sort of anticlimactic and we often don't pay attention, but we did in this case because 2 panelists were suggesting it after it already had a strong bounce-back from April. The shares were 143 that day. Check out where they were last week. It's true, other than this Final Trade call, Joe and Jason weren't exactly pounding the table for this stock over the last 6 weeks, which would help its cause. But still a tremendous call by 2 people at the same time. (This writer did not have an AMD position at the time of the call and does not have an AMD position now but did own the shares after June 25.)

Then there was Bill Baruch on July 9 touting a "tremendous supercycle" for gold miners. He listed a whole basket but suggested there's a "3-headed horse race" led by AEM, NEM and B. All have big gains since July 9, especially the first 2. (This writer is long AEM and B but did not have positions at the time of Bill's call.)

Also, there have been several recent calls on niche aircraft companies (mostly linked to Josh Brown) that Judge has mentioned recently, and of course, there's PLTR; at some point we'll be looking up the various calls on each to figure out scorecards. (However, recommendations for those companies have often been accompanied by warnings about managing risk, so we're not even sure anyone for example has really been touting buying PLTR this year.) (This writer has had no position this year in PLTR or any niche aviation companies.)

Joe says people claim he doesn’t actually buy the stocks he says he buys

Joe Terranova on Wednesday's (8/6) Halftime Report said he bought AAPL in the premarket and curiously added, "Yes all the haters out there will say no I didn't; trust me, I did."

Joe said he bought it because of "positioning" and "sentiment." Joe credited Malcolm Ethridge and Josh Brown for getting into the stock earlier.

Malcolm, also on Wednesday's panel, said AAPL is "trying just to make sure that they stay out of the ire of the president here." Though Joe was mentioning "positioning" a bunch of times, Malcolm said his interest is about the "sentiment."

Steve Weiss had a different term for what Joe and Malcolm are doing, calling it "chasing momentum."

Weiss said neither Joe nor Malcolm mentioned AAPL "fundamentals," stating that what Joe's doing and Malcolm to a lesser extent (because he bought around 190) with AAPL is "chasing momentum."

Judge countered, "Chasing momentum in a name like Apple? I don't- I- That doesn't make much sense to me. There has been no momentum in Apple," adding "Joe bought this morning" and "Maybe they're anticipating momentum returning" and "it doesn't feel to me like he's chasing anything other than a great opportunity potentially."

Weiss insisted, "Over the last 5 days, the stock has moved up. And it's moved up measurably," but "The fundamentals are still punk."

Joe said AAPL hasn't been up "significantly" in the last 5 days and said of Weiss, "We just have different strategies." In a nice gesture, Joe said, "I respect Steve's strategy" which is basically to buy UNH whenever possible.

Weiss said the announced buyback programs don't really matter; "It's when they buy back the stocks that matter."

‘Weiss in a nutshell’

Liz Thomas (apparently the Young is officially gone, a subject Judge brought up about 3 times) was back on the Halftime Report on Wednesday (8/6) for the first time in months.

Liz noted, "I think I went out on March 16," and had she just "woken up today," it would seem like the market's hardly changed since then. Liz said the market can keep going higher but needs "different points" of emphasis. "You want to be invested in U.S. tech," Liz advised.

Liz stated, "This has, again, been the recession that just never came."

Steve Weiss was back to his talk bearish/be fully invested routine, noting that Malcolm Ethridge spoke of tech CEOs having to be "diplomats," but Weiss stated, "Well guess what — so are the CEOs of other companies." Weiss then went on to say tariff buying has been pulled forward and "credit card balances remain high" so "there's a danger of being com- you know, complacent in this market."

Judge said, "So are you negative the market again? (sic grammar) Now I'm confused, Weiss." Weiss said ... "I'm fully invested till further notice." Weiss revealed that "70% of my exposure" is in Megacap Tech, but "I'm not complacent."

After the A Block, Judge said Weiss is trying to "refute" things. Judge brought up Weiss' interest in LDOS. Weiss said the CEO and company have been executing, and there's "a lot of upside here" and he'd consider adding on a pullback.

Joe Terranova talked up ETN as a data-center play and suggested not moving away from it just because it seems "everyone's appetite is full."

Judge again brought up AXON, saying it's in "meme mania" and "cultish stock activity." Joe got a little tripped up protesting that he doesn't want to define a "meme" stock. Joe said "it's momentum cult, for sure." Joe said to keep an eye on $800 as support, "because it should not go back below $800." Malcolm said AXON has been a "momentum stock" for 5 years.

Malcolm sold IRM and PLD. Joe said of PLD, "The ETF loves to buy this (snicker)."

Liz Thomas said "the next big catalyst I think is the Fed," but there's a lot of reports due ahead of the September meeting, and "if any of those reports come in hot, we're not gettin' the cut, right."

Weiss offered UBER as his Final Trade; Judge said that when Judge tried to mention earlier that it's one of Weiss' favorite stocks, Weiss tried to "refute" it. "If that is not Weiss in a nutshell, I don't know what is," Judge sighed.

Jim warns that stocks like PLTR have ‘pullbacks of 40% or more’

Josh Brown on Tuesday's (8/5) Halftime Report mentioned how evaluating stocks like it's the '80s or '90s causes people to miss certain hot names.

One of those is PLTR, which according to Joe Terranova posted "staggering numbers."

Joe said there was "skepticism" about the company with average price targets previously being 116, but now those targets have risen to an average 142 (as if anyone in the world thinks those targets are a guide to where the stock is going).

Josh admitted he "absolutely missed" PLTR and that for whatever reason, he worried about valuation all the way up. Josh said PLTR's commercial revenue rose at double the rate of its government business.

Jim "Gangbusters" Lebenthal admitted it "feels uncomfortable" to have an '80s or '90s mindset while stocks such as PLTR are skyrocketing. Jim, who made references to clients calling him and complaining about buying certain stocks when they're at highs, asserted that stocks with a 10-bagger will experience "pullbacks of 40% or more."

Josh said you can still be comfortable owning stocks with those kinds of gains by managing position size. Judge hectored Jim over owning ROKU a while back.

Judge noted that AXON and LMND were on fire. Joe said AXON has got a "cult following" in the law-enforcement community. Joe said AXON, PLTR and APP are the 3 names that have put up the kinds of numbers that their valuations imply.

Josh said JOBY's in a "red-hot" sector.

Anastasia Amoroso said it's clear we're in the "early innings" of the AI boom, but be "mindful" of valuations, which seems to be the type of advice that Josh was just lamenting.

Judge said that anyone can categorize these stocks by any term they like; "meme," "cult," "low-quality," "high-beta."

Why would anyone be surprised that this market is higher than they think it should be?

Josh Brown on Tuesday's (8/5) Halftime Report said the "growth driver" for the stock market getting to 7,000 this year would be lower rates and a surge in the housing market, which would be a "game-changer"; aside from that, we're just hoping on a continuation of Mag 7 strength.

Joe Terranova asserted that the Fed telegraphing a cut in September "will stimulate the housing market."

Jim "Gangbusters" Lebenthal said "frankly I'm surprised we're not down more" on Tuesday. Jim said companies are "clearly" not hiring, but "they don't wanna lay people off."

Jim added, "I definitely think the Fed's gonna cut in September" and that the market's "accepting it now."

Anastasia Amoroso said this is a "quarter of adjustment" to tariffs and lower rates.

Is this Bill Bates’ office?

In a hilarious movie reference that seemed to go right over Judge's head on Tuesday's (8/5) Halftime Report, Jim "Gangbusters" Lebenthal said he's gonna stick with VRTX (after suggesting Judge was playing dumb in pretending not to know who on the day's Committee owns the stock) and said nobody can know drug trial outcomes unless you're Bud Fox "dressing up as a janitor," which Jim said is NOT his "modus operandi" (snicker).

Judge said Joe Terranova recently added 3 refiners; Joe said he personally bought them and he thought Judge meant that the ETF added them. Judge accused Joe of getting "a little jumpy."

Josh Brown talked up D as one of his "best stocks in the market," again referencing the need for power for the internet.

Late in the show, Judge had to give way to Andrew Ross Sorkin in Aspen with Steve Mnuchin (and apparently, there were all kinds of former Treasury secretaries out there). Steve seems to think 10% across-the-board tariffs would be fine. Steve told Andrew he'd prefer to see tariff revenue go to "deficit reduction" (snicker) rather than, as Andrew suggested, "dividends" (snicker) (#checks) to middle- or low-income people.

Judge botched it, should’ve realized that ‘month’ for these purposes could be measured in several ways

Judge waited till the 14th minute of Monday's (8/4) Halftime Report to bring up ... yes ... JOET rebalancing.

The JOET bought AMZN, GOOGL and MSFT; Judge pronounced the middle one "Alphabot" (snicker) before correcting. Joe Terranova said the JOET owns "6 of the 7 megacaps" (meaning 6 of the 7 Mag 7, apparently) but dropped AAPL.

Jim Lebenthal suggested it seems like earnings reactions to Mag 7 names was based on fundamental reasons; Jim again brought up his favorite 5-7% potential pullback.

Moments later (sigh), Judge said TSLA is still in the JOET, and Judge told Joe he doesn't see any momentum there; "1 month (sigh), it's negative."

Joe responded, after trying to give a speech, "1 month, Tesla, 1 month Tesla is actually- I don't believe it to be negative."

Judge insisted, "It's negative by 2.3% over 1 month" and demanded to know where the momentum is.

Joe countered, "Over the last year, Tesla is up 55%." Joe seemed to think it's higher over 1 month and said they've got an "issue" over the data.

Judge demanded, "What do you mean, you disagree with me" and asked the "control room" to verify that TSLA is "down" in the last month. Judge actually stood up at Post 9 to gesture while wondering, "Are we talkin' past each other?"

Joe said "I think we're disagreeing on this." Joe said TSLA ranks 5th in the Mag 7 (for "momentum," apparently).

After the A Block break, Judge admitted there's "conflicting stuff all over the place." (No, it's as simple as defining what "month" you're measuring.)

Finally, Judge rather clumsily said that a viewer pointed out something Judge should've been cognizant of, that if the TSLA 1-month calculation starts with the June 30 close (317), it's a different result than if it starts with the July 1 close (300). (There again, he still didn't specify whether the endpoint would be exactly 1 month (presumably 31 days in this case) or 1 month plus the first few days of August, where we are now.)

Given a 3rd try after another commercial, Judge explained that "Tesla is in fact down 2.3% over the last month if you use the closing price on July 3 ... to today."

Joe said a "1-month time frame" will show a "5% return" because "they are taking the opening price of Monday, July 7th, the 4th was a holiday, the 4th was a holiday, and from Thursday's close on the 3rd to Monday the 7th, Tesla had that big decline. That's the difference."

Joe added, "I guess it's how you define '1 month.'"

Judge shot back that "Most people would define it by the actual month."

Joe said MS has a "slightly better debt to equity ratio than Goldman Sachs" and that's why MS is in the JOET, but Joe owns GS personally. Judge said that sounds like an "anomaly" about "scoring." Joe said there has to be a "process" based on "rules."

Jeffrey Gundlach does not mention Mr. Magoo

Monday's (8/4) CNBC star had to be Jeffrey Gundlach, whose appearance on Closing Bell actually came several days after his usual appearance, the Wednesday of Jay Powell's press conference.

Jeffrey said that having a "rain check" this time was kinda helpful because of the new data emerging Friday.

Echoing a theme that everybody & his brother (including the president of the United States) seems to be making these days, Jeffrey said the data (pronounced DAY-ta) is "getting much less reliable."

Furthermore, the updates are always negative, Gundlach said, explaining that Joe Biden had 48 jobs reports in 4 years, "and 45 of them were revised lower."

In the revision, "almost half of it was from government workers," Gundlach said, adding, "Does the government not even know how many government workers there are? That just seems- it seems embarrasing, quite frankly."

Jeffrey said, if there's more concerning data by September, "People might be talking about a 50-basis-point rate cut."

Jeffrey said Powell sounded "hawkish," though Jeffrey asserted there's a "virtual certainty" that the Fed cuts, although he didn't specify when, and he's "skeptical" of 3 cuts in 2025.

Jeffrey said Jay Powell perhaps was reacting to the muscling of the president and was "laying it on ... a little bit thick" in his inflation comments.

Halftime Report panelist actually brings up possibility of government checks going out

Joe Terranova opened Monday's (8/4) Halftime Report NOT talking about TSLA's 1-month return but mentioning his own recent thoughts about the market being exhausted.

"We had a 3.3 correction from the intraday high on Wednesday to the intraday low on Friday. ... Maybe that's just good enough to work off some of that exhaustion," Joe said.

Joe said the question is whether a September rate cut is priced in. "I don't believe it is," Joe said.

Judge said Mark Zandi posted that "the economy is on the precipice of recession" but it's "tough" for the Fed to cut because of inflation. Jim "Gangbusters" Lebenthal said he's "glad" that Judge asked him about Zandi, because his "first response" was that Zandi is "nuts," but Jim decided that Mark "has a point" and that we're "pretty close" to "going into contraction." Jim agreed "we're on the precipice."

Bryn Talkington questioned what happens to "all this tariff money" and even said there's talk of ... yes ... "checks out."

Jim is still talking about his down-5-7% possibility, pointing out, "The stock market does go down sometimes ... sometimes more than once in a year."

Bryn predicts PLTR higher

Bryn Talkington on Monday's (8/4) Halftime Report bought PLTR at 27 last year (which doesn't help anyone now) and still has a "small position" left. Bryn predicted it "marches higher tomorrow."

Joe Terranova said it's "very difficult" to find a company with that kind of growth, though "I understand the valuation is rich at 229 times" and "I understand the skepticism."

Bryn said HOOD feels like it's "taking a breather."

Bryn made TSLA her Final Trade. (But thankfully didn't ask Judge for the 1-month return.)

Bertha Coombs on the CNBC News Update actually reported newspaper expansion in the form of the New York Post opening an L.A. outlet.

On Monday's Fast Money, AEO came up, and Mel said, "What a great ad campaign. Everybody is talking about it, right? I mean, that's- that's what ads are for."

Not sure what Bill means by ‘home court advantage’ (in the category of Catchy Client Note Slogans)

Bill Baruch on Friday's (8/1) Halftime Report noticed that the S&P futures "hit an overnight high" on the META and MSFT reports, so the weekly chart with an "outside bearish reversal" will look "pretty ugly."

Bill said Jay Powell was "pretty much humiliated" by the presidential tour, and Bill shipped a note to clients saying that Wednesday was "home court advantage" for Powell and that it was his "opportunity" to "really kind of put his foot down (snicker) and price out the cuts in September." But Bill said the cuts are now priced back in.

Here's where Santoli, guest-hosting for Judge, had a bit of a lapse that Judge might not've, as Santoli failed to ask Bill to clarify what he meant ... because we wuz kinda scratchin' our heads ... Powell should've been defiant on Wednesday about not cutting? Because he had some kind of mystical "home court advantage"? Advantage of what? And now the data Friday seems to make that more likely?

Bill said Jackson Hole could be the place for Powell to "communicate transitions in policy."

Jim "Gangbusters" Lebenthal wondered, "How much do we think the data (pronounced DAY-ta) is getting fuzzy."

Jim said, "The soft data I think is the most suspect. Like, who the heck is actually responding to surveys."

Jim harkens back to last year’s emergency rate cut demands (not by ‘sane’ people)

Friday's (8/1) Halftime Report was guest-hosted by Santoli, who probably didn't realize in advance what a talker the day would be, given the government's data recalculations.

Steve Liesman said Bostic said that if they knew about Friday's data on Wednesday, "we would've been thinking a little bit harder," presumably about cutting.

Jim "Gangbusters" Lebenthal, who basically never flinches from bullishness, stated, "We were probably due for some giveback in August, and I've been saying that for a couple of weeks."

In probably the best observation of the show, Jim said Friday "seems like an echo of last year," when the Fed didn't cut on a Wednesday, and on Friday, there was a weak labor report, and "everybody freaked out."

Jim said that a year ago, "People were calling for an emergency rate cut. I mean, not sane people, but some people," and it was "laughable." Jim said the economy's been "quite resilient" and the market will build a "wall of worry," maybe over "stagflation."

Jim added, "Let's face it — this is a president who likes to create drama."

Steve Liesman played the skeptic, noting that Jim is "sort of" saying that "Everything's OK if I ignore all the bad news."

"It's kinda easy to ignore the bad news," Jim responded.

Steve suggested tariffs will have a potential impact on "hiring" and "capital spending" and "inflation."

Jim conceded that he "lightened up" in the last couple weeks, but only because of "seasonality."

$120,000 ‘sticky’ for bitcoin

Bill Baruch on Friday's (8/1) Halftime Report said AMZN was facing resistance heading into the print and mentioned a February "gap" (he mentioned "206" a couple times, though maybe he was mistaken because we don't get the significance of 206 on this chart) (at least he wasn't talking about AMZN's "home court advantage"), and he thought it might "struggle."

Bill's not ready to buy AMZN because he's got "enough" of it already. Jim "Gangbusters" Lebenthal said AMZN's multiple has been going down like "skiing downhill."

Bill said he bought more AAPL after trimming "a couple weeks ago."

Guest host Santoli said everyone could take a "victory lap" for July on ORCL and NVDA. Jim said QCOM isn't getting enough "respect," but he faulted management for not doing an "accelerated share repurchase."

Santoli pointed out that NFLX and SPOT have had "shakeouts" in July. (This writer is long NFLX and SPOT.) Jason Snipe said he thinks NFLX has experienced "digestion" (snicker) but will continue to work. Later, Bill made NFLX his Final Trade.

Bill said the $120,000 area for bitcoin is "pretty sticky."

Guy Adami’s Monday suggestion of 325 for UNH looks like a massive bust

Late into Friday's (8/1) Halftime Report, guest host Santoli wondered about UNH. Bill Baruch said he'd "stay away" from it.

Jim "Gangbusters" Lebenthal said if you own energy, XOM is the one to own, but "The problem here is nobody really cares about the energy sector right now," a fair point.

Bill pointed out that Donald Trump is "using U.S. energy in these trade deals."

Santoli actually brought up CL (Zzzzzzzzz). Jason Snipe said it's been tough for staples, but CL's tariff outlook has actually improved.

Bill bought TMO. Bill said it had a "tremon- (sic) tremendous earnings report" in the last couple of weeks, and that biotech was actually doing OK on Friday. Jim said the sector has gone down and "dragged down" some "high-quality" names like TMO. Jason touted ABBV.

Jim said DIS has been in a "consolidation range" and earnings need to outperform. Santoli noted UBER is in the "industrial sector," one of the show's favorite Fun Facts.

Jason Snipe's Final Trade was PANW; Jim actually is back to recommending RIG.

On Friday's (8/1) Fast Money, Steve Grasso said the market was probably due to struggle a bit, there's a "lack of catalysts," and he suggests maybe people "clear out for a little bit" and "reset," but he warned against selling the market, citing the superfast bounce-back in April. Tim Seymour claimed we're going into a "long weekend" (perhaps he's thinking about JOET rebalancing), which Mel pointed out is not actually a long weekend, a term that came up a couple times during the program.

On Thursday, the Fast Money crew congratulated Karen Finerman for getting "50 over 50" recognition in Forbes. (Honestly, the listing at forbes.com really is little more than a bio that seems picked up from some kind of official source (AI?) and hardly has any reporting in it, but whatever. #sorry)

July 31 just passed; get ready for a program chock-ful of JOET rebalancing

It didn't take long for Thursday's (7/31) Halftime crew, including guest host Frank Holland, to realize there was really nothing to talk about.

So Josh Brown talked about how great tech companies are (Zzzzzzzz). "Every one of us every morning should wake up and say 'Thank God for the AI/capex story,'" Brown said.

Jenny Harrington talked about how much money she's made on META but said it looks expensive now. Frank pointed out that Jenny's multiple is "27 and a half" while Frank says "our system" says 29. And since everyone on the show always has different multiples for the same stock, how does anyone actually know what the multiple is?

Bill Baruch said MSFT isn't even at a record high "relative to the Q's."

Bill also said AAPL is the lowest it's been relative to the Q's "since the summer of 2020."

Bill said there's "well-defined support" for META at 740.

Happy Birthday, Jessica — er, Jenny

Malcolm Ethridge on Thursday's (7/31) Halftime Report mentioned Google's payment to AAPL to be the dominant search engine, and then what he said set off the Spider Sense.

Malcolm said that "just that 1 payment alone represents something like 10% of Apple's earnings."

(We don't know if that means total earnings or services earnings, but actually, from the "AI" answers we got from Google searching, it sounds like Malcolm's in the ballpark this time.) (#PANW)

Josh Brown said that AMZN's multiple is 36 times earnings, the lowest it's been since coming public.

Leslie Picker recapped her interview with Jamie Dimon (Zzzzzzz). Jamie Dimon interviews on CNBC are always characterized as "wide-ranging," although we didn't hear that term Thursday.

Discussing FIG's pending IPO during the show, whichi Frank Holland kept referring to all during the program, Jenny Harrington said, "It smells like 1998."

Josh added to SHAK. Bill Baruch bought LNG, saying the EU will need LNG imports.

Bill said he doesn't know where the bottom is in copper but there's "quite a bit of upside in the 2nd half of the year." Jenny said there's huge demand for copper and "no end in sight."

Josh wished Jenny a Happy "30th birthday." Jenny said her birthday is Tuesday. Josh has previously suggested that Jessica Chastain could play Jenny in a movie. This page wholeheartedly agrees, wants to hear more about this topic, and wonders why this topic isn't discussed more often on the program.

Judge is still talking
about Eddy Cue

Jim Lebenthal on Wednesday's (7/30) Halftime Report said the market is "kind of overbought."

Jim predicted a "very good report" from MSFT, but he said the market's "ignoring all news" now. Jim said Joe Terranova, who was on the panel Wednesday, looked "askance" at him on Monday when Jim suggested a 5-7% pullback.

Jim demanded to know why Joe was "so down on the Alphabet price response???" Jim said GOOGL was "trickling higher and higher." Judge asked Jim what GOOGL is up since earnings; Jim said "about 4%." Judge said "It was up 20% into the print over the last 3 months."

Judge actually mentioned "the quote-unquote Eddy Cue selloff (snicker)."

Jim and Weiss both made GOOGL their Final Trade.

Jim said a company as large as MSFT going up 5% on the print would be "unhealthy."

Steve Weiss said he'll stick with META; "why would I sell." Judge wondered why Weiss is the only TSM long on the panel and didn't get much of an answer.

Joe at one point pronounced it "Microscoff" (sic) (snicker).

Joe referred to "revenue glowth (sic) (snicker)" of V before correcting himself.

Karen Finerman on Fast Money mentioned "GDChee" (sic) (snicker) before correcting herself.

Inferring momentum

On Wednesday's (7/30) Halftime Report, another predict-the-Fed exercise.

Judge told Joe Terranova that the S&P has gone 24 trading days "without a 1% move in either (pronounced EYE-ther) direction," the longest stretch since October 2024. (Or basically, the longest in 9 whole months.)

Joe said it's a "quiet market," which is what you "never sell," according to the slogan.

Joe said the Mag 7 has the most momentum he's seen since the fall of 2023. Judge said Joe was "inferring" momentum scores from the Mag 7; we're not quite sure "inferring" is the correct term, it's like someone reading off baseball stats and someone else saying those stats are "inferred," but maybe Joe was doing actual inferring.

Steve Weiss said the market is "without catalysts" now. Weiss gave the Fed a 10% chance of cutting on Wednesday. He predicted "more than one dissent."

Steve Liesman said the Halftime panelists are "so over tariffs," but the Fed is not.

Judge said Jackson Hole may carry a "special bit of weight" (snicker) this year.

Bryn Talkington said she doesn't see a cut today as even "on the table," but what will be interesting is what Donald Trump says after the Fed meeting. (This review was posted overnight Wednesday-Thursday.)

Weiss: FTAI to 200

In what became a needlessly lengthy discussion, Jim Lebenthal on Wednesday's (7/30) Halftime Report admitted he sold V; Judge aired a clip of Jim Cramer in the morning mocking V sellers.

Jim protested, "I'm selling high!"

Judge said V isn't back to its old high (we think that was June, and February also was higher than now) and Jim is selling in an "uptrend." Judge even tried to make a submarine analogy for Jim. Jim said the stock to him was "always overpriced"; he was just raising funds, but now he's "done raising cash."

Bryn Talkington said she's in "Camp Lebenthal" as far as not holding stocks forever, but there are few companies in the position of V.

Bryn said she started buying HOOD last December around the 40s. But Bryn's been called away at times, and now, "a lot of great news is priced in" and she wouldn't add at 105.

Steve Weiss said the most "cost-efficient" way to play crypto is the IBIT.

Late in the show, Weiss revealed he sold UNH, apparently around 267; he thinks it's "dead money" even though management is "doing all the right things."

Weiss added to FTAI and said "I think it can go to 200."

Judge promised Jeffrey Gundlach on Closing Bell, not on Wednesday after the Powell remarks, but Monday, when it's all had time to "marinate." We'll see if Jeffrey mentions "Mr. Magoo."

Judge raises a phenomenal question about the fast-food space

It was just a little soundbite at the end of the show.

But it was such a great question, we've got to hand it to Judge for a fantastic ad lib on Tuesday's (7/29) Halftime Report.

The subject was CMG, and Stephanie Link was saying you'll have to wait a quarter for the stock to get back on track, though she's "torn" (snicker) about whether to buy it now.

Stephanie then said CMG is "best in class."

Judge wondered, "What class is that, by the way."

Stephanie's answer was "quick serve."

That's a curious response. How is "quick serve" any different than "fast food"? And does Stephanie consider CMG in a different "class" than, say, SHAK or SBUX or PTLO or MCD?

Years ago, someone came up with "fast casual," for fast-food places that were considered more upscale, because "fast food" has kind of a stigma.

It's definitely true that there are people who go to Chipotle who won't set foot in Burger King or Arby's.

But whether the stocks should be regarded as different business models, we're a little skeptical.

Judge said the market's "debating" whether CMG is No. 1.

Joe suggests September cut is not priced in

Joe Terranova at the top of Tuesday's (7/29) Halftime Report said this market is a "classic example for me really of Buy high, take a pause, sell higher later."

Joe pointed out that Alphabet didn't have "good follow through" after strong earnings. Judge said "I get ya," but "we did run a lot into the number."

Josh Brown, citing SPOT and PYPL (this writer is long SPOT), said that companies beating are "somewhat rewarded," but those missing or just OK are getting "absolutely hammered." Josh said we still haven't gotten reports from the "most tariff-exposed sectors."

Joe maintained, "The bulls have 1 card in their pocket for this quarter, and I think that's the rate cut in September, and I don't know that it's priced in to the market yet." (Actually, we would say it's not, because this page is not as certain about that cut as Joe is.)

Kevin Simpson gushed about the "infrastructure" of RBLX, HOOD and AXP, which Kevin said all "control (snicker) the younger demographic."

Josh said a lot of people took "fliers" on certain "low-quality" names, which can "roll really hard" during selloffs, but most people aren't putting "serious money" into those parts of the market.

Joe predicts lower SPOT

Tuesday's (7/29) Halftime crew took up SPOT. (This writer is long SPOT.)

With SPOT on the screen graphic trading at 617, Joe Terranova predicted, "The stock probably will fall further," because "it is owned" and people are "overweight" in positioning.

Joe said it was a good quarter, but the problem was higher expenses in employee compensation. Joe insisted it's got "multiple tailwinds" and "12 months from now, you'll certainly be rewarded."

In Final Trades, Josh Brown said SPOT was down "too much" and he was looking to buy.

By the end of the day, it was at $620, so we'll see if Joe's right about it going lower.

If all the Halftime panelists have been promising for so long that the cybersecurity space will consolidate, why haven’t they been telling people to buy the smaller players instead of CRWD and PANW?

In a rare breaking-stock-news discussion on the Halftime Report, Judge's panel on Tuesday (7/29) got to take a crack in real-time at the PANW-CYBR news.

Stephanie Link said buying Cyberark would make PANW's revenue "skyrocket," though she's "not happy" that PANW was down on the news, but she thinks it's a good long-term move.

Stephanie said "the big 5" are just going to get bigger and bigger. Josh Brown said "there are too many vendors" in the space, so this is a "super-rational" deal.

Joe Terranova, who historically likes to mention Palo Alto, invoked Pete Najarian in stating, "This would be an absolutely phenomenal acquisition for Palo Alto." Kevin Simpson too said buying Cyberark would be a great deal for PANW.

On Fast Money, Guy Adami said the day's price action in PANW was not good, and the stock may be "dicey" for a while.

‘8th inning’ on ‘tariff stuff’

Stephanie Link, who can't entertain the thought of bearishness with anything, said on Tuesday's (7/29) Halftime Report that UNH's tumble "wasn't about the quarter; it was about the guidance."

Stephanie said the new CEO is "kitchen-sinking" the quarter. Stephanie said she "always expected" that 2026 would be the turnaround year.

Joe Terranova said RCL's report wasn't perfect, "and it needed to be perfect."

Josh Brown talked up utilities and said DTE is his favorite.

Joe said the market seems to be "somewhat yawning" at reports about the China tariff talks. Stephanie bluntly said, "I think we're in like the 8th inning on all this tariff stuff." Kevin Simpson said he's anticipating a 90-day extension.

Joe made some buys in energy, specifically refiners, MPC, PSX and VLO. He didn't want to concentrate in 1 name, so he divided the outlay into 3 stocks.

Santoli was squeezed in at the 56-minute mark. To our surprise, instead of getting just a soundbite, he was able to deliver a full spiel, but it was because Judge was skipping the typical commercial block just before Final Trades.

A comment about seasonal ‘weird stuff’ brings memories of Jeremy Siegel’s call for an emergency 50-basis-point rate cut in August 2024

Joe Terranova opened Monday's (7/28) Halftime Report saying the market "feels exhausted," but he's not saying "sell out of your positions," just "don't be an aggressive buyer up here."

Judge decided that "'exhaustion' implies something more dramatic than a 'rest.'"

Steve Weiss said he agrees with Joe that there's not a short term "bull case," but he's not sure the market's exhausted.

Jim "Gangbusters" Lebenthal said we've got a "solid expectation" that the Fed won't "raise rates" (snicker) (wouldn't the president like that) but will "telegraph" a cut in September.

"The market has climbed the wall of worry," Jim asserted, adding, "Seasonally (sic redundant), this is the time of year where weird stuff happens," citing last year's yen-carry selloff (oh yeah, the Jeremy Siegel gift that Guy Adami called an "out of body experience" on the part of Jeremy) (see our archive).

Joe was suggesting sentiment has become a lot stronger in 6-8 weeks, but then Judge said that Tom Lee is still calling this "a hated V-shaped recovery." Weiss scoffed that he's been hearing that for a "decade."

Judge said he has trouble with the notion of "overt bullishness" and "there's still a healthy dose of skepticism." Weiss said "they're overtly whining" but still fully invested.

At one point, Judge was back to talking about his "4-legged chair" (snicker) in which he originally either mentioned 4 or 5 legs depending on your interpretation (see below).

Jim was talking about having dry powder to use in selloffs but not rushing in right now. Judge said Jim was "talkin' out of both sides of your mouth," being "a little cavalier" about shrugging at a 5-7% drop as "no big whoop" when Judge says it would be "a little bit painful." Jim acknowledged, "there is a little bit of talking out of both sides of my mouth."

Jim actually cites law of large numbers for ADBE’s struggles; Guy hints at 325 for UNH

Judge on Monday's (7/28) Halftime Report said Wolfe trimmed its ADBE target. Jim Lebenthal said he's on his "last nerve (snicker) with this stock." He's giving it 1 more earnings report.

Joe Terranova said ADBE is getting "cannibalized" by AI. Jim said it's not, but he didn't mean "to get so uproarious (snicker)" with Joe, prompting chuckles from Steve Weiss, Joe and Judge. Jim protested that ADBE trades like it's going to get clobbered, but it's not happening. Joe asked Jim about the "significant deceleration in revenue." Jim suggested it reflects "the law of large numbers." Weiss said we don't know how ADBE "shakes out" with AI.

Joe said the competition for SPOT has "focused elsewhere," so SPOT is "in a good position" and has had a 10% pullback in July, so there's an opportunity to get in. (This writer is long SPOT.)

Joe asserted that PG is "eating the tariff costs." Judge pointed out that "staples aren't exactly in favor." Joe said it's "more about" incurring tariff costs. Judge countered that "Tariffs haven't even been in place that long." Joe said PG "rolled over in March," which was the "beginning stages" of preparing for tariffs.

Judge peppered Weiss to make a defense of UNH given that Weiss owns the stock. Weiss admitted "I don't know" what will happen with the earnings report. Weiss said the stock can get past $300 but it won't happen overnight. (Um, check out Guy Adami's opinion below.)

Santoli said we've got a "much more uninhibited (snicker) market."

Weiss bought UBER and predicted a "good quarter."

On Monday's Fast Money, Karen Finerman noted how much some stocks such as NFLX (this writer is long NFLX) have rallied since early April. "You've gotta have some protection," Karen said.

Guy Adami suggested UNH gets back to 325 and stated, "Anything just on the margins that's encouraging, and this stock goes up 25, 30 dollars tomorrow."

But what does Eddy Cue think about PLTR’s valuation?

Rob Sechan at the top of Friday's (7/25) Halftime Report predicted earnings will deliver (Zzzzzzzzz). But Rob said "speculative fervor" is "starting to overtake markets" and is something we should pay attention to.

Stephanie Link admitted, "I worry about it a lot."

Judge curiously said he gets the sense that "there's a chair, and 3 legs of the chair are really strong. The earnings, the economy, the consumer, the outlook, whatever (those are actually 4 things). One leg has some cracks in it. That's the meme stocks, that's the momentum stuff, that's the low-quality stuff, that's the high-beta stuff, and everything is fine assuming that leg doesn't break off the chair."

Jim Lebenthal, who had a quiet show, said, "I'm not worried about that leg breaking off."

Jason Snipe declared, "I don't play in that sandbox." That prompted Judge to interject that some of those high-beta names are quality companies such as PLTR, and, "Let's not act like, 'Oh, I don't own any of that ... stuff,'" Judge said, emphasizing the word "stuff" multiple times.

Rob said he has "episodically trimmed" (snicker) MSFT.

Stephanie said IBM being down 10% was a "gift."

Steve Liesman said he's still wondering why Sen. Tim Scott wasn't wearing a hard hat during Donald Trump's visit to the Fed; Steve called the event "bizarre."

Jim asserted, "We're gettin' a lot of decrease (snicker) in trade policy uncertainty."

Rob bought more NRG. Rob bought more GILD.

Stephanie said she's "thinking about" what to do with CMG.

Stephanie said the CMG chart "was rolling over just before Brian Niccol actually left."

Jim suggested if you have a "doomsday scenario," then "gold is the place to be."

On Fast Money, Karen Finerman said the VIX "broke 15 today" and she "put on some market hedges," suggesting the market has come "too far, too fast."

Guy Adami no longer thinks Powell’s firing is ‘imminent’

On Thursday's (7/24) Fast Money, which started off with Eamon Javers continuing his Donald Trump/Jerome Powell coverage, Guy Adami took up the possibility of Jay getting fired.

Guy admitted, "I don't think necessarily that something is imminent. I thought that a couple weeks ago (sic) (actually just a week ago). I thought he was at a point of anger where he was gonna push a button over the weekend. Doesn't look like it's gonna happen."

Judge mentions Eddy Cue but just misses Donald Trump’s trip to the Federal Reserve

Judge on Thursday's (7/24) Closing Bell mentioned "the Eddy Cue selloff" on Closing Bell, as he had earlier on the Halftime Report (see below).

But Closing Bell ended a little too soon to catch any coverage of Donald Trump's trip to the Federal Reserve, so that event ended up on Closing Bell Overtime (they had to wind the coverage around Stacy Rasgon).

Eamon Javers contended that, "As provocative as this visit to the Fed is," Javers saw it as "the president backing off of Jay Powell," citing Donald Trump's answer to the question of whether the remodeling is a "fireball offense," which was, "No, I wouldn't put it in that category."

Jon Fortt agreed "that is what the president said, verbally, but visually, it seemed to me he was communicating something different."

Continuing on Fast Money, Eamon called it "dramatic," a "power play," "unprecedented" and "awkward."

Jim gave the Eddy Cue selloff the Heisman

The top of Thursday's (7/24) Halftime Report featured Judge wearing that coral jacket that he doesn't wear very often a robust discussion about Alphabet/GOOGL.

Judge mentioned "the Eddy Cue selloff" (snicker) at the top of the show and then gave Jim Lebenthal credit for calling that GOOGL selloff overblown. Jim said he's definitely not saying Google has a "monopoly," but it's a "competitive race" in which Google is strong, and that Alphabet is "more than just search."

Jim said you can "buy it right here," which Kevin Simpson agreed with. Kevin said Jim's no "dinosaur" and that Kevin is "almost exclusively Google" on his phone, and on his PC, it's "70% Google, 30% ChatGPT." (On the other hand, Jenny Harrington, who wasn't on Thursday, says she's "borderline" as to not even using Google search anymore.) (See below.)

Malcolm Ethridge said an Alphabet "breakup would be great" because he'd love to own YouTube as a standalone entity. Malcolm said for now, Google's AI tools on Samsung phones "blow anything Apple has right now out of the water," but Apple's bound to catch up, so Malcolm doesn't see a reason to own Alphabet.

Jim said it would "worry" him more if everyone was pro-Alphabet. Josh Brown asked Jim, "Why was Google paying Apple $50 billion to be the default search engine on every Apple IOS device."

Jim responded, "You're speaking rhetorically, right? It's to get traffic."

Josh said "No" and stressed the "$50 billion" again. Jim admitted, "That's a cost," and Jim was actually "happy" that those costs came in above expectations.

Josh stressed that it's a "highly cyclical company" dependent on ad spend, and the report is confirmation that the economy held up.

Judge said it's a "gift" to Alphabet owners that the stock isn't "overly expensive." Jim said "too much bad news was priced in."

What does Eddy Cue think of the cost of the Fed building renovation?

A portion of Thursday's (7/24) Halftime Report was spent on TSLA/UBER.

Kevin Simpson, who's long TSLA, admitted that he can't make a fundamental case to buy TSLA now but, of course, you can sell. Out. Of. The. Money. Calls. Against it.

Jim Lebenthal said that as a GM owner, it makes him "shudder" (snicker) to think of TSLA's valuation, and "if this thing got valued as a car company, it's down 90%, and I'm being- I'm being generous."

Josh said "the profitable part of the business" for TSLA is selling environmental credits, which isn't as robust apparently as in previous quarters.

Josh repeated his old saw about UBER trading opposite to whatever the TSLA news is.

Judge said MH's IPO was experiencing "not the greatest open." Josh said they should call it "McGraw Hill AI," a good point.

Jim said "the airline industry has clearly decided that there are 2 companies that are working," DAL and UAL, and it's "kinda surprising" that AAL can't join them. Jim said he still tracks TSA passenger counts and there are "healthy flows," even if some parts of the planes have more demands than others (maybe it comes down to where Eddy Cue sits on planes).

Josh Brown bought more OTIS and called it "recession-proof."

Kevin Simpson touted how much he made "in a few short hours" selling a covered call on RTX.

Josh said the CMG chart is a "mess." (Wonder if Eddy Cue eats there.)

Josh said it's a "shame" that they don't talk enough about CBOE.

Malcolm said SPOT has "still got room to go." (This writer is long SPOT.) Josh wondered, "How did Apple let them get to 700 million users?" Kevin said, "I use both products ... they own this space. Spotify blows it away."

Steve Grasso says CMG is a ‘bad setup’ for trying to order more than 1 thing

On Wednesday's (7/23) Fast Money, Steve Grasso made some interesting observations about Chipotle.

Steve said it was a "big thing" for the company to lose Brian Niccol; "everything that is inflationary is on their menu."

But that wasn't the most interesting comment. Rather, Steve explained that "trying to order more than 1 thing" at Chipotle is virtually impossible. It's a "bad setup," Steve says, and would require Chipotle to be "2 deep in people" to properly handle orders.

Jeremy Siegel says the right move for Powell is to resign

We happened to catch Jeremy Siegel on Judge's Closing Bell on Wednesday (7/23). Jeremy indicated the market looks good, with a fairly high level of enthusiasm actually.

At the end of the discussion, Judge asked Jeremy about comments Jeremy apparently made Friday suggesting Jay Powell should resign.

Jeremy on Wednesday said, good or bad, he wants Donald Trump to "own" this economy, that if things go south, the Fed will be blamed, and if things go great, Trump will get the credit, and that Powell is already sort of a lame duck, and that presidents appoint Fed officials all the time, so it's not like presidents aren't always exerting influence over the Fed.

Jeremy also acknowledged that he thinks rates should be lower.

Judge questioned if a Powell exit would be a "slippery slope."

Judge is back!

On Wednesday's (7/23) Fast Money, Gene Munster asserted that the Alphabet earnings results demonstrate that "Google is a habit."

Hours earlier, ahead of the earnings, 1) Judge was back on the Halftime Report, and 2) Steve Weiss protested that he got rid of 95% of his GOOGL position, so even if it doubled from here, "it really wouldn't matter."

Judge referred to the "Eddy Cue selloff" (snicker) and said GOOGL is up 25% since then. Jenny Harrington shrugged, "That's a small time period." Jenny said it's up 1% YTD and 5% over the last 52 weeks.

Jenny said, "I am borderline not using Google to search anymore." Weiss said the multiple already reflects that. Judge said Alphabet has "always" been the cheapest of the Mag 7.

"Google has all of our data," said Bryn Talkington, and it could easily "make a really powerful AI assistant," but it would "freak everybody out."

Judge noted the big slide in FI; Jenny Harrington said she bought more. Jenny started off saying she paid $25 a share for it 12 years ago (which doesn't really mean anything today except a big tax bill to come, but whatever). "This is the definition of a permanent compounder," Jenny insisted.

Because of a technical issue, we weren't quite able to catch the entire Halftime Wednesday. (Blame the IT Dept.)

Judge asked Joe Terranova if Weiss "behaved himself" while Judge was off.

Joe said the market's been a "continuation of really, really good news" while Judge was away.

Actually, they want the correct answer, not scraped AI slop from Reddit or Wiki

On Tuesday's (7/22) Halftime Report, Josh Brown described internet usage this way:

"The consumer has grown accustomed to a new way of search. They don't want Google to tell them which website to go to to find the answer. They just want the answer," Brown asserted.

At the top of the show, guest host Frank Holland said "front and center" is whether the rally is on "fumes" (snicker).

Josh said if you're a "serious investor," then "a pause would be absolutely fine."

Josh pointed out what KSS was doing and said it would be a mistake to point to stocks such as that one as "indicative of a toppy market."

Joe Terranova again started off with the "semiconductor industry (a term he used twice) (Zzzzzz)." Confusing cause with effect, Joe said if you're looking for a bearish signal, it would be if semiconductor stocks stalled despite great earnings.

Kate Moore, who hasn't been on the show in ages, said some Megacap Tech names are "extremely well-owned."

Joe said despite their run, financials are the "3rd lowest valuation out of 11 S&P sectors." In any discussion of banks, someone is bound to advise owning the "money-center banks" rather than the regionals (that was Joe this time). Joe mentioned SCHW and IBKR; Josh said he thinks IBKR goes "way higher."

Joe complains about capital-loss deduction being capped at $3,000 since 1978

Eamon Javers on Tuesday's (7/22) Halftime reported on remarks at the White House (which typically interrupts the program, but Tuesday, they didn't go to it live).

Eamon said there's talk about dropping capital gains taxes on housing sales. Guest host Frank Holland suggested "every Realtor in America" may be having "champagne" over that news.

Joe Terranova offered, "There's a lot of nuanced things that the administration could do. One of the things that bothers me is since 1978, the capital loss deduction in this country has been $3,000. Think about that. Since 1978, that's all you could deduct, is $3,000. I think it's time to take a look at that as well."

This page doesn't disagree with Joe (and we certainly have zero expertise in tax advice), but we have to note that there's a little more to the story, that the rest of those losses actually can be carried forward, so if you happen to lose 50 grand in a year on stocks, you deduct 3 grand, you can take the 47 grand later.

Stephanie Link said she's "excited" about the execution of DHI; she likes the stock "a lot" for the long term but the sector does need interest rates to come down.

Joe said defense and aerospace stocks have tilted toward aerospace. Josh suggested TOST could be "in the running" to join the S&P by year-end.

Josh suggested EXE and DE might be losing momentum, though he wouldn't "overreact" to the DE pullback.

Stephanie Link said she bought FCX. Joe said the stock also benefits from the price of gold climbing. Josh said "this chart looks great" and "I think Steph's gonna make some money here."

Weiss says buying the dip isn’t anything ‘brilliant’

Early into Monday's (7/21) Halftime Report, guest host Courtney Reagan told Steve Weiss that Mike Wilson thinks "dips are meant to be bought."

Weiss said "I don't think that's anything that's brilliant," adding that the market's at an all-time high, so "dips are always meant to be bought."

Weiss said that what Mike really means is that it's been "so long" since we've had a "meaningful" correction that actually lasted a long time. (Actually it was late 2021 through 2022; can always root for another one of those.)

Weiss suggested staying with winners, even if they get a little overvalued.

Sarat Sethi agreed with Courtney that there are issues for the market, such as, there's still a tariff overhang and a couple of wars going on, but earnings have been OK.

Amy Raskin suggested there's "a lot of good news baked into earnings."

Amy said September is "usually not a great month."

Joe Terranova (who clearly doesn't really understand how these personal battles work) actually said with a straight face that Donald Trump "can just sit back and wait" because the data will prompt the Fed to lower rates.

Joe said we've had a V-shaped recovery, which Joe said is "very difficult for human beings to emotionally engage in (snicker)." Joe said tech earnings could be a catalyst in "either (pronounced EYE-ther) direction."

Joe pointed out the momentum in semiconductors and said the SMH is "absolutely your tell" and "ultimate indicator" as to whether the market keeps climbing.

CLF soars, and Jim’s not on the show

On Monday's (7/21) Halftime Report, Steve Weiss jabbed at "all these analysts" who hiked NFLX targets ahead of what was a great earnings report and "did nobody any favors" because despite the report and guidance, "people start seeing ghosts" and sell the stock. (This writer is long NFLX.)

Weiss said even if someone told him META was going to miss in this report, "I'm gonna do nothing about it. Because I'm not gonna pay taxes."

Sarat Sethi talked up YouTube as the underrated part of GOOGL, but Amy Raskin said she's "kinda underweight" because it will trade on "search."

Amy said, "Google will do better if AI slows down." Joe Terranova said, "I don't think that's happening."

Weiss said you can't convince TSLA bulls that the stock's overvalued, that Elon Musk "doesn't care about corporate governance" or that he's doing too much. Weiss said Jim Chanos kept a "whole spreadsheet (snicker) of everybody that left" at TSLA. Weiss even said, "It's really even not worth talking about in my view," even though he talks about it all the time.

Guest host Courtney Reagan said Morgan Stanley raised its UBER target to 115 from 95. Joe said it may not get to $100 before August earnings, but ultimately $100 will be a "floor."

Weiss had throat-clearing issues, especially while relating once again the Brad Jacobs story/QXO.

Weiss said Brad brings a "Tupperware container" with homemade lunch to work.

Amy Raskin trimmed GS because it's had a good run, and the decision was "kind of justified" because the stock didn't move much after earnings.

Joe said BRK's position in DPZ "maybe hasn't worked out particularly well" and that BRK also has positions in Japan, also some of its big energy positions haven't been working as well as others.

Jenny: ‘I don’t see how we end up up 14% on the year. I don’t think we have another 7% in the 2nd half’

Jenny Harrington opened Friday's (7/18) Halftime Report saying what she always says she doesn't see big gains in the market, of course citing "stretched" valuation.

Jenny stated, "I don't see how we end up up 14% on the year. I don't think we have another 7% in the 2nd half." But Jenny said the market probably won't go down much either, so it'll all be a "meh."

But Jenny said Megacap Tech is only a "little" stretched in valuation. "Apple's on the short list. Google's kind of on the short list," Jenny said, and after Steve Weiss wondered if that meant stocks to short; Jenny said no, she means on the "short list" to buy.

Weiss scoffed at the NFLX selloff. (This writer is long NFLX.) "Netflix has sold off so many times on earnings that if you sold because of that, then, you made a mistake," Weiss said, adding that the 5% drop Friday is "nothing" and suggested it's because analysts raised price targets going into the print and traders sold the news.

After the A Block, Julia Boorstin recapped the NFLX earnings call. Julia said "with no major surprises" in the report, "more analysts are on the sidelines."

Kevin Simpson said he wrote a covered call a day ago on half his NFLX position ahead of earnings, a $1,245 July 25 strike for $57 that he was able to close out Friday morning for $12. The implied volatility of these big names going into earnings is something you "almost can't resist," Kevin said. Kevin nevertheless said it's a stock you can own "forever."

Jenny said DIS and NFLX are "completely different businesses."

Weiss said "my bet" is that the Aug. 1 tariff deadline gets extended. "I think the mistake they made, uh, the administration, was, advertising 'We're gonna get this done quickly.' Trade deals take a long- they take years." Though Weiss said we'll see "agreements in principle."

Weiss agreed with Jenny on valuation and stated, "I don't see the Fed easing in September." Jenny said she doesn't see it either.

Weiss said Donald Trump has put Jay Powell "back on his heels a little bit" and as a result, Powell is probably "more resistant to cutting."

Kevin noted the big run of HOOD since April but "I'm not ready to bet against it." Kevin said profit-taking in PLTR makes sense, but "I'm just not ready to get out of it," and he can write calls against stocks that may be "a little bit extended."

Jenny said she sees "pockets of froth." (She said that term about 3-4 times.)

Guest host Frank Holland said "50% of the earnings are coming from the Mag 7." Weiss said he owns Mag 7 stocks and bluntly stated that he's "glad" they're such a high percentage of the S&P earnings and "I'd love 'em to be 75% of the S&P."

Weiss stated, "We keep citing all these numbers like, '30 years since you had this kind of spread in valuation.' Who cares?" Weiss explained that these companies' balance sheet and management all factor into the valuation.

Jenny complained that "growth differentials are narrowing" for Megacap Tech.

Weiss claimed AI is "the fastest adoption of any technology in history."

Kevin sold a 180 call, but Bryn suggested NVDA $200 back on July 2

Kevin Simpson on Friday's (7/18) Halftime Report said he doesn't know if he'd be buying TSLA ahead of the print, but he called it a "call-writer's dream."

Kevin said he wrote a 1-month covered call at 180 on NVDA for $3.50. Steve Weiss noted those calls expire before the next NVDA report.

Kevin bought more AAPL, saying he "liquidated" his position last December at 247½.

Viewers heard that we're now looking at 15-20% tariffs on Europe.

Kevin bought HD and mentioned high rates. Guest host Frank Holland said the average 30-year is 6.8% and noted, "It seems to trade on the mortgage rates."

Jenny Harrington said there's a "huge bifurcation" between high-end consumers and apparently lower-end consumers and said AXP's customer base is still doing well.

Angelica Peebles provided an update on SRPT. Kevin said the catalyst for LLY is delivering an "oral drug." Jenny said MTRN is in her disciplined growth strategy and it's a stock never talked about on the show. Jenny first said it's "down 5% year to date" but then said it's "down 6% this year," but it was up "a lot" before this year.

Jenny said she owns VZ as "kind of a bond equivalent." Kevin Simpson said "Go IBM."

For Final Trades, Weiss said NFLX, Kevin said RTX and Jenny said FCX, a name that in the early days of Fast Money was mentioned all the time but nowadays, not so much.

Josh claims he’s the person ‘most associated with Nvidia’

On Thursday's (7/17) Halftime Report, Josh Brown said he is giving followers "permission" to sell NVDA.

Josh bluntly explained, "For the last 11 years, I've become the person that's been the most associated with Nvidia ... People walk up to me on the street, they comment to me in stores, airports, you name it."

Josh said the question he's getting now is not does he still like NVDA, it's "should I sell some Nvidia." Josh said he's not selling, but for those who are "nervous," with a market cap at $4 trillion, it's OK to sell.

Guest host Frank Holland questioned whether Josh or Cramer is "most associated with Nvidia." Josh insisted, "I came on this show in 2015 and I said Nvidia should be in the FANG. And that's when Netflix was the 'N.'"

Sure sounds like everyone on Halftime is expecting a pullback

At the beginning of Thursday's (7/17) Halftime Report, Josh Brown said it's "very obvious" that "now is not the time to be getting more bullish than you were a month ago, or 6 weeks ago," and we wondered how that's "very obvious." #soundslikeamarkettimingcall

Joe Terranova again mentioned the September rate cut he's been predicting and suggested there's not really an "inflection point" in the market now, but he advised staying "anchored."

Moments later, Joe echoed Josh, stating, "You probably don't wanna get more bullish right here." #soundslikeanothermarkettimingcall

Bill Baruch is trimming the QQQ. (This writer is long QQQ.) Bill crowed a bit about, "This is why you take risks like we did in April," that you can "monetize it right here." Bill predicted some "churn" in the market. Bill said he can see a great 2nd half but only after we "work through the digestion of the run." #soundslikeyetanothermarkettimingcall

Joe actually claims ‘Apple TV’s not so bad’

Bill Baruch revealed on Thursday's (7/17) Halftime Report that he bought more AAPL, stating, "When Apple's unloved, you close your eyes, and you buy it."

Josh Brown backed the move but said "it's a little bit technically in no-man's land." Josh said pressure's on Tim Cook for a new product and predicted anticipation for whenever that comes and pointed out that AAPL going to 250 is no different than a $21 stock going to $25.

Joe Terranova actually said with a straight face, "Look, I heard so many years ago that ... Apple should buy Netflix, because Apple is behind in streaming ... they probably should've, but OK, they- they ended up OK. Apple TV's not so bad. ... They come around eventually." (As if NFLX would be what it is today if AAPL had bought it 10 years ago.) (This writer is long NFLX.)

As a matter of fact, during the show's Daily NFLX Conversation®, Joe said he'll stay "anchored" to the position; he's "willing to ride through" a possible correction.

Josh hailed NFLX for dropping the quarterly subscriber updates and said that it's profitability that matters. Guest host Frank Holland wondered if "average revenue per user" is important. Josh said "guidance" is what matters, and Bill said "margins." Josh said "transparency is good," but NFLX has "retrained (snicker) the Street" into recognizing this is a "business" and not a guessing "game" like "jellybeans in a jar."

On Thursday's Fast Money, Karen Finerman observed that NFLX basically met high expectations and the Street/options market correctly guessed the afterhours move.

‘Have to be long’ bitcoin

Bill Baruch on Thursday's (7/17) Halftime Report said bitcoin has a "lot of tailwinds" and if it stays above $110,000, $112,000, "you have to be long."

Joe Terranova said he's not going to be "overwhelmingly excited about the airlines," though he said Jim Lebenthal (who wasn't on Thursday's show) "gets all giddy about airlines" and "congratulations, Jimmy."

Bill trimmed CAT, WAB and MTZ. Joe said the JOET has a "significant overweight" to industrials and that industrials are the year's top sector. Joe talked up PWR, which looks like it would've been a great buy in early April.

Josh Brown said he finally unloaded PFE. He said he didn't lose much money on it, but it's hard to find a stock as bad as this one.

One of the stocks on Josh's best-stocks list is JOBY. Josh said he "brought the stock to the show" on June 17 (actually June 12); he didn't expect that it'd be "up 104% since then." Josh reiterated that it's "highly speculative" and he's not telling people to buy it right now, but it's an exciting company.

Josh said FAST is the "Amazon of the construction business" and that for a couple years, every dip in the stock is getting bought.

Josh said he has sat through "maybe 500" SHAK downgrades. He said it's had an "outstanding run" and it would make sense to consolidate.

Bill said he could be adding to MCD in "coming weeks."

Josh said there's a "fundamental story" in TOST as well as momentum.

Guy Adami suggests a weekend Powell firing, while Karen says such a move would ‘get crypto moving’

Wednesday's (7/16) Fast Money, guest hosted by Court (above), led off with a crisp discussion about the possibility of Jerome Powell being fired.

Steve Grasso called this "much ado about nothing" and pointed out "Philip Jefferson would take over," and Philip Jefferson was appointed by Joe Biden, so Donald Trump wouldn't get the "wanted result," and "if you can't get the wanted result, why do it."

But if we did get a selloff (presumably on a firing), Steve said, "that would be the greatest buying opportunity of the last couple of weeks," but Grasso suggested "I don't even think we'd get a selloff," the market has "moved past this."

Tim Seymour though said, "I actually do think that if he was fired, it's a big deal," even though markets could "shrug." Tim questioned what 25 more basis points would do and said the "biggest risk" would be the long end of the curve in 6 months or more.

Karen Finerman said she agrees with Tim in that if Powell actually were fired, the market would react "much more dramatically." Karen further stated that if the Fed chair is fired, "you will get crypto moving. For sure." Karen suggested that maybe such a possibility has been moving recent crypto prices.

Guy Adami said of Donald Trump's interest in firing Powell, "I do actually think he's gonna give it a shot ... over the weekend, and, you know, he's gonna wait until Friday or Saturday because that's typically when people wait for these things. Danny Moses calls them the Friday Night Dirties, and I think there's a real possibility of that happening."

Guy pointed out that there's still "considerable pressure on the U.S. dollar," which Guy said may be the goal. Guy said that "When you're in a $37 trillion hole sitting on top of a $27 trillion economy, you're not gonna grow your way out, you're gonna sorta devalue-your-currency your way out."

Steve Liesman joined and Court said Steve Liesman wasn't supposed to be working Wednesday. Steve said he's "really worried" that Karen is right, if the "strategy" is to "pump up crypto," then "that's the most dangerous strategy I could possibly think of."

Steve Liesman then credited Tim Seymour with the observation about the dollar being in "danger" if we go to a "Third World Federal Reserve Bank," while it was only Guy who spoke about the dollar.

Courtney suggested other presidents have disagreed with Fed leaders before, but this feels "markedly different." Steve Liesman said "there is absolutely nothing like this," there's not "any analog" to these kinds of public statements from a president about a Fed chair. Steve Liesman said someone told him it's to "distract from Epstein" and someone else said it's to "distract from the deficit."

Given another opportunity after the Loretta Mester interview, Grasso stated, "I think every Fed chair is a political person."

Weiss says Powell has done a ‘great job’

Evidently it's now "highly unlikely" that Jay Powell gets fired, according to news reported on Wednesday's (7/16) Halftime Report, which was guest hosted by Frank Holland.

Joe Terranova said if Jay got fired, the "2 trouble spots" would be the dollar and the "long end of the curve."

Joe then reiterated his prediction that there will be a cut Sept. 17, so "the president doesn't have to do this."

Steve Weiss said the market has taken a "wait and see attitude." Weiss said the Fed post has been "sacred ground" and there has to be "checks and balances in government, and that's one of the critical ones."

Weiss said it'd be a "mistake" to cut rates just to "support their tax bill" and "help all their friends around the country, right, similar to what is being done with private equity."

Weiss doesn't think it'd be a "good thing for the market." Weiss called Kevin Hassett "obviously smart" but "he's also a sycophant." Weiss said of Powell, "He's made mistakes, but I think he's overall done a great job."

Joe and Weiss disagreed over whether there's data supporting NOT cutting (Joe said there isn't) or justifying cutting (Weiss said there isn't). Weiss said, "I don't think that September's a slam dunk at all."

Sarat Sethi pointed out, "The more you refinance short term, the higher the rate's gonna go long term."

Later in the show, Weiss said to "follow the path" on crypto; he said it'll keep the momentum, and "eventually they'll find a use case for it." (Seems like Karen Finerman found one on Fast Money.)

Weiss made IBIT his Final Trade.

Joe warns that PLTR could ‘easily’ have a 25-30% drop over next 6 months

On Wednesday's (7/16) Halftime Report, Joe Terranova said bank stocks in the wake of earnings look like "Good news and bad price action."

Joe said there could be a correction in financial stocks, "which candidly is a little bit overdue."

Steve Weiss talked up GS despite however it was trading. Sarat Sethi was enthusiastic about banks but not terribly excited about BAC, saying it's like a "jack of all trades" and it's the only big bank on his "watch list." Sarat moments later clarified to guest host Frank Holland that if there's a pullback, he'd add to MS, not BAC, where the catalysts are harder to find. Joe made a lengthy case for money-center banks over regionals (Zzzzzzz).

Sarat Sethi said he's not "taking a victory lap" on JNJ.

Sarat said DEO has been "terrible" since Debra Crew became CEO, "stock's down 40%." Joe kind of shrugged that TSLA got a "technical bounce" since July 4 week, "but it's a very strong one."

Mizuho actually raised PLTR to "neutral." Joe said he has to be "a little bit careful" about discussing the stock because we're nearing rebalancing for the JOET. Joe said PLTR is up like 400+% in the past year, and the JOET bought it at 16 in early 2024. Joe cautioned about "elevated volatility" and said if he were making the call on whether to keep the stock, he's not sure he would've kept it this long. Joe said the stock could "easily" fall 25-30% over 6 months. Joe called PLTR "arguably the No. 1 identifiable momentum stock in the market."

Frank actually called Weiss "Joe." Weiss again talked up Brad Jacobs and QXO.

Joe said it "seems to make sense" that private equity would become available in 401(k) plans. Weiss said he's "not so sure investors don't do better just buying the indices, buying the S&P and buying the Q's."

Notice how CNBC spells ‘estimates’

Jim Lebenthal on Tuesday's (7/15) Halftime Report said he was telling guest host Frank Holland before the show that he'd like to have 7-10% cash going into earnings "to be able to pick up some names that will indubitably (snicker) get hit for the wrong reasons during earnings season."

Jim said ORCL has "basically tripled" in the 2½ years he's owned it.

Basically everyone gushed about Megacap Tech and AI.

Jason Snipe actually started to call Frank "Scott."

Jim admitted after the A Block that he trimmed JPM, though there's "nothing negative" about the stock; "it's simply too much in the portfolio." But he's not trimming C, which is an even bigger position for him. Josh Brown pinned a $100 on C and said it's an "outstanding" name. Josh made a joke about, "The world needs ditch-diggers too."

In the show's daily update on NFLX, Josh said, "I probably would not be a buyer ahead of this number," predicting a possible "sell the news reaction" this week. (This writer is long NFLX.) On the other hand, he'd buy IBKR going into the print, it's a "potential breakout in progress." Jason continues to like NFLX but suggested the password-sharing crackdown and ad tier as catalysts are probably in the past, so it's about operating income.

OTIS, which Josh was touting a while back, got an upgrade from JPMorgan. Josh said maintenance is the "real business" here. Fair enough, but we're not sure why that's different now than, oh, anytime in the last 40 years.

Josh again made the case for how UBER will "win" with a "strategy of inclusiveness" as autonomous rides start picking up. Stephanie Link agreed with UBER's strengths but said she wouldn't chase it here.

In Final Trades, Jim said DIS' pullback "sets it up for the next leg higher."

Josh: NVDA ‘tough’ to buy Tuesday

Josh Brown gushed praise on NVDA at the top of Tuesday's (7/15) Halftime Report but said "this is a really tough stock to buy today ... given how much it's run up just in the last couple weeks."

Jim Lebenthal said he could see NVDA having a pause.

Guest host Frank Holland then cut to Sully, who was interviewing Howard Lutnick at some kind of Trump Cabinet (but also slightly bipartisan because Josh Shapiro was there) Pittsburgh conference (NOT about whether the Steelers are loaded ... or over the hill). Howard said it's OK for NVDA to sell its "4th best" stuff to China.

Howard claimed, "The Biden administration sorta hated American companies." Sully protested, "You can't say that." Howard insisted, "Oh come on, they tried to break 'em up and all this sort of stuff."

As The Exchange got underway after the Halftime Report, Sully was interviewing Pennsylvania Gov. Josh Shapiro, and Sully and Kelly were talking about Lollapalooza and Sully admitted, "I'm about 20 years past my Lollapalooza prime."

Grasso: Bitcoin figures to go ‘much, much higher’

On Monday's (7/14) Halftime Report, Steve Weiss said he bought more IBIT and said Donald Trump has "between 60 and 80% of his net worth in bitcoin."

Weiss also predicted, "Eventually they'll figure out a use case for it because there's not one right now."

Joe Terranova wondered why not buy bitcoin itself rather than buying IBIT. Weiss said it's "easier" to trade it with IBIT.

On Fast Money, Steve Grasso said some people think bitcoin will get to $200,000 this year; he wouldn't say if he's one of those people, but he does think it goes "much, much higher from here." Karen Finerman apparently agreed with everything Grasso said.

In what was an instant great moment on Fast Money, Tim Seymour was joined by his mother for Final Trades.

Jim having a ‘gangbusters’ year

Monday's (7/14) Halftime Report, guest-hosted by Frank Holland, would've been fairly humdrum — OK, let's face it, it actually was kind of humdrum — if not for Steve Weiss' blunt assessment of the economic landscape.

"The market's ignoring every risk," Weiss grumbled, citing the Fed and debt. Weiss referred to "Kevin Haslett (sic) (not corrected by Frank)," who Weiss said is "smart guy" but who has "zero credibility for what he says" about tariffs not affecting consumers.

On tariffs, Weiss said of Donald Trump, "He's gonna have to renegotiate" and "at some point, he's not gonna TACO it." But Weiss shrugged that the market will continue ignoring these risks. Then he said it would be "extremely disappointing" if 75% of companies didn't beat on earnings; Frank asked him if that's what Steve expects and he said yes, but we aren't totally sure if the question meant does he expect 75% will beat or 75% won't beat.

Jim Lebenthal insisted he's "not negative," but this has been a "gangbusters year" for him, and he's just raising a little funds from trimming ORCL, and he wants "dry powder" to buy the stocks that sell off for a "capricious (snicker) reason."

Weiss complained that capex spending is still on "pause" despite passage of the big beautiful bill.

Judge missed an analyst note on NFLX

Joe Terranova on Monday's (7/14) Halftime Report said the market got "desensitized" to tariff, um, activity after the May U.S.-China meeting in Geneva; Joe said on Sundays, people start trading futures down, but the market demonstrated resiliency again Monday.

Joe said the July S&P range has been "quiet," and "you don't sell a quiet market." (Joe repeated that advice during Final Trades.)

Joe seemed puzzled that KKR got a downgrade. Morgan Stanley made a bull call on TSM; Steve Weiss agreed with it.

Joe joked that Jim Lebenthal "probably wrote" the WYNN upgrade by Deutsche Bank.

Shannon Saccocia suggested tech may be a "safety valve."

Guest host Frank Holland said Evercore hiked its NFLX target from 1,150 to 1,350. Joe said, "I see it bouncing here." (This writer is long NFLX, which gets mentioned about every day on the program.)

Guy Adami always likes to say, ‘Price is truth’*

Jim Lebenthal on Friday's (7/11) Halftime Report made the case for QCOM, saying it's "so darn cheap" because "everybody thinks it's a cellphone manufacturer."

Judge insisted, "The market's smarter than that."

Jim responded, while tossing in C at 60% of tangible book, "No it is not, Scott ... the market is NOT smart!"

Josh Brown offered that "people get all excited" during short term Russell relief rallies; "the mean reversion is not the trend." Josh wondered how many conversations he's had in the last 10 years with the panel about JPM being worth its higher valuation than other banks because it's the "better company" and "the market is smart" in pricing in "quality."

Jim said, "I've owned JPMorgan for more years than I, I could count," and "it's not a pushback" to Josh, but C isn't an "alternate" to JPM, it can be owned "in addition to" JPM.

Judge then claimed that Jim was "running from" strength in trimming ORCL. Jim chuckled and said "Scott, I love you," the stock's become a "very big position" and he'll "sleep like a baby" having trimmed it.

Judge eventually said, "I'm not hating on anybody for taking profits in a stock that's up a lot," but it tells a little bit of a "psychology" story.

Stephanie Link bought TOL, saying that with "just 1 rate cut," the homebuilders will "fly."

Judge said "I don't think the market's stupid, um, like Jim does, obviously," but the market "knows that rate cuts are coming," so isn't Stephanie's trade priced in, "theoretically." Stephanie said lower rates will unleash "pent-up demand."

(On Friday's Fast Money, Mike Khouw actually said "Price is truth.")

Josh sounds for a while like he’s on AM radio

For much of Friday's (7/11) Halftime Report, Josh Brown's mike wasn't right.

Josh curiously posed the question of whether the stock market by 2030 will be more interested in AI, or "the things that, um, the president puts on Truth Social in 20-, you know, in-, in, uh, in the year 2025."

(We think that means that long-term investors should shrug off presidential comments on social media.)

Josh said early in the show that credit spreads didn't blow out and international stocks have done OK.

Then came the person who will find any and every reason not to buy a tech stock. Jenny Harrington told Judge, "There's lots of non-Mag 7 that are simply compelling."

Jim Lebenthal chimed in, "I'm with Jenny on this. I think there is a lot of room to be a stock-picker here."

Jim said there's a lot of attractive stocks in health care. Jim said it's not a market where you have to "hold your nose" to buy stocks. Judge wondered if Jim was "insinuating" that you have to "hold your nose" to buy large cap stocks. Jim said, "Some of them," including MSFT because of the multiple, but not Alphabet and NVDA.

Jim took a small victory lap on owning DAL, which he talked up earlier in the week. Jenny said, "I think you have to hold your nose to own Walmart," which has a multiple that of course is not "justified." AN UNJUSTIFIED MULTIPLE!!!! EVERYONE'S GOIN' BROKE!!!!!

Stephanie Link said she can "justify" AMZN at 14 times EBITDA because it's historically traded at 18 times.

Dividend yields at ‘all-time lows’

Judge on Friday's (7/11) Halftime Report said Wolfe Research is negative on REITs (Zzzzzzzzzz).

Judge said Jenny Harrington spends a "fair amount" of time at REIT conferences and owns 10 of them. Jenny explained that there's "incredible opportunity" when the "whole sector gets punished." Jenny then rattled off how much these portfolios are up this year, starting with CCI; Jenny said "the only loser in the portfolio for the year to date is Easterly Government Properties." Jenny insisted, "You cannot paint the sector with a broad brush."

Jenny claimed the sector is "accessible" and (snicker) "fun."

Judge said dividend-paying stocks have tracked the S&P, but according to Deutsche Bank, yields "are nearing their all-time lows." Jenny stressed that the yield is low, but not the "absolute number of dividends paid," which last year was an all-time record and 7% higher than 2023; "The reason the yield is low is because the market's up so much."

Jenny said to find higher yields, "you have to seek it out."

If Judge is bored by NFLX analysts, he doesn’t have to mention their reports on the show

Judge on Friday's (7/11) Halftime Report seemed to be complaining that the NFLX "chase," in which analysts constantly update price targets, has gotten "repetitive." (This writer is long NFLX.)

Josh Brown said he's not selling NFLX. He said recently it's had a "larger" pullback than usual.

Stephanie Link "averaged down" into VRT.

Jim Lebenthal said he got "tweaked" by somebody because he sold MP at 33. "It was a $10 stock a year ago," Jim crowed.

Josh said recently he's been more interested in Solana than bitcoin.

Some people think 7,000 is not ‘crazy,’ Judge says

We wondered if we might see Joe on Thursday's (7/10) Halftime Report attempting a weekly attendance sweep, but no. Josh Brown was back from vacation, and Judge started off the show telling Josh, "The floor is yours, sir (snicker)."

"This should be a fairly good earnings quarter (Zzzzzz)," Brown asserted. Josh said tariffs are "petering out" and said we "got through the tax debate" and wondered, "What are you really worried about," other than the "exogenous event."

(Unfortunately, Thursday's show didn't have the typical collection of permabears who could've answered Josh's question.) (Actually this page could answer for them, but let's not beat a dead horse.)

Bryn Talkington said the market's "anesthetized" to tariff threats but not "anesthetized" to Fed Chair Jerome Powell. Bryn predicted "1 or 2 rate cuts" and said, "It does feel like the market should be higher 6 months from now."

Judge revealed, "I've had people tell me 7,000's not- doesn't sound crazy." Kevin Simpson though said reaching 7,000 this year is "a little bit of a stretch," citing the earliest possible rate cut as "September at best."

Josh said rates are "probably" too high, but year-end stock performance shouldn't be pegged to whatever cuts we get; "nobody should root for medicine." Josh said the "top 20%" of the country is "accelerating" their spending because of their "brokerage accounts."

NVDA 100 produces a headline

Well into the A Block on Thursday's (7/10) Halftime Report, Judge observed that "16½ minutes into our program," the discussion had been "concentrated" on Big Tech.

(Translation: There were no headlines on the CLF front.)

Josh Brown though, referring to market leadership, said "it's not as concentrated as you think," as JPM has outperformed 5 of the Mag 7 over the last 5 years. Judge insisted "it is concentrated at cap size."

Judge said Seaport gave NVDA a $100 target (Hey, it got Seaport a headline) and a "sell" rating. Jason Snipe shrugged that Seaport also downgraded NFLX. (This writer is long NFLX.) Jason said data center momentum is "intact."

Bryn Talkington brought up Zuck's supposed $100 million signing bonuses.

Josh talked up AMZN, saying it's "not getting enough credit" for the importance of AWS in this "AI decade."

Judge said Bryn bought TSLA on Monday at 293 and sold August 320 calls for $14.50. Bryn said Kevin Simpson, who was on the panel, "should've" done the same trade.

Josh (pro UBER) said he disagrees with Dan Ives (pro TSLA) over the whole ride-hailing scene.

Fast food reward programs

Late on Thursday's (7/10) Halftime Report, during the non-Big Tech portion of the show (snicker), Judge for some reason was hectoring Jason Snipe because Jason sold LOW after owning it for a couple years.

Jason said he thinks the trade in housing is going to be the builders. Judge seemed in disbelief that Jason would sell it "now" given that the housing trade has "seen the worst."

Jason reiterated that he thinks the builders will move "when this thing turns." Jason said he'll look at LOW later in the year (so much for Joe's concern about people getting back into stocks after selling them (see below)).

Meanwhile, Kevin Simpson bought DKNG but drew a blank when trying to come up with the duopoly name, FanDuel.

Kevin bought more MRK (Zzzzzzz).

Judge said Goldman is upping MCD to Buy/345. Kevin touted the prospects of MCD's rewards program (snicker).

Jason still likes COST. Bryn Talkington said private equity stocks are a better option for investors than private equity in general.

Josh said he's in CVX though it's not the "focus" of his portfolio.

Josh talked up ANSS and said he doesn't think he's ever heard it mentioned on the show. He said it's been in a "huge consolidation" for the last 4 years. Josh said he'd hold it as long as it holds 350.

Judge said bitcoin hit a "new (sic redundant) record high." Josh talked up Solana as a play for whatever it means to "tokenize assets."

Bill says gold miners in a ‘tremendous supercycle’

Wednesday's (7/9) Halftime Report was a strong, crisp show, and the most interesting commentary occurred when Bill Baruch joined remotely after the A Block to explain how he's modeled a new gold portfolio "focused on mining" with no more than 10 names.

Bill said he thinks the miners are in a "tremendous supercycle."

Judge to his credit asked producers to repost the screen text showing the stocks in this portfolio. Bill said it's basically a "3-headed horse race" led by AEM, NEM and B, with AEM the "best in breed." (This writer has no position in AEM, NEM, B or any of the miners Bill listed.) Bill also talked up the catch-up prospects of silver.

Joe suggested FCX and SCCO as copper plays but cautioned that it's kind of a fluid situation.

Weiss says money managers talking on TV about overweighting/underweighting sectors is a ‘bunch of crap’

At the top of Wednesday's (7/9) Halftime Report, Joe Terranova called NVDA's achievement of $4 trillion a "big story" and said it "literally underscores (um, not sure that "literally underscores" is possible) and highlights" the "biggest argument" in financial services: "What's the bigger risk: Concentrating, or diversifying?"

(Joe basically answered his own question a few moments later when he questioned where the market would be without AI, but more on that in a moment.)

Joe said there are 5 companies with a market cap over $2 trillion, and 8 over $1 trillion. Joe pointed to PLTR's valuation and said it "underscores how over the last several years, we have had this dramatic concentrated performance from these AI leaders."

Joe noted/complained "the JOET has 125 stocks," which is why the "overwhelming majority of portfolio managers are underperforming their benchmarks because the performance is so narrow." Joe indicated that it's been, or still is, "diversify and underperform."

Steve Weiss said "the great investors" such as Warren Buffett and David Tepper will tell you, "Diversification is the enemy of performance." Weiss said his "weightings" are in big-cap tech. Weiss said "the 4 big names" amount to "close to 50% of my portfolio." (But Judge never asked Weiss when we're going to get the "intermediate term" bad stuff that Weiss predicted in April/May.)

Judge bluntly declared, "Diversification for diversification's sake, um, isn't a winning strategy."

Jim Lebenthal said you can have a "degree (snicker) of diversification." Jim contended that "you can get diversification into AI-adjacent stocks that maybe haven't run up as much," such as ORCL and CSCO.

Jim started to say he'd avoid the "overpriced" utilities and staples. Joe butted in, stating, "That's not traditional diversification." Jim said "slow down," and Judge allowed Jim to continue with his thoughts on sectors.

Then Judge said he wanted to hear what Joe was going to say. Joe declared, "The last several years, the prevailing tailwind and arguably the saving grace of the market has been AI. If we hadn't had AI, where would this market be?" Joe then said, in response to what Jim was saying, you can't diversify "with other AI-adjacent names." Jim insisted he was "taking it in steps" (snicker).

Weiss said even if you think you're diversified by owning the S&P, that theory's taken a "major hit," because "info technology" has risen from 10% of the S&P to 32%. Weiss said 75-80% of managers underperform the S&P every year; they come on TV and say "Oh, I'm gonna overweight tech, or I'm gonna underweight this,' which to me is a bunch of crap, right, 'cause all you're saying is 'I'm managing for the S&P,' rather than managing to return."

On Fast Money, Karen Finerman likened NVDA's gain to "Roger Bannister." (That's a pretty good sports analogy.) Steve Grasso, who has expressed recent skepticism about NVDA only to have the stock run to new highs, said he still thinks its advantages get "chipped away."

Versant is really into the Golf Channel (a/k/a Bryn says NVDA can ‘easily’ reach 200)

Bryn Talkington joined Wednesday's (7/9) Halftime Report to say it's "just incredible" for a company the size of NVDA to be growing earnings this fast. Bryn said it's been in a range but now breaking out, and that AI is only going from "3rd to 4th gear." Bryn said of NVDA that we could "easily see this name creep up into the 200s."

Bryn said that back in 2012, "the early days" of the cloud, "no one believed in it. No one believed in it at all." (Seriously? No one "believed" in the cloud in 2012?)

Jim Lebenthal said CSCO is like ORCL about 3 years ago, and if we had a dollar for every time Jim has said CSCO is the so-and-so of some really great tech stock of years ago, we'd be wealthy. Weiss pointed out the "ugly side" of AI, which is that TTEC has plummeted from $100 to $5 because its call centers are the "first" to be "disintermediated" by AI. Judge was fascinated by the TTEC chart. Joe Terranova said "not everyone wins" and pointed to ADBE.

Weiss bought more XLI (Zzzzzzzzzz). Jim said he doesn't think DIS will climb until earnings, assuming it outperforms, which he thinks it will. (Tip: He always thinks so.)

Judge said Citi reiterated NFLX as "neutral" while the screen text said Citi reiterated NFLX as a "buy." Joe said he'd buy it on a dip and would do the same with SPOT. (This writer is long NFLX and SPOT.)

Jim said it's "OK" that JPM is not cheap, and then the panel somehow talked about regional banks. Weiss wondered "why own the regionals" when the big banks have the strongest tailwinds. Joe said that based on fundamentals, he agrees with Weiss.

Jim said analysts are "too negative" on DAL. Judge questioned Jim's contention that the "outlook" really has gotten better since April 2. "I definitely think so," Jim insisted, calling it "inarguable." Jim said "recession predictions" had surged to "close to 100%." Everyone seemed to agree that the smaller, discount airlines are not the place to be.

Judge did yet another Golf Channel update on the week's big tournament (apparently it's the Scottish Open). We heard that playing in this tournament is the "best way" to prepare for the British Open.

For his Final Trade, Weiss picked UNH, a stock he recommends/buys every so often and then walks back on some level.

Joe still seems to think that selling a stock means you can’t ever buy it again

On Tuesday's (7/8) Halftime Report, Joe Terranova again was making the spiel about how supposedly hard it is to get back into stocks after selling them.

Here's what Joe's really saying: If you've got big gains in some high-quality stocks, you can try to time a Q3 correction, but you're probably better off standing pat.

That's perfectly good advice that this page doesn't disagree with.

However, the way Joe's been phrasing this advice this week has prompted some head-scratching.

On Tuesday, Joe conceded there could be a "correction" with the year's best stocks, but "the problem that I have for the long-term investor, is how do you return to ownership of those names once again."

Well, as this page said a day ago (see below), we don't think there's any law against buying the shares again.

Joe continued, "You can make the statement, 'Well, you just go buy it again.'" (Yes, that's the statement this page made (see below).) Joe explained, "OK, there's tax consequences in that for some people that are watching the show and are longer-term investors."

So what Joe's saying is that there's tax consequences for selling stocks with big gains. "Return to ownership" is not the issue; it's paying a big tax bill even if you end up owning the same stocks (though the new ownership would be a much higher basis, but whatever).

This page maintains that anyone who isn't sure how to do "return to ownership" merely needs to hit the "Buy" button on their online account.

Joe said the stocks he's talking about — naming NFLX, SPOT, CRWD, FTNT, cybersecurity — have "a fundamental strong tailwind" for those names. (This writer is long NFLX, SPOT, CRWD.)

Jenny gives Judge’s bull market
the Heisman

Judge on Tuesday's (7/8) Halftime Report got off on the wrong foot with Jenny Harrington as to whether Jenny finally agrees this is a bull market.

Jenny said "it's tough," which Judge quibbled with, demanding, "what's tough about it."

Butting in, Brian Belski suggested, "It's tough to be a doubter." Jenny said "Not really," because ... of course ... she's "fully invested."

Jenny said if your "expectations get messed up" and you expect more than you're going to get and think you "deserve" 20% returns, you start "behaving badly" and it leads to "wealth destruction" (snicker). Jenny drew an analogy to a football coach drawing up a play (picture above) and considering things that could go wrong with the play. "I cannot get excited," Jenny affirmed.

We'd prefer that the show resume discussions about who would play Jenny in the movie, as that's an exciting topic — we're still agreeing with Josh Brown on Jessica Chastain, though Amy Adams/Emma Stone aren't out of the question.

As a matter of fact, we should even start extending that conversation to others. For example, it occurs to us that Judge Reinhold, cinematically, can pass for Scott Wapner ... so we could actually have Judge playing Judge!!

Joe??? We're sure Joe would want De Niro, but we're all in on Ruffalo. For a long time, we've had Sydney Pollack pegged for Weiss. John Saxon (like Pollack, deceased) would fit the bill for Jim.

Anyway ... Judge said David Kostin has a range of S&P targets. Belski congratulated David as well as Savita for raising their targets, though he said they have "different constituencies" (snicker) (isn't the S&P the same to everyone?).

Joe Terranova pointed out that on Tuesday, "The momentum names are selling off."

"We're constructive (Zzzzzzzz) on equities," said Shannon Saccocia, before raising Judge's eyebrows by saying she's "neutral large cap." She said she's been that way "the whole time." Judge concluded, "You missed the whole thing then." But of course, Shannon said she was ... "fully invested" the whole time ... (but she was "neutral") ...

‘Bulls---’ heard on live TV

During the A Block on Tuesday's (7/8) Halftime Report, Judge cut to President Donald Trump's remarks at a Cabinet meeting. The president said, "We get a lot of bulls--- thrown at us by Putin, if you wanna know the truth. He's very nice, all the time, but it turns out to be meaningless."

Donald Trump addressed reports that he changed the tariff, um, end game to Aug. 1, insisting, "I didn't make a change. Clarification, maybe."

After Judge cut away from the Cabinet meeting, Brian Belski said he's into LULU more than NKE. Jenny Harrington sold OGN, which Judge has brought up recently, and said she got $10 instead of the $8 she could've gotten. Jenny also bought VICI.

Belski bought FITB (Zzzzzzzz); he said you need to own "a bunch of these" (snicker).

Judge said Dan Ives thinks TSLA is at a "tipping point" as far as Elon Musk and political ... stuff. Belski said he's hanging with the stock. Jenny said UBER's multiple and gain make her "uncomfortable," but the stock is "still kinda compelling."

Moments after the show ended, Grandpa Barry Bannister on The Exchange discussed his prediction for a 12% slide in the 2nd half of the year. Barry predicted the economy would be "slowing sharply in the 2nd half" and that we have 3% inflation by year-end. "I think inflation's pretty sticky," Barry contended.

Tom Lee was the leadoff guest on Tuesday's Closing Bell and said this is "the most hated V-shaped rally ever," and Tom thinks P.E.s "should be expanding."

The Fast Money crew on Tuesday spent a lot of time at the top of the show on bank-stock valuations (Zzzzzzzz). Guy Adami said he wasn't trying to be funny, but valuations don't matter until they matter. Karen Finerman also got a chance to introduce the new season of the How She Does It podcast. The Season 2 premiere is Jenna Bush Hager. Karen said every person on the podcast has a career that's "not linear." Karen said of her guests, "I love hearing how they got there." Well, we gotta think that being the daughter of a president kind of opens some doors.

Judge is talking over everyone all during the program

On Monday's (7/7) Halftime Report, Joe Terranova predicted the UBER chart will "move higher" and that the market cap can "maybe triple" over 5 years.

Steve Weiss laboriously tried to get Joe to agree with Weiss' theory that UBER shareholders don't fear the robotaxi because the Uber model in which drivers service their own cars is economically superior to robotaxis. Joe said he agrees, allowing Weiss to complain about how overvalued TSLA is.

Joe, not Judge, who was out in space apparently, impressively got Weiss to clarify that Weiss was calling TSLA, not UBER, overvalued. Jim Lebenthal said Alphabet is in the middle of the pack but predicted it will do a "Secretariat on the way home."

Weiss didn't mind the NFLX downgrade (this writer is long NFLX) and said the long term looks good and he doesn't want to sell just to avoid perhaps a "bumpy" short term; "Why take the tax hit." Um, well, the problem is that, in most circumstances, you don't actually get the proceeds without incurring the tax liability, and the longer you wait, the tax liability only grows higher. But whatever.

Judge said CRWD got a Piper downgrade. (This writer is long CRWD.) Joe said it's in the "same conversation" as NFLX, which prompted Judge to say "that's why we just did" and that Joe "should be a producer" for noticing that. Judge and Joe then talked over each other until Judge asked if Joe was "sleeping" during the NFLX discussion. Joe protested that the "characteristics" of the 2 companies are very similar. Joe said he understands profit taking, but then the question would be by Q4, "How am I getting back in once again." (Um, by buying some shares?) Joe concluded by tossing in SPOT (this writer is long SPOT) and saying you want to buy any "corrective" activity in those three names. (This writer owns all 3.)

Judge declares supply-side economics are underway

Fairly early into Monday's (7/7) Halftime Report, Judge made a declaration about the presidential administration: "They're making a big bet on classic supply-side, uh, economics."

Jim said, "That's exactly right." Judge said it means, "Flood the zone with the opportunity to spend more, make more, reinvest more and thus earnings grow more, the economy grows more."

Jim said it's the first time in months he's heard "supply side," but that's "exactly what it is."

Judge refuses to have a ‘match’ with Weiss over level of CEOs Weiss is talking to

Joe Terranova said at the top of Monday's (7/7) Halftime Report that momentum stocks are "still holding serve" and "The table in the near term still looks good."

But for Q3, repeatedly pointing to earnings season starting July 15, Joe thinks "at best, we're flat to lower."

Joe predicted, "I think we are going to learn that corporations have absorbed the tariff cost," which means "significant margin compression."

Jim Lebenthal though said June CPI is also July 15 and said that if tariffs are causing inflation, it'll have to show up by the time of that report.

Steve Weiss said it's "likely" that we'll start to see a tariff impact on July 15 as the pre-tariff stocking up fades away. Weiss predicted inflation "takes a foothold" in the 2nd half.

Weiss said "we're gonna run out of time on delays" on tariffs and further contended that "all the good news from the Trump administration has already been seen and discounted in the market."

"I'm still fully invested," Weiss admitted, before predicting a "softer" earnings season and "somewhat muted" guidance. (Translation: He's long but he's bearish so he's "right" no matter what happens.) Weiss said people are looking at things through "rose-colored glasses."

Judge protested that people just think there's more "clarity." Weiss said he's talking to "different CEOs" than Judge is. Judge said "you're not talkin' to the biggest CEOs in- in America," but Judge said he and Weiss won't have a "match" about this. Weiss said he's talking to "pretty big CEOs," but, "You brought it up, not me."

Judge said Vietnam "covers a large swath of American business" and that some kind of deal "has to" occur with China.

Weiss said he's the "first one on the desk" who predicted a 90-day tariff delay, "so the market's over- OD'd on tariff news."

Joe insisted he sees a pullback, but not "12%."

Around the end of the A Block, Megan Cassella reported on tariffs on Japan. Referring to what he said at the top of the show, apparently about tariff delays, Weiss said, "I'm used to being right, just not proven right so quickly." Judge said "it took about 27 minutes or so; we'll see if you're wrong in the next 3, or 4, 5."

Weiss said Donald Trump has to keep the tariffs for maybe up to a quarter "to show he means business," but Joe said "they're economically unsustainable for either party," so they'll have to be "relaxed back." Jim said, "These letters are a cattle prod, that's all it is, and the market sees through it."

Google reliers are a ‘loser’

Bryn Talkington made a brief appearance on Monday's (7/7) Halftime Report, saying of Elon/Trump and third parties, "I'm actually surprised that people are surprised about this."

Bryn suggested interest deductability for Tesla buyers will help offset the loss of an EV credit. Bryn said her preferred TSLA strategy is to sell upside calls, as she always does.

Joe Terranova suggested a 48 stop on EQT (Zzzzzzzzz). Jim Lebenthal joshed with the rest of the crew about whether WYNN can or would get into the JOET. Jim again stressed that he doesn't think WYNN should move with whatever the Macau sentiment of the day is. As Judge talked over everyone, as he was prone to do all show, Joe said if it's really about Vegas, then note that Goldman has MGM at a sell. Jim said WYNN, not MGM, is the "premier property" in Vegas.

CNBC's Phil LeBeau said the "narrative" about airline summer bookings weakening isn't exactly what the airlines are saying. Jim said it's an issue of whether the bookings are in the "front of the plane." Judge said he's seen price offers where airlines are "obviously trying to coax" people into the "back end of the plane," sometimes with price differences of "10 to 11 times" between back and front. Jim suggested prices to Indianapolis may not be much, but if you're flying to San Francisco and L.A., "You're payin', buddy."

Later on Monday Tim Seymour was summoned to Kelly’s Exchange to discuss threatened BRIC tariffs. "The reality is, it's all somewhat dollar weaker (Zzzzzzzz)," Tim said.

Way back, pre-holiday, on Thursday when the markets had an early close, Rich Greenfield on Closing Bell Overtime touted RDDT and how it's going to be scraped by AI for all kinds of supposedly relevant facts (or is it relevant supposed facts); he was asked by Morgan Brennan, "If Reddit's the winner, who are the losers?"

Rich responded, "I mean the losers honestly are the vast majority of the Web" (gulp).

Rich added that "The Economist may survive" because it has a "loyal" following, but, "If you rely on Google for search traffic as a publisher, content publisher, you are in deep, deep trouble. You're a loser."

On Thursday's Squawk Box, Andrew Ross Sorkin read "garage" on the prompter when it was really "garbage."

Bryn pins $200 on NVDA

Judge at least twice said at the beginning of Wednesday's (7/2) Halftime that Lori Calvasina thinks the rebound feels "full."

Joe Terranova said "I don't like that we have lost the momentum factor," he also doesn't like higher yields. Joe said Q3 could be "susceptible" to being sideways or lower.

Bryn Talkington said the "growthy growth stocks" including HOOD, PLTR, SPOT, "need to stop going higher," because "there's been so much ebullition (we think; sounded like 'ebulation') there." (This writer is long SPOT, which was NOT ebullient on Tuesday.)

In another tedious AAPL-innovation conversation that Judge started, Steve Weiss said it would be a "great move" for AAPL to "lease" whatever it's doing in AI. Weiss said he'd rather be in other Mag 7 stocks.

Judge mentioned a report about AAPL planning a foldable phone. Bryn scoffed that it's nothing more than the company deciding to "copy Samsung," and a "nothing burger."

But Joe suggested you can buy AAPL for a trade; it'll get to 220, 225 "easily."

Weiss said he'd be happy if AAPL bought "Perplexity," which Judge indicated everyone seems to be suggesting. Weiss said foldable phones are "unwieldy."

Bryn suggested 250/260-360 as the range for TSLA, then mentioned 260-350 and said the high end of that range is a "peak" and a place to sell calls until there's "new revenue stream clarity."

Judge asked the panel what's the best Mag 7 name for the next 6 months. Joe said NVDA, which Judge questioned 2-3 times. Joe said "You don't like my answer." Judge said, "I don't care what your answer is," even though he obviously did. Weiss said META even though he basically thinks all of them are overvalued, other than Alphabet, which he says has a "fundamental issue" of search. Bryn said "all roads lead to Nvidia" and pinned a $200 on the stock.

Weiss touted NFLX, as he always does, and this time thinks DIS belongs in the same "vertical," though NFLX is the pure play. (This writer is long NFLX.)

Kevin Simpson said that on Monday, he sold upside calls in SPOT and HWM that expire on 7/11.

Kevin said there's a "high probability" that HOOD replaces Juniper in the S&P within days.

Financial stocks apparently have a lot to do with ‘engagement’

Judge on Wednesday's (7/2) Halftime Report said Mizuho made WMT a top pick.

Joe Terranova questioned whether the report mentions "tariffs" and said until there's "clarity" on that issue, the stock will "move sideways."

Steve Weiss made this emphatic case for how AI will allow WMT to have less staff and will result in people placing orders on phones and driving up to pick up the orders. (Honestly we already thought that was happening at run of the mill grocery stores.) Weiss indicated that such trends would reduce theft.

Joe agreed the technology is "phenomenal" but said it's still all about tariff clarity. Weiss didn't seem to think it's as important as Joe thinks and asked if there's any company that can better wring the kind of "cost concessions" out of suppliers like WMT. Joe said AMZN. Weiss said they're equally positioned in that regard.

The panel touted big banks (Zzzzzzzz), though Kevin Simpson trimmed GS for portfolio management. Joe said to watch regionals (Double Zzzzzzzzz) for signals.

Weiss said UNH still has issues but has "actually worked since I went back in." Weiss predicts a "kitchen-sink quarter" after which things can get going.

Bryn said she bought IONQ and sold half after it ran up. Bryn noted it's "early days" for the stock and it wouldn't surprise her if it was $20 or $60.

Kevin said a 245 target on JBL is "too low." Judge then hectored Joe about making a comment on SPGI and chuckled about Joe stressing "engagement." Joe, trying to keep things serious (to the point he made sure to mention State Street well after talking about successful banks), said CTAS needs "further corrective behavior." Weiss said the tax bill will drive CAT, though it has to get through the tariffs. Joe said RCL has done a "balance sheet turnaround." (By the time Santoli came on, the show had turned into a Laff-a-lympics; Judge could barely keep a straight face and said "we're havin' a day.")

Hailey Hunter reported from the John Deere Classic PGA event in Silvis, Illinois. #CNBCstilltiedtoGolfChannel #SpinCo #Versant

Josh’s 401(k) doubling the S&P

Tuesday's (7/1) Halftime Report was a pretty low-key exercise in which Santoli said a "mechanical kinda torque" was affecting Tuesday's market.

Josh Brown pointed to dollar weakness and said, "I looked at my own 401(k) yesterday ... I'm doing double the performance of the S&P in my retirement account, and the reason why is 40% allocation to international stocks."

Jim Lebenthal said the 10-year at 4.27 is "fine" and "makes me feel good."

Judge said Krinsky was actually talking about an "unwind" of momentum on Tuesday.

Josh was the one on Tuesday who pointed out that UBER is classified as an "industrial."

Judge haggled with Josh over AAPL's innovation (Zzzzzzzz) after Kovach's report. Jim said he's thinking about trimming AAPL because it's "too darn expensive."

Stephanie Link bought DHI and said rate cuts will make homebuilders "fly."

Josh said HLT is on his best-stocks list and the sector's on fire. Joe suggested MAR is similar.

Contessa Brewer reported on a boost in Macao gaming activity that's lifting Macao-related stocks. Jim stressed that there's "very little respect" given to WYNN's growth in the U.S., and it's not getting credit for whatever it's doing in Dubai.

Among BTIG top picks, Joe said he's a backer of COF but waffled a bit on APP and suggested EXPE will keep underperforming. Stephanie Link would not be chasing SNOW.

Josh said SBUX has the "right CEO" who will "figure it out." (If not, maybe DIS will call.) (Or maybe DIS will call anyway.)

Josh and Joe both picked AMZN for Final Trades.

Karen Finerman's How She Does It podcast is apparently returning for a new season.

Judge: ‘Small caps have done garbage’

Judge opened Monday's (6/30) Halftime Report telling Steve Weiss, "You've fully kinda (snicker) capitulated."

Weiss said ... and you knew it was coming ... "I've been fully invested for a while." (Translation: He was always capitulated, he just often tried to make it sound like he wasn't.)

Weiss said this is an "interesting market" fueled by a "new cohort of investors."

Weiss explained this year's market gains as, "I think I underestimated their tolerance for, for chaos, lack of direction, uh, and, uh, and risk." He predicted a "reprieve" on the tariff front, but "I'm still cautious about this quarter's earnings."

Joe Terranova offered, "I think at some point, in the 2nd half of the year, we'll have a correction, and I think you buy that correction."

Judge rattled off some stats from Oppenheimer suggesting the market breadth is "not nearly as strong" as it was in November 2024. Joe said there was a "head fake" in the Russell in November and that health care stocks back then appeared to be going places but really didn't. Judge said the point is, "The higher stocks continue to go higher." Joe said, "Momentum's leading."

Joe said we "probably" get a rate cut on Sept. 18.

Jim Lebenthal thinks a case can be made for small caps (snicker), citing a market broadening, "if the economy holds in there."

Judge said "Nah ... that just becomes a repetitive thing. You've been saying that a year- if the economy holds up, small caps are gonna do well. Well you know what? The economy's held up pretty damn well, and small caps have done garbage. ... So you need something more, obviously."

Jim suggested that might be rate cuts, which Jim thinks should be happening in July.

On Fast Money, back from a break, Karen Finerman pronounced Q2 "mind-boggling" and "really kind of insane." Karen admitted, "I don't know what to do about next quarter."

Then what is it when Iger’s successor is announced?

Phil LeBeau joined Monday's (6/30) Halftime Report suggesting that if you believe in autonomous/robotaxis, TSLA might be a good investment. (While there have been some recent headlines in this space, we get the feeling that we're hearing 17 reports on CNBC for every single incremental robotaxi development.)

Joe Terranova said there are "clearly fundamental challenges" with TSLA. But Joe said that "on a 12-month basis," TSLA is outperforming the rest of the Mag 7.

Steve Weiss said PLTR is "the ultimate cult stock."

Jim Lebenthal said C is below tangible book (snicker), which is something he doesn't "understand." (All this page understands is that C apparently always trades below tangible book.)

Jim sold MP, saying as a trade-war trade, it's "played out."

Jefferies is giving 4 reasons for upgrading DIS (we can't handle more than 3). Judge said one of the reasons is "limited risk of a parks shutdown" (sic); Judge moments later corrected himself to say parks "slowdown," not "shutdown."

Jim as always said the market is "underestimating" Disney+. Jim also mentioned one of his favorite talking points, Hulu. Weiss said NFLX will do "quite well" and while DIS may do well, he sees no reason to replace NFLX with DIS. Jim actually said the DIS chart suggests a potential breakout, and if so, it's "Katie bar the door" (snicker).

Weiss had a coughing fit during Santoli's moment, which had the panel nearly doubled over in laughter.

Belski likes NKE; Stephanie says she’d sell it

Brian Belski, having upgraded his S&P target just this week, was on the Halftime Report panel Friday (6/27) but this time didn't have to deal with a skeptical Weiss (see below).

Judge told Belski, "Maybe people like you represent the FOMO trade."

Belski said he doesn't think so; "We've been there the entire time." Judge clarified, "It doesn't have to be meant as a negative; um, it's just sort of is what it is."

Bryn Talkington said the indexes are "quite benign" this year; the FOMO is kind of limited to "this basket of stocks." (Later, Bryn said she sold RBLX, saying the stock has become "dislocated" from the business growth.)

Judge cut to Donald Trump's White House remarks; viewers heard another jab at Jay Powell. Then the president was asked about Iran, and Judge cut back to the show ... only to cut back to the White House for more a couple minutes later. Someone asked a question about Americans' concern about the 2020 election.

Back on Halftime, Kevin Simpson gushed about HOOD as not a "meme" stock but "an infrastructure for the wealth generation" (snicker) for "multiple decades" (snicker) ahead.

Belski talked up NKE in his "value portfolio." He said Friday brought a "quintessential (snicker) type of value bottom."

Judge said "Let's be clear though, nothing's happened yet, right" and that Belski can't right now claim "any bit of victory" on a NKE turnaround.

Belski concedes "it's still early," but investors want to be early.

Stephanie Link though said NKE is facing "at least a 2-year turnaround" and she'd sell it Friday. Judge said "that's a statement in and of itself" (sic last 4 words redundant).

Judge said DIS actually got a 140 target. Belski said it's in "a couple portfolios" but he's "minimized" the positions because his shop prefers NFLX and SPOT. (This writer is long NFLX and SPOT.) Judge joked about how many portfolios Brian has got.

Sully explains how current AI works (as Brad Gerstner gushes that it’s only the first batter of the first inning)

On Thursday's (6/26) Power Lunch, Sully was describing a recent experience with AI: "They lift a lot of our stuff, by the way ... Somebody sent me an AI answer recently which was quoting me back to me. Literally the AI model took our- something I tweeted and sent it back to this guy as me. It was the weirdest thing. I should get paid for that."

Funny how the show’s permabears are somehow always ‘fully invested’

It didn't take long on Thursday's (6/26) Halftime Report for Judge, to his credit, to start jabbing Permabear Jenny Harrington about what it's like these days not being bullish.

Judge said Jenny "has not been a buyer into this move, certainly from a sentiment standpoint. Um, not nearly as bullish on this market as others have been."

Judge then asked Jenny if it's time to "change" that view.

Jenny said, "Well, let's define buyer ... I was a buyer ... Am I a buyer that I believe the market should continue to run at the pace that it's run at since it bounced off the April lows? No, I will- I don't buy that argument."

Judge said, "Well you qualified it though at the 'pace' ... Why does it have to go at that pace?"

Jenny explained, "I'm coming from the perspective of a dividend/income investor."

Jenny went on to say, "A long time ago, there was this cool book out called, um, Tree Ring- I think it's called Tree Ring Capital. And it talked about the way the Japanese invest. And the Japanese invest differently than the U.S. ... where they kind of look for everything that can go wrong, and then spend a little bit of their time on what can go right."

Judge said he "literally just wrote" on his page, "Waiting for things to go wrong rather than what actually could go right."

Jenny said, "Ah! Ah! There is a difference. It's not waiting for things to go wrong. It's thinking about things that can go wrong."

But Judge said "you get consumed" thinking about anything that can go wrong.

Jenny said if that were the case, all 3 of her strategies wouldn't be ... here comes the magic words ... "fully invested." (Ding! Ding! Ding! Ding! Ding!)

Jenny said she doesn't think the market can do 16-17% this year.

Judge said "the S&P is up 27% from the April bottom. The Nasdaq is up 36% since April. ... That's the story." Shannon Saccocia said that info should "make you a little bit more cautious."

Josh Brown recalled what happened in April and said "the cardboard cutout thing (snicker) was thrown out the window." Josh said, "My 4 biggest positions all made record highs today. Not 52-week highs. Record highs."

Jenny though said a market at "23 times" has "pulled forward" all the gains and "presumes the very best situation."

Judge told Jenny, "There's been uncertainty around everything forever."

Rob Sechan suggested "value" could return, but for now, don't get off your "surfboards."

Weiss was correct about
Middle East tension

At the top of Thursday's (6/26) Halftime Report, Josh Brown said something that will make Joe Terranova (who wasn't on Thursday's show) happy: "When you look at the momentum factor, it is far and away the best performing factor, nothing's even close — up 16% year to date."

Rob Sechan said there's a lot of "catch up" going on, even in "low quality" names, and it will continue short term. Rob also brought up "intermediate term," one of Steve Weiss' favorite terms. (But Weiss, who wasn't on Thursday's show, was talking about it 2 months ago, so we think Rob's new intermediate term is probably not the same as Weiss' old intermediate term.)

Judge brought up the dollar. Rob brought up Arsenio Hall.

Josh said bitcoin is now "a central part of the ecosystem."

Josh said CRCL is "almost approaching the valuation of Coinbase," but "Coinbase makes more money from Circle than Circle does."

Josh explained how HIMS got crushed this week but said it still has "millions of users" and so "maybe" the selloff was overdone.

Judge noted that Jenny Harrington owns JBLU. Jenny said "value traps" came up at a recent conference, the message being, don't be "too quick to deem something a value trap." (Actually, most people are way too slow at that. #seeCLF) Jenny said she still owns it "because we don't think it should be sold here." Josh questioned why JBLU doesn't do a reverse split because nobody can own it under $5.

CPNG has made Josh's best-stocks list.

On Friday June 13, the day after Israel struck Iran, Steve Weiss said, "Look I've been in the business almost 35 years. We've seen a number of flare-ups in the Middle East. Every single one of those being a buying opportunity." That day, the S&P 500 traded below 6,000 but seems ever since like it can't wait to go higher.

If he lowered his target but didn’t change his investments, what’s the point of the target?

The big revelation on Wednesday's (6/25) Halftime Report was that Brian Belski has raised his S&P target back to 6,700 (remember, he dropped it shortly after cardboard-tariff-sign-day, around the market's bottom, although on Wednesday he claimed he "made no changes to our portfolios or allocations," so he still had a great quarter of investing, which should make anyone wonder what the point of his target is that was being so heavily discussed Wednesday).

Judge said Brian is "playing this game." Belski wasn't on the show but dialed in and told Judge he's "humbled" to be on even though he thinks Judge doesn't want to hear that and sort of gave a too-long spiel about all the things he wanted to hear 3 weeks ago about the market (including either more companies giving guidance or fewer companies not giving guidance, we're not sure which) that would prompt the upgrade he somehow gave to his S&P target. He threw in "oh by the way" 3 (yes, 3) times.

While Brian spoke, a screen graphic showed his arguments as "performance is broadening," and "The death of 'American Exceptionalism' was widely exaggerated and too vehemently (snicker) applauded to hold any merit or duration in our view."

Judge suggested that Brian's S&P upgrade may be "premature" if the guidance and other things aren't as good as Brian expects. Brian said he travels "around the world" and talks to institutional clients who are "massively overexposed" to China and Europe; he expects an ongoing trend of "normalization" regarding the 10-year (3.50 to 4.50) and that he wants to get ahead of stronger guidance and that financials will "crush" it in the upcoming earnings.

Steve "Intermediate term" Weiss said "it's kind of interesting to talk about guidance when, uh, we've been in a quiet period for about 2 weeks and companies haven't even been able to anybody about guidance," and that Brian's forecast assumes an "awful lot of trade deals in the next week" or some other tariff delay.

Weiss also said he doesn't agree with Belski's statement "that it was vehemently applauded that American exceptionalism is dead; I think that byline, that headline rather, lasted for all of 2 minutes." Weiss told Belski, "You came to your conclusion first, then looked for a way to support it," and the support is "built on a house of cards, or uncertainty" and that Brian doesn't have the "ammunition" to make the market bet he's making.

Brian said "what we do is research," that his team "scours through earnings releases" and even though we're in a quiet period, "not all companies report on a calendar basis." Belski said "house of cards" is "too strong," and he's not going to comment on politics. Brian defended his "proven" record and told Weiss, "You can punch holes in it as much as you want; it doesn't do anybody any good. I appreciate your side of the story."

Joe Terranova asked Brian about 3rd quarter debt issuance. Belski said free cash flow is outpacing debt to equity, "straight up" vs. "straight down." Belski said his call isn't "encumbered" by the Fed cutting rates. During Brian's call, both Weiss and Judge said they're "humbled" to talk to him.

Weiss is basically doing what Belski’s doing, backfilling the thesis he wants to see as Judge knocks down every argument

In the wake of Steve Weiss' debate with Brian Belski on Wednesday's (6/25) Halftime Report (see above), Weiss said airfares have "doubled and tripled."

Judge told Weiss the economy is good and that "bulls like Belski" may "have the last laugh ... quite frankly."

Weiss said "what we don't talk about" (snicker) is the loss of immigrant labor and its impact on wages.

Judge said, "So wages go up, and then the consumer hangs in, and people spend more. I don't know what to tell ya."

Weiss specified he's talking about "a certain segment of the economy" that will "feed through."

Weiss said if wages go up, the Fed won't cut.

Judge said if they don't have to cut, "then so be it."

Weiss said the Fed's in a "very tough spot" (snicker) and that he doesn't see the market's 70% probability of 2 cuts this year as a "great bet."

Stock history that lost us somewhere along the way ...

On Wednesday's (6/25) Halftime Report, after the A Block, Judge said QXO is down 85% from its 52-week high and asked Steve Weiss why Weiss still owns the stock.

Weiss said he's not down 85%. Judge said "the stock is obviously making a statement." Weiss said "it's not."

Weiss went on to explain, "Brad Jacobs announced that he was buying the company and it was at 5 bucks," and "fools" bid it up to "200 and change." But Brad didn't buy it at that level, rather, "he did a pipe," and priced it at "$9 and 14 cents" and Weiss was "1 of 7" in that transaction. And we were looking at the stock's chart after Weiss said this, and his numbers (other than the "200 and change") didn't really make any sense, but whatever.

Weiss said Brad has been a "money-raising machine" and has "had no problem raising capital."

Joe’s opening remarks apparently needed clarification

Joe Terranova opened Wednesday's (6/25) Halftime Report saying, "It's a Mag 7 story right now."

Judge claimed it's not all about tech, that industrials are at a high. Kari Firestone, who had a quiet show, said financials are strong and that a "theme" is that the market is favoring stocks not subject so much to tariffs.

Jason Snipe said "you gotta respect the tape" (at least he didn't say "the pain trade is higher"); he thinks you need to "ride the wave."

"Most of my book is, is in big-cap tech," Steve Weiss revealed, saying that when valuations get stretched, "they eventually grow into that valuation."

In the 20th minute, Joe wanted to "clarify" his remarks "at the beginning of the show," when he said it's all about technology, he was only talking about Wednesday.

Joe: Don’t reach for NEM

On Wednesday's (6/25) Halftime Report, Judge and Santoli actually agreed that Wednesday's market was "kinda lame" (snicker).

Sully delivered a report that it's "unlikely" that Shell would be buying all of BP, but it's possible Shell might buy a part of it.

Jason Snipe said "the macro is less cloudy" for names such as BX and KKR. Steve Weiss said he doesn't own private equity names, which has been a "complete miss" for him.

Jason said there's a "lot of momentum" in NOW. Joe Terranova and Judge got tangled up over the word "still" (snicker) while discussing TJX. Weiss said he keeps watching LULU's slide and said "I'd like to buy it," but the competition is a big issue.

Judge said Piper is touting CHTR in Q3. Kari Firestone said she likes the stock. Joe sounded highly lukewarm on NEM and suggested not "reaching for it." That call was kind of interesting, because Halftime hasn't talked about gold too much.

Jason made a decent case for COST. Joe said NU comes with volatility. Joe said EXPE lost momentum. Judge pointed out that BKNG is up 10% this year while EXPE is down 10%. Joe said EXPE has had a "very uneven course" since 2022.

Jason and Joe both picked AMD for Final Trade. (This writer is long AMD.)

Jay Powell apparently doesn’t know the requirements to be Fed chair

The beginning of Tuesday's (6/24) Halftime Report was preempted by Federal Reserve Chair Jay Powell's testimony to a House committee.

We were barely paying attention when we heard U.S. Rep. Juan Vargas, D-Calif., who said he is 64 years old, ask Mr. Powell (who is 72, but that number was not mentioned, only that Mr. Powell is older than Mr. Vargas) if Donald Trump can appoint himself chair of the Federal Reserve.

Mr. Powell responded, "It's a question, but not for me. ... I don't know."

Then Rep. Vargas asked, "You're the Fed chair, what is (sic) the requirements to be the Fed chair?"

Powell answered, "Confirmed by the- nominated by the president, confirmed by the Senate. I think- I think you probably have to be a U.S. citizen probably, but I don't- not sure ..."

Well, we don't know those requirements either.

But we're not the Fed chair.

Attempting a little sleuthing ... (sigh) We knew this wouldn't be easy ... we tried finding a simple answer on some sort of official, Fed-related website.

It seems like a big priority is to already be on the Fed's Board of Governors. But the position requires Senate confirmation, which is probably a bigger deal, so perhaps there could theoretically be a scenario where a president appoints a Chair who is not on the Board of Governors, and the Senate could theoretically approve it. (We have no idea.)

But let's say the president does this the typical way. To get on the Board of Governors, it does seem like the biggest requirement is merely Senate approval. And we did see on some official-looking document, "U.S. citizen." Otherwise, the guidelines indicate someone who has demonstrated some elevated knowledge of at least parts of the financial system, is not in the same district/territory as someone else, and not working for a bank. (That's the Cliffs Notes version.)

People may be surprised to know that the Supreme Court has a similar lack of requirements. The dude at 7-Eleven could theoretically be setting legal precedents, provided 50 or 51 senators go along.

Joe predicts cut by Sept. 18 (a/k/a Santoli apparently is actually seeing 1999 parallels)

Once Tuesday's (6/24) Halftime Report producers opted to cut off Jay Powell's testimony, Judge and Stephanie Link harped on the implication from the Fed chief that if not for tariffs, the Fed would be cutting rates.

Joe Terranova said "resiliency" is the term he'll use over and over again. Joe predicted, "I think they'll be cutting by September 18th."

Kari Firestone said there's a "runway" for Megacap Tech to lead the market higher.

Josh Brown pointed out COIN is the best stock in the S&P financial sector this year.

Judge noted UBER's gain Tuesday. Joe pointed out that UBER is classified as an "industrial," something that fascinates panelists on this show. Switching to semis, Joe said AMD is "breaking out." Judge said a "bunch" of semis are breaking out.

Josh pointed out how UBER has occasionally sold off whenever there's a robotaxi headline, and it's probably good that Tesla's finally getting going on it.

Joe called HEI "remarkably strong"; it might be the first time we've heard that stock mentioned on the show. Same for HWM; Joe is "very proud of what it's done."

Joe said he's got a "double" in EQT, "so I can sit and wait with this," a comment that really doesn't make any sense. If it's a strong investment, then anyone should buy it now. If it's a weak investment, Joe and others should sell.

Josh said DIS is on his "best stocks in the market" list; he said it's a "big surprise" that 7 entertainment stocks are on that list. Josh said the Street is giving DIS a lot more credit now for Disney+ subscribers. Josh said if it broke through 120, that would be a "pretty massive breakout."

Santoli said the market wants to "finish the AI bubble," but Judge doesn't "understand" how today's market could be likened to 1999. Santoli conceded the current market doesn't have the same "speculative nuttiness," but he pointed to interest in CRCL.

On Tuesday's Fast Money, Guy Adami was heard to say that Tim Seymour said weeks ago, "The pain trade (snicker) (means the market's going up) is gonna be higher." But Guy wondered "at what point" do valuations "matter."

‘These kinds of conflicts
don’t end bull markets’

Monday's (6/23) Halftime Report might've been better off stationing Judge in the D.C. bureau. But even with its constant geopolitical headline interruptions, Judge's crew put together a strong, crisp show with some instant analysis about the Middle East conflict's impact on financial markets.

"It was the right thing to do," Steve Weiss concluded of U.S. strikes on Iran.

Weiss shrugged that the market "only knows one direction basically, and that's up." (As we wait for Weiss and Judge to define the "intermediate term" that Weiss was fearing so much a month ago.)

Joe Terranova opened saying you “can’t ignore the resiliency” of the market and pointed out the EIS hitting an all-time high on Monday.

Amy Raskin pointed out, "The longer we don't talk about tariffs, the better it is for the markets."

Bryn Talkington mentioned the "posterboard" on April 2 that "caught everybody by surprise" and suggested that particular event may have been it for black-swan events in 2025.

Weiss said he's "predominantly" in large-cap tech but noted a lot of stocks aren't up.

Bryn said that she's actually been making more money selling TSLA calls than just owning the stock. Joe tried to explain why TSLA may or may not be in the JOET. Judge said it's a "matter of days," but the rebalancing doesn't happen until the end of July.

Weiss said robotaxis aren't going to be profitable for a while and again pointed out how with Uber, drivers handle the car maintenance. Weiss credited Bryn's success with TSLA but called it "the most overhyped stock on a long-term basis I've ever come across."

Judge spent the 2nd half of the show dealing with news reports about "credible" Iranian threats. Joe said this is a "headline-driven market" with a "lot of algorithms" and at least in terms of crude oil, he wouldn't be doing much right now.

Santoli declared, "These kinds of conflicts don't- don't end bull markets."

Weiss said "Qatar has been the home away from home for the heads of Ha- Hamas and other terrorist organizations."

Sully is an expert on this topic and was quite animated discussing the situation on Power Lunch.

Rate-cutting has ‘optics’

Judge on Friday's (6/20) Halftime Report announced that Jay Powell's remarks "were deemed to be more hawkish than not." (By the way, we give Judge credit for reporting for duty, as we anticipated many CNBCers would make it a 4-day weekend.)

Josh Brown said that to eclipse the old highs, the market needs "a little bit of time to breathe" because "historically, it doesn't really happen right away" after a recovery rally; rather, once it gets near the highs, it tends to "stall out a little bit."

Permabull Stephanie Link said "one yellow flag" is the "weekly jobless claims" that are "going higher."

Steve Liesman said he thinks Jay Powell is "a guy that wants to reduce rates." But Steve questioned the "optics" of cutting rates "in a month when inflation goes up." (And we didn't know that there were any optics involved in moving interest rates or inflation.)

Jenny Harrington pointed out that the 10-year is around 4.35%, just like it was a year ago, and asserted that the front end of the curve is less important to markets. Jenny said the budget deficit is "totally out of control."

Judge promised Tom Lee on Closing Bell was going to say buy the dip and that the pullbacks will be "shallow."

NFLX’s valuation

Judge reported on Friday's (6/20) Halftime Report that Dan Ives has decided IBM is "still underowned."

Jenny Harrington said 2-3 years ago, "where Steph and I were the only 2 who owned it, we got into a major pissing (yikes) match with a short seller who thought we were idiots."

"Yes we did," Stephanie confirmed.

"You have to look ahead," Jenny concluded.

(Honestly, we don't recall this debate or short seller, but IBM seems like a strange stock to short. It never has a super-fast tumble, just very lengthy downtrends that move incrementally. And then it occasionally has a burst higher.) (This writer has no position in IBM.)

Meanwhile, Josh Brown bought more TOST. Jenny called KMX a "fantastic buy."

Josh flagged RKT as a breakout stock, saying it could have a "ton of demand" if there's just a refinancing boom.

Josh talked up APH as a data-center play.

Jason Snipe said NFLX has "lots of room to run internationally." (This writer is long NFLX.) Josh said you never hear the term "streaming wars" anymore because the war's been won. Josh suggested "big YouTube creators" could be another growth avenue for NFLX. Jenny talked up DIS but of course said NFLX is "not a compelling valuation." Josh said NFLX and DIS both have streaming services, "and then the similarities end."

Uh oh — Waymo report sounds like that PANW 5%-vs.50-60%-of-billings-are-from-federal-government fiasco

On Wednesday's (6/18) Halftime Report, CNBC's Dee Bosa reported on Waymo deploying in New York.

Dee also said Wells Fargo produced a note predicting that by 2030, Waymo's U.S. "footprint" will grow from 10% to 57%, and Waymo will have "taken 10% of the rideshare market."

But moments later, Dee said, "To think that they could take up 60% of the total addressable market by 2030, that really puts it in perspective."

But the Wells Fargo note apparently said Waymo will only have 10% of the rideshare market.

So they're either getting 10% ... or 60% ...

Neither Judge, nor Dee, offered any clarification.

What’s the status of that federal order to work on reopening Alcatraz?

In yet another Wednesday pre-Fed show that's out of date within about 45 minutes, Judge on Wednesday's (6/18) Halftime Report said Tom Lee "says stocks are gonna rally post-FOMC."

Joe Terranova opened the remarks claiming that entering Q3, "You have this looming battle between resiliency and complacency." Judge cut in that we could have "both." Joe said, "I'm in the resiliency camp." Joe suggested we're getting out of buyback season and that there are "looming tariffs" (snicker).

Joe suggested that if Jay Powell "really has a hawkish (snicker) position," he doesn't see that as good for markets, "and I can't see why he would move towards a dovish position."

Judge though said "I don't know why he would remain, uh, hawkish," citing "jobless claims" and "data points."

Bill Baruch said of Powell, "I think he has a reason to go dovish." But Bill cited the all-time contra-indicator "Michigan consumer" inflation survey (Zzzzzzzzz) (snicker).

Kevin Simpson said he could make a case for cutting rates this week, though he knows that won't happen.

Steve Weiss was remote in a brick room, he said he was in the offices of one of his portfolio companies involved in robotics. Judge cracked that it looks like "the hole in Alcatraz."

Weiss said he thinks it's "status quo" for the Fed. He said the market has "pure momentum."

Steve Liesman said, "You, Scott, just engineered a perfect stagflationary conversation," which is "almost precisely" the conversation the Fed is having. Weiss moments later claimed he's been talking about stagflation for "a couple months."

(We're not quite sure what kind of conversation Judge "engineered," but whatever.)

Later, Weiss revealed he actually is in San Francisco, prompting another Alcatraz joke from Judge.

Jeffrey Gundlach actually did not mention ‘Mr. Magoo’ on Closing Bell

Steve Kovach on Wednesday's (6/18) Halftime Report reported that Sam Altman is claiming META is poaching OpenAI workers with supposedly $100 million bonuses. (Zzzzzzzz)

Steve Weiss said it "costs a fortune" for AI engineers but sounded skeptical about META paying $100 million bonuses; "it makes no economic sense whatsoever."

Judge though said these companies have "never been shy" about paying huge amounts for these engineers who are the "lifeblood" of these operations.

Kevin Simpson bought CAT, saying industrials have topped his expectations this year. Kevin bought JBL on Friday after making it his Final Trade last Thursday; he said "it's up $20 since then." Kevin cautioned, "It's up a lot, so be careful." (Doesn't that mean it's a great MOMENTUM stock??????)

Bill Baruch bought TMUS after regretting selling it earlier. Kevin sold a covered call on TMUS.

Joe "Momentum" Terranova suggested the JOET's purchase of ZTS could be a "swing and a miss."

Joe said RCL is the cruise line you want to own.

Joe said "EQT has remarkable strength right now" because "there appears to be this awakening in natural gas." (If we had a dollar for every time we've heard on CNBC that natural gas is just getting going ...)

Bill said he does expect bitcoin to at some point surpass $110,000. But he's not sure it will "perform well" if the Middle East war "heats up." Weiss said "I'm in it for the momentum, I think the momentum reaccelerates" from "specific legislation."

‘Right now, I think it’s a buying opportunity’

Tuesday's (6/17) Fast Money began with CNBC's Eamon Javers at the Nasdaq, leading an excellent session on the state of the Israel-Iran conflict and potential U.S. involvement.

Steve Grasso said, "Right now, I think it's a buying opportunity. World War III? Not a buying opportunity."

Karen Finerman stated, "It seems contained right now, in that, there's not a lot of great moves that Iran can make right now."

At the moment, that seems true. Eamon noted that goals or end games are unclear. If — a big "if" — Iran is unable to defend itself, perhaps there could be talk of an international force entering the country. And then the country that is currently at war with Ukraine is bound to have some kind of reaction.

Steve Grasso continued to make the argument that other companies will lessen their spending on NVDA, and "I'm looking for the stock to be back below a hundred ... maybe in a year." Karen, though, said she thinks "there's still runway for Nvidia."

What happened to the tariffs on film (or is it ‘TV’ or ‘series’ too) productions?

At the top of Tuesday's (6/17) Halftime Report, Judge was trying to talk about fund manager surveys (Zzzzzzzzzz).

Shannon Saccocia said we've seen "that expected tariff rate continue to come down."

Josh Brown referred to the president a couple months ago holding a "piece of cardboard" showing tariffs. Josh pointed out the importance of the Mag 7/AI theme, specifically NVDA, in keeping the market going.

Brian Belski said, "We're very lucky to remain bullish through all of this," not mentioning how he cut his S&P target right around the bottom. (See below a couple months ago.) Brian said stocks will be "significantly" higher a year from now, and he'd be inclined to buy AAPL.

Judge brought up the dollar and tried, and failed, to convince Stephanie Link that there might be any problems with this market.

Judge asked Steve Liesman a "simple question," whether, if not for tariffs/trade war, the Fed would be cutting Wednesday. "No doubt in my mind," Steve said.

Megan Cassella reported on a post from Donald Trump about the whereabouts of Iran's Supreme Leader.

Josh was again talking up LYV, saying it's been "rallying for 3 years straight."

Belski bought NKE at 56. Judge said SPOT hit a record high. Belski said of SPOT, "I love this company," and he's owned it for 7 years. (This writer is long SPOT.)

Referring to AXON and RTX, Josh said aerospace and defense stocks have a median 17% return this year.

Josh, who got all day to talk about his best stocks in the market, said he'd be "very alert in the oil names right now for the next leg of this rally."

Joe calls Brad ‘phenomenal’ in how Brad describes the universe of ... something or other

On Monday's (6/16) Halftime Report, Jim Lebenthal predicted new highs "pretty soon" and said once we get there, "FOMO" kicks in.

Joe Terranova offered, "We continue to show the resiliency in this market" and he thinks we're headed to a new all-time S&P high. Judge said that when he asked about the 10-year yield on Friday, he was getting "a different answer from 5 different people."

Kari Firestone though said the market has "certain constraints," citing concerns about earnings growth.

Joe said, "I watched Thursday's show. Brad Gerstner was phenomenal in just simplistically describing the universe that we're living in here surrounding this innovation."

Kari selling, Jim buying ADBE

Kari Firestone revealed on Monday's (6/16) Halftime Report that she sold ADBE, one of the more interesting stocks in the market (this writer has no position in ADBE); "They're having trouble in their major business, Photoshop."

Jim Lebenthal, though, bought more ADBE, saying he's been adding over the years. Jim said the earnings were a beat on top and bottom lines.

Judge, skeptical, asked for a 1-year chart, prompting Joe "Momentum" Terranova to say "down 23%."

Jim explained that Kari's a "growth investor" while he's a CLF-all-the-way guy "value-oriented guy." Jim claimed ADBE is "meeting" the "competitive threat."

Joe said, "They have to somehow revive that revenue growth" and warned that there's a "massive earthquake coming" in tech from OpenAI. (Yes, as far as we can tell, it's an "earthquake" that reposts 5-year-old Wikipedia page material when you ask it a question.)

Jim sold CASY, calling it a "heroic stock," and saying he only sold it because he needed funds for ADBE.

UNH bottomed May 15; apparently Judge thinks a 20% gain since then is pocket change

Judge spent part of Monday's (6/16) Halftime Report discussing winners and losers in panelists' portfolios.

Joe "Momentum" Terranova said it's a "valuable exercise" to evaluate everyone's winners and losers, and what's evident is that "momentum is one of the strongest factors" in the 2025 market, which generally means a "healthy market."

Hmmm ... OK ... Going out on a limb here, if a bunch of stocks have "momentum," then it's probably a good market.

Joe bought the EIS. Joe also bought SU and ENB, saying the U.S. refiner is "eating the tariff."

Joe doesn't see a "green light ahead" for INCY but he's "staying with" BSX.

Jim Lebenthal claimed that CSCO is like "Oracle 3 years ago."

Dom Chu's guest on ETF Edge was actually Dan Ives, who said it's the "2nd inning" (snicker) of the AI revolution. Brad Gerstner says it's only the leadoff batter of the whole game.

Kari Firestone owns UNH; Judge wondered why. Kari said she actually "bought some more right at the bottom," which was actually an excellent move. Judge somehow said, "The stock looks like it's at the bottom."

Jim's Final Trade was DIS; Jim said it's "actually breaking out."

‘Every single one of those being a buying opportunity’

Steve Weiss opened Friday's (6/13) Halftime Report saying something that we couldn't possibly agree with MORE. (In fact, we were agreeing with almost everything we heard on Friday's show.)

"Look I've been in the business almost 35 years. We've seen a number of flare-ups in the Middle East. Every single one of those being a buying opportunity," Weiss said.

Indeed. This page has heard the "if there's a closure of the Strait of Hormuz" thing for probably 30 years running. We also don't get this tiresome notion of "Nobody's going to short oil going into a weekend like this." If anything, it's probably as good a time as any. (This page has no position regarding oil's price and is definitely not in the business of making commodities recommendations.)

Weiss said if he were trading oil, he'd sell the pop. Judge noted the oil market had been trading all week "as if the market quote-unquote knew something was gonna happen."

Weiss concluded, "It's business as usual." Sarat Sethi agreed with Weiss that the impact should fade quickly, even though Judge questioned whether Strait of Hormuz issues could spike oil to $100.

Rob Sechan though warned of a ripple problem, suggesting Middle East tension could "throw a wrench" into the economy and markets because of what may happen with oil prices. (How many times has that actually happened.)

Bill Baruch dialed in saying that this week, he'd been "exiting call spreads in crude oil, exiting call spreads in gold." He said "it's important to capitalize on these moves" and the market tends to forget what happened last week. (Hear, hear.) Despite his moves, Bill said gold is "building up for 5,000."

Judge brought up Brad Gerstner's giddiness about his renamed Trump Accounts possibly getting approval about the stock market. Weiss again stressed he's "fully invested" and said that despite Brad's optimism, Weiss said "the CEOs that I talk to" (snicker) aren't as optimistic.

It was in the 19th minute that Rob Sechan met the show's daily quota of someone saying "The pain trade is higher" (snicker). (That means he thinks the S&P is going up.)

Rob said "Valuation is a terrible, terrible timing tool." Yet again, we couldn't agree more.

Weiss said NFLX "weakened a little when the Hulu news started coming out, uh, and that made no sense." Weiss called it a "permahold, it's a permanent compounder." (This writer is long NFLX.)

Rob and Weiss both backed ABBV, though Weiss said he's maybe "the only one who hasn't owned it over the last 5 years." Weiss said he bought back UNH. Honestly, this page doesn't know where UNH is going, but it feels like all of Weiss' (and others') buys in this name in the last 6 months or so seem like attempts at bottom-picking. (This writer has no position in UNH.)

Judge said IBM has been on "a tear." Rob said it's up 71% since he added it last year. Judge said SU and LLY were both on winning streaks.

Judge asked Rob about PNGAY's "4-day win streak." Rob said, "You kinda poked me on this one when I added it on the show." We didn't recall it in the slightest.

Grandpa Weiss referred to reports of consumers putting more grocery bills on credit cards.

Rob said he's going to be patient with ADBE, a stock discussed the previous afternoon on Fast Money.

Josh, next to Malcolm at Post 9, says PANW is one of the best stocks in the market

We didn't know if we were being put on — or if it was just a crazy coincidence.

Late in Thursday's (6/12) Halftime Report, Josh Brown actually talked up PANW as one of the best stocks in the market — while Malcolm Ethridge sat to Josh's left.

(If you don't know why that's significant, see below.)

We didn't hear anything from Josh about the billing percentage from the federal government.

Whether the CEO will issue a statement on Friday, we guess we'll find out.

How in the world does ‘AI’ come up with all this information??

Brad Gerstner, star guest of Thursday's (6/12) Halftime Report, actually was heard to say, "The AI supercycle is larger than the internet itself."

And we wonder exactly what AI Brad is using. Because in terms of the printed word, it seems like AI is just ... scraping words that someone else actually wrote.

We typed in some familiar terms (tip: people on the Halftime Report) to ChatGPT, and it took a fair amount of time for the "AI" to post for us the Barrons.com, Wikipedia and office website descriptions of a couple folks on the Halftime Report. (At least it didn't take credit for writing those profiles from scratch.)

Brad said we might even only be in "maybe the first batter in the first inning" of the AI wave. (Which articles will AI be scraping from in the 8th and 9th innings?)

Brad said Henry Blodget "got ridiculed and laughed off of Wall Street" for his AMZN $400 call in 2000, but "Amazon is up 87 times today from where it was when he made that call."

‘Is the strategy Navarro?’

Brad Gerstner was the star guest of Thursday's (6/12) Halftime Report, taking part early in a discussion about the markets, and later in a discussion about his White House event with Donald Trump.

Brad claimed that it "looks like we have a deal with China." (Heard that one before.) Brad said, "So I feel very comfortable, um, where we're going to land the plane on tariffs."

Malcolm Ethridge said Brad made a great case for long-term holds, but that March and April weren't that long ago and a lot of people thought about getting out of the market and it's not a bad idea to be "derisking some" and "do yourself some justice."

Kevin Simpson said "the risk is still to the upside." He's expecting "more of a range-bound market."

Judge told Brad that the Wall Street Journal editorial team says Donald Trump has no trade "strategy." Brad stressed that there's a difference between a "strategy" and "tactics" (bringing memories of the McCain-Obama debate of 2008) and that the show is often about tactics.

Brad said Donald Trump's tactics are apparent from the book, but "the strategy is what scared the market earlier in the year," as the markets had to wonder, "Is the strategy Navarro?" And Brad said that if the market believed now that Navarro was the strategy, it would be down 20%.

(OK, we don't agree with Brad on everything, but if he — like others on the show recently — keeps noting the Navarro element of the White House, we might just elect Brad to office.)

Instead, Brad said the markets decided the strategy is "the Bessent consensus" (snicker). Brad said it looks to him like "the president's got trillions of dollars of incremental investments in the United States" and that we're "re-onshoring some critical industries" (though he didn't actually name them).

Brad said the poster that the president held up in April at the White House showing all the tariffs on countries "terrified the markets."

Josh Brown said the "revelation" to the markets was that the only negative was the trade war. Josh drew an analogy to kids playing street hockey and having to pause and move the nets when a car comes through.

Josh said, "Quite frankly, the- the Liberation Day to, the- the TACO didn't last that long." Josh said "These ARR businesses are absolutely smokin'."

Brad added, "We're still below the 5-year average on software multiples."

Brad said, contrary to what Malcolm Ethridge was saying, that investors should be "leaning in" to the markets as opposed to hedging.

Malcolm said his "one concern" with the market was that Q1 earnings may have been a "pull forward" on tariff fears.

Josh said some companies are pricing in the impact of a trade war, but the biggest companies haven't been hit hard.

Josh said the "push and pull" about rates and labor market will probably continue this year.

What’s ‘surreal’ about it?

Judge actually asked Brad Gerstner on Thursday's (6/12) Halftime Report if it was "surreal" (sic) (snicker) to be at the White House on Monday. (That was so the president could tout the "Trump Accounts" that used to be known as "Invest America.")

Brad said it was an "incredible moment for America." CNBC's screen graphic still called it "Gerstner's Invest America."

Judge wondered if the plan, however close to the goal line, will still get across the finish line in Congress. Brad insisted it has "broad support" and predicted it would "remain in the reconciliation bill."

Meanwhile, Malcolm Ethridge said he finally bought AAPL because it reached "peak pessimism."

Josh Brown bought JOBY and ACHR and called them "super speculative." Kevin Simpson said he got stopped out of TPL.

On Fast Money, ADBE came up; Tim Seymour said "at some point," it will catch a bid. Dan Nathan called it a "no-touch." Steve Grasso said it bounced technically in April and the technicals "look great," but it's still in a declining trend for 2025, so he'd wait for it to gain another $10 to the upside before buying. (This writer has no position in ADBE.) (It was Steve's birthday, as well as his twins'.)

The M&A cycle is just around the corner ...

Early on Wednesday's (6/11) Halftime Report, Grandpa Steve Weiss stated, "Earnings aren't gonna be good."

Weiss shrugged at the China tariff news; "There's nothing new coming out of it" and CEOs have "no clarity." But Weiss is "pretty fully invested."

Joe Terranova didn't opine on whether earnings will be good but said if they're not, that'll be a problem.

Joe said the China news was "priced in already." Joe noted the VIX is at 16. Joe said there's a "broadening out" going on.

Weiss wondered if we might see NVDA "trade down again." Joe said semi activity seems like it's "beginning to moderate somewhat."

Shannon Saccocia said there's going to continue to be a "wait-and-see approach" to AAPL. Joe said TSLA and AAPL are "struggling" and that the "totality" of the Mag 7 doesn't have the same dominance as in 2023/2024.

Joe yet again explained how the JOET "strategy" has to be "rules-based" unless he changes the "SEC prospectus," which would be a "big process." (It doesn't stop him from buying whatever he wants for his personal account.)

Shannon said the markets are "anticipating" tariffs moving lower. Jason Snipe said "part of" the catalyst ahead would be the Fed.

Shannon said energy's starting to look more attractive. Jason said financials are a "nice opportunity" and said something we've been hearing for years from various people on this program, the M&A cycle is "due" to come back. Moments later, Joe said he sees no reason to be selling GS. Jason brought up the "M&A cycle" again.

Weiss said he bought CAT and XLI for the reason of, "What if I'm wrong."

Weiss may have been wearing Adidas Stan Smith sneakers.

Dom Chu was enlisted for ETF Edge, but the mike wasn't working, so Dom was doing a Shields & Yarnell routine before guest host Frank Holland cut away to commercial. (Judge was surely traveling back from California.)

Todd Lewis previewed the U.S. Open (the golf tournament, not the September tennis gala) from Oakmont. (Obviously, it's being televised this weekend on NBC.) (SpinCo supposedly is going to blur or eliminate the partnerships between CNBC and NBC so that content can be licensed to more entities.)

Weiss said he bought more QXO and made it his Final Trade.

Karen: Not sure whether CMCSA or DIS is ‘making the right choice’

It took nearly all the way through Tuesday's (6/11) Fast Money to get the most interesting commentary of the day — Karen Finerman on DIS and Iger's CNBC interview and which company is making the smart move in regard to Hulu.

"It is so interesting that, uh, Comcast is doing a different model, right?," Karen said, struggling for the right terminology. "I guess we're 'divested,' sort of, 'spinning off,' call it. But not with the linear TV. Right. And so what- what do they see versus what Disney sees and who- who's making the right choice? I don't know. I mean, the landscape's changing so quickly, it's hard to know. But it was a really good interview, though. I mean, he seems very optimistic."

Guy Adami didn't address Comcast/Versant/whatever and said to "buy strength" in DIS.

Mel said David Faber is on the "Mount Rushmore of CNBC talent." Guy said Mel is "on that Rushmore too."

CNBC San Francisco set isn’t big enough for more than 3 people
(a/k/a ‘absolutely massive excitement’ in portfolio management business)

It says something about the impact of AAPL's WorldWide Developers Conference when a business television program the day after the event is even less exciting than the one that aired a day earlier an hour before the event even started.

But one thing viewers learned from Tuesday's (6/10) Halftime Report was that CNBC's San Francisco "office" is so small (about the size of Joe's pandemic office with numbers on the walls) that no more than 3 persons can be seated at the table on camera. (That explains why Dee Bosa and Steve Kovach delivered reports from seemingly another set but with the same Bay Area background.)

When the show began and Judge was introducing the topics, a woman (we think Dee but can't be sure) was heard on open mike saying "I don't hear Scott."

Early in the show, Judge mentioned that Steve put on social media that AAPL held a "WorldWide Meh Developers Conference," which Judge said was "cold."

Steve clarified that he was "linking to uh, the Cramer's Investing Club takeaway uh when I- when I tweeted that." But Steve said, "That's what the Street is saying this morning too."

Erik Woodring of Morgan Stanley, who has a 235 on AAPL, said "we didn't get much" about progress toward the exciting goals from 2024's WWDC.

Malcolm Ethridge, who was in D.C., said he thinks we're nearing "peak pessimism" in AAPL and he's close to buying but hasn't yet. He suggested 172 is probably the "floor" for bad news. He ended up making AAPL his Final Trade.

Alex Kantrowitz joined Judge and Brenda Vingiello at the San Francisco office for what was kind of a generic conversation about the state of Megacap Tech. Judge opened telling Brenda that it seems like taking out the old highs is a matter of "when not if." Brenda conceded there's been a big "resurgence," but growth needs to "stay intact."

Malcolm Ethridge said he's "growing a little bit more skeptical of this market at 22 times on the S&P."

Malcolm Ethridge said he doesn't like any stocks now such as MCD that get 50-60% of billings from the federal government are tied to the consumer, but he said the area for growth for MCD would be its plan to "add additional franchisees and open additional stores from here," for all those who figured there couldn't possibly be anyplace in America without a McDonald's at the end of the block.

Judge said DIS got a Loop upgrade; Brenda said the Hulu deal was "a lot lower cost" than had been speculated.

Brenda said the Musk-Trump split is actually the "best thing for both parties."

Alex Harmsen, the co-founder of PortfolioPilot, was Judge's star guest. He's so excited about his line of work that when Judge asked about reaching 30,000 users and $30 billion in assets, he said, "It's been exciting, uh, absolute, uh, you know massive excitement." He said AI supplies "optimization" opportunities.

Preserving ‘mental capital’

Judge was in Cupertino for Monday's (6/9) Halftime Report, a sleepy preview show in which most of the commentary could've been recorded months earlier. (It must've been cold, because Judge was in both a thick vest and a jacket.)

Panelists were not in Cupertino. Rob Sechan, back in NewEdge offices, said it's hard to be "too pessimistic" on AAPL but conceded that the WWDC "may be a sell the news, uh, moment."

Joe Terranova, broadcasting from that pandemic room with the numbers on the walls, said AAPL is "bcoming more value tech than anything else, and it's not that exciting." Judge questioned the terminology of "value tech" when "it trades at 26 times."

Stephanie Link actually said, "What a difference a year makes."

Dan Ives, who was on Judge's Cupertino set and whose jacket got a mention by Judge, said he's still confident that "the consumer AI revolution (snicker) runs through Cupertino." Dan suggested a $4 trillion market cap.

Alex Kantrowitz joined Judge and Steve Kovach in Cupertino and said people are talking about this as an "AI gap year for Apple."

Judge tried asking Joe about the Trump-Musk war; Joe's mike wasn't working, so viewers got a bit of a Shields & Yarnell routine; then Joe's audio returned, and it sounded like Joe was in a cavern. Joe stressed how he can't change the rules for the JOET, but if he could "tweak" the strategy, he would write off some names that require "mental capital."

Stephanie Link jumped aboard UBER, which she noted is "7% below its highs," always a favorite Halftime metric. Joe said "obviously I support" Stephanie's arguments in favor of the company.

Judge said there's been speculation about some names getting in to the S&P 500, but it hasn't happened. Joe said that not getting in "stalls" the positive momentum of APP. But he asserted that the fundamentals are strong with IBKR.

Jenny doesn’t think the stock market is ‘running’

Judge on Friday's (6/6) Halftime Report seemed determined to dismiss Permabear (except in all those great non-tech stocks with low P.E. ratios that are out there for real stock-pickers) Jenny Harrington's typically not-so-optimistic outlook on the stock market, only to have Jenny pivot to a semantical debate.

Judge opened the show telling Jenny, "This market continues to run."

Jenny immediately objected, "I don't- I mean, I don't really see it as running, do you? What are we up now, 1½%, 2% on the whole year? That's running?"

"Why don't you judge it from the low," Judge suggested, adding that maybe Jenny is "trying to make yourself feel better," but isn't that "kind of missing the story."

"I don't think it can go a lot higher from here," Jenny bluntly stated, citing "serious headwinds."

Rob Sechan said he "very rarely" disagrees with Jenny, but "the pain trade is still higher" (translation: That means he thinks the market is going up) and "there are still tons of haters out there." Rob even said "one of the biggest bulls is Mike Wilson."

Rob suggested the market's in a range of 6,150 to 5,400, but it would take something "pretty powerful" to go back to 5,400.

Josh Brown said some things should provide "faith" that we won't "revisit" the lows this year. Josh said Megacap Tech CEOs reaffirmed AI spending and that we haven't had a bad jobs report.

Josh also said "the Robinhood crowd" is "buying every dip" and that HOOD is at a new high. Kevin Simpson noted that HOOD could be had for 31-32 during the April lows.

Jenny said she was at a REIT conference last weekend, and "overall," expectations were for zero rate cuts this year.

Judge asked in disbelief, "You came back from a REIT convention and that is, is shaping your view of the overall market?" Jenny answered "no," that it's only shaping her view of "where I think rates are going." (And we didn't realize that REIT CEOs are better than the markets/Steve Liesman at knowing what rate moves we're going to get.)

Jenny owns DOCU and said she's "up 80%" in 2 years and said the earnings are "fine" despite the stock's big selloff, which Jenny called a "huge opportunity."

Rob said he sold LULU last August for a "tax loss," and now, "the stock seems to have broken down." Jenny of course asserted that DOCU is a better stock than LULU.

‘We are above that sort of thing’

Fairly early into Friday's (6/6) Halftime Report, Judge turned to Eamon Javers at the White House; Eamon said Donald Trump "intends to sell or give away" the red Tesla he bought at the "peak of his hype cycle around Elon Musk."

Eamon said "a number of the TV networks" have "live cameras" pointed at the car on White House grounds, waiting for it to be moved, adding, "We are above that sort of thing, so we don't have that."

Kevin Simpson said he trimmed TSLA a day earlier. "They're not in as good a position today as they were 48 hours ago," Kevin said. He said he wrote covered calls at 270 for a $25 premium; they expire next Friday.

Josh Brown said he wasn't on Thursday's show because he was at a funeral. Josh said the TSLA shareholder base "literally doesn't care about anything," and it's a "nothing matters stock."

Stephanie Link dialed in to say she bought more AVGO.

Jenny Harrington bought LYB (Zzzzzzzz). Rob Sechan sold COP but added JEF.

Kevin Simpson bought MRK and sold CRM.

Josh Brown talked up DE.

Judge said RBLX is up in 8 of the last 9 weeks.

Jeremy Siegel on Closing Bell told Judge, "One of the oldest expressions on Wall Street is, 'Make the trend your friend.' And the trend is upward."

‘I do think it’s 2019’

The first half of Thursday's (6/5) Halftime Report was preempted by presidential remarks — and boy, was that story only getting started.

When Halftime panelists finally got a chance at Post 9, Brian Belski offered that we're getting "some clarity out of China" but still need some kind of resolution.

Bill Baruch said there was some "levitation" this week in anticipation of talks with China, but we need "more facts." Bill said there's a "tremendous amount of resistance" from 6,014 to 6,050 in the S&P 500.

Jim Lebenthal said the market's up because Trump and Xi are talking. Either referring to tariff negotiations or the congressional tax bill (we're not sure, and it wasn't clear), Stephanie Link said "this whole thing is so tiresome."

Belski said he's overweight tech but not overweight the Mag 7. Belski said "tech is here to stay" (snicker).

Bill said, "I do think it's 2019. I've been saying this, that we're gonna have a really strong 2nd half of the year."

Belski bought OKLO and CHKP, the latter being "half the multiple of CrowdStrike." (This writer is long CRWD.)

Bill cut his CRWD position in half, saying he bought last year during the outage fallout and hadn't touched it since, but there was some "shrinkage" in the earnings report and there's also "DOJ news."

As the shortened Halftime tried to gain momentum, Eamon Javers reported that after Donald Trump's remarks, Elon issued "blistering criticism" of ... um ... Republican leadership, tweeting/Xing that "Without me, Trump would have lost the election." Judge called it an "incredible, developing story."

Jim hung a 120 on DIS for his Final Trade.

On Fast Money, which was its 2nd recent production with a studio audience, Eamon Javers admitted he was "kinda out of words" to describe the Trump-Musk feud. (Except Eamon went on to report what had happened, so he obviously wasn't out of words.) There was a lot of news on this show, and not as much time spent with the gallery as in February.

‘Their belief — You can deficit-spend your way out of it’

Joe Terranova led off Wednesday's (6/4) Halftime Report with the 2nd straight day of suggesting Q3 will be the problem; "there is difficulty ahead" because the economy is "going to cool" and he's more concerned about "rapidly" slowing growth, not inflation. (Maybe that jibes with Weiss' contention (which both Weiss and Judge have seemingly forgotten about) that it's the "intermediate term" that's gonna be so awful.)

Jim Lebenthal was trying to argue with a straight face that the CBO isn't accounting for all the growth that can reduce the deficit mushroom cloud because the CBO doesn't do "dynamic scoring."

Judge cut in to say that Megan Cassella reported that the CBO said tariffs will "cut the deficit" by $2.8 trillion over 10 years, but Judge said "that is assuming of course that the tariffs are in place for 10 years."

Jim admitted, "I don't know if the tariffs will last."

Judge pointed out that even if that happens, the debt "trajectory" still isn't good. Jim stated, "The way you get out of this is not austerity. You grow your way out of it."

That's curious enough, but then Judge must've been eyeing Burger King for lunch because he really dropped the Whopper: "That's clearly their belief — is that you can deficit-spend your way out of it."

(So why not double or triple the deficit in the big beautiful bill, so we can spend our way out of it all that much faster?)

And can Jim point to any instance in the last 50 years in which the economy has "grown" its way ahead of the deficit? Has the government ever thought about spending less money?

Meanwhile, Sarat Sethi said in the short term to "expect a lot of volatility." Bryn Talkington said the bond market will serve as "judge and jury" about the country's fiscal path.

Bryn again suggested the market's in a range of 5,750 to "a little bit over 6,000," but "the pain is on the upside." (Which is a fancy way of saying it's going higher.) Bryn said she thinks there is "trade fatigue."

"I think it's a stock-picker's market," Jim said, acknowledging buys in CSCO and QCOM, both stocks that, with a certain exception of a few years for CSCO, Jim has been touting for his entire tenure on the show (but skip NFLX and TSLA; the multiple's too high!).

Joe has made interesting points about casinos, but gains can be had

In a discussion of stock streaks, Judge said UBER and WYNN are on 5-day losing streaks, but Judge is "Ubered-out," so he said they'd talk about WYNN.

Jim Lebenthal said WYNN is "stuck between 80 and a hundred." Jim predicted that when the breakout happens, it'll be to the "upside."

Joe Terranova observed that WYNN is "down 15% in the last 5 years." Joe added moments later, "Down 20% last 10 years." Jim said "I haven't owned it for 20 years."

Joe is right — but he failed to mention, as did Jim, that the stock during those 5-year and 10-year periods has had numerous bursts to the upside. It's had a lot of 6-month spans where it went straight up.

Judge said EQIX is up 6 days in a row, and so is WDAY, both owned by Sarat Sethi. Sarat said WDAY is a "great company" that's "coming off a bottom."

Judge noted ZTS, a Joe holding, is up. Joe noted VEEV is making a 52-week high.

‘Really good’ vs. ‘overwhelmingly great’

Judge on Wednesday's (6/4) Halftime Report brought up CRWD near the end of the A Block (this writer is long CRWD); "If we talk about it 10,000 times on the way up and everybody loves it, we're gonna talk about it on the way down."

Judge asked Joe Terranova, "What's the deal here?"

Joe suggested that a stock on that kind of ride has to have a report that "blows away" expectations. Joe said it was a "really good report" but not an "overwhelmingly great report." Judge wondered if positioning and valuation were "full," why does there have to be something wrong with the report. No one mentioned, as did Guy Adami the night before on Fast Money, that 450 appears to be support in the stock.

Later on, Steve Kovach reported a filing on government questions about the CRWD outage a year ago.

Joe at one point started to rehash his convoluted parsing of a day earlier about which subsectors of tech have momentum and how semis are doing (at least we didn't have another defining moment of defensive tech). (Zzzzzzzzzzzz.)

Bryn Talkington said she doesn't see a "catalyst" to get AAPL shares moving.

Bryn said V, aside from the usual "high margins, no capex," is "out of the crosshairs of the tariffs."

Santoli was at Post 9, but at first, his mike situation was a little screwed up and he sounded a bit like he was talking in a cavern.

Judge brought in NBC Sports reporer Kira K. Dixon from the RBC Canadian Open to discuss recent controversies involving Rory McIlroy.

Judge said Bernstein initiated SPOT as a buy with an 825 target. (This writer is long SPOT.) Judge said it's up "515% in 3 years." Joe said it's a "clear winner as it relates to momentum" and that the JOET bought it on Halloween and is up 85%. Joe said he doesn't like LYV as much as SPOT and that LYV has been in a "sideways pattern."

Kind of hard to outgrow anything when the borrowing never ends

The deficit surfaced in the A Block on Tuesday's (6/3) Halftime Report, and Stephanie Link suggested we could "outgrow our way out of a lot of things."

Hmmmm ... We've kind of been hearing that since the '80s. We're wondering where all the outgrowth has been while the spending keeps piling up. And which sectors (besides government spending) are experiencing great growth? Cleveland Cliffs? If it's Apple, then you get folks like Weiss claiming that's the upper part of the economy while most people are living "paycheck to paycheck" and getting killed by inflation. And if it's Dollar Tree that's got the growth, then it's because "strapped consumers are all trading down."

Stephanie said it's the country's "children" who will have to deal with the national debt. Um, by now, we're actually up to the great-grandkids.

Judge said he's talked to "a number of people" who are watching the bond market and are "fixated" on the deficit, which isn't a "new" thing, but there seems to be "no wherewithal to do anything about it." Judge explained, "It's a kick-the-can-down-the-road, until the can gets run over by a truck."

Sounds like Joe is endorsing Q4

Joe Terranova at the top of Tuesday's (6/3) Halftime Report said momentum and technicals are "way too strong" for the market to "roll over." (Which is another way of saying, it works until it doesn't.)

Joe in his opening statement mentioned "Netfix" (sic) (snicker) but quickly corrected himself. (This writer is long NFLX.)

Joe said, "Literally the pain trade is probably to the upside," which is fancy terminology for saying the market's going higher.

"The bias is absolutely to the upside," agreed Jason Snipe, but Jason noted "lack of guidance" and "pausing" of guidance in earnings, and he predicted a "range" this summer.

Joe said if there's going to be "consternation" in the 2025 "journey" (snicker) (not the rock band), he thinks it's "ultimately (sic) (not really the correct term) gonna be in the 3rd quarter."

Joe struggles to define his new niche category, ‘defensive’ tech

Judge on Tuesday's (6/3) Halftime Report said data are actually showing that tech is near a "record underweight" by big funds.

Joe Terranova suggested there's a "pivot" in the works from "defensive" tech toward semis. Judge asked for a definition of "defensive technology." Joe suggested INTU (Zzzzzzz) and IBM (Zzzzzzzz) but also said Megacap Tech is "its own class."

So apparently the market's making a "pivot" to something in tech, which Joe is parsing right and left.

Moments later, Joe kinda suggested NVDA and AVGO are "defensive semiconductor plays."

Stephanie Link has been trimming CRWD and putting it into PANW. (Uh oh. PANW is the company that either gets 5% or 50-60% of its billings from the federal government.) (This writer is long CRWD.) Joe said there's "very strong momentum" in cybersecurity.

(On Fast Money, Guy Adami said the "450 level" should be support for CRWD and the only thing not to like is the valuation. Tim Seymour said "I think there's more to this trade," but you'll have to let it "wait.")

Jason Snipe bought SNOW around 180 ahead of earnings, which was a good move.

Joe said he thinks NFLX (he didn't pronounce it "Netfix" this time) has higher to go, and he'd put SPOT "literally in the same category."

In a treat, CNBC's Pippa Stevens joined the Post 9 desk to discuss her report on META/AI/nuclear power.

Joe said UBER is now throwing off free cash flow and the company is "investment grade." Jason Snipe said UBER's got the "platform" that you want to have in rideshare.

In a discussion of CMG, Judge took issue with Joe saying "I believe in the company." Judge flatly stated, "You either own it or you don't." Moments later, Joe praised RCL as a "great turnaround story." Judge asked if Joe believes in that company. "Not as much as I believe in Chipotle," Joe said.

Judge announced that Malcolm Ethridge would be on Closing Bell; we didn't see it so we don't know if they discussed PANW billings.

‘I think the lows are in’

It took about 20 minutes to get to the headline on Monday's (6/2) Halftime Report, but to guest host Courtney Reagan's credit, she got it.

Joe Terranova had suggested that Steve Weiss may think the lows are not necessarily in, and Joe suggested it's possible they're not in.

Bryn Talkington, though, said "I think the lows are in." Bryn said April 2 was an "exogenous event" and that the numbers presented that day "made no sense."

Jim Lebenthal opened the show by listing all the world's hot spots and the conceding there's still "trade policy uncertainty" (Zzzzzzzz).

Weiss said "I agree with everything Jim said," citing "heightened issues across the globe," and Weiss even tossed in Poland.

Weiss wondered who could be "sanguine" about this market, with "valuation levels that are where they were a year ago" when we didn't have all this "nonsense." (No, just an incumbent president on the ballot who couldn't put two sentences together in a debate ... and the fellow who actually won.)

Jim said he agrees with a lot of Steve's "negativity," but Jim noted, "Companies have not been laying people off."

Joe said we've recently been in a range from 5,830 to 5,968. "You have momentum right now as a very strong factor," Joe said. But later, for those keeping score, Bryn suggested the S&P is in a range of 5,750 to 6,000, and we're in "middle ground" because we couldn't "punch through" the top.

Bryn said "May was the best year (sic) for the S&P in 35 years." Bryn said the jobs market will "remain strong" and, "We keep talking about all these tariffs, et cetera, but really we haven't seen a lot of- a lot of implementation."

Weiss said, "I actually think that the trade discussions are incredibly important, because that's what's chilling the capex market."

Weiss again in the 17th minute was bringing up his multiple of last year and demanding to know who could be bullish. Joe said "different people are looking at different things," and there's things now that inspire "confidence," but some people "change their mind." Joe said what he sees is "momentum is powering the market higher" and that it's "probably troublesome" to a lot of people.

It was probably a good day to unload CLF, but nobody asked

On Monday's (6/2) Halftime Report, which was guest-hosted by Courtney Reagan, Joe Terranova said AVGO and the semis are a "mean reversion trade" and he's "skeptical somewhat" about it continuing. More interestingly, Joe said he was "a little disappointed" in the response to NVDA's earnings with "not much follow-through."

Steve Weiss said he trimmed NFLX, but he talked it up and sees "nothing wrong" with it, but it's "irresponsible" to keep an outsized position and he said it's only a "question of portfolio management" as to how much he owns. (This writer is long NFLX.)

Joe said he agrees with Oppenheimer's downgrade of regional banks (Zzzzzzzzzzzzzz) (Zzzzzzzzzzzzzzzzzz). Joe said growth is a bigger concern than inflation. Jim Lebenthal said he was "caught a little bit surprised" by Joe's skepticism of regional banks. But Jim said there are plenty of big banks to invest in and no need to dabble in regional banks.

Bryn Talkington likened V to COST as attractive stocks despite what people consider high valuations.

Joe cautioned "be careful" in thinking that OPEC's extra supply will keep pressuring oil lower. Joe said positioning in energy stocks is "pretty light."

Joe and Weiss discussed what Saudi/OPEC announcements/moves mean for the oil market, the conversation was a little too deep into the weeds for this page to get excited about it.

Joe said if CRWD misses on earnings Tuesday, it's a buy. (This writer is long CRWD.)

On Fast Money, Steve Eisman sat in with the gang; Mel announced that Steve has a "podcast wardrobe." Steve kind of shrugged that he's a little concerned about tariffs but not much else. Steve said that "every couple of years," Jamie Dimon likes to "get on his soapbox and start uttering na- nattering nabobs of negativism." Steve said that term was written by William Safire to describe Spiro Agnew. (It was also used often by Louis Rukeyser, who liked to scold bears, on "Wall $treet Week.")

Mel actually asked Julie Biel, "What keeps you up at night about the markets?" (Julie did NOT say, "Weiss' MULTIPLE from last year!!!!!")

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