Podcast Summary: CNBC Fast Money

Episode: A Massive Charge for Ford, and the CEO of a Biotech Up Nearly 500% this Year
Date: December 15, 2025
Host: Melissa Lee
Guests: Tim Seymour, Karen Feinerman, Dan Nathan, Guy Adami

Overview

This episode of CNBC’s Fast Money tackled pivotal business and investing developments, including Ford’s gigantic $19.5 billion EV write-down and strategic pivot to hybrids, crypto’s recent sell-off, tech under pressure as Oracle falters, Zillow’s stock hit from new Google competition, insights into the consumer and holiday spending via Steve Liesman, CIBC’s optimistic but cautious S&P outlook, and an interview with Turns Pharma’s CEO after explosive biotech gains. Actionable commentary was provided on major movers, market sentiment, and sector trends, giving investors deep perspective for year-end positioning.

1. Ford’s $19.5B Write-down and Strategic Pivot

[00:46–12:04]

Key Discussion Points:

• Ford’s Write-down:

  • Announced a $19.5B write-down mostly on failed EV investments.
    • $12.5B to be taken in 2025, the rest in ‘26/’27 ([01:45], Phil LeBeau).
  • Despite this, Ford raised 2025 EBIT guidance to $7B (was $6–$6.5B).

• Shifting Strategy:

  • Pivot to more hybrids and extended range EVs; “think more hybrids and extended range electric vehicles” ([01:54], Phil).
  • Pure EVs will be smaller, more affordable; F-150 Lightning as a pure EV will end, replaced by extended range variant.

• Customer Trends:

  • Hybrids: +19.4% YoY sales; Internal Combustion Engines: +5.2%; EVs: –7.3% ([03:31], Phil).
  • “The current strategy was not working… Jim Farley saying, we’ve got to pivot and this is how we’re going to do it.” ([04:05], Phil).

• Energy Storage Business:

  • Ford intends to launch an energy storage business leveraging its battery production, inspired by Tesla’s battery storage business. Details TBA ([04:48], Phil).

• Analyst & Desk Reactions:

  • Surprise at the magnitude and timing; shareholder satisfaction with pragmatic pivot.
  • GM considered a stronger bet on valuation and execution ([08:40], Guy).

Notable Quotes:

• Jim Farley (Ford CEO):

  “We evaluated the market and we made the call… It was the right time to listen to the customers.” ([03:17])

• Phil LeBeau (auto industry reporter):

  “The previous strategy was not working. They pivoted towards hybrids hard about a year and a half ago and that has been very successful.” ([06:02])

• Tim Seymour:

  “ROI at Ford is job number one… I think the company’s taken aggressive steps in the last couple of years to restructure, to let go of businesses that are not profitable.” ([09:37])

2. Cryptocurrency: Selloff, Structural Questions, and Outlook

[12:04–16:49]

Key Discussion Points:

• Bitcoin’s Slide:

  • Bitcoin down over 5% this month, sliding back to $85,000 amid broad crypto weakness.
  • Key names like Strategy and Coinbase among the day’s biggest losers ([12:04]).

• Possible Drivers:

  • Overhang from Strategy’s potential exclusion from MSCI indices.
  • Desk mixed on whether pressure is technical, systematic, or due to changing market structure ([12:36]).

• Broader Crypto Ecosystem:

  • Skepticism regarding “treasury companies” holding bitcoin on corporate balance sheets versus ETFs.
  • Debated whether leverage and sell-offs could lead to a crypto “FTX moment.”
    • “If you were selling stock, you’re selling debt, you’re buying the underlying and then… you have to turn around and actually sell the thing… it kind of blows a hole into the whole strategy.” ([14:04], Dan Nathan)

• Long-term Adoption:

  • Institutional adoption progressing, tokenization/remittance use cases still viewed as viable for blockchain ([15:31], Tim Seymour).

Notable Quotes:

• Karen Feinerman:

  “That’s a little… I’m long, so it’s a little bit distressing. I’m not even quite sure what it’s about exactly… I’m not really sure, but I’m staying long.” ([12:36])

• Tim Seymour:

  “What I am sure about is that global settlements, tokenization, digitization of assets is alive and well and… are here forever. And that’s a reason to belong some of these assets.” ([15:31])

3. Zillow Versus Google: Disruption Fears

[19:28–21:47]

Key Discussion Points:

• Stock Drop:

  • Zillow stock fell 8% after Google started testing property listings in search results.

• Viability of Threat:

  • Past attempts by tech giants to disrupt entrenched verticals (ticketing, dating) cited as examples of overblown fears.
  • Regulatory and MLS rules (e.g., state laws against Google aggregating listings directly) may insulate Zillow ([20:58]).

• Valuation and Market Overreaction:

  • Multiple analysts (e.g., Jefferies) suggest market reacted too quickly without deep diligence.

Notable Quotes:

• Karen Feinerman:

  “I think it’s probably a lot harder than it seems. Right. There’s an enormous web of agents… So I’m not happy about it, but I think it’s going to be difficult to do. We’ll see how it evolves.” ([20:34])

4. Oracle and AI: Sentiment Shift, China, and Tech Under Pressure

[23:38–26:41]

Key Discussion Points:

• Stock Decline Despite Bullish Citi Call:

  • Questions on data center build-out pace and profitability, with investor skepticism lingering despite company denials ([24:14], Dan Nathan).

• Connection to China Tech:

  • AI optimism giving way to China-specific fundamentals—Oracle, Alibaba, Baidu all caught in the downdraft.

• Sentiment:

  • Consensus that recent AI valuation expansion has left less margin for error; upcoming earnings will be pivotal ([25:32], [26:41]).

5. Market Outlook & Consumer: Spending Data and 2026 Targets

[27:19–34:35]

Key Discussion Points:

• Consumer Under Pressure:

  • CNBC Survey: 41% plan to spend less this holiday season, inflation cited as top reason.
  • Goods inflation persists and may impact retailers’ margins; consumer behavior could force retailer discounting ([27:19], Steve Liesman).

• 2026 Preview:

  • CIBC’s Chris Harvey sees a 9% S&P 500 gain (target: 7,450), but expects a pullback and rotation to quality, value, and lower risk ([29:49]).

• Sector Rotation:

  • Mega-cap tech still has some winners, but broader opportunity in MedTech, software, and financials.
  • Financials “not cheap,” but have strong fundamentals and possible deregulatory tailwinds ([33:15]).

Notable Quotes:

• Chris Harvey (CIBC):

  “Risk at this point in time, it’s just too expensive. You’re not getting paid for it… There needs to be a repricing of risk.” ([30:20])

• Steve Liesman:

  “This affordability issue looks to be a significant part of what’s driving the holiday shopping season, both in people’s minds, but really at the checkout counter.” ([28:33])

6. Turns Pharmaceuticals: Biotech’s Big Winner and Clinical Promise

[35:46–40:18]

Key Discussion Points:

• Stock Surge:

  • Turns Pharmaceuticals up nearly 700% YTD, leading the Biotech ETF ([35:46]).

• Breakthrough Drug:

  • Clinical data: New drug for chronic myeloid leukemia (CML) delivered a 75% major molecular response in heavily pre-treated patients ([36:32]).

• Market Potential:

  • Best current CML drug (Novartis) projects to $4B in peak sales; Turns’ product seen as possible larger opportunity due to better efficacy ([38:14], Amy Burrows).

• Pipeline/Funding:

  • Recent $750M offering funds pivotal studies; primary focus is bringing this candidate to market.

Notable Quotes:

• Amy Burrows (Turns CEO):

  “This is really meaningful for people who potentially are running out of options and who have been difficult to treat. And it bodes very well as we move into frontline patients and bring this to market.” ([36:46])

• Tim Seymour on Biotech:

  “I think there are exciting oncology plays out there that are kind of bulge bracket plays people are not playing in.” ([40:18])

7. Transports: FedEx, Delta & the Consumer

[41:44–43:49]

Key Discussion Points:

• FedEx Earnings Preview:

  • Earnings on deck; cost cuts, demand recovery, run in stock cited by the desk as signals of renewed strength.

• Broader Transports:

  • Airline/travel stocks at or near 52-week highs, indicating surprising consumer resilience via travel spending, if not retail ([43:31], Guy Adami).

• Other Picks:

  • Delta (margin story) and UPS both attract positive desk attention for valuation and business model improvements.

8. Final Trades

[44:06–44:48]

• Tim Seymour: J&J—diversified with consumer, MedTech, and oncology ([44:12]).
• Karen Feinerman: “I like the whole big pharma space… Good place to hide in lower PE if you like Novo.” ([44:18])
• Dan Nathan & Guy Adami: Hurts (HTZ) may be overdone on the downside; Uber also mentioned ([44:28])
• Bristol Myers (BMY) highlighted for additional exposure ([44:45], Guy).

Notable Quotes & Moments

| Timestamp | Speaker | Quote | |-----------|-----------------|-------| | 03:17 | Jim Farley | “We evaluated the market and we made the call… It was the right time to listen to the customers.” | | 09:37 | Tim Seymour | “ROI at Ford is job number one… aggressive steps in the last couple of years to restructure.” | | 12:36 | Karen Feinerman | “That’s a little… I’m long, so it’s a little bit distressing… I’m staying long.” | | 15:31 | Tim Seymour | “Tokenization, digitization of assets… are here forever. And that’s a reason to own some of these assets.” | | 20:34 | Karen Feinerman | “I think it’s probably a lot harder than it seems. Right. There’s an enormous web of agents…” | | 30:20 | Chris Harvey | “At this point in time, risk is just too expensive. You’re not getting paid for it.” | | 36:46 | Amy Burrows | “This is really meaningful for people who potentially are running out of options and who have been difficult to treat.” |

Conclusion

This Fast Money episode confronted the year’s crucial market pivots: Ford’s EV about-face and financial risks, the hard reset in crypto and tech, and new benchmarks for biotech and transports. The panel emphasized disciplined risk-taking, careful stock selection for 2026, and willingness to pivot when core strategies falter—echoed by Ford and Turns Pharma alike. For investors, the actionable takeaways were a heightened focus on valuation, thematic adaptability, and anticipation of continued sector rotation into the new year.