CNBC "Fast Money" Podcast Summary

Episode: Apple's Device Delay… And Vaccine Makers Under Pressure
Date: September 12, 2025
Host: Melissa Lee
Panel: Tim Seymour, Karen Feiderman, Carter Braxton Worth
Guests: Steve Kovach (CNBC Tech Correspondent), Dan Ives (Wedbush Analyst), Angelica Peebles (CNBC Health Correspondent), Evan David Segerman (BMO Head of Healthcare Research)

Episode Overview

This episode delves into major market-moving stories of the week, led by the launch of Apple’s latest iPhones and related production and regulatory challenges. The panel also examines surging and slumping stocks—Tesla, Opendoor, Winklevoss’s Gemini IPO, and major vaccine makers under political fire. Throughout, the show’s expert traders and guests provide actionable insight for investors, debate company narratives, and highlight key market trends.

Key Discussion Points and Insights

1. Apple’s iPhone Launch: Demand, Delays, and Strategy

(01:02–16:57)

Preorder Demand and Shipping Delays

• Steve Kovach reports a "pretty smooth launch" with the site stable—but notes significant delivery delays for iPhone 17 Pro Max models indicate strong demand instead of logistical issues.
  • Quote: “Those delays that you’re talking about in the iPhone Pro, that’s actually good. That means demand is high… The bigger that window is, that’s the first read we get as to what the demand looks like.” (02:42)
• China’s last-minute regulatory hold on the iPhone Air, due to eSIM approval holdup, is discussed, with Apple promising to resolve it quickly.
• Kovach emphasizes Apple’s pivot back to what it does best: hardware innovation.
  • Quote: “This is Apple going back to what it's good at. Making really cool, desirable gadgets, not focusing on artificial intelligence and software…” (04:34)

AI and Innovation Narrative

• The panel debates Apple’s underwhelming AI push but strong hardware execution.
  • Dan Ives: “They are going to be serving up AI through whether it’s Google Gemini, whether it’s dynamics in terms of partnerships… I don't think that we should be surprised that people are finally saying no good news was priced in that's good for the stock now.” (07:46)
  • Karen Feiderman: Expresses skepticism over valuation, questioning if hardware alone can be a growth catalyst.
  • Carter Braxton Worth: Cites Apple’s relative underperformance to tech sector, doubts the current rally’s sustainability. “Do you fade this move? I think you do.” (09:21)

Analyst View: Dan Ives on Apple’s Prospects

• Ives projects iPhone 17 preorders up 5–10% YoY, sees China as “the X variable.”
  • Quote: “Air definitely that’s been the upside… Preorder activity up probably about 5, 10% year over year is what we're looking at…” (10:03)
• Ives attributes bullish setup to low investor expectations, improved China sentiment, and the prospect of an AI partnership with Google enabled by DOJ-relaxed restrictions.
  • Quote: “The best thing to happen to Apple was that DOJ positive for Google… that finally reignited the candlelight dinner between Sundar and Cook...” (11:45)
• Price target: $270; sees AI partnership as key for higher re-rating ($350–400).

Looking Ahead:

• Consensus: External AI partnerships (especially with Google) are the key near-term catalyst; an announcement is expected by year-end, not June.
• Large installed base (315 million iPhones ready for upgrade) ensures continued relevance, but growth pivots on AI integration.

2. Opendoor: Meme Stock or Not?

(17:19–20:34)

• After a surge (up 470% YTD), Opendoor is hotly debated.
  • Steve Kovach: “This is not a meme stock.” (17:57)
  • Dan Ives: Argues the market’s capital allocation reflects shifting investor priorities, not mere meme hype.
• Karen Feiderman: Notes Opendoor’s trading patterns and float turnover “does seem very meme,” drawing parallels to earlier COVID-era meme stocks like Carvana and AMC.
• Carter Braxton Worth: Advises this is “something to trade… highly volatile.” (20:07)

3. Consumer Discretionary and Retail Weakness

(22:10–25:27)

• Retail stocks (Abercrombie, Gap, Lululemon, Dick’s) fell after a poor consumer sentiment reading.
• Karen Feiderman observes the selling is broad, affecting even ‘safer’ names like TJX and Nike. Remains positive, but acknowledges sector headwinds.
• Carter Braxton Worth: “You're starting to see cracks now… individual names are peeling away… generally speaking would fade this area.” (23:56)
• Discretionary stocks, especially apparel and restaurants, under pressure, though not all weakness is tied to sentiment readings alone.

4. Gemini IPO & Crypto Market Moves

(27:10–29:49)

• Gemini (the Winklevoss-founded exchange) jumps 14% on debut, a sign of rising institutional and retail interest in crypto.
  • Dan Ives: “The Gemini IPO is important… institutional sponsorship is there. There's no putting the genie back in the bottle.” (27:36)
• Karen Feiderman cautions that the current pop is “a little bit underwhelming,” but high IPO activity is promising.
• Carter Braxton Worth: Likes both Bitcoin and Ethereum for “generally higher prices.” (29:36)

5. Vaccine Makers Under Political Pressure

(29:49–37:54)

Potential Regulatory Shift

• Reports indicate the Trump administration will link 25 child deaths to COVID-19 vaccines at an upcoming CDC panel, sending Pfizer (-4%) and Moderna (-7%) lower.
• Angelica Peebles: “This has been such a flashpoint… last year only 13% of kids that were eligible for Covid booster got one. So… the overall impact, it's probably going to be a lot smaller than that.” (32:16)

Analyst Reaction

• Evan David Segerman (BMO): “General anti vaccine rhetoric is not great for public health… The COVID vaccine for kids is such a small portion of the current sales. I don't even model it out in my Pfizer and Biontech models…” (33:31)
• Broader concern: Political rhetoric could impact wider vaccine uptake (HPV, MMR, etc.).
• For investors, Pfizer and Moderna are being repositioned—Pfizer focusing more on oncology as vaccine revenues shrink.

Market View

• Tim Seymour: Pfizer is “de-risked,” pays well, and most vaccine challenges are already priced in. (37:01)
• Carter Braxton Worth: Pfizer still a “value trap”—repeated failed rallies.

6. Tesla’s Big Rally: Rethinking the Bear Case

(39:47–43:24)

• Tesla jumps 12% for its best week since May, breaking out of previous trading range.
  • Carter Braxton Worth: “It has moved out of that apex… you can get some follow through. But hour to hour, day to day, it has a bit of a pile on… I would sell calls or hedge longs.” (41:16)
• Dan Ives: Sees the EV sector’s reality catching up to consensus pessimism, suspects the recent rally is mostly technical and sentiment-driven. Not chasing at current prices.
• The rush to EVs is also fueled by the looming expiration of the $7,500 tax credit.
• Notable moment: Dan Nathan, previously a Tesla bear, turns bullish, shocking the panel.
  • “I do find hilarious. And I wonder if you see that clip and think that is AI. Somebody just made that up.” (42:25 – Karen Feiderman)

7. Restaurant Strategies: Value vs. Premium Amid Consumer Pressure

(44:02–46:24)

• Kate Rogers interviews execs from Shake Shack, Dine Brands, and Starbucks:
  • Shake Shack: Leans into premium menu experiments, still offers app deals.
  • Dine Brands: Value menus drive traffic, but premium upsells important.
  • Brian Niccol (Starbucks CEO): “I do believe we are a premium brand and you get a premium experience with the Green apron service model.” (45:04)
• McDonald’s rolls out value meals, highlighting deep discounting as margins face pressure.

Notable Quotes & Memorable Moments

• Steve Kovach (on iPhone launch):

  • “The longer that window is, that’s the first read we get as to what the demand looks like.” (02:42)
  • “This is Apple going back to what it's good at. Making really cool, desirable gadgets…” (04:34)

• Dan Ives (Apple’s strategy):

  • “There's a better chance me playing in Ryder Cup… than anything happening internally at Apple [on AI].” (10:43)
  • “The best thing to happen to Apple was that DOJ positive for Google… reignited the candlelight dinner between Sundar and Cook…” (11:45)

• Karen Feiderman (on Opendoor):

  • “To me, it does seem very mean. Yesterday you had over the entire float trade.” (18:36)

• Carter Braxton Worth (Tesla):

  • “Typically that's bullish and you can get some follow through. But hour to hour, day to day, it has a bit of a pile on.” (41:16)

• Evan David Segerman (Vaccines):

  • “The COVID vaccine for kids is such a small portion of the current sales. I don't even model it out in my Pfizer and Biontech models…” (33:31)

• Brian Niccol (Starbucks CEO):

  • “I do believe we are a premium brand and you get a premium experience with the Green apron service model.” (45:04)

• Karen Feiderman (on Dan Nathan’s Tesla bull turn):

  • “I wonder if you see that clip and think that is AI. Somebody just made that up.” (42:44)

Key Timestamps for Major Segments

• Apple’s iPhone Launch / Demand Debate: 02:42–16:58
• Opendoor / Meme Stock Discussion: 17:19–20:34
• Retail Sector Selloff: 22:10–25:27
• Gemini Crypto IPO, Crypto Market: 27:10–29:49
• Vaccine Makers Under Pressure: 29:49–37:54
• Tesla’s Rally & Technicals: 39:47–43:24
• Consumer Restaurant Strategies: 44:02–46:24

Additional Insights

• Final Trades: Tim Seymour (Disney), Karen Feiderman (Google collars), Carter Braxton Worth (Sunoco containers/packaging) (46:40)
• Market Close Highlights: Dow down, S&P flat, Nasdaq record; Warner Bros surges on Paramount rumors (29:49)
• News Alert: Fed Governor Lisa Cook mortgage case update – developments weaken fraud claims (38:00)

Conclusion

This episode provides a rich discussion on how key consumer tech companies are repositioning in a new regulatory and technological landscape, the state of retail and consumer sentiment, and healthcare stocks’ exposure to shifting public narratives. Listeners will hear traders debate valuation vs. narrative, learn what major analysts are watching as catalysts, and gain actionable insights into the week’s hottest trades.