Fast Money: "Big Pharma Breakout… And A Billionaire Boycott On Netflix"

Date: October 1, 2025
Host: Melissa Lee, with Tim Seymour, Karen Finerman, Dan Nathan, Guy Adami, and guest chart analyst Carter Braxton Worth (plus guest Jack Genesiewicz of Natix)

Episode Overview

This episode kicks off Q4 with a dynamic discussion of three major themes rocking markets:

• The dramatic resurgence in Big Pharma stocks following President Trump's drug pricing deal with Pfizer.
• Elon Musk calling for a Netflix boycott, testing the impact of influential voices on high-profile stocks.
• A look at standout moves in notable names like Intel, Nike, and auto makers, plus quick hits on trending news.

The desk analyzes whether the pharma bounce represents a true reversal, how much cultural storms can actually dent Netflix, and why semiconductor and retail swing trades are commanding attention.

Key Discussion Points & Insights

1. Pharma Breakout After Trump-Pfizer Drug Pricing Deal

[01:04–16:01]

Market Context

• S&P 500 closes at a record high (6700+), with a major sector rotation in focus, notably renewed interest in healthcare/pharma.
• Biogen surges 10%, joined by strong moves in Eli Lilly, Merck, Moderna, Pfizer, and more.
• The catalyst: President Trump's new drug pricing deal with Pfizer, easing regulatory uncertainty that's dogged the sector.

Panel Analysis

• Karen Finerman shares a tactical move in VanEck’s Big Cap Pharma ETF (PPH), noting the sector's deep undervaluation and new clarity as a tailwind.

  • "We are all Pfizers now. ...The idea of certainty is so much more important now. We don't have 100% certainty, but ...maybe, you know, the target is off the back of this industry." [02:41]

• Tim Seymour likens the White House’s actions to "a gift" for pharma, citing low Medicare as a percent of revenues and lobbying strength.

  • "This felt like to me, this was the White House saying—especially understanding the power of the pharma industry behind the scenes...this was a gift..." [03:35]
  • Notes Pfizer's recent deal with Metsera as a pipeline win, highlighting a turning point.

• Guy Adami projects a significant rerating: "Bristol [Myers] is trading at 8.5 times next year’s [earnings], Merck probably about the same. You just give them a 12 multiple ... Bristol Myers very quickly becomes a $72 stock and all of a sudden Merck looks like $120 stock. …the crosshairs being off their back now." [05:39]

• Dan Nathan is cautious, calling into question how sustainable the rally is, compared to secular growth seen elsewhere.

  • "I just don't see why you chase this stuff. I think it's like a win-win sort of deal… for the industry, consumers...government..." [06:24]

Technical Take

• Carter Braxton Worth (Chart Analyst Guest) says the breakout is real and in early stages:
  • "Finally, a little life out of this very dormant area...It is making all time lows right now [relative to the market]...We're at a critical juncture." [10:56]
  • "Merck...definition of a bearish to bullish reversal... Biogen ...the precondition of shocking unrelenting weakness...Pfizer, again, same exact circumstance...I would say [the move] is very nascent. More to come." [11:41]
  • Estimates 10-15% upside ahead for the sector. [13:46]

Longer Term Issues

• Patent cliffs remain a worry, but government overhang seen as mostly lifted; low valuations more than bake that risk in (especially outside J&J).
  • On J&J: "It's the litigation overhang from the talc cancer dynamics and lawsuits...But you have a really sexy medtech business ... I like JJ, I'm long JNJ." – Tim Seymour [15:03]

AI Intersection?

• Jack Genesiewicz (Natix): "With regard to positioning, it’s certainly one of the biggest underweights, most unloved sectors…We could have room to run here in the near term." [16:21]
  • Sees AI accelerating R&D efficiency in pharma.
  • "You could see a pretty good move into the end of the year as maybe we get a little bit of rotation." [17:53]

2. Macro Market: Government Shutdown Looms & S&P Hits Record High

[19:08–23:32]

• Despite gridlock in Washington over a possible shutdown, markets are unfazed; Fed policy and delayed economic data the wild cards.
  • "It's hard to come up with a reason right now that the stock market sells off meaningfully. ...Inflation seems okay." – Dan Nathan [19:15]
  • "A government shutdown probably wasn't [a reason to sell]." – Guy Adami [22:21]
  • "This is going to be a short term moment in time." – Tim Seymour [23:02]

3. Intel’s Big Run: More Sizzle or Just Smoke?

[25:42–30:43]

• Intel jumps 7% on AMD foundry talks; stock is up nearly 50% in a month on a flurry of 'early-stage deals' (Apple, TSMC, Nvidia, White House).
  • Christina Partsnevilles: "Intel's collecting endorsements from Nvidia, the White House, now reportedly Apple, TSMC…these are dubbed early talks, which means none may pan out. ...Intel's foundry operations are bleeding $3 billion per quarter."
  • Underlying skepticism prevails:
    • "Valuation comes into play…it's become a stock that's probably trading at 50 times next year's number with a quarter coming up." – Guy Adami [28:15]
    • "Foundries, they're tough businesses...Capital doesn't exactly fix the problem." – Dan Nathan [28:42]
    • Government policy may keep a floor under shares, but execution risk remains.

4. Netflix Boycott & Cultural Boycotts in the Market

[34:46–39:34]

• Elon Musk tweets for canceling Netflix over a transgender character in 'Dead End: Paranormal Park,' sending shares down 2%.

  • Steve Kovac (CNBC Tech Correspondent): "The targeted rage of that tweet...sent Netflix shares down 2% today...Musk called on his followers to cancel Netflix and said he already did so himself." [35:04]
  • Creator of the show reports anti-Semitic and homophobic harassment as fallout.

• Desk Reaction

  • "Is that going to move the needle necessarily? ...Maybe for the first time, valuation is [a] concern. ...But I don't think this is a reason to sell the stock." – Guy Adami [36:59]
  • "It just seems kind of silly at this point." – Dan Nathan [37:35]
  • "We've had these moments ... Budweiser, Nike, you name it. I don't think that's going to be the reason to sell Netflix here." – Tim Seymour [38:36]
  • "I feel like this will be very fleeting." – Karen Finerman [39:24]

5. Stock Moves & Industry Snapshots (Quick Hits)

[32:52–42:17]

• Zillow: Down on news FTC and several states are suing Zillow, Redfin, and Rocket Mortgage for antitrust violations.

  • "I still think this is by far and away the best platform." – Karen Finerman [32:52]

• GM: Stronger-than-expected US deliveries; Tim Seymour sees a breakout opportunity.

  • “This may be the most interesting reason to buy the company after essentially bouncing around...I think this is a breakout. I think it’s time to buy the stock, not sell it.” [33:21]

• Nike: Big earnings beat, stock surges 6.5%. Dick's Sporting Goods a beneficiary. But most other sneaker/apparel names remain weak.

  • "There are signs of life here and I think the chance for it to become less expensive in the near term is there." – Karen Finerman [41:53]
  • Onch, Birkenstock, Crocs, Lululemon all remain under pressure.
  • "I actually think there’s some room to run here in NKE." – Guy Adami [41:25]

Notable Quotes & Memorable Moments

• On Pharma’s Comeback:
  • "You make the most money when things go from terrible to just bad." – Tim Seymour [03:28]
• On Sector Rotations:
  • "People in general, hedge funds, investors are so overweight technology that they can't be any more overweight technology and they've got to go someplace else." – Melissa Lee [06:19]
• On Cultural Backlash:
  • "Look at the power of an Elon Musk tweet, Mel...the power of the billionaire boycott." – Steve Kovac [35:04]
• On Intel:
  • "Foundries, they're tough businesses. ...Capital doesn't exactly fix the problem." – Dan Nathan [28:42]

Timestamps for Major Segments

• Pharma Breakout & Market Rotation: [01:04 – 16:01]
• Big Pharma Technicals with Carter Worth: [10:49 – 14:15]
• AI’s impact on Pharma, Market Positioning: [16:01 – 19:08]
• Gov’t Shutdown, Market Resilience: [19:08 – 23:32]
• Intel Foundry Push: [25:42 – 30:43]
• Netflix Boycott – Elon Musk’s tweet: [34:46 – 39:34]
• Nike/Consumer Names Recap: [40:21 – 42:17]

Conclusion/Final Trades

[42:55–end]

• Tim Seymour: Gold Miners (GDX), "offense for gold miners. Free cash flow yields are awesome."
• Karen Finerman: Sticking with Pfizer.
• Dan Nathan: Bullish on Global Foundries as an indirect play on Intel's Foundry business.
• Guy Adami: Positive on Bristol Myers.

Overall Tone:
The episode is characterized by tactical optimism on underloved sectors (pharma, gold, select industrials/retail), realism on the fleeting impact of political/cultural storms (Netflix/Intel), and an undercurrent that the market’s wall of worry persists—but is powering record highs.

For listeners:
This episode offers an actionable, nuanced roundtable on rotation to defensive/value sectors, skepticism toward momentum runs sparked by headlines, and insight into the cross-currents driving sentiment in both stocks and culture.