CNBC “Fast Money” Podcast Summary

Episode: Netflix Reports Results… And GM In OverDrive After Earnings
Date: October 21, 2025
Host: Melissa Lee
Panel: Steve Grasso, Karen Finerman, Bonawyn Eison, Guy Adami
Key Segments Covered: Netflix earnings and outlook, General Motors (GM) surge, Gold’s big move, OpenAI’s browser threat to Google, Texas Instruments results, Halliburton’s rally

Episode Overview

This episode dissects a packed day of earnings with a spotlight on Netflix’s post-earnings drop and General Motors’ surge to post-bankruptcy highs. The panel evaluates streaming, automotive, and tech headwinds and tailwinds, places bets on banks versus regionals, and reacts to OpenAI’s push into search and browsers. The conversation is action-focused and brisk, balancing critical data with on-the-ground market sentiment.

Key Discussion Points & Insights

1. Netflix Earnings: Solid but Not Enough?

• [01:04–11:07]
• Stock reaction: Netflix shares dropped ~5% after disappointing EPS and margin guidance despite in-line revenue and record ad sales.
• Panel skepticism: The tax issue in Brazil reportedly shouldn’t affect future results, but margin deterioration and lack of subscriber clarity stoked fears Netflix is transitioning from growth to maturity—with worries over future international tax or growth headwinds.
• Valuation concern: Stock trades at 47x forward earnings—“Are you getting the growth you’re paying for?” —Melissa Lee ([09:36])
• AI & Ad revenue: Netflix cited GenAI as a creative/operational booster and highlighted its best-ever ad sales quarter, but ad business remains smaller than competitors.
• Possible Warner Bros. Discovery M&A: Panel debates whether Netflix acquiring WBD makes strategic sense, with a focus on whether this is a sign of organic growth stalling.

Notable Quotes

• Guy Adami [05:22]: "If you start to look at the margins, you’re starting to see a deterioration even in the guide... maybe this growth story is slowing out now—they need to start to grow by acquisition."
• Steve Grasso [07:39]: "If you really look at momentum, they don’t give out their sub numbers anymore because it’s a mature company... I’d rather be a seller. I think you could break a thousand."
• Bonawyn Eison [08:18]: "Even if [the Brazilian tax issue] is a one off, what if there’s a Canadian tax issue... or Indian tax issue?"

Deeper Dive: Rich Greenfield on Netflix Post-Call

• [37:43–43:34]
• Investors wanted faster growth beyond good numbers.
• "The only real focus that investors have... is what was with the answer on M&A?" —Rich Greenfield ([37:43])
• Ad tier and password restrictions have reaccelerated growth, but Netflix still lags giants like Google and Meta in ad scale—"their ad experience is actually relatively unexciting... that’s the opportunity." ([41:34])
• Buying WBD is a massive $50–60B transaction and not characteristic of Netflix’s usual price discipline.

2. General Motors (GM): In Overdrive

• [32:49–37:13]
• GM shares surged nearly 15%, reaching post-bankruptcy highs.
• Earnings beat: GM posted a strong Q3, raised full-year guidance, and projected more profit in 2026.
• Tailwinds include: Higher average transaction price ($51,000 vs. $50,000 industry average), increased North American market share, and solid management of tariff impacts.
• Operational execution: Strong differentiation from Ford; margins took a tariff hit, but operational improvement and guidance lift confidence.
• Panel view: GM looks cheap, operationally stronger than Ford, and is helped by ICE vehicle focus and relaxation of EV mandates.

Notable Quotes

• Phil LeBeau [33:04]: "A trifecta of good news for General Motors investors…they expect to be even more profitable next year than this year."
• Karen Finerman [35:30]: "There’s so much to like here except that I don’t own the stock... they don’t need to give that credit kind of bullish guidance for next year unless they have a lot of confidence."
• Guy Adami [36:08]: "GM is just running a better company right now and a better stock, and it’s proving to be the case."

3. Gold: Sharp Pullback After Historic Run

• [15:03–17:52]
• Gold had its worst day since 2013, but is up 56% YTD after 49 record highs.
• Panel sees it as a healthy pause: Overbought conditions triggered a correction, but long-term fundamental bullishness remains.
• Spec hypothesis: Possible capital rotation to equities or Bitcoin in bullish equity months; gold could bounce to $5,000 in 2026 if support holds.
• Miners suffer more than metal, as expected.

Notable Quotes

• Guy Adami [15:27]: "This is a healthy pause and a move that I think will continue over the months to come."
• Steve Grasso [16:48]: "I think that eventually if it holds 4,038/4,800, you’re going to rip back to 5,000 probably in the next year."

4. OpenAI “Atlas” Browser Threatens Google

• [19:37–24:45]
• OpenAI launched the “Atlas” browser—integrates ChatGPT and can take actions (open tabs, multi-step tasks), raising competitive alarms for Chrome and Google’s search monopoly.
• Google stock reaction: Shares fell as much as 5% but recovered after hours on cloud deal rumors.
• Panel take: Google’s competitive position is under threat, but not in imminent peril—search + agentic LLMs can coexist for now, with ongoing concerns about OpenAI’s ability to execute on multiple fronts.

Notable Quotes

• Karen Finerman [21:26]: "I’m concerned... they can absolutely compete... but that doesn’t mean that some share isn’t eroded away."
• Steve Grasso [23:19]: "That wolf at the top of the hill is never as hungry as the wolf climbing up the hill."

5. Texas Instruments: Weak Guide Sparks Sell-Off

• [26:00–30:50]
• Texas Instruments shares down 8% after weak margins, a wide (uncertain) revenue range for Q4, and pessimistic management commentary.
• Industrial, auto markets slow: Margins at 57% (well below 70% three years ago); recovery in autos shallow, industrials improving.
• Broader concern: Signals that economic cyclicals aren’t rebounding as quickly as hoped—contrast with the strength of AI-focused semis.
• Panel warns: Stock’s downtrend continues, and TXN’s results may hint at broader economic softness.

Notable Quotes

• Christina Partsinevelos [26:11]: "The real disappointment, though, is the fourth quarter guide... when it’s wide, that signals management doesn’t understand when demand is coming back."
• Bonawyn Eison [29:38]: "Every time we get too far removed from the Mag 7, you get a report like this that reinforces half of GDP this year is really coming from AI and Capex spend."

6. Halliburton: Data Center Pivot Fuels Rally

• [44:32–45:38]
• Halliburton rockets on Q3 results, optimistic cost guidance, and a new partnership with Volta Grid to power data centers—positioning it as a backdoor “data center” play.
• International revenue rising: Volta Grid link provides an edge in distributed/AI infrastructure.

Notable Quotes

• Karen Finerman [44:51]: "I think what really got the stock going…is the Volta Grid…sort of becoming a little bit of a backdoor data center play... so there was a lot to like."

Additional Quick Hits

• Regional Banks/WAL: Western Alliance beat, alleviating regional bank panic but money center banks are still the go-to for safety. Panel traders recommend still being careful about exposure to credit quality worries. ([11:07–14:21])
• LVMH/Fenty Beauty: LVMH exploring sale of Fenty stake, not a big impact on the conglomerate, but positive green shoots are emerging. ([32:16])

Notable Quotes and Moments (with Timestamps)

• "The reason they launched advertising... was a combination of launching the ad tier and introducing the restrictions on password sharing.... and those two things have driven the company from high single digit revenue growth back into the high teens." —Rich Greenfield on Netflix [41:34]
• "GM and Ford trade in tandem—oh no, they don’t... right now GM clearly easily outperforming Ford." —Phil LeBeau [34:51]
• "OpenAI wants that edge... Atlas is really all about directly challenging Google on both Chrome and search." —Mackenzie Segalos [20:26]
• “What users search, click, compare and ultimately abandon... could power better models and even enterprise products.” —Mackenzie Segalos [20:36]

Final Trades (Top Action Ideas)

• Steve Grasso: Ford’s got some tailwinds here. ([45:48])
• Karen Finerman: Halliburton—“good enough for the F block, good enough for the final trade.” ([45:51])
• Bonawyn Eison: Mastercard ahead of the print; banks, especially Capital One, look attractive. ([45:58])

Summary

This episode navigates through landmark earnings for Netflix, GM, TI, and Halliburton, maps the competitive tech frontier with OpenAI’s new browser, and keeps a sharp eye on broader economic signals through the lens of semis, banks, and commodities. The panel’s tone is analytical but skeptical—praising operational excellence at GM and Halliburton, raising red flags for Netflix’s slowing growth, and cautioning against interpreting every growth slowdown as just a “one-off.” Investors are urged to look for value but be wary of headwinds in maturing industries.