CNBC Fast Money: Nike, FedEx Report Results… And Insmed Drops On Disappointing Results

Date: December 18, 2025
Host: Melissa Lee
Panel: Tim Seymour, Karen Finerman, Dan Nathan, Steve Grasso

Episode Overview

On this episode of CNBC’s "Fast Money," Melissa Lee and her trader panel break down a busy news day for investors. The discussion focuses on significant earnings reports from Nike and FedEx, a biotech disappointment from Insmed, and breaking headlines including OpenAI’s massive fundraise, TikTok’s US joint venture, and the reclassification of marijuana in the US. Insights on market and policy developments—especially around inflation, international interest rates, and cannabis reform—round out the show.

Key Discussion Points & Insights

1. Nike Earnings: Signs of Turnaround or Ongoing Struggle?

Segment: 00:15–11:27, 34:04–34:43

• Headline Results: Nike reported better-than-expected top and bottom-line numbers, driven by 9% North American growth, strong performance in new partnerships (e.g., Amazon), and new product innovations (Vomero running shoe, Skims launch, Jordan 11 Gamma release).
• Challenges:
  • China sales dropped 17%, raising concerns about the global turnaround.
  • Margins are still under pressure due to tariffs and inventory discounting, even as inventory declined 3% (clean-up process ongoing).
• Wholesale vs. DTC: Strategic shift under CEO Elliot Hill to prioritize wholesale relationships, growing 8%, with Direct-to-Consumer sales down 9%.
• Management Changes: Hill reorganized geographic region leadership, signaling mid-turnaround status, but no timeline set for full recovery.
• Market Reaction: Stock fell ~10% after hours on cautious guidance (Q3 revenues expected to be down low single digits; continued margin pressure expected).

Panel Reactions:

• Tim Seymour (07:48):
  “If you’re building a position in Nike, this is a place to add. There was nothing I heard today that made me concerned about some of the legacy problems.”
• Steve Grasso (09:16):
  “You need new blood. I think you need to have that moment where we need an epiphany … Too many private competitors. I think you could have an event where it can rally off the bottom.”
• Karen Finerman (34:10): “That margin number though, less bad than it was. Right. … Silver lining, I hope, but I mean that’s bad.”

2. FedEx Delivers a Beat with Efficiency and AI

Segment: 11:27–14:12

• Strengths: US ground home delivery volumes up 8%; pricing up >5%. Using AI for better forecasting and load balancing. Margins beat estimates thanks to efficiency improvements.
• Weakness: FedEx Freight margin fell sharply ahead of June 2026 spinoff, partly due to a $150 million charge.
• Stock Performance: FedEx up; outperforming rival UPS (-19% YTD compared to FedEx up 2%).
• Panel Sentiment: Continued bullishness on the turnaround and execution—FedEx seen as a “stay long” name, but some interest also shifting to UPS.

Notable Quote:

• Tim Seymour (12:35):
  “I thought the numbers were great. I thought the US business is even better. … I care a lot more about the execution on their US business. Frank just talked about the pricing power. I think that stabilized. I think this is a stock you’re staying long.”

3. Micron’s AI Tailwinds and Tech Rally

Segment: 14:12–17:51

• Micron’s Report: Biggest single-day gain (10%) since April, beating estimates, with strength in AI-related high-bandwidth memory.
• Industry Impact: Debate on whether this is Micron’s “Nvidia moment,” sparking broader semi and AI stock rallies.
• Concerns Raised: Possibility of double ordering, and whether this is a sustainable leadership in the tech sector rally.
• Panel Split: Some say Micron’s good print bolstered tech; others see tech’s broader volatility and AI narrative as the main market driver.

Notable Quotes:

• Dan Nathan (14:48): “If this had a bad print, the rest of the space would have been down today. … Micron could move 10% higher from here. So I think there’s still a little bit left.”

4. OpenAI’s $100 Billion Fundraising Ambitions

Segment: 17:51–22:25

• News: OpenAI is targeting a $100B fundraiser at a potential $830B valuation—a massive leap in a short time.
• Skepticism: Panel expresses disbelief at the speed and secrecy, likening the valuation jumps to headline-fueled “circular trades.”
• AI Funding Context: Noted overlap in big investors (e.g., Nvidia); concern about sustainability of valuations.

Memorable Quote:

• Steve Grasso (21:01): “In a world where there’s no liquidity, the mark to market is very different in private equity. … Two weeks after Code Red [AI safety warnings], we go from $500B valuation to $800B.”

5. Macroeconomics: CPI, Fed, and Bank of Japan

Segment: 23:12–28:44

• US CPI Data: Guest Jim Bianco (Bianco Research) calls the latest inflation reading a “statistical mess” due to quirks in rent and Black Friday timing after a government shutdown.
• Central Bank Outlook: Japan expected to hike rates to multi-decade highs; only US/UK seen cutting in 2026, with persistent inflation elsewhere.
• Global Impact: Japanese buying of US Treasuries may diminish as Japan yields rise—creating risks for US debt market liquidity.

Notable Quote:

• Jim Bianco (25:51): “Inflation is elevated everywhere in the developed world, except maybe a little bit in China … the Japanese are the largest foreign buyer [of US Treasuries]… that narrowing [rate spread] will continue and gradually drive Japanese money back home.”

6. Breaking: TikTok’s US Joint Venture Approved

Segment: 28:44–32:22

• Deal Details (Julia Boorstin): TikTok US will be 50% US-owned (Oracle, Silver Lake, MGX each owning 15%; existing ByteDance investors 30.1%), ByteDance retains 19.9%. US Joint Venture will manage data, algorithm security, moderation.
• Significance: US majority control addresses key national security concerns—implications for the tech and media landscape, and for US-China relations.

Panel Reactions:

• Brief analysis on Oracle and other involved parties, skepticism on broader media impact, and cautious optimism for improved regulatory standing.

7. Biotech Breakdown: Insmed’s Drug Trial Flop and Stock Fallout

Segment: 34:43–39:23

• Event: Insmed dropped 16% after discontinuing sinusitis drug; market concern about $3–$5B in lost projected sales.
• Continued Optimism? Analyst Jared Holz (Mizuho) says the key drug, Brensocatib, could still be a $10B product; most models now expect less from pipeline extras. Acquisition news aimed to distract from disappointment.
• Panel View: Stock pullback may be a trade, not a long-term compounder after huge YTD run.

Notable Quote:

• Jared Holz (38:14): “Now that it’s pulled back, the numbers are not egregious. … I think it’s probably a trade. I’m not sure it’s going to have a monster year.”

8. Cannabis Update: Rescheduling and Industry Impact

Segment: 39:23–44:53

• News: President Trump signed an executive order to reclassify marijuana as a Schedule 3 drug, easing medical research and removing steep tax burdens on operators.
• Trulieve CEO Kim Rivers: Called it "monumental," but notes legal, capital, and listing issues remain—next major step is expected to be banking reform.
• Stock Response: Cannabis stocks fell after recent surge—move seen as largely technical after a 150% run.

Notable Quote:

• Kim Rivers (40:04): “This does not legalize cannabis, but it opens the doors for medical research and brings to a halt the punitive tax burden.”

9. Prediction Markets: The Next Big Growth Story?

Segment: 44:53–46:59

• Forecast: Research predicts up to $1 trillion in annual trading volume for prediction markets by the decade’s end, driven by sports but extending across other fields (insurance, politics, etc.).
• Panel Reactions: See convergence of trading/gambling; excitement about new financial instruments but some concern over ease of access/risk for investors.

Notable Quote:

• Contessa Brewer (45:18): “$1 trillion in annual trading volume before the end of the decade… Ebitda margins could be between 25% and 45% -- notably higher than sportsbooks.”

Memorable Moments & Quotes

• On Nike’s predicament:
  “It's such a dominant market share player ... although I'm not sure for how long.” — Tim Seymour (10:56)
• On inflation data skepticism:
  “They assumed that rents in the United States were effectively zero for the month of October.” — Jim Bianco (24:52)
• On OpenAI's fundraising:
  “Just two weeks after Code Red ... How do we go from $500B to $800B?” — Steve Grasso (20:09)

Timestamps for Key Segments

• Nike earnings review: 00:15–11:27, 34:04–34:43
• FedEx breakdown: 11:27–14:12
• Micron/tech rally: 14:12–17:51
• OpenAI fundraising: 17:51–22:25
• Macro/BOJ/CPI analysis: 23:12–28:44
• TikTok US JV news: 28:44–32:22
• Insmed biotech fallout: 34:43–39:23
• Cannabis rescheduling: 39:23–44:53
• Prediction markets discussion: 44:53–46:59

Tone & Style

Engaged, fast-paced, market-focused, skeptical yet professional. Emphasis on actionable insight for traders, delivered with the wit and directness typical of the Fast Money panel.

Conclusion

This Fast Money episode covered the latest earnings, macro trends, policy shifts, and market-moving headlines with sharp panel analysis and direct commentary. The team remained cautiously optimistic on turnaround stories in Nike and FedEx, debated the staying power of the AI and tech trade, and highlighted the crosscurrents and uncertainties characterizing today’s fast markets. For investors needing a pulse on what matters most right now, this was a can’t-miss edition.