Podcast Summary: CNBC’s “Fast Money”

Episode Title: Stocks Drop On Rate Concerns… And Disney Gears Up For Battle
Air Date: November 13, 2025
Host: Melissa Lee
Panelists: Tim Seymour, Courtney Garcia, Steve Grasso, Mike Khouw
Special Guests: Tom Rogers (Versant Media), Hyder Rafik (OKX), Alex Sherman (CNBC), Diana Olek (CNBC), Christina Partsinevelos (CNBC), Mackenzie Segal (CNBC)

Overview

This episode delves into a sharp market sell-off driven by renewed rate cut doubts, tech sector turbulence, and cautionary signals in housing and crypto. Discussion spans ripple effects across sectors, Disney’s struggles with streaming and linear TV, the impact of AI-driven hacking on cyber stocks, and a deep dive into controversial practices to lower prescription drug costs. Actionable observations and candid analysis flow throughout, offering investors practical insights as volatility grips markets.

Key Discussion Points & Insights

1. Market Sell-Off & Rate Cut Uncertainty (00:55–06:44)

• Major Indices Decline:

  • Nasdaq dropped over 2% (worst of the month); S&P and Dow off 1.6%+.
  • Tech, especially the “Magnificent 7,” led losses (Tesla down 6%).
  • Over $500B in market cap lost from Mag 7 in a single day.

• Valuation Concerns & Fed Commentary:

  • Markets flicked from 60%+ to 50/50 odds on a December rate cut.
  • Panelists stress the importance of “relative” valuations.
  • Selloff seen as third significant dip in recent weeks, raising worries of deeper correction.

• Quotes:

  • Tim Seymour: “On a relative basis, we’re talking about valuations today… this is the third kind of big sell-off day we’ve had in a couple of weeks, starting to become more than just a one-off.” [02:21]
  • Steve Grasso: “If we have a down December, it’s going to be painful. Crypto is hitting a wall. So does crypto get back on the horse?” [03:40]

2. Crypto Hits Key Support, Rate Sensitivity (06:44–09:16)

• Bitcoin Breaks Below $100,000:

  • Snapped a 189-day streak above this psychological level.
  • Discussion on how ETFs have amplified volatility (Steve Grasso).

• Panelist Takes:

  • Mike Khouw: “We’re getting to a truth moment in bitcoin… If we can hold this, then we could actually have a pretty good Christmas. But if we break it, then a lot of things associated with that trade are going to break along with it.” [06:21]
  • Tim Seymour downplays short-term bitcoin volatility: “A 20% pullback in bitcoin means nothing… I’d be more concerned if some of the real horses of this last move higher are unable to hold the ground.” [07:32]

3. Sector Rotation & Reconfiguring Markets (09:16–10:56)

• Sector Performance:

  • Equal-weighted S&P 500 outperformed the broader index; notable rotation into healthcare, autos (GM & Ford), and industrials.
  • Oracle’s sentiment spike discussed—noted as more reflective of sentiment than real credit stress.

• Quotes:

  • Mike Khouw: “Alphabet is not expensive and Amazon is not expensive and Nvidia is not expensive. They’re valuable and I think there’s a pretty big difference.” [09:56]

4. Semiconductor Earnings (Applied Materials) & AI Demand (10:56–13:54)

• Applied Materials (AMAT) Earnings:

  • Beat expectations but fell on cautious China outlook and guidance.
  • AI demand shifting to advanced chip spend, benefiting suppliers down the line (ASML, Micron, SanDisk).

• Panel Takeaways:

  • Courtney Garcia: “Applied has outperformed the sector… what’s probably a bigger mover is Nvidia next week.” [13:26]
  • Steve Grasso: “AMAT trades at the cheapest P/E in the group… if you’re looking to bottom fish, you’re getting the cheapest valuation here.” [13:54]

5. Housing Headwinds: Rising Foreclosures & Consumer Strain (14:20–17:19)

• Foreclosures Jump:

  • Diana Olek: October saw 37,000 properties with a foreclosure filing, up 19% YoY; 8th consecutive increase.
  • Florida, SC, IL lead increases.
  • Context: Foreclosures still below 0.5%—historically low, but trend is worrisome.

• Macro Consumer Data:

  • Additional pressure from auto delinquencies, big job cuts (e.g., 15,000 at Verizon).
  • Mortgage rates above 5.5% keeping home sales frozen.

• Quotes:

  • Courtney Garcia: “Cracks in the consumer… but it’s not an overall problem though. We’re going into an imminent recession. That’s not what I hear.” [16:11]
  • Steve Grasso: “If you could unlock that money people have in their home, mortgage rates have to come down below 5.5% to get people out of the home they’re in.” [16:50]

6. Disney’s ‘Not So Magical’ Quarter & Strategic Dilemmas (19:52–26:33)

• Results & Market Reaction:

  • Shares dropped nearly 8%, the sharpest decline since April.
  • Strength in parks, but flat/weak streaming performance disappointed.
  • In carriage dispute with YouTube TV.

• Guest: Tom Rogers (Ex-NBC Cable President)

  • Streaming must offset linear TV losses, but Disney’s not showing a clear catalyst.
  • Quote: “There was probably greater expectation there was going to be some acceleration on the streaming front… there really wasn’t any clear indication of a catalyst there.” [20:33]
  • Bob Iger’s “super app” vision discussed, but panel skeptical: “They’ve got to show they can integrate Hulu, bundle ESPN… If they can prove that’s going to re-accelerate streaming growth, that’s something people might get excited about.” [21:46]
  • Rogers notes Disney isn’t communicating new metrics to measure performance after ending sub disclosures, contrasting Netflix’s transition to engagement metrics.

• Panel Reflection:

  • Grasso: Streaming is Disney’s hope; if growth is mediocre, “sit this one out until the linear decline slows.” [26:10]
  • Khouw favors Netflix over Disney as best-of-breed streaming investment. [26:33]

7. Pharmacy Cost-Cutting Goes Rogue (29:35–34:06)

• CNBC Exposé:

  • U.S. employers using overseas “alternative funding programs” (AFPs) to secure cheaper drug access for employees.
  • Practices are illegal, risky, and expose patients to unvetted foreign medications.
  • Example: U.S. patient receives Turkish-label HIV medication via a major insurer’s AFP.
  • Quote (Melissa Lee): “Seems like everybody wins. Except that the patient doesn’t really know if he or she is getting the medicine that they need.” [31:52]

• Panel Concern:

  • Employees may not have real choice; system driven by desperation over high U.S. drug costs.
  • Healthcare system “broken,” creating demand for such risky, gray-area solutions.

8. Crypto Exchange Security & Growth (34:49–39:03)

• Guest: Hyder Rafik (OKX)
  • Views bitcoin dip as portfolio management (not structural).
  • Dex/CeFi blend (CDFI) offers easier way for retail to access decentralized markets with added compliance and ease of use.
  • Quotes:
    • “When there’s a 3, 4% pullback [in bitcoin], people really see that feeling pronounced... I don’t think the break below 100k is that significant.” [35:03]
    • On CDFI: “There could be components... that have some centralized elements, but we still take care of the overall ethos of decentralized markets.” [38:03]

9. Under Armour & Steph Curry Brand Split (39:32–41:56)

• Reporter: Alex Sherman
  • Under Armour and its flagship Curry brand split after 13 years.
  • Under Armour down 40% YTD; Curry retains brand rights, free to partner elsewhere.
  • Steph Curry, “underdog” brand, likely still in demand despite UA struggles.

10. AI-Powered Hacks Shake Cybersecurity Stocks (42:32–45:00)

• First Documented AI Orchestrated Cyber Attack:

  • Chinese state-backed group used Anthropic’s Claude to automate espionage.
  • Stocks (Cloudflare, Sentinel One, Crowdstrike) traded off sharply.
  • AI moved from “assistant to operator,” handling attack operations with minimal human oversight.

• **Insurer names (AIG, Chubb, Travelers) rose on increased cyber risk awareness.

• Quote: Mackenzie Segal: “Anthropic says this is a turning point, warning that AI has moved from assistant to operator and unless defenders adopt the same tech, they risk falling behind.” [44:10]

Notable Quotes & Moments

| Timestamp | Speaker | Quote | |-----------|-------------------|-------| | 02:21 | Tim Seymour | “On a relative basis, we’re talking about valuations today…this is the third kind of big sell-off day we’ve had in a couple weeks, starting to become more than just a one-off.” | | 03:40 | Steve Grasso | “If we have a down December, it’s going to be painful. Crypto is hitting a wall. So does crypto get back on the horse?” | | 06:21 | Mike Khouw | “We’re getting to a truth moment in bitcoin… If we can hold this, then we could actually have a pretty good Christmas. But if we break it, then a lot of things associated with that trade are going to break along with it.” | | 09:56 | Mike Khouw | “Alphabet is not expensive, and Amazon is not expensive, and Nvidia is not expensive. They’re valuable, and I think there’s a pretty big difference.” | | 20:33 | Tom Rogers | “There was probably greater expectation there was going to be some acceleration on the streaming front…there really wasn’t any clear indication of a catalyst there.” | | 21:46 | Tom Rogers | “If they can prove that’s going to re-accelerate their growth in streaming, I think that’s something people might get excited about.” | | 31:52 | Melissa Lee | “Seems like everybody wins. Except that the patient doesn’t really know if he or she is getting the medicine that they need.” | | 44:10 | Mackenzie Segal | “Anthropic says this is a turning point, warning that AI has moved from assistant to operator and unless defenders adopt the same tech, they risk falling behind.” |

Final Trades & Closing Thoughts (45:12–45:40)

• Mike Khouw: Likes Alphabet for a buy-write given option premiums.
• Tim Seymour: Sees opportunity in UPS as valuation is attractive.
• Courtney Garcia: Disney’s reaction overdone—may be worth a look.
• Steve Grasso: Likes Ford and GM, especially Ford.

Episode Flow & Tone

• Direct, data-driven, and candid, with panelists demonstrating skepticism about “the narrative of the day” and prioritizing nuanced views on risk, sector rotation, and valuation.
• Audience encouraged toward pragmatic, not reactionary, investing—e.g., “This might actually present a buying opportunity” (Khouw, 09:56).
• Underlying tension: Macro uncertainty (rates, regulation, AI risks) against still-strong company fundamentals in select cases (tech, healthcare rotation, select autos).

Timestamps for Major Segments

• Markets Sell-Off & Tech Slump: 00:55–06:44
• Crypto Support & Risk: 06:44–09:16
• Sector Rotation/Expensive Stocks: 09:16–10:56
• Applied Materials/AI Semi Demand: 10:56–13:54
• Foreclosure & Consumer Data: 14:20–17:19
• Disney Earnings Analysis: 19:52–26:33
• Prescription Drug Risks Exposé: 29:35–34:06
• Crypto Security & DEX/CDfi: 34:49–39:03
• Under Armour/Curry Split: 39:32–41:56
• AI-Driven Cyberattack: 42:32–45:00
• Final Trades: 45:12–45:40

For anyone seeking insight into today’s market turbulence, evolving risks in crypto and cybersecurity, or the media giant Disney’s crossroads, this “Fast Money” episode serves up timely takeaways, clear-eyed skepticism, and some actionable ideas for navigating volatility.