CNBC's "Fast Money" Podcast Summary Episode: Stocks Surge To Start Week… And Structure Therapeutics CEO On Weight Loss Space 3/24/25
Release Date: March 24, 2025
Hosted by Melissa Lee with Tim Seymour, Karen Feiderman, Dan Nathan, Guy Adami, and guest Ray Stevens

1. Introduction to Market Movements

Melissa Lee opens the episode from Studio B at the NASDAQ in Times Square, highlighting a strong start to the week in the stock markets. Major indices like the NASDAQ, S&P 500, and Dow Jones are rallying on hopes of a softer tariff policy announced by President Trump. Key stock movers include Tesla leading the S&P 500 with a nearly 12% increase, along with gains from AMD, United Airlines, and Palantir. Despite the rally, the S&P 500 and NASDAQ remain negative for the month, with only the Dow Jones in slight yearly green territory.

2. Panel Discussion on Market Rally and Tariffs

Melissa Lee engages the panel to assess the sustainability of the current market rally and the impact of President Trump's tariff policies.

• Guy Adami (02:22): Expresses skepticism about the rally's longevity, noting that past support levels suggest the current bounce might be short-lived.

  "I think it's going to be somewhat short lived. I could see a day tomorrow where we open on the highs and close on the lows."

• Karen Feiderman (02:57): Highlights ongoing economic uncertainties that continue to fuel market volatility, emphasizing that upcoming earnings seasons may not provide the needed clarity.

  "If we don't get any clarity sometime soon, this volatility is going to be here to stay and it's probably not doing anybody any favors."

• Tim Seymour (04:04): Agrees that markets dislike uncertainty, pointing out that fear remains high despite a temporary market uptick.

  "Markets hate uncertainty more than they Badly. The scepter of bad news is what is well where."

• Mike Wilson (05:05): Discusses the potential for further market moves based on technical indicators and the lack of fundamental changes.

  "The S and P has already rallied over 5% off of that intraday low. So half of you think we're going to have a 10% move in the S and P and if you do, half of it's done."

The panel largely agrees that while the current rally is encouraging, underlying economic uncertainties and tariff policies may limit its sustainability.

3. Hyundai's US Investment

Melissa Lee introduces a segment on Hyundai's significant investment in the US, with insights from Sima Modi.

• Sima Modi (17:02): Details Hyundai's $21 billion investment in US manufacturing, including a new plant in Louisiana designed to produce 2.7 million tons of high-quality automotive steel annually. This move aims to balance the US trade deficit with South Korea and serves as a strategic response to tariff pressures.

  "This is a way to level the US trade deficit with South Korea. Trump adding that the investment in US Onshoring is a clear demonstration to him that tariffs work."

Mike Wilson (18:43) and Tim Seymour (19:03) express skepticism about the efficiency and incremental value of such large-scale investments, questioning whether it provides Hyundai with a competitive advantage or simply adds redundancy to the supply chain.

4. Weight Loss Drug Space Competition: Lilly, Novo Nordisk, and Structure Therapeutics

The discussion shifts to the competitive landscape of weight loss drugs, focusing on Eli Lilly, Novo Nordisk, and the emerging Structure Therapeutics.

• Lilly's Success: UBS forecasts higher Q1 sales for Lilly's obesity drug Zepbound, citing that 70% of new prescriptions are favoring Zepbound over Novo Nordisk's Wegovy.

• Novo Nordisk's Challenges: Although Novo recently inked a deal worth up to $2 billion with Chinese biotech United Laboratories, it highlights their pipeline struggles in the weight loss space. Mike Wilson (23:50) points out that Novo's stock has been underperforming relative to Lilly, despite maintaining strong growth numbers.

  "I think that the growth numbers are still fantastic. The valuation isn't cheap, by the way, but I think if you look at it, they're still supplying more than Lilly in terms of the world's GLP1."

• Structure Therapeutics' Potential: CEO Ray Stevens discusses their oral weight loss drug candidate, Elenagliparon, emphasizing its convenience and potential to offer alternatives to injectable treatments.

  "Patients will finally get the chance to have options. An oral pill, a once a day oral pill, giving patients the flexibility they need." (36:51)

Karen Feiderman (25:29) and Guy Adami (25:08) debate the relative valuations and future prospects of these companies, suggesting possible catch-up trades for Novo and continued strength for Lilly.

5. BYD Surpasses $100 Billion in Revenue

The podcast highlights BYD, a major Chinese electric vehicle (EV) manufacturer, achieving over $100 billion in revenue in 2024, surpassing Tesla despite offering cheaper, hybrid models aimed at undercutting competition in the Chinese market. Karen Feiderman (26:21) notes BYD's strategic advantages:

"BYD is a company that's... introducing cars with 250 miles range that can be charged in five minutes. They're giving away advanced assistance features, making them appealing in ways that Tesla doesn't."

Mike Wilson (28:48) underscores BYD's global expansion ambitions, including building a third plant in Europe, positioning them as a formidable global brand. Guy Adami (29:35) adds that despite Tesla's rally, BYD remains a compelling investment due to its scale and innovative offerings.

6. Disney's Snow White Box Office Performance

Melissa Lee and Julia Boorstin analyze the disappointing performance of Disney's live-action remake of Snow White.

• Box Office Results: The film's $43 million US debut was the worst among Disney's live-action remakes, with production and marketing costs soaring to an estimated $350 million due to pandemic-related delays and strikes.

  "The film's $43 million US debut was the worst of any of Disney's live-action remakes." (27:10)

• Controversies Impacting Performance: The movie faced backlash due to the lead actor's comments on immigration policies, leading to calls for boycotts. Although Julia Boorstin (34:33) suggests that family films have a longer tail in box office performance, the initial reception was lukewarm.

  "People are saying that the original story was just maybe too old and outdated. But these family films are just a really, a different beast."

• Future Prospects: Despite the rocky start, Julia remains optimistic, comparing it to other Disney films like Mufasa, which eventually grossed significantly more. Additionally, Disney's strong pipeline, including projects like Stitch, may offset the Snow White underperformance.

  "The trailer was viewed 158 million times in the 24 hours after it was released. So we'll see if that can make up for the disappointment of Snow White." (33:20)

Guy Adami (34:49) suggests that Disney's stock might decline further if Snow White doesn't recover, but Mike Wilson (35:19) remains optimistic about Disney Plus as a revenue stream, despite challenges in theme parks and box office performance.

7. Uber's Stock Analysis

Melissa Lee introduces a technical analysis of Uber's stock by financial analyst Carter Braxton.

• Technical Patterns: Braxton identifies a bullish setup, describing the stock as a breakout candidate after a period of range-bound trading.

  "This is a bullish setup. We're playing for a breakout here." (42:00)

• Panel Reactions: Guy Adami (43:56) and Tim Seymour (45:03) discuss potential price targets and the importance of Uber surpassing key technical levels to avoid further downside.

Karen Feiderman (45:20) and Guy Adami (45:35) add their perspectives, emphasizing that while technical setups are promising, fundamental factors like valuation and market sentiment remain critical.

8. Final Trade and Closing Remarks

The panel wraps up with a brief discussion on final trades, including PayPal and Nike, emphasizing the importance of fundamentals and valuation in investment decisions.

Mike Wilson (45:07) highlights PayPal's attractive valuation and new product launches as reasons for optimism, while Karen Feiderman (45:26) notes emerging opportunities in smaller innovative names.

Melissa Lee concludes the episode by reinforcing the importance of staying informed and engaged with market trends, inviting listeners to join the next live show and follow along with future episodes.

Notable Quotes:

• Guy Adami (02:22):
  "I think it's going to be somewhat short lived. I could see a day tomorrow where we open on the highs and close on the lows."

• Karen Feiderman (02:57):
  "If we don't get any clarity sometime soon, this volatility is going to be here to stay and it's probably not doing anybody any favors."

• Dan Nathan (36:35):
  "Patients will finally get the chance to have options. An oral pill, a once a day oral pill, giving patients the flexibility they need."

• Ray Stevens (37:31):
  "Making an oral small molecule that can be manufactured... that's enough for 120 million people today. That's more than Novo and Lilly can do combined."

• Mike Wilson (28:48):
  "BYD is a company that I think has the scale and the ability to maybe appeal in ways that Tesla doesn't."

Conclusions and Takeaways

• Market Rally and Economic Uncertainty: While the current market rally, led by tech stocks like Tesla, is encouraging, underlying economic uncertainties and tariff policies may limit its sustainability. Investors should remain cautious and watch for clarity in economic policies and earnings reports.

• Competitive Dynamics in Pharmaceuticals: The weight loss drug space is heating up, with Lilly currently leading while Novo Nordisk faces pipeline challenges. Emerging players like Structure Therapeutics may offer new opportunities, especially with innovative oral treatments that enhance patient flexibility.

• BYD's Growth vs. Tesla: BYD's substantial revenue growth and global expansion efforts position it as a strong contender against Tesla. Investors might find BYD's strategic moves and valuation appealing compared to Tesla's volatility.

• Disney's Strategic Moves: Despite setbacks with Snow White, Disney's diverse portfolio, including successful streaming initiatives and upcoming film releases, may provide resilience against current market challenges.

• Technical Investments: Stocks like Uber show promising technical setups for potential breakouts, but investors should balance technical analysis with fundamental assessments to make informed decisions.

This summary captures the key discussions, insights, and conclusions from the March 24, 2025, episode of CNBC's "Fast Money." Notable quotes are included with speaker attribution and timestamps to provide context and depth to the analysis presented.