CNBC Halftime Report Podcast Summary

Episode Aired: September 24, 2025
Host: Scott Wapner
Panel: Jenny Harrington, Joe Terranova, Shannon Sokotia
Special Guests: Angelica Peebles (news), Alex Sherman (NFL rights), Kate Rogers (news), Todd Lewis and Dominic Chu (Ryder Cup)

Overview

The September 24, 2025 episode of CNBC's Halftime Report explored the theme of "froth fears"—concerns about overheated areas of the stock market following significant rallies in riskier sectors. The panel discussed the implications of recent Federal Reserve comments, the sustainability of current valuation levels, sector rotations (notably into energy, utilities, and Chinese tech), and the psychological impact of market gains on investor sentiment. Additional coverage included company buybacks, market news alerts, and an exclusive segment on forthcoming NFL media rights negotiations.

Key Discussion Points and Insights

1. Froth in the Markets and Federal Reserve Commentary

• Fed Chair Powell's 'Fairly Highly Valued' Comment: The panel debated the significance of Powell's remarks, with comparisons drawn to Greenspan’s famous “irrational exuberance” warning. Ed Yardeni likened Powell’s comments to that historic moment.

  • Shannon Sokotia (02:17): “Chairman Powell has done an excellent job as Federal Reserve Chairman in terms of analyzing whether markets are fairly valued, fully valued. I’m going to look at the market for that… I think it’s important that you just kind of set an expectation and understand that a correction is normal.”
  • Joe Terranova (05:14): “Powell is trying to pivot the conversation to financial conditions, which is frankly where his interest lies… There is this misconception that the Fed cares about the equity market.”

• Are Select Sectors Frothy?

  • Unprofitable tech stocks have gained dramatically; high-beta and meme stocks (IonQ, Lemonade, Open Door, Palantir) highlighted.
  • Scott Wapner (06:12): “Bloomberg cited…unprofitable tech companies tracked by UBS has jumped 21% since the end of July compared with a 2.1% advance for profitable tech.”

• Panel Contrasts: Froth vs. Value

  • Jenny Harrington (07:18): “I can make the case that there’s no froth in other places in the market. Unfortunately, I’m sitting in those. Or maybe, or maybe in the longer term, fortunately I am.”

2. Investing Styles: Speculation vs. Fundamentals

• Speculation in High-Growth Stocks:

  • Jenny Harrington (10:09): “With high growth stocks with high valuation, you’re betting on them.”
  • Scott Wapner: “Speculating.”
  • Jenny Harrington: “Yeah… you need to define what kind of person you are with where you put your money. Are you speculating or are you really investing?”

• Diversity of Approaches:

  • Shannon Sokotia (12:30): “I have one specific strategy that I believe works for me… I’m going to continue to utilize the one strategy that I know best and that is utilizing reflection of, okay, I’ve got strong technicals and I have strong fundamentals.”
  • Jenny Harrington (12:57): “I use the strategy that works best for me, which is looking at the earnings, earnings growth, valuations, free cash flow…”

3. Sector Focus: Energy, Utilities, and AI

• Energy & AI-Linked Utilities:

  • AI’s demand for power is shifting the narrative around traditional energy and utility stocks, making them “new growth stocks.”
  • Joe Terranova (15:44): “You need to bifurcate. Are you investing…on the basis of this AI spend or are there other trends?... They are turning from value cyclical low growth areas to potentially high growth areas with multiple tailwinds.”
  • Jenny Harrington (16:17): “We have NextEra and we have Dominion…you think like okay, they should be up a ton because they’ll be at the epicenter of generating electricity for all the AI. But… it’s a very distorted, disrupted time right now to try to figure it out.”

• Don't Fight the Secular Trend:

  • Shannon Sokotia (17:15): “Don’t fight it, don’t chase it. Apply that to utilities… You really want to fight the secular tailwind that is building for the sector?”

4. Contrarian Opportunity: Chinese Tech

• China Tech Names Rally:

  • Alibaba, Baidu, Tencent among big gainers; panel discussed why these areas remain underowned despite strong returns.
  • Scott Wapner (19:20): “There was a view that what was uninvestable…has turned the corner now. Baba hits a 52 week high today.”
  • Joe Terranova (19:55): “This is still a bit of a contrarian play… the AI arms race between China and the US is real and it’s supported fully and backed by the Chinese government.”

• Skepticism Persists:

  • Shannon Sokotia (20:36): “I screwed up the China trade, okay? …Should have recognized that in terms of positioning and sentiment, as it was rising… people still remain skeptical.”

5. Buybacks and Market Catalysts

• Wave of Announced Buybacks:

  • Marvell ($5B), Uber, Schwab, and others have joined ongoing corporate buybacks.
  • Jenny Harrington (31:21): “Uber is interesting… They have just enormous free cash flow… The Schwab buyback is a little more surprising…you can announce the buyback, but you don’t need to enact the buyback.”

• Are Buybacks a Catalyst?

  • Debate on whether buybacks are a true catalyst for higher prices or just supportive.
  • Jenny Harrington (32:32): “I just think it’s a statement of management saying, I think my shares are cheap. We are showing fiscal discipline. We have a lot of cash. I don’t think it should drive it up.”

• Supportive Environment:

  • Joe Terranova (33:20): “Any acceleration in buybacks…I think is reflective of the very strong fundamentals of many of these companies and I think it is a basis for the potential for multiple [expansion] if…the market still goes up.”

6. Company- and News-Specific Highlights

• Gold and Commodities:

  • Gold at record highs, US dollar weaker; positive outlook for gold, silver, and copper.
  • Shannon Sokotia (25:12): “Gold’s going higher. The US dollar continues to move lower…that’s something that’s going to be a trend as we move into 2026.”

• Electronic Arts Dip:

  • EA stock fell on Google’s new Gemini gaming tool, but panel remained bullish.
  • Shannon Sokotia (33:50): “You can make the same claim for Take Two… This is a company that’s achieving an 80% profit margin. That is a record profit margin. They’re increasing their free cash flow.”

7. NFL Media Rights Negotiation Exclusive (with Alex Sherman, 39:13)

• NFL May Renegotiate Media Rights Years Early:
  • NFL Commissioner Goodell signals talks could start as soon as 2026, years ahead of schedule.
  • Rights owners (Paramount, NBCUniversal, Disney, Amazon, Fox) likely motivated to re-up early to secure exclusivity, expand streaming, and fend off competition from Big Tech companies.
  • Alex Sherman (41:01): “No investor wants these companies to pay even more money than the billions…they’re already paying for the NFL. On the flip side, there is no more valuable programming you can own than NFL football.”

Notable Quotes & Memorable Moments

• Shannon Sokotia (02:17): “You will know when the market turns…There are still areas…that are viewed as unappealing, which we’re beginning to see capital flow there. Why? Because institutional money matters right now…They’re chasing that performance to the end of the year.”
• Scott Wapner (09:03): “You could say…some of these names…are poised for a pullback. But you could have said that four quarters ago…these kinds of stocks have continued to go up. They’ve proven a lot of the naysayers wrong.”
• Joe Terranova (15:44): “If you’re dogmatic about valuation…you are missing the point on some of these areas because they are turning… to potentially high growth areas with multiple tailwinds.”
• Jenny Harrington (12:57): “I think it’s party on for the next two years. We’ve got earnings growing, we’ve got interest rates that aren’t headed up, most likely. And we have an administration…that will do absolutely everything they can to support asset prices.”
• Scott Wapner (32:22): “You’re saying it’s not a catalyst? No, you’re in the minority I think in that view that it’s a catalyst.”

Timestamps for Important Segments

• Froth & Fed Comments: 02:05 - 06:12
• Speculation vs. Investing: 09:03 - 12:30
• AI/Energy/Utilities & Sector Rotations: 13:48 - 18:37
• China Tech Comeback: 19:20 - 22:31
• Buyback Wave Discussion: 29:55 - 33:20
• NFL Media Rights Exclusive: 39:13 - 42:53
• Ryder Cup & Event Economic Impact: 44:25 - 46:43

Additional Coverage & Quick Hits

• Market News Updates: Angelica Peebles reported on Tylenol stock dip due to social media misinformation (28:07 - 29:55).
• Commodities Update: Positive trends for gold, silver, copper (25:12).
• Ryder Cup Preview: Economic impact, hospitality revenue, history, and fan experience (44:25).
• Panel’s Final Trades: Financials, Carmax, Baker Hughes (47:08).

This episode provided a comprehensive look at current market narratives, including the debate over bubbles, rotation into "unloved" sectors, the role of speculation, and how major institutional factors like Fed policy and corporate buybacks influence flows and sentiment. Broader news stories and exclusive reporting added layers of insight for active investors.