Halftime Report: How to Trade the Markets Right Now (08/15/25)

Released on August 15, 2025

Host: Scott Wapner, CNBC

Guests:

• Josh Brown
• Jenny Harrington
• Brenda Vingello
• Rob Sechin
• Stephanie Link
• Mike Santola

1. Introduction

Scott Wapner opens the Halftime Report by highlighting the Dow's achievement of a new high, joining the S&P and NASDAQ at record levels. He sets the agenda for the discussion, mentioning key topics such as UnitedHealth (UNH), retail sales, and the impending Jackson Hole economic symposium.

2. Market Momentum and UnitedHealth Analysis

Rob Sechin emphasizes the sustained upward momentum in the markets, drawing parallels to the late 1999 era. He cautions investors about high valuations despite strong earnings, suggesting a balanced investment approach is essential.

"Earnings have been revised up. There's a lot of good news that's happening, no doubt. However, you have to be mindful of valuations which are back at nearly all-time highs."
— Rob Sechin [02:13]

Brenda Vingello agrees, highlighting the strong corporate earnings but notes concerns about inflation and tariff uncertainties. She underscores the robust environment for technological innovation, particularly AI, which supports elevated valuations.

"We're still in that sweet spot where valuation can stay elevated. And to your point, Scott, and you know, it's being driven by really solid earnings."
— Brenda Vingello [04:28]

Josh Brown provides a counterpoint, arguing that the recent uptick in small-cap stocks, such as UNH, doesn't signify broad market euphoria. He points out that high-profile investors like Berkshire Hathaway hold a minimal position in UNH relative to their vast portfolios.

"It's $1.6 billion of a Berkshire Hathaway equity portfolio. That's $300 billion. It's not even half of 1%."
— Josh Brown [12:25]

Stephanie Link defends UNH, citing strong fundamentals and management changes as reasons for optimism. She emphasizes the return of CEO Steve Hemsley and the company's strategic initiatives aimed at long-term growth.

"They have 52 million members. They have size, they have scale. And even with their earnings problems and their margin problems, last quarter they were able to grow 13%."
— Stephanie Link [10:35]

Rob Sechin concludes by reaffirming confidence in UNH and similar value stocks, stressing the importance of a long-term investment perspective amidst current market volatility.

"The valuation today is at 18 times. It's a discount to its peers and its long-term average. I don't think we're sellers yet."
— Rob Sechin [14:17]

3. Berkshire Hathaway's Stock Moves

The discussion shifts to Berkshire Hathaway’s recent acquisitions, including Lamar Advertising and other health care names. Jenny Harrington explains Lamar's strong performance and consistent dividends, reinforcing its attractiveness despite Berkshire's modest investment size.

"They were fantastic. Let's say net income and earnings were up about 12% year over year. But they did reduce the guidance just a tiny bit. So they're still trading at 15 times FFO. They've got a 5% yield stock backed off about 6% last week, which is why it's up so much this week."
— Jenny Harrington [16:26]

Josh Brown adds that Berkshire’s investments signal confidence in sectors like housing and financials, anticipating a bull market once interest rates decline.

"Warren Buffett historically would go out of his way to say that he does not have macro forecasts as part of his process. But we've seen him make incredible macro calls."
— Josh Brown [18:16]

Rob Sechin emphasizes that Berkshire’s moves are strategic, targeting high-beta businesses poised for growth despite current headwinds.

"If you're a long-term investor, you can ride along these guys and you might want some proof points along the way."
— Rob Sechin [14:45]

4. Best Stocks in the Market

Josh Brown spotlights PTC (formerly Parametric), a leading CAD software company. He praises its transition to a Software-as-a-Service (SaaS) model, consistent revenue growth, and strong fundamentals, positioning it as a top stock pick.

"Operating margins are expanding and this transformation in the way that they're billing customers and working with customers on a software as a service basis is what's attracting new institutional shareholders."
— Josh Brown [34:46]

5. Sector-Specific Insights

Jenny Harrington and Brenda Vingello discuss various sectors, including real estate, health care, and technology. They highlight trends such as the potential resurgence in housing, the importance of strong data in companies like Salesforce, and the resilience of industries like real estate underpinned by robust dividends.

"We do think there is an opportunity here with the newness to turn the concept around. So we're sticking with it for now. The stock is inexpensive."
— Brenda Vingello [27:56]

6. Market Risks and Macroeconomic Factors

Mike Santola outlines the prevailing market sentiment, noting the expectation of Federal Reserve rate cuts despite stable economic indicators. He warns of potential mean reversions and emphasizes the importance of being prepared for varied economic outcomes.

"The market kind of refuses to come off its preferred storyline in a way. ... we are priced for the bright side of things to come through."
— Mike Santola [42:32]

Brenda Vingello adds that the Federal Reserve might avoid aggressive rate cuts, maintaining a cautious stance to avoid signaling overreach.

"I don't think they want to go into it with that presumption. It's almost like the threshold for doing it is you think you're going to do two or three."
— Mike Santola [43:32]

7. Stock of the Day: PTC

Josh Brown elaborates on why PTC deserves its position on the best stocks list. He highlights its essential role in product engineering across various industries, impressive earnings growth, and successful transformation to a subscription-based model.

"They can't really disrupt what they do with AI because they're going to be a user of AI. ... So long as the technicals are in your favor, you want to stay long here."
— Josh Brown [37:02]

8. Final Trades and Recommendations

The panel concludes with final stock picks:

• Josh Brown: Uber (up near record highs)
• Rob Sechin: IBM (trading at 21 times, diversified)
• Brenda Vingello: Alexandria Real Estate (7% dividend yield)
• Jenny Harrington: CarMax (beneficiary of tariffs)

These selections reflect a mix of growth, value, and defensive strategies aimed at capitalizing on current market trends and mitigating risks.

9. Closing Remarks

Scott Wapner wraps up the episode by previewing upcoming segments, including live coverage of the Trump-Putin summit and additional stock analysis. He encourages listeners to join the next episode for further insights.

Notable Quotes:

• "Sometimes it takes an unexpected turn with detours, new possibilities..."
  — Edward Jones [00:00]

• "A great environment to be an investor in all sorts of different places."
  — Brenda Vingello [04:28]

• "It's still a sweet spot where valuation can stay elevated."
  — Brenda Vingello [04:28]

• "This is a name that I look, it's a trade."
  — Josh Brown [21:39]

• "They have some significant headwinds from China."
  — Rob Sechin [23:22]

Conclusion

The August 15, 2025 episode of Halftime Report delves deep into the current market dynamics, focusing on the impressive performance of major indices and dissecting the movements of key stocks like UnitedHealth and PTC. The panel provides a balanced view, highlighting both the opportunities presented by strong earnings and technological advancements, while also cautioning about high valuations and potential macroeconomic shifts. Investors are encouraged to adopt a long-term perspective, remain nimble, and consider a diversified portfolio to navigate the evolving market landscape.