Halftime Report – Trading the Earnings Movers

Podcast: CNBC Halftime Report
Host: Scott Wapner
Air Date: October 23, 2025
Panel: Josh Brown, Stephanie Link, Malcolm Etheridge, Bryn Talkington

Overview

This episode of CNBC’s Halftime Report, hosted by Scott Wapner, focused on the immediate market reaction to earnings movers—especially Tesla, IBM, Vertiv, Netflix, and Zoom. The Investment Committee offered detailed breakdowns of major stock moves, portfolio adjustments, and market sentiment, also delving into retail investor activity, gold’s momentum, quantum computing news, and an emerging NBA betting scandal.

Major Themes and Discussion Points

1. Zoom: New Buy, Growth Debated

[02:00-07:00]

• Josh Brown announced a new position in Zoom, emphasizing its overlooked enterprise and AI segments, notably Zoom Phone and Revenue Accelerator.

  • “This is a company that we use at our firm…Zoom’s got an enterprise business…They just announced that they now have 10 million users of Zoom phone.” [02:20]
  • Brown argued the market mislabels Zoom as a commodity play, while its enterprise offerings signal potential for growth and a valuation rerating.
  • He highlighted Zoom’s $8B cash, low valuation (18x earnings), and shareholder-friendly pivot away from heavy stock-based employee compensation.

• Panel Debate: Stephanie Link and others questioned the attractiveness, noting flat growth and a multi-year rangebound share price.

  • Brown countered: “If and when the growth shows up, the stock will get a rerating.” [05:18]

2. Market Sentiment: Retail and Pros Stay Bullish

[07:45-11:55]

• Market stats: S&P’s record streak above the 50-DMA; record retail trading volume.
• Malcolm Etheridge: Retail investors re-engaged post-April lows, rotating winnings into financials, energy, and AI-related names.
• Bryn Talkington: Noted pro investor survey shifts – more expect higher prices, but many still see stocks as overvalued.
  • “If you’re waiting for that negative year and you’re positioning around that, that's just a great way to grow poor safely.” [10:40]
• Consensus: Earnings and momentum remain strong across sectors; investors persist even as valuations get stretched.

3. IBM: Beat and Raise, But Shares Drop—and Committee Buys

[11:55-16:51]

• Stephanie Link and Malcolm Etheridge explained their decision to buy more IBM on the post-earnings dip.

  • IBM beat on EPS/revenue, raised margins and free cash flow guidance.

  • Link: “Software piece was disappointing, but it still grew 11%...Hybrid cloud at 14%...this company is positioned so well.” [12:39]

  • Margins and shift from hardware to services/software highlighted; skepticism from the market on transformation persists.

  • Memorable quote (Link): “You buy stocks where numbers are going higher. IBM numbers are definitely going higher. They raised guidance.” [14:42]

• Josh Brown: Challenged the current 25x forward multiple versus legacy IBM benchmarks; Link cited the transformation toward software and recurring revenues as justification.

4. Vertiv: AI Infrastructure Play, Bought on Pullback

[17:11-18:25]

• Stephanie Link: Bought more Vertiv after a sharp drop, citing momentum unwinds rather than fundamentals.
  • “They beat and raised. Total revenues grew 28%... orders... staggering... up 60%.” [17:49]
• Panel tone: Short-term risk-off pressure creates buying chances in high-quality, high-growth names.

5. Tesla: Post-Earnings Roadmap & Options Trade

[18:28-21:35]

• Bryn Talkington: Summarized Tesla’s user/product progress and options trading strategy.
  • Full Self-Driving nearing “unsupervised” milestone (“...by the end of the year, which probably means the middle of next year technically they will be able to go unsupervised.” [19:06])
  • Discussed Optimus robot commercialization timeline and the stock’s price range, recommending covered calls to supplement returns.

6. Netflix: Fading the Selloff, Fundamentals Strong

[22:00-24:08]

• Josh Brown: Averaged up on Netflix amid post-earnings dip tied to Brazilian tax settlement, not fundamentals.
  • “They actually raised free cash flow guidance to $9 billion for this year... They still have $10 billion left on their buyback authorization...” [22:00]
  • Argued buyers will defend the 200-day MA, and Netflix remains a dominant global platform with new audio/podcast ventures ahead.

7. Quantum Computing: Government Rumors Spur Volatility

[24:08-28:36]

• Developing story: A Wall Street Journal report suggested government equity stakes in quantum companies (later denied).
• Bryn Talkington: Shared experience with IonQ, described industry-government links, cited Google’s “first-ever verifiable quantum advantage” milestone.
  • Cautioned on valuation: “These are long duration, really high risk, high return plays. So I would treat them appropriately in a portfolio.” [28:36]

8. Gold Miners: Rotating on Recent Dip

[30:13-33:39]

• Bill Baruch (guest): Explained using latest gold pullback to buy miners (Newmont, Agnico, Core Mining).
  • “This is huge for dedollarization...favorable tailwind...all are showing tremendous free cash flow and potential for capital return.” [31:50]

9. Capital One: Financials Strength

[33:39-34:16]

• Stephanie Link: Bought more Capital One after strong earnings. Highlighted robust purchase volume, declining delinquencies, and $16B buyback.
  • “Stocks trading at 11 times earnings, super cheap...looking for massive synergies and lots of market share growth in the payment network space.” [34:16]

10. Interactive Brokers: Josh Brown's “Best Stocks” Pick

[38:21-40:13]

• Josh Brown: Spotlights Interactive Brokers as undervalued relative to Robinhood; sees potential for acquisition and organic new highs.
  • “At a certain point, one of these crypto players that needs to be in stocks is just going to look at this as a shortcut...I think the stock breaks into the 70s, makes a new high.” [38:21]

11. Market Technicals & Earnings Season Rotation

[40:13-42:16]

• Mike Santoli: Discussed how “sell the news” reactions to earnings are quickly reversing, S&P is rangebound, momentum flush may be halfway done.

  • “It’s kind of this turbulence at 30,000 feet for two weeks...the brute force of earnings going up..." [41:04]

12. NBA Gambling Scandal: Breaking News

[42:52-45:32]

• Contessa Brewer: Broke news on federal indictments involving NBA insiders in sports betting, poker cheating, and alleged game-throwing.
  • “According to prosecutors, multiple crime families associated with La Cosa Nostra are also charged with conspiracy, wire fraud, extortion and on and on for a scheme that ran into tens of millions...The U.S. attorney says the sportsbooks are the victims.” [43:40]

Notable Quotes

• Josh Brown [02:20]: “Zoom’s got an enterprise business...they now have 10 million users of Zoom phone.”
• Bryn Talkington [10:40]: “If you’re waiting for that negative year...that's just a great way to grow poor safely.”
• Stephanie Link [14:42]: “You buy stocks where numbers are going higher. IBM numbers are definitely going higher.”
• Stephanie Link [17:49]: “They beat and raised...orders is the thing that was staggering...up 60%.”
• Josh Brown [22:00]: “They actually raised free cash flow guidance to $9 billion for this year...They still have $10 billion left on their buyback authorization...”
• Bryn Talkington [28:36]: “These are long duration, really high risk, high return plays. So I would treat them appropriately in a portfolio.”

Important Timestamps

• [02:00] – Zoom: Josh Brown’s Buy & Justification
• [07:45] – Retail & Market Sentiment Data
• [11:55] – IBM Earnings Reaction and Committee Buying
• [17:49] – Vertiv: AI Infrastructure Reaction
• [18:28] – Tesla: Update and Strategy
• [22:00] – Netflix Fundamentals & Technicals
• [24:08] – Quantum Government News
• [30:13] – Gold Miners: Bill Baruch’s Rotation Play
• [33:39] – Capital One: Stephanie Link’s Addition
• [38:21] – Interactive Brokers: Josh Brown’s Spotlight
• [40:13] – Market Technicals: Mike Santoli
• [42:52] – NBA Gambling Scandal: Contessa Brewer

Tone, Format, and Flow

The discussion maintained a brisk, candid, and occasionally humorous tone aligned with CNBC's signature style. Panelists frequently challenged one another, explained trade rationales, and contextualized news flow for investors navigating a fast-moving market and earnings season.

For Listeners

This episode offers a frontline understanding of:

• How top market participants are reading sector catalysts and technicals
• The evolving strategies in response to earnings, volatility, and government headlines
• A practical look at stock selection, portfolio rebalancing, and risk management from seasoned pros

If you missed the episode, this summary should provide a comprehensive outline of all major themes, notable quotes, and panel perspectives as the earnings season continues to drive the market narrative.