Panel = CNBC's investment committee; "View" is the panel's net take this episode and the cell names which member(s) held it. This is an audio podcast: the Spotify transcript this time carries real (m:ss) cues (shown in the talking-point headings and in transcript.txt), but there is no YouTube id to deep-link, so each "At" cell opens the episode. Speaker names were mapped from context (Spotify labels only "Speaker N"). Order: Positive → Neutral → Negative. Research: QT Qualtrim · SA Seeking Alpha · STK Stock Analysis.
| Ticker | Name | Research | View | What the committee said | At |
|---|---|---|---|---|---|
| UNH | UnitedHealth Group | QT · SA · STK · FA | Positive | Simpson's final trade (42:15). "Expectations have reset and I think the risk reward is finally turned favorable." Second day running as a committee final trade (Weiss picked it 9/16). | listen↗ |
| GS | Goldman Sachs | QT · SA · STK · FA | Positive | Ethridge's final trade (42:22), after a rough week. Santoli: Goldman flagged softer fixed-income/commodity/currency trading and is "still down like 7% week to date" despite a 1.5% bounce. Ethridge: "well off its 52 week high" — "this freak out over rates is going to create an opportunity to own the name that ends up at the far left of the Anthropic prospectus" (lead underwriter on the IPO). | listen↗ |
| TER | Teradyne | QT · SA · STK · FA | Positive | Terranova's final trade — explicitly "a trade" (42:33). "Your risk here is down to the 200 day moving average at 323. In Q3, you have a series of higher lows. You're buying against that level with the hope that the restart happens for the semiconductor name with a reasonable valuation." Santoli: ~$33 of downside, "more than that for the upside." | listen↗ |
| VLO | Valero Energy | QT · SA · STK · FA | Positive | Terranova owns it personally (bought last July at $144) and won't sell (33:41). "They can't produce more diesel. They can't produce more gasoline. It's a supply shock." Russian refineries are down on Ukrainian attacks and US refiners are switching from gasoline to record-priced diesel, leaving gasoline tighter — "these are momentum energy plays, but there's a fundamental reason why I think you stay with these positions." | listen↗ |
| PSX | Phillips 66 | QT · SA · STK · FA | Positive | Named in Terranova's refiner trio (34:26) — "it's Phillips 66, it's Marathon, it's Valero" — the same diesel supply-shock thesis. | listen↗ |
| MPC | Marathon Petroleum | QT · SA · STK · FA | Positive | The "Marathon" in Terranova's refiner trio (34:26) — stay with the positions while diesel sits at an all-time high. | listen↗ |
| HOOD | Robinhood Markets | QT · SA · STK · FA | Positive | Simpson owns it and "loves" it as the SEC clears tokenized stocks (37:08). Macheel: a five-year "innovation exemption" lets platforms trade blockchain versions of stocks if the tokens carry the same rights (voting) and issuers can object (the Robinhood–AMC spat), after the Clarity Act failed in the Senate. Simpson: "They don't want to just be a trade creating app for kids and for crypto. They want to be a true financial institution. And I think tokenization can be the next leg of that" — overseas 24/7 token trading is "very successful." | listen↗ |
| CRWD | CrowdStrike | QT · SA · STK · FA | Positive | Options flow bullish; Ethridge backs it despite the valuation (39:00–40:06). Renick: 100,000 contracts, $120M premium, 75%+ bought on the call side; top contract the 250-strike call expiring tomorrow ($2, needs 2%). Ethridge: "way too far over its skis" at ~180× forward, "but it is possible that as the category leader, it can grow into that valuation" — "focus on the annually recurring revenue growth." AI-safety fears (Karp clip) are "a big boost to the cyber trade." | listen↗ |
| OKTA | Okta | QT · SA · STK · FA | Positive | Terranova keeps it despite Bernstein's downgrade (40:46). "A market cap of somewhere around $35 billion and that is a clear takeover target" — maybe "one of the hyperscalers that takes them out." Stay with cyber because the AI "accident" seems to come before the guidelines. | listen↗ |
| GOOGL | Alphabet | QT · SA · STK · FA | Positive | Simpson narrows Ethridge's Mag 7 rotation to Alphabet (11:23). Evercore raised its target to $450 from $420. "It's really the value trade that's coming back… it's a company like Alphabet that I think is getting cheaper, becoming more valuable" — "not the Mag 7 as an asset class." | listen↗ |
| ALL | Allstate | QT · SA · STK · FA | Positive | Terranova's durable higher-rates trade (12:31). "There's been this revival in the insurance companies, that your Allstate, it's Travelers, Chubb, Progressive. I think there's sustainability… higher rates are going to benefit those insurance companies." | listen↗ |
| TRV | Travelers | QT · SA · STK · FA | Positive | In Terranova's insurer list (12:31) — higher rates lift float income; a "building trend" he expects to last into year-end. | listen↗ |
| CB | Chubb | QT · SA · STK · FA | Positive | In Terranova's insurer list (12:31) — the same higher-rates-for-longer beneficiary. | listen↗ |
| PGR | Progressive | QT · SA · STK · FA | Positive | In Terranova's insurer list (12:31) — the auto insurer rounding out "Allstate, Travelers, Chubb, Progressive" as the sustainable trend if rates stay higher. | listen↗ |
| BN | Brookfield Corporation | QT · SA · STK · FA | Positive | CEO Bruce Flatt at Brookfield's Investor Day (21:36–29:47) — management's own view. On the hike: "when you buy great businesses in great countries with great people, 25 basis points this way or that way… it just doesn't matter"; real-return assets gain from inflation and "this war will end, interest rates will come back down." Westinghouse (51% owned) is "the heart of the industry"; power, not models, is the AI bottleneck; a new 5 GW DOE site in Kentucky; concrete deals from the $500B Nvidia financing plan as chips become "an investment asset class." | listen↗ |
| Westinghouse | Westinghouse Electric (private, pre-IPO; Brookfield 51%) | — | Positive | Flatt (24:30): "We supply fuel and engineering services to 60% of the nuclear fleet in the whole world." 14 plants in construction, "another 40 coming shortly, another 100 after that"; nuclear is "a 25-30 year trend" and Westinghouse technology is "dominant." Picker: it has filed confidentially to go public. Flatt declined to comment on Holtec's pulled IPO. | listen↗ |
| JBHT | J.B. Hunt Transport Services | QT · SA · STK · FA | Neutral | Citizens upgrades to Outperform; Terranova (holder, $271 for his ETF) still says wait (32:04). 60% of analysts rate it Buy, 12-month target $305, but "if you don't own it, I don't think you step in and buy it. I think you need to see it stabilize" — rising diesel and driver costs cut guidance 5–10% and "this could be the beginning of what we hear in the earnings season from many other companies." Simpson: $6 diesel "percolates through the entire system." | listen↗ |
| CBOE | Cboe Global Markets | QT · SA · STK · FA | Neutral | Terranova's personal position (June 23 at $263) is about to hit his time stop (14:27). S&P ranges have been tight and volumes lower for 30–45 days, so trading revenue may not repeat Q1/Q2: "I'm close to literally timing myself out over a 90 day time stop because it's basically just sitting right there." | listen↗ |
| ORCL | Oracle | QT · SA · STK · FA | Neutral | Up 5%+ as a relief trade; Ethridge flags the leverage (16:47–17:23). Ethridge: Oracle is "using their own equity as the thing that the debt is being offered against. And there's only so long that can go if the share price doesn't continue to appreciate." Santoli: a proxy for OpenAI's "very leveraged approach" to compute; is it more than "today's weather"? | listen↗ |
| NVDA | NVIDIA | QT · SA · STK · FA | Neutral | Leading the AI-hardware bounce (0:54). Ethridge: the chip trade (NVIDIA, AMD, Broadcom, then memory/optical) "got away from us"; the committee is "offsides" being so heavy in chips and expects rotation to the Mag 7 spenders. Flatt: Nvidia is leading the push to make chips a financeable asset class. | listen↗ |
| AMD | Advanced Micro Devices | QT · SA · STK · FA | Neutral | Named by Ethridge (9:02) among the original AI-chip leaders before the trade broadened into memory; he sees the next rotation going to the hyperscalers instead. | listen↗ |
| AVGO | Broadcom | QT · SA · STK · FA | Neutral | Named by Ethridge (9:02) alongside AMD and NVIDIA as the chip names that led before the rotation. | listen↗ |
| PANW | Palo Alto Networks | QT · SA · STK · FA | Neutral | Bernstein downgrade (39:44) — "not really a fundamental story, but more about maybe some crowding in that group." The committee stays constructive on cyber overall. | listen↗ |
| S | SentinelOne | QT · SA · STK · FA | Neutral | Also cut by Bernstein (39:44) on exuberant sentiment and crowding in cybersecurity; no committee member took a side on the name. | listen↗ |
| BAC | Bank of America | QT · SA · STK · FA | Neutral | Cautious investment-banking comments at a conference fed the post-Fed bank weakness (11:53). Terranova: the banks are "totally in the momentum funds," so today's bounce is a reflex; Simpson: calling financials losers on higher rates is "sometimes a lazy trade." Santoli: a chair talking about "removing accommodation" turns up the pressure at the margin. | listen↗ |
| Holtec | Holtec International (private; IPO postponed) | — | Neutral | Picker (23:53): Holtec Nuclear postponed its IPO this morning, "reportedly over the data center backlash." Flatt: "I don't know that company… I make no comments on it" — but the nuclear build-out "is not stopping." | listen↗ |
| OpenAI | OpenAI (private) | — | Neutral | IPO pacing is the AI-financing swing factor (15:17–16:03). Santoli: after SpaceX the worry flipped from too much equity supply to "what if we don't get OpenAI and Anthropic IPO" — "they need the money to pay for the stuff they ordered." Ethridge: the risk is that the two big spenders are "not really good for those promises." | listen↗ |
| Anthropic | Anthropic (private) | — | Neutral | Its IPO timing and safety warnings hang over the AI trade (16:03). Ethridge: it "doesn't help" when the CEO of a top lab says "we have concerns over the safety of the product that we were planning to IPO in a couple of weeks." Goldman, he expects, leads the prospectus. | listen↗ |
| SpaceX | SpaceX | — | Neutral | Santoli's marker for the Q2 risk-appetite peak (8:28, 15:17) — "the SpaceX IPO right at the end of the second quarter" capped a run of crowding into momentum and semis, and has been "payback in bits and pieces since." | listen↗ |
Brookfield owns and runs long-lived physical assets — power plants, pipelines, real estate, infrastructure — and manages money for others. Its CEO's point is that when you own something for 30-plus years, a quarter-point change in interest rates barely registers, especially when the asset's revenue rises with inflation (a "real return" asset). He expects rates to fall again once the war-driven oil shock passes.
The bigger story is power: Brookfield owns half of Westinghouse, whose reactor technology and fuel services reach most of the world's nuclear plants. Flatt says electricity, not AI software, is what limits how fast data centers get built, which puts Brookfield on the scarce side of the AI boom.
Westinghouse designs nuclear reactors and supplies fuel and engineering services to existing plants. It is not publicly traded yet — Brookfield owns 51% and it has filed privately for an IPO. Flatt describes a pipeline of dozens of new plants over the coming years and calls nuclear's comeback a 25-to-30-year trend, because reactors provide steady, clean power around the clock.
Refiners turn crude oil into gasoline, diesel and jet fuel, and they profit from the gap between crude and fuel prices. With Russian refineries damaged by Ukrainian attacks and diesel at a record, that gap is wide. Terranova's point is that this is a shortage of refining capacity, so a Fed rate hike can't fix it, and he is holding Valero (and likes Phillips 66 and Marathon) until it eases.
Teradyne makes the machines that test chips before they ship. Terranova calls it a trade, not a long-term hold: the stock has made higher lows through the quarter, and he would sell if it fell below its 200-day average (about $323), roughly $33 below where it traded. The bet is that chip-testing demand restarts while the valuation is still reasonable.
Goldman fell this week after warning that trading revenue may be softer. Ethridge sees the drop as an overreaction to rates and expects Goldman to be the lead bank on Anthropic's IPO — the name listed first ("far left") on the prospectus cover — which would bring large fees and prestige.
"Tokenized" stocks are digital tokens on a blockchain that stand in for real shares and can trade around the clock. The SEC just gave a five-year exemption allowing it in the US, as long as token holders get the same rights as shareholders. Robinhood already offers such tokens overseas, and Simpson thinks this helps it grow from a trading app into a full-service financial company.
CrowdStrike sells cybersecurity software. Worries about powerful AI being misused are pushing companies to spend more on protection, and options traders were betting heavily on further gains. The stock is expensive (around 180 times expected earnings), but Ethridge argues the market leader can grow into it, pointing to strong growth in recurring subscription revenue.
Okta manages logins and identity for businesses — a core piece of cybersecurity. Bernstein downgraded it on crowding, but Terranova is holding because at about $35 billion it is small enough for a giant tech company to buy outright, and he expects demand for security to rise before AI rules catch up.
J.B. Hunt is a big trucking and freight company whose costs jump when diesel does. An analyst upgraded it today, but Terranova, who owns it, says new buyers should wait until the stock stops falling, because record diesel prices are cutting profits — and he thinks other companies will report the same problem this earnings season.
Summary derived from the public CNBC Halftime Report audio episode (Spotify auto-generated transcript in transcript.txt, read from the episode page's transcript data with its (m:ss) cues) for personal study. Speaker names mapped from context. Not investment advice. © CNBC for source material.