Tech Tumbles In Market Sell-Off… And Moderna’s Meltdown After Data Leak 10/22/26

The Procter & Gamble Company

Across the shows: 1 speaker in other episodes, 1 bullish and 0 bearish calls, past 30 days

• Steve Grasso · Grasso Global Inc.Bearish

  Procter & Gamble is an extreme double top and not cheap; avoid buying staples here.

  Grasso says none of the staples names are cheap and that you should not chase them here. He reads Procter & Gamble's chart back to February 2026 as a real extreme double top. He argues the staples rally is a flight to yield that will not last, so he would not buy them now.

  “I don't think you want to chase any staples companies here. None of them are cheap... When you look at Procter... this is a real extreme case of double top... So I wouldn't be buying these names now.”at 20:43

• Tim Seymour · Seymour Asset ManagementNeutral

  Procter's earnings beat is not enough for him to buy; he prefers Unilever's multiple.

  Procter & Gamble beat with organic growth of about 4% against consensus near 2.3%, and gross margin improved. Seymour still says he will not buy the stock on this news. He is wary of its valuation and says Unilever's health-and-beauty mix deserves a higher multiple. Melissa Lee adds that the stock trades above Alphabet's multiple and that valuation concerns are likely.

  “I'm not going out to buy Procter tomorrow based upon this, especially if anything, like Unilever, what I like about what they did is they moved more into health and beauty.”at 40:23

CoreWeave

Across the shows: 40 speakers in other episodes, 10 bullish and 31 bearish calls, past 30 days

• Karen Finerman · Metropolitan Capital AdvisorsUncertain

  CoreWeave has no major debt due for years, so its funding stress is not an immediate crisis.

  Finerman acknowledges fear and spin around CoreWeave, but notes it has no meaningful debt coming due for several years. Its senior unsecured debt is pricey, with yields north of 15%, which makes it riskier. She sees the situation as shifting quickly but not a tempest in a teapot, so the outlook depends on how things change.

  “They don't really have any debt due for several years. Right. So, you know, a lot could change.”at 9:35

NVIDIA

Across the shows: 29 speakers in other episodes, 25 bullish and 10 bearish calls, past 30 days

• Chris Harvey · CIBC Capital MarketsBearish

  He prefers hyperscalers over Nvidia; the picks-and-shovels phase is over.

  Asked whether he prefers hyperscalers or Nvidia, Harvey picks hyperscalers. He argues it is time to move on from picks and shovels, and that the winners will be companies that can commercialize AI better and faster and monetize it. This is a relative preference, not an outright call that Nvidia will fall.

  “I'd rather be in hyperscalers. There's lot of talk about monetization, and I think those are the companies that are going to be able to monetize things better. I think it's time to move on from the picks and the shovels”at 17:02

D.R. Horton

• Steve Grasso · Grasso Global Inc.Bullish

  D.R. Horton is a buy-the-dip homebuilder: green on the year with a $5B buyback.

  Grasso points out DHI, the biggest homebuilder, is up on the year and has a huge $5 billion buyback. Its chart is bouncing off recent lows in an impressive way. He would start to buy a small position, dipping a toe in, while being selective about what homebuilders are being bought.

  “DHI is the biggest homebuilder... they have a buyback, a huge buyback, $5,000,000,000 buyback... these bounces off recent lows, it's pretty impressive. So I would probably start to dip a toe.”at 24:58

Newmont

• Tim Seymour · Seymour Asset ManagementBullish

  Gold miners like Newmont are worth far more than their price at $4,000 gold.

  Seymour admits he was wrong calling gold to rebound, but says gold still has a place. He believes gold was euphoric and was priced differently in asset allocation. With gold falling to $4,000 an ounce, he argues miners are priced far below what gold at that level implies, so they are worth much more than the current price.

  “The miners, at $4,000 an ounce, if you wanna do that math, they're worth a lot more than they're priced here.”at 27:57

Deckers Outdoor

• Karen Finerman · Metropolitan Capital AdvisorsBearish

  Deckers' results were not good; HOKA was part of the problem and tough sledding remains.

  Finerman says Deckers' results after hours were really not good. HOKA was part of the problem they had discussed earlier, and even Nike had been up before this. She thinks the company still has some tough sledding ahead.

  “Really not so good... HOKA was part of the problem we talked about on stock... We still got some tough sledding.”at 28:19

Moderna

• Oliver Renick · CNBCUncertain

  Moderna's put-heavy options flow looks like a needed shakeout of speculative bulls, with a rebound likely by Friday.

  Renick says Moderna traded more than seven times its 30-day average volume, with puts outpacing calls. Seven of the top 10 most-bought contracts were puts, including 15,000 in-the-money 200-strike puts. Implied volatility fell and sat only slightly above realized volatility, which he reads as a shakeout of speculative bulls chasing the rally. Some traders are buying calls at the $2.50 strike expiring Friday, betting the sell-off reverses by then.

  “Implied volatility in Moderna actually went down today and only slightly above the stock's realized volatility, suggesting this might just be a needed shakeout of speculative bulls who had been chasing the rally.”at 36:53

Space Exploration Technologies

Across the shows: 25 speakers in other episodes, 19 bullish and 8 bearish calls, past 30 days

• Steve Grasso · Grasso Global Inc.Bullish

  SpaceX will shake up many industries, with its satellite permit filings signalling a major disruption.

  Grasso says SpaceX is going to shake up many industries. He points to the scale of its satellite permit filings, saying he often cites about a million permits, and expects many industries to be disrupted. He adds that the disruption is not showing up yet, and that the 80,000 cell-site talks with Crown Castle are not yet hurting incumbents.

  “I mean, this is a stock that is going to really shake up a lot of different industries. And when you start to see the permits that are out there, I often state that a million permits that they're actually filing for for satellites.”at 38:01

Lockheed Martin

Across the shows: 1 speaker in other episodes, 1 bullish and 0 bearish calls, past 30 days

• Guy Adami · CNBCBullish

  Lockheed is breaking out of a three-to-four-year downtrend and is a stock to own.

  Adami says defense stocks have been hammered but are about to break out of a three-to-four-year downtrend, and Lockheed is one of them. The company beat third-quarter sales and profit expectations, raised full-year guidance, and signed a Pentagon agreement to produce 850 F-35 jets. Adami says investors should own it.

  “These stocks have been hammered. If you look, they're about to break out of about a three or four year downtrend. Lockheed's one of them.”at 39:03

Northrop Grumman

Across the shows: 1 speaker in other episodes, 1 bullish and 0 bearish calls, past 30 days

• Guy Adami · CNBCBullish

  Northrop and Lockheed are beaten-down defense names to own as they break out of downtrends.

  Adami argues defense stocks have been beaten down and are breaking out of a multi-year downtrend. He had discussed Northrop earlier and now says investors should own both Northrop and Lockheed.

  “Northrop, Lockheed, I think you got to own both of those names.”at 39:15

Unilever

• Tim Seymour · Seymour Asset ManagementBullish

  Unilever is a better staples bet than Procter, since its shift into health and beauty earns a higher multiple.

  Seymour says Unilever has moved more of its business into health and beauty, and that this mix shift earns a multiple he finds attractive. He says he is long Unilever instead of Procter & Gamble, which he would not buy after the earnings beat because he prefers the Unilever mix and valuation.

  “What I like about what they did is they moved more into health and beauty, That really is a multiple that I get excited about. I'm actually [long] Unilever, but not Proctor.”at 40:23

Kering SA

• Karen Finerman · Metropolitan Capital AdvisorsBearish

  Gucci's years-long slump shows no turnaround, and the weakness is across all categories.

  Finerman says Gucci has been a sore spot for several years with no sign of a turnaround. Gucci sales fell 6% with weakness in China, and the luxury parent's ADRs are down nearly 40% this year. She says the weakness appears in every category, even though jewelry ticked up slightly, in a very difficult market.

  “Gucci has been a sore spot for them for several years with no seeming turnaround here in a broader, very difficult tape, but it was in every category.”at 41:13

LVMH Moët Hennessy Louis Vuitton

• Steve Grasso · Grasso Global Inc.Bullish

  He would rather own Louis Vuitton than Gucci-heavy luxury names as the sector weakens.

  Grasso says luxury is weak across the board, and that Gucci is about half of Kering's revenue, so Kering is exposed to the slump. Ralph Lauren is performing, but not at the level of Gucci. He says he would rather hold Louis Vuitton because it gives a better portfolio position within the bifurcated, K-shaped consumer market.

  “I'd rather, if I could, be in Louis Vuitton. So I think a better portfolio.”at 41:29

Capri Holdings

• Steve Grasso · Grasso Global Inc.Bullish

  Capri's heavy call buying suggests the stock has become cheap enough for investors to take a position.

  Grasso points to Capri's call volume, which was up 137% and outsized for the stock. He reads this as a sign the shares have become cheap enough after the failed Tapestry acquisition for someone to take a position, so the options flow is a signal of bullish positioning.

  “The call volume was an outsized number. It's up 137%, so it looks like it's finally gotten cheap enough after the Tapestry M&A, or failed M&A, where someone's willing to take a dabble in it.”at 41:54

Apple

Across the shows: 8 speakers in other episodes, 1 bullish and 6 bearish calls, past 30 days

• Mackenzie Sigalos · CNBCBullish

  Foldable iPhone demand looks strong, with production ramping and higher margins than the Pro Max.

  Sigalos says demand for the foldable iPhone looks strong. Carrier delivery windows are months ahead of Apple's late-January estimate, and Apple is ramping production. Her supply-chain source puts the 512GB Duo's margin near 55%, against about 45% for the 18 Pro Max, so the device earns more per unit even without mass-market volume. She reads the long delivery times as demand, not just short supply.

  “A lot of signs point to the fact that these late January delivery times are not just short supply. They're already ramping production.”at 44:43

Pfizer

• Tim Seymour · Seymour Asset ManagementBullish

  Pfizer is a stock to keep owning, with a near-7% yield at about 10x forward earnings.

  Seymour says Bristol Myers and Pfizer are names to keep owning and expects the rotation into pharma to continue. In his final trade he cites Pfizer's near-7% dividend yield and roughly 10x forward earnings as the reasons to buy it, calling the valuation attractive relative to the rest of the market.

  “Tips Pfizer almost a 7% [dividend] yield and 10 times forward. I mean you get it all over the place. Go for it.”at 46:09

AI infrastructure & data centers

• Guy Adami · CNBC

  Market questions whether AI spending can be monetized and paid for, not whether demand exists.

  Adami says the market is not struggling with demand for AI compute, which Jensen Huang keeps talking up. The doubt is about the ability to pay for the build-out and, more importantly, to monetize it. Cash flow turning negative after a long run, plus the market realizing monetization must come, drove the pullback.

  “I think what we're seeing here is the market's not struggling with demand... We've never questioned it. What we question is the ability to pay for it, maybe more importantly...”at 2:52

• Steve Grasso · Grasso Global Inc.

  Data center moratoria are a tiny share of the build-out; the market prices in a full halt that has not happened.

  Grasso notes many states have bills to limit data centers, but few have actually stopped them. He estimates only about one to three and a half percent of the build-out has been halted, while the market acts as if all of it is. He expects the local opposition to fade after the midterms, though funding for the build-out will remain a separate question.

  “How many have really stopped it so far? None, really... It's probably one to three and a half percent of the whole build out is actually halted. The market's acting as if a 100% of it's halted.”at 7:11

• Chris Harvey · CIBC Capital Markets

  AI industrials got beaten up and are becoming an offense opportunity, though he waits past FOMC and the election.

  Harvey says the market had a straight-line move up and now sees ripples and wrinkles in AI. He expects the data center political rhetoric to die down after the elections. He is starting to play offense in AI industrials that were beaten up, such as GE Vernova, but is waiting through FOMC and the election before pulling the trigger.

  “We're beginning to think about playing offense now, especially with some of these AI industrials... that are getting beaten up pretty well right now.”at 15:19

US growth & recession risk

• Tim Seymour · Seymour Asset Management

  Markets are pricing a growth scare, not a credit scare, and stocks are not priced for less growth.

  Seymour sees financial conditions tightening by the day, with rotation into rate-sensitive stocks and semiconductors near their 200-day averages, making new relative lows. He argues the selloff reflects a growth scare, not a credit scare, and that equities are not priced for slower growth, which is the biggest risk for stock investors outside a credit scare.

  “I think markets are sniffing out a growth scare. They're not sniffing out a credit scare.”at 5:56

• Steve Grasso · Grasso Global Inc.

  The US is not in stagflation yet because GDP is still growing, though earnings are a concern.

  Grasso says stagflation could happen but the economy is not there yet. GDP is still growing. Earnings are a legitimate concern, and he sees the energy-related spike as a bubble that may resolve after the midterms.

  “I don't think we're in stag yet. That could happen. I... We still are in a growing economy.”at 7:53

Oil & fuels

• Tim Seymour · Seymour Asset Management

  Oil is at cycle highs with no sign of an off-ramp, adding to inflation pressure.

  Seymour says the economy has inflation and oil is essentially at cycle highs, with no signs of any off-ramp in the Iran situation. This is why he raised the stagflation idea, though he stops short of calling it.

  “We have inflation. We have essentially cycle highs in oil. We show no signs of of at least any any off ramp.”at 6:15

• Guy Adami · CNBC

  Oil spikes from supply disruptions usually are not sustainable, and energy stocks usually lag them.

  Adami says oil spikes caused by supply disruptions usually do not last, so energy companies do not usually trade well on them. Energy was off 1% despite renewed unrest, though energy had been breaking out the prior week as expected. He is wary of the energy move.

  “oil prices that are a a spike based upon a supply disruption usually aren't sustainable, so energy companies don't usually trade that well.”at 11:21

US Treasuries & yields

• Guy Adami · CNBC

  Ten-year yield could back up to around 4.85%; rates are falling for the wrong reasons.

  Adami still thinks rates are heading higher, and the ten-year could have a back-and-fill to 4.85%, which he will stand by as where it probably goes. Rates are falling now for the wrong reasons, because government debt issuance and AI debt issuance compete for the same investor appetite. Less appetite for that debt should bring rates down.

  “I still think are going higher... You could have a back and fill to $4.85. We'll stand by that because I think that's where it probably goes.”at 11:21

• Chris Harvey · CIBC Capital Markets

  Real rates have normalized from unusually high levels, so current rate levels are about right.

  Harvey says real rates had been around 3%, which is far above inflation expectations and rare for bond managers. Rates have simply normalized and come down. He sees current rates as about right, and credit markets are fine, with slight IG widening and issuance slowing, which supports a more stable market.

  “What I think has happened with rates... real rates were at 3%... Most bond portfolio managers have never seen that in their career. All we've done is normalize and brought rates down here. So I think we're about right with rates.”at 17:04

Credit markets

• Karen Finerman · Metropolitan Capital Advisors

  Capital for the AI build-out is getting scarcer and costlier; some companies may not get funded.

  Finerman says there is a dearth of capital and the recent AI-funding stress makes it worse. Companies will have to issue more expensive capital, either higher-cost debt or equity, and some companies may not get capital at all. Demand for AI spend may narrow to a few large firms that can get better terms.

  “There's definitely a dearth of capital, and this this sort of thing makes it a lot worse... companies are gonna have to issue more expensive capital, which is either higher cost debt or equity... or some companies won't get capital.”at 4:25

US stock market outlook

• Chris Harvey · CIBC Capital Markets

  The tech selloff is just repricing risk; large caps should be fine given tight credit spreads and rates.

  Harvey says the pullback was expected since Labor Day, and the market has been more selective. Small caps, industrials, and high-risk names got hit while large caps held up. He views the move as repricing risk and points to credit spreads and rates as signs that big-cap companies will be fine.

  “To me and to us, this is really just about repricing risk. These big cap companies, you look at credit spreads, you look at rates, this will be fine.”at 15:09

Earnings & corporate profits

• Chris Harvey · CIBC Capital Markets

  Late in the cycle, low-multiple stocks are likely at peak earnings and will struggle in 2027.

  Harvey says the cycle is late, so a low-multiple stock is probably at peak earnings, and that is not going to work well in 2027. He would rather pay up for better risk-reward, with stability and better balance sheets, than buy cheap stocks at the top of the cycle.

  “We're late in the cycle. If you have a low multiple stock, right, that's a company that's probably at peak earnings. That's not gonna work so well in 2027.”at 16:39

Power demand & the grid

• Chris Harvey · CIBC Capital Markets

  Utilities were upgraded as bond-like defensives and offer both offense and defense, though not a long-term secular story.

  Harvey upgraded utilities two weeks ago because they are bond-like and hard to lose money on over five to ten years. They had underperformed about 30% since March, creating an entry point. He sees them as playing both offense and defense, and says they are beginning to work, though they are not a long-term secular story.

  “We like the utility space. It is beginning to work, but is it a long term secular story? No, not really.”at 18:22

Consumer & retail

• Chris Harvey · CIBC Capital Markets

  Consumer staples fundamentals are not impressive, so he avoids them despite Procter & Gamble's strong numbers.

  Harvey says he was not thrilled with the fundamentals of staples, even though Procter & Gamble's numbers were great. He prefers utilities over health care or staples as defensive exposure.

  “I wasn't particularly thrilled with the fundamentals of staples, though P and G's numbers were great.”at 18:47

US rates & the Fed

• Tim Seymour · Seymour Asset Management

  Growth repricing could bring lower rates in the short term, opening a chance in rate-sensitive stocks.

  Seymour points to how quickly Fed expectations in futures through year-end have changed, reflecting worries about growth. He does not expect a full reversal, since record issuance and deficit dynamics persist. He thinks rates could fall in the short term, creating a chance to own rate-sensitive names such as Home Depot, Delta, and GM.

  “Look at the Fed expectations and where we are in Fed fund futures between now and year end... So does it lead to lower rates? I think in the short term.”at 23:24

Telecom & connectivity

• Steve Grasso · Grasso Global Inc.

  Telecom weakness on SpaceX headlines is a buying opportunity, since disruption is not happening yet.

  Grasso says SpaceX's satellite network will disrupt many industries, but the impact on telecom carriers is not visible today. He argues that when SpaceX headlines push telecom stocks lower, traders should buy the weakness. The Bloomberg report on SpaceX talks to access 80,000 cell sites sent Crown Castle lower in the same session.

  “Whenever you get some weakness in these names due to a SpaceX headline, you should probably try to buy that weakness.”at 38:28