Speaker · Updated
Joe Terranova: latest market views
Virtus Investment Partners
Summary
Joe Terranova is Chief Market Strategist at Virtus Investment Partners and a longtime CNBC contributor and member of the Halftime Report Investment Committee, a former Instinet and NYSE floor trader.
Chorus has 48 views from Joe Terranova across 7 episodes on CNBC Halftime Report since October 19, 2026. Their latest calls: bullish on Alphabet, Cboe Global Markets, Lam Research and Vertiv Holdings Co; bearish on Twilio, Meta Platforms, Netflix and The Walt Disney Company.
Where they stand
Their latest bullish or bearish call on each company.
- TwilioBearish ·
- AlphabetBullish ·
- Cboe Global MarketsBullish ·
- Lam ResearchBullish ·
- Meta PlatformsBearish ·
- Vertiv Holdings CoBullish ·
- SynopsysBullish ·
- The Coca-Cola CompanyBullish ·
- EQTBullish ·
- Palantir TechnologiesBullish ·
- NetflixBearish ·
- The Walt Disney CompanyBearish ·
- Valero EnergyBullish ·
- Zoom CommunicationsBearish ·
- Eli Lilly and CompanyBullish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
TwilioBearish
Twilio's beat was overshadowed by weak guidance; AI-adjacent software is punished when expectations are high.
Terranova bought Twilio ten days before the report and was stopped out at $188, giving back his profits from the past ten years. Twilio beat on earnings and revenue, but its forward guidance was disappointing. He says AI-adjacent software names need near-perfect results, so the outlook shortfall led to a sharp drop that he sees as part of this earnings season's pattern.
“This is a disappointing earnings report. ... The expectations were very high. They beat on earnings and revenue, but the outlook going forward for guidance was disappointing.”at 18:58
CNBC Halftime Report: Amazon in Focus as the Nasdaq Slides 10/3026 ·
Market sentiment, positioning & volatility
Positioning is not clean; further hedge-fund deleveraging in tech and momentum shows he was wrong about it.
Terranova had thought positioning was clean after enough deleveraging. The further deleveraging he sees across technology and in the momentum factor shows it is not, and he admits he was wrong. He ties this to a market that is not yet ready to move beyond its questions about the AI trade.
“I think it's obvious that we haven't based on the further deleveraging that we're seeing in the market across the board for technology and the momentum factor.”at 21:02
CNBC Halftime Report: Amazon in Focus as the Nasdaq Slides 10/3026 ·
AI infrastructure & data centers
Supply constraints can only be resolved with more spending, so investors won't pay a premium for the stocks.
Terranova says the industry faces extensive supply constraints. The only way to resolve them is more spending, and he doesn't think investors will pay a premium for a stock that has to spend more to fix supply. He sees this as part of why his earnings-season expectations went wrong.
“the only way you resolve that is through further spending and increasing spending. And I don't think you're gonna pay a premium for a stock price if you're telling me you're gonna have to spend more to resolve a supply constraint challenge.”at 21:02
CNBC Halftime Report: Amazon in Focus as the Nasdaq Slides 10/3026 ·
Market is rotating internally into defense and not into cash; the trade has been offense-defense rotation all year.
Terranova says the market has no defined trend, switching between bullish and bearish days. He still sees it rotating internally toward health care and energy as defensive sectors, away from momentum. He does not see a rotation toward cash yet, and calls the rotation between offense and defense the theme of 2026, with the midterms ahead.
“I still see the market rotating internally. ... It's not really rotating towards cash just yet.”at 22:50
CNBC Halftime Report: Amazon in Focus as the Nasdaq Slides 10/3026 ·
Bond market is now price-sensitive, with hedge funds and speculators replacing price-insensitive buyers, so yields will be more volatile.
Previously the bond market was price-insensitive, driven by liquidity and size, with global central banks and pension funds as marginal buyers. Pension funds have stepped back after satisfying obligations, and global central banks are repatriating capital. Hedge funds, speculators and institutions have replaced them and are more price-sensitive. Joe argues this means more volatility in both directions, citing yields moving aggressively higher over three weeks and then lower over the last two weeks. The Fed needs to understand this changed bond market for 2026 and 2027.
“What has happened is the bond market has now become price sensitive. The bond market previously was price insensitive. Previously, it was all about liquidity and size... Global central banks are repatriating capital. Who has stepped in now? It's hedge funds. It is speculators.”at 9:53
CNBC Halftime Report: Countdown to the Fed Decision 10/28/26 ·
AlphabetBullish
Alphabet is better positioned than Microsoft because its spending concerns are already priced in.
Alphabet rose 116% after its July 22 report, reversing its prior decline. Since July 22 it has fallen 5%, because the street got uncomfortable with negative free cash flow and about $200 billion of elevated spend. Microsoft and Alphabet have both underperformed the S&P year to date. Joe argues Alphabet is the better setup on expectations, positioning and sentiment because it has already priced in the bearish activity. Microsoft would need to beat all expectations to hold its roughly 36% gain since late July.
“I would argue it is Alphabet because it has already priced in that bearish activity since its earnings report on the elevated spend.”at 16:49
CNBC Halftime Report: Countdown to the Fed Decision 10/28/26 ·
Meta PlatformsBearish
Meta's gains reversed on extreme bullish expectations and positioning; the stock is at risk.
Meta reversed all the gains it made after the September Muse announcement. The stock had reached about $625 and then reversed everything. It did so because expectations were extremely high, with extreme bullishness and extreme bullish positioning. The company is also raising nearly $100 billion in equity. Joe calls that an awful combination when extreme bullishness is embedded in a stock.
“It did so because it had such high expectations. It had extreme bullishness, and it had extreme bullish positioning. And it's out there raising nearly a $100,000,000,000 in equity.”at 17:30
CNBC Halftime Report: Countdown to the Fed Decision 10/28/26 ·
Optimism from SK Hynix and Vertiv reports should extend from late October into November.
Mood has swung from pessimism last Thursday and Friday to optimism. Joe credits two earnings reports, SK Hynix and Vertiv, which are lifting memory stocks and the industrial sector. Lam Research's earnings bottom and the upcoming reports from the mega-caps and semi equipment names should also support the move. Joe thinks these are powerful catalysts for extending optimism through the end of October and into November.
“those two reports are incredibly powerful catalysts for extending the optimism throughout the end of October into the month of November.”at 21:15
CNBC Halftime Report: Countdown to the Fed Decision 10/28/26 ·
Lam ResearchBullish
Lam Research's post-earnings selloff marked an earnings bottom; the stock is now moving higher.
Lam Research reported on October 21 with good earnings, but the price action was bad. Joe says that turned out to be an earnings bottom, and the stock is now moving higher. He sees this as part of a reversal of the pessimism that carried into the weekend. He expects KLA Corp to be read the same way.
“Lam Research, they reported on October 21, bad price action after a good earnings report. Guess what? That happened to be an earnings bottom. That's now moving higher.”at 21:15
CNBC Halftime Report: Countdown to the Fed Decision 10/28/26 ·
Vertiv Holdings CoBullish
Vertiv's blowout quarter and 13% jump give confidence in AI-driven industrial demand.
Vertiv's Americas revenue grew 74%, which Joe calls staggering and the best report in five years. The stock is up 13% today. That gives confidence to the industrial sector on the relationship between AI spending and the ability to drive revenue growth. It is one of the two reports he says are driving the week's rebound, alongside SK Hynix.
“Vertiv, 74% growth in The Americas in terms of their revenue. Staggering numbers, the best report they've put forward in five years.”at 23:31
CNBC Halftime Report: Countdown to the Fed Decision 10/28/26 ·
Cboe Global MarketsBullish
Cboe should benefit as elevated volatility returns through the end of 2026; he owns it.
Joe personally owns Cboe, which has had a spectacular bounce over the last four days. He thinks exchanges come back into play as the year ends, because elevated volatility is coming. That volatility could benefit trading revenue for some banks too. He cites the equity side of the trading business as having been strong this year.
“I own personally CBOE, which has had a spectacular bounce here over the last four days. I think the exchanges come back into play here as we move through the end of, 2026 because we're gonna see that elevated volatility.”at 24:37
CNBC Halftime Report: Countdown to the Fed Decision 10/28/26 ·
Energy trade is rewarded and drawing CTA capital amid Middle East conflict; gold and silver lag.
Terranova argues that CTA money is being pushed into the energy trade, which is being rewarded, so CTAs are staying and adding. He says gold and silver look less exciting than in January and February because of the Middle Eastern conflict. Heating oil, gasoline, Brent and WTI are performing well, and that performance is pulling capital away from precious metals.
“all that capital right now is being pushed towards the energy trade, and they're getting rewarded... Gold and silver doesn't look as exciting as it did in January and February now that you have this Middle Eastern conflict.”at 45:27
CNBC Halftime Report: Countdown to the Fed Decision 10/28/26 ·
The momentum factor's setup into year-end is excellent as yields ease.
Positioning and sentiment were recalibrated in Q3, which sets up momentum for the end of the year. Momentum tracks the rate of change in yields: it had a punishing 2022 when yields moved fast, and it is now benefiting from yields easing, including a move of more than 20 basis points in the ten-year. He has been as bullish on the momentum setup as at any point in the past week.
“I think, the setup for momentum as we move towards the end of the year is excellent because you had that positioning and sentiment recalibration in q three.”at 13:41
CNBC Halftime Report: The AI Correction, Tech Earnings and the Rally 10/27/26 ·
SynopsysBullish
Synopsys is a buy following Cadence's phenomenal quarter and strong chip-design demand.
Cadence delivered a phenomenal quarter and its stock has pulled back, which shows strong demand for chips because chip designers are busy. Synopsys reports in December, and Cadence results are usually a read-through, so he wants to own Synopsys. He does not currently hold it.
“We don't own Synopsys... Synopsys [will be] reporting in December... I think often Cadence report, you wanna own Synopsys.”at 23:59
CNBC Halftime Report: The AI Correction, Tech Earnings and the Rally 10/27/26 ·
The Coca-Cola CompanyBullish
Coca-Cola is a consumer staple growing revenue 12% a year, with strong momentum.
Coca-Cola has grown revenue about 12% a year over the last four quarters, which is excellent for a consumer staple. The zero-sugar sparkling drinks have worked, it has taken the KFC account from Pepsi, and about 60% of its exposure is global. The stock is up about 35% this year after roughly 15% in 2025. A raised guide that left it slightly down reflects a market led by AI momentum rather than weakness in the business.
“What's remarkable here is you have a consumer staple company that's been growing its revenue at a clip of 12% over the last four quarters. That is excellent.”at 32:17
CNBC Halftime Report: The AI Correction, Tech Earnings and the Rally 10/27/26 ·
Cybersecurity stocks have been remarkably strong and the rally is broad across large and smaller names.
Terranova says cybersecurity has been remarkably powerful and the strength is broad. He cites well-known names like CrowdStrike and Palo Alto, and lesser-known companies with strong balance sheets like Fortinet. He also flags Okta as a takeover candidate, though he gives no support for that call.
“Cyber has been remarkably powerful, and I think it's broad based. It is companies that are well known like your CrowdStrike, your Palo Alto. It's lesser known companies with great balance sheets like Fortinet.”at 39:35
CNBC Halftime Report: The AI Correction, Tech Earnings and the Rally 10/27/26 ·
AlphabetBullish
Alphabet's pullback since its capex guidance raise is a buying chance; it will be fine long term.
Terranova puts the pullback in context. Alphabet rose about 116% from June 2025 to June 2026, which caught many investors off guard. The stock has pulled back since its last earnings report, when the company raised its capex guidance. He concludes the stock will be fine over the long term. Jenny Harrington agrees.
“I think Google, over the long term, you'll be fine.”at 44:33
CNBC Halftime Report: The AI Correction, Tech Earnings and the Rally 10/27/26 ·
Expects a strong November push and year-end rally, with the AI trade participating.
Terranova finds it hard to believe the market, after vacillating but staying resilient, will fall apart toward year-end. He notes the market has rotated from equal weight back to market-cap weighted, building bridges between sectors to support its resiliency. He likes the deleveraging and watches sentiment and positioning. He expects a very optimistic, strong push in November and finds it difficult to believe the AI trade would not participate. He acknowledges price action looks weak for bulls and that strong earnings reactions are needed in the next few weeks.
“I have a hard time believing that we're just gonna now fall apart as we move towards the end of the year. I think in November, we will have a very optimistic strong push to the end of the year, and I find it difficult to believe that the AI trade would not participate in that.”at 3:14
CNBC Halftime Report: The Investment Committee Prepares for a Pivotal Week 10/26/26 ·
Market is pricing in a Middle East deal; escalation sending oil to $150 is the unpriced risk.
Terranova argues the consensus, including himself, does not believe the black swan event will happen. He thinks the market is priced for a deal, whether subpar or good. The event the market is not ready for is escalation, with oil spiking toward $150. He puts the odds of that spike at roughly 1-3%, but says investors tend to ignore such risks until they happen.
“I think the market is priced in a deal, and the black swan event that the market's not ready for is escalation. Oil goes to [$150].”at 14:39
CNBC Halftime Report: The Investment Committee Prepares for a Pivotal Week 10/26/26 ·
Asset managers, brokers & exchanges
Asset management is consolidating; scale matters, requiring cost efficiency, technology and distribution.
Terranova links the Apollo–Mubadala stake to consolidation in the asset management industry. He says scale matters and requires cost efficiencies, technology and distribution. He also credits Apollo's foresight in moving into unique private market areas such as sports, entertainment and places outside the US, since US real estate has limits.
“It speaks to the asset management industry that's going through significant consolidation, and scale matters. You have to have the scale. And along with the scale, the requirements are the cost efficiencies, the technology, and the distribution.”at 34:34
CNBC Halftime Report: The Investment Committee Prepares for a Pivotal Week 10/26/26 ·
EQTBullish
EQT's Appalachia gas deal fits the AI power trade, since it feeds Northern Virginia's data center alley.
EQT is buying Range Resources for $13B in an all-stock deal at a 20% premium. Terranova says the deal is about integration in Appalachia, which he calls critically important because it is the fuel source for Northern Virginia, known as Data Center Alley. He calls it incredibly important for AI and says the deal is almost part of the AI universe trade. He adds that EQT has outperformed for several years, spot gas aside, because it can power Northern Virginia.
“The Appalachia is critically important because it is the fuel source for Northern Virginia, what is known as the Data Center alley. Incredibly important for AI, and this is almost part of that AI universe type trade.”at 39:42
CNBC Halftime Report: The Investment Committee Prepares for a Pivotal Week 10/26/26 ·
Large-cap pharma is working well, and tech benefits should lift their revenue growth over several quarters.
Terranova says large-cap pharma is working incredibly well, citing Pfizer's 52-week high, Gilead, AbbVie and Amgen, with Eli Lilly reporting Thursday. He thinks the market sees health care as a defensive play, but he argues technology is beginning to benefit these large companies, and revenue acceleration will come in the next several quarters.
“Large cap pharma, which Amgen is obviously part of, is working incredibly well. ... I also think that we're seeing technology beginning to benefit a lot of these large cap health care companies, and the revenue acceleration is only gonna come forward here in the next several quarters.”at 40:24
CNBC Halftime Report: The Investment Committee Prepares for a Pivotal Week 10/26/26 ·
Palantir TechnologiesBullish
Palantir looks like it's breaking out ahead of next week's earnings report.
Terranova wants investors to focus on relative outperformance in software, with several earnings reports coming. He says Palantir looks like it is breaking out and reports next week. The case is a chart read and an upcoming catalyst, with no fundamental argument.
“In the case of Palantir, looks like it's breaking out. They report next week.”at 45:03
CNBC Halftime Report: The Investment Committee Prepares for a Pivotal Week 10/26/26 ·
Hedge funds and managers have run for cover; AI positioning is light and will rebuild into November.
Hedge funds, portfolio managers and mutual funds have run for cover from the AI trade, so positioning is incredibly light. Earnings growth will be there, so these investors will have to quickly rebuild positions as they move through early November, with optimism returning into the close of 2026. He wants the AI trade and the momentum factor now rather than waiting for the midterms to pass.
“I want the AI trade because everyone has run for cover. They have run for cover, and the positioning is incredibly light.”at 2:24
CNBC Halftime Report: Will the AI Trade Resume? The Investment Committee Weighs in 10/21/26 ·
Semi equipment, memory and optics names lagging 10-12% should catch up as positioning narrows toward quality.
Semi equipment, memory and optics names have clearly underperformed, by 10 to 12% over the last quarter, despite having earnings growth, so they should not be classed as high beta. Institutions and retail are rotating into large caps, and that narrowing toward quality will expand through the rest of the year to these other large-cap AI areas that have performed.
“where there has been clear underperformance in the case of the three industrial names that I mentioned to degree of 10 to 12% over the last quarter.”at 8:34
CNBC Halftime Report: Will the AI Trade Resume? The Investment Committee Weighs in 10/21/26 ·
Vertiv Holdings CoBullish
Vertiv's steady revenue growth makes it a non-high-beta AI name that should turn higher into November.
Vertiv's revenue growth has been very consistent rather than volatile: 21.67% over three years, 26% over two years, 30% over the last year and 24% last quarter. He argues it is not high beta, and its underperformance came from political headlines and fears of a slowdown in the data center build. Power generation and cooling equipment will still be needed for data centers, so he expects the stock to turn higher as the market moves into November.
“What's interesting about Vertiv is there's no volatility in the revenue growth... The revenue growth of Vertiv over the last three years, 21.67%.”at 11:30
CNBC Halftime Report: Will the AI Trade Resume? The Investment Committee Weighs in 10/21/26 ·
AlphabetBullish
Alphabet is a strong long-term play; a catch-up phase on Gemini and cloud is due in 2027.
Alphabet's diversified model makes it a very strong play, and Google Cloud results justify its spending. Gemini 3 is a fantastic product and very competitive with [Anthropic's] Claude. The stock has slowly underperformed this year after a prior nine to twelve months of relative outperformance, so he expects a catch-up phase in front of it in 2027.
“I think that Alphabet is a very strong play because of the diversification of the model... Gemini three is a fantastic product. It's very competitive to what we see from [Anthropic's] Claude.”at 21:51
CNBC Halftime Report: Will the AI Trade Resume? The Investment Committee Weighs in 10/21/26 ·
NetflixBearish
Netflix is no longer a growth story; its 18-19x valuation is not cheap enough for shrinking growth.
Netflix was the premier growth story and the only growth story online, but its growth is reversing. A cheap-looking 18-19x valuation is not cheap relative to this earnings direction, and the stock is broken. He sold it in the past and sees significant content and cost challenges ahead, so he avoids streaming names.
“And they're not gonna grow. They're going the other way... So that's why I sold it in the eighties.”at 24:35
CNBC Halftime Report: Will the AI Trade Resume? The Investment Committee Weighs in 10/21/26 ·
The Walt Disney CompanyBearish
Streamers including Disney face content and cost challenges; he would avoid them all.
Netflix's growth has reversed and he sees the same pressures across the streaming group. He thinks every streamer, including Disney, faces significant challenges related to content and costs in front of them, so he would avoid all of them.
“I think you avoid all of them [including Disney] because I think they have significant challenges in front of them related to content and related to costs.”at 24:43
CNBC Halftime Report: Will the AI Trade Resume? The Investment Committee Weighs in 10/21/26 ·
Valero EnergyBullish
Valero's refining margins and diesel supply shortage justify holding; expects a historic quarter.
Valero's results are about refining margins, and he has stayed anchored to the trade as it has moved higher. He sees overwhelming evidence of significant supply challenges in diesel, and as a result in gasoline. Valuation is in the high teens and the balance sheet is throwing off historic cash flow, so he expects a historic quarter when it reports tomorrow and advises staying in the stock with a trailing stop.
“They're going to report earnings, and it really has been all about refining margins... I see in front of me this overwhelming evidence that's saying there are significant supply challenges as it relates to diesel and as a result of that to gasoline as well.”at 28:12
CNBC Halftime Report: Will the AI Trade Resume? The Investment Committee Weighs in 10/21/26 ·
18 older views from Joe Terranova are on the episode pages, and all of them are a question away in your AI with Chorus.
Shows
- CNBC Halftime Report · 7 episodes
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