Halftime Report The Set-Up for Stocks 10/21/25
Oct 21, 2025
Stephanie Link, a savvy portfolio manager, discusses the implications of economic trends on stock performance. Joe Terranova dives into the nuances of credit markets and the quality versus momentum debate. Jim Lebenthal shares his investment philosophy with a personal touch, highlighting his Cleveland-Cliffs purchases and drawing agricultural analogies. They also tackle pressing issues like the dynamics of private credit, the resurgence of old economy stocks, and the competitive landscape for tech giants like Apple and Google.
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Quality Is Regaining Leadership
- Quality stocks are beginning to outperform speculative momentum names in October.
- Joe Terranova sees an early handoff to quality that could be a 2026 theme.
Prefer Better Growth At Lower Multiples
- Reassess expensive mega-cap positions when growth doesn't justify valuation.
- Stephanie Link prefers Meta or Amazon over Apple at 31x given stronger growth and margin expansion prospects.
OpenAI Browser Threatens Search Over Time
- A potential OpenAI agentic browser threatens Google's search dominance but the outcome will take years.
- Jim Lebenthal argues search disruption won't immediately translate into pervasive earnings damage for Alphabet.