Fever Breaking For Momentum Stocks… And Sarepta Surges After FDA Approval 6/21/24

CNBC's "Fast Money"

CNBC

News, Investing, Business

3.9 • 1.3K Ratings

🗓️ 21 June 2024

⏱️ 44 minutes

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Summary

Has the fever broken for the high momentum stocks? Nvidia running out of steam this week, as some other high fliers also pull back. Is this just a bump in the road or the beginning of a summer slowdown? Plus Sarepta’s big surge. The biotech company getting expanded approval from the FDA for its muscular dystrophy drug. What the CEO says is next for the company. Fast Money Disclaimer

Transcript

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0:00.0	Live in the Nazak Market site in the heart of New York City's Times Square,
0:06.3	this is fast money. Here's what's on tap tonight. Wilting in the summer heat, we all are. Well this week some of the market's hottest momentum stocks
0:13.8	NVIDIA Chipotle and Costco started to lose a little of their mojo. Is this a bad
0:18.5	sign for the health of the bull market? We'll debate that. Plus whooshing higher
0:22.3	a bold call today from an analyst on Nike or traders set to weigh in
0:26.0	on why they aren't buying what he is selling.
0:28.5	And later gearing up for results from FedEx and Micron, a rough end of the week for the big banks, and what is behind the beating
0:34.7	Bitcoin taking right now?
0:37.1	I'm Melissa Lee coming to you live from Studio B at the Nasak on the death tonight.
0:40.3	Tim Seymour, Karen Piederman, Bonne Eisen, Steve Grostow, I'm not losing my voice.
0:44.4	It's not a Peter Brady moment.
0:46.4	But you've been on the network because your third hour today.
0:49.2	Yes, that's an aside.
0:51.6	We start off with a handful of high momentum stocks suffering a little heat stroke in the hot summer sun.
0:56.0	Invidia, the obvious example hitting an all-time high yesterday morning and now down 10% since then.
1:02.3	That technically puts it in correction territory and drops it back to the
1:05.9	number three spot on the market cap leader board. But NVIDIA is not the only stock following
1:10.3	that pattern. Chipotle is down more than 7% from its Tuesday record and now
1:14.3	negative for the week. Eli Lilly in Costco also pulling back from their best levels hit
1:18.8	just in the last few days. So there's a fever breaking after these stocks massive run.
1:24.1	We asked last night, Mountain out of a molehill.
1:26.3	We did see follow through action today.
	...

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