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WHEN: Today, Monday, October 17th
WHERE: CNBC's "Fast Money Halftime Report"
Following are excerpts from the unofficial transcript of CNBC interviews with David Tepper, Appaloosa Management Founder; Carl Icahn, Icahn Enterprises Chairman; and Jeffrey Gundlach, DoubleLine Capital Founder on CNBC's "Fast Money Halftime Report"(M-F, 12PM-1PM ET) today, Monday, October 17th. Video of the interviews available on CNBC.com.
All references must be sourced to CNBC.
David Tepper, Appaloosa Management Founder:
TEPPER ON THE MARKET:
LEVELS BEING FAIRLY FULLY VALUED MARKET WITH MARGINS THAT MAY BE UNDER PRESSURE BECAUSE OF WAGES. AND NOW, THE DOLLAR SEEMS TO BE GETTING STRONGER AGAIN. SO IT'S A DIFFICULT ENVIRONMENT. IT'S AN ENVIRONMENT THAT, YOU KNOW, IT PROBABLY WOULD BE OKAY –NOT GREAT RETURNS, BUT OKAY. AND THEN, YOU HAVE TO DEAL WITH THE ELECTION. YOU KNOW, WHAT THE OUTCOME TO THE ELECTION – AND DEPENDING ON THE OUTCOMES OF THE ELECTION, YOU KNOW, THE MARKET CAN MOVES DIFFERENT WAYS. SO, I THINK, YOU KNOW,GENERALLY SPEAKING, PRETTY CAUTIOUS ON THE MARKET, NOT OUTRIGHT BEARISH ON THE MARKET.
TEPPER ON THE FEDERAL RESERVE:
THESE GUYS WOULD LOVE TO SEE A STEEPER YIELD CURVE FOR THE PROTECTION OF ALL DIFFERENT THINGS IN THIS MARKETPLACE. NOW, WHETHER THEY CAN GET IT OR NOT, THEY CAN'T CONTROL THE LONG-END THAT MUCH. THAT IS SOMETHING DIFFERENT. SO HE IS AFRAID OF TOO LOW RATES IN GENERAL. YOU HAVE ROSENGREN TALKING ABOUT TOO LOW RATES, AND THAT'S REALLY THE LONGER END OF THE CURVE. SO I THINK THEY'RE NERVOUS ABOUT THINGS GETTING TOO HOT THROUGH THERE.
TEPPER ON BEING LIGHT ON THE STOCK MARKET:
WE ARE PRETTY LIGHT IN THE STOCK MARKET RIGHT NOW. AND WE HAVE A LOT OF CASH. WE ARE PROBABLY MORE POSITIONED IN THE BOND MARKET RIGHT NOW. SO, I THINK THAT IF IT CHANGED A LITTLE BIT – I JUST DON'T SEE THE MARKET HAVING THE ABILITY TO MOVE UP THAT MUCH. I THINK IT CAN'T WELL GO HIGHER IF YOU GET THE DESIRED OUTLOOK, BUT I THINK THE UPSIDE- DOWNSIDE GIVEN SOME OF THE OTHER THINGS I TOUCHED ON BEFORE,IS NOT THE MOST FAVORABLE I HAVE SEEN. HOWEVER, AS YOU KNOW, TYPICALLY THE MARKETS GO UP OVER TIME. BUT IT'S NOT A GREAT ENVIRONMENT.
TEPPER ON THE ELECTION:
UNFORTUNATELY, YOU KNOW, YOU HAVE A FAIRLY BAD CHOICE AT THE TOP THAT'S AFFECTING THINGS. I MEAN, YOU HAVE ONE PERSON WITH QUESTIONABLE JUDGMENT AND THE OTHER PERSON THAT MAY BE DEMMENTED, NARCISSISTIC AND A SCUM BAG. NOT SAYING WHICH ONE IS WHICH.YOU CAN MAKE YOUR OWN DECISION ON THAT. SO IT MAKES IT A VERY DIFFICULT CHOICE FOR THINGS. I THINK IT PUTS A PILL OVER EVERYTHING.
Carl Icahn, Icahn Enterprises Chairman:
ICAHN ON BEING CONCERNED:
I HAVE BEEN CONCERNED FOR A FEW YEARS, AND MORE AND MORE CONCERNED. I THINK IT'S VERY DIFFICULT WHEN THERE ARE SO MANY PEOPLE IN THE MIDDLE CLASS THAT REALLY DON'T HAVE THE INCOME THEY COUNTED ON. PENSION FUNDS ARE WAY UNDERFUNDED. AND YOU CAN'T KEEP RATES AT ZERO.
ICAHN ON SUPPORTING TRUMP:
I STILL SUPPORT DONALD TRUMP. I THINK THIS WHOLE BUSINESS THAT TEN YEARS AGO, HE HAD SOME CONVERSATION ON A BUS. TO ME IT'S SORT OF ABSURD. I MEAN, YOU GO -- IT'S ALMOST HYPOCRITICAL TO KEEP SAYING OH ISN'T IT TERRIBLE, ISN'T IT TERRIBLE, WHEN 90%-- GUYS, YOU HAVE GONE TO BACHELOR PARTIES YOU'VE GONE TO LOCKER ROOMS. 90% OF THE PEOPLE WHEN THEY ARE LAUGHING OR DRINKING AT A BAR SAY THINGS. AND I BELIEVE THAT WOMEN SAY THINGS ABOUT MEN. THAT IS PART OF LIFE.
ICAHN ON STICKING TOTHE ISSUES:
I'M NOT HERE TO SAY THAT HE'S RUNNING A CAMPAIGN THE WAY I WOULD RUN IT - OBVIOUSLY, AND A LOT OF PEOPLE HAVE SAID IT, AND I'VE SAID IT TO HIM - IS HE SHOULD STICK TO THE ISSUES, AND STICK TO EM, AND STICK TO EM. AND THE ISSUES HE HAS ARE REALLY GOOD. WHAT DONALD'S GOING TO DO FOR THIS COUNTRY I THINK IS BREAK THAT LOG JAM IN CONGRESS. YOU CAN'T KEEP ON WITH THE STATUS QUO THE WAY IT'S GOING, WHERE YOU NEED FISCAL STIMULUS. AND I THIN K THE FEDERAL RESERVE AND BERNANKE AND EVERYONE ALONG THE FEDERAL RESERVE SINCE IT'S BEEN THERE SAYS THAT. AND YOU'RE NOT GETTING FISCAL STIMULUS YOU NEED AT THIS TIME. SO I THINK DONALD WOULD DO THAT. BEING THAT SAID, MAYBE HILLARY WILL ALSO DO IT AND GET IT DONE - BUT I DON'T THINK AS MUCH.
ICAHN ON STILL BEING ACTIVE:
WHAT'S HAPPENED- AND I THINK IT'S A GOOD THING FOR US- IS THEY SORT OF PUT US ON THE BOARD WITHOUT A FIGHT.I THINK WE'VE DONE WELL IN THE PAST IT HAS TAKEN TIME BUT YOU KNOW, WE DID VERY WELL AS FAR AS THAT, BUT IT TAKES YEARS, AND NOW WHAT HAPPENS IS WHEN WE CALL-- INSTEAD OF JUST HANGING UP AND SAYING, OKAY, DO WHAT YOU WANT, I -- WE DISCUSS THINGS AND THEY SAY, WHAT WOULD YOU WANT CARL? SAID WHAT ARE YOU TALKING ABOUT? WELL WE THINK CERTAIN THINGS SHOULD BE DONE. OKAY. COME ON THE BOARD. SO ONCE WE'RE ON THE BOARD, WE OBVIOUSLY HAVE TO BE CAREFUL ABOUT WHAT WE SAY. I THINK MAYBE THAT'S PART OF IT. I THINK WE'RE AS ACTIVE AS WE'VE EVER BEEN, OR I AM.
Jeffrey Gundlach, DoubleLine Capital Founder:
GUNDLACH ON YELLEN:
IT SEEMS TO ME THAT JANET YELLEN DOESN'T REALLY WANT TO RAISE RATES, AT LEAST NOT VERY MUCH. BUT IT DOES SEEM TO BE, LIKE, THEY WANT TO RAISE RATES IN DECEMBER. AND THE BOND MARKET CERTAINLY HAS BEEN WEAK EVER SINCE JULY 6th, PARTICULARLY A FEW WEEKS AFTER THAT WITH INTEREST RATES HAVING RISEN BY 50 BASIS POINTS AND PRETTY MUCH EVERY MATURITY IN THE U.S. TREASURY BOND MARKET HAS A YIELD THAT IS ABOUT AT OR ABOVE ITS 200 DAY MOVING AVERAGE. SO IT SEEMS TO ME THAT SOMETHING IS GOING ON IN THE BOND MARKET, AND THAT'S WHY I TURNED NEGATIVE ON MOST ASSETS DURING JULY AND FRANKLY, THAT'S BEEN THE RIGHT POSITION TO BE IN EVER SINCE THEN.
GUNDLACH ON THE MARKET:
NOW WE ARE LOOKING CAREFULLY AT THE LEVEL WE'RE AT RIGHT NOW, WHICH IS AROUND 2130 ON THE S&P 500. THERE SEEMS TO BE A BATTLE ROYALE GOING ON WITH THE MARKET KIND OF DIPPING BELOW 2130 BUT UNABLE TO CLOSE BELOW THAT LEVEL. I WOULD TURN PARTICULARLY NEGATIVE IF THE S&P CLOSED TWICE BELOW 2130. AND YOU KNOW, IN REAL TIME, WE'RE PLAYING –WE'RE FIGHTING THAT WAR RIGHT NOW BETWEEN THE BULLS AND THE BEARS.
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