Final Trades: Toast, Southern Company, the IGV and the TBT

Watch on YouTube ↗  |  January 20, 2026 at 18:20  |  1:16  |  CNBC
Speakers
Josh Brown — CEO, Ritholtz Wealth Management
Liz Young Thomas — Head of Investment Strategy, SoFi
Joe Terranova — Senior Managing Director, Virtus Investment Partners
Scott Wapner — Host, CNBC

Summary

The video is a CNBC Halftime Report final-trades segment where Investment Committee members give their top picks for the second half. Josh Brown favors Southern Company, Liz Thomas sees an undue software selloff and highlights IGV, and Joe Terranova presents a final portfolio hedge via TBT. The transcript also notes Joe Terranova buying Twilio again, though without a detailed rationale.

  • Josh Brown expresses a long-term positive view on Southern Company and utilities.
  • Liz Thomas reiterates a bullish view on software, calling the selloff undue.
  • Joe Terranova frames his final trade as a portfolio hedge.
  • The host recaps Joe Terranova buying Twilio again today.
  • The video title lists Toast as another final trade, but the available transcript does not include its speaker or thesis.
  • The segment covers final trades for the second half.
Ideas
Josh Brown CEO, Ritholtz Wealth Management 0:35
Loves Southern Company after years disliking utilities.
Josh Brown says it took him 30 plus years to like utilities, and he now loves Southern Company, implying a positive long-term view on the utility.
SO MED
Liz Young Thomas Head of Investment Strategy, SoFi 0:55
Software selloff undue; sector has upside.
Liz Thomas reiterates a bullish view on software, arguing the recent selloff is undue and the sector has a chance to perform this year. The final trade expression is IGV, the software ETF.
IGV HIGH
Joe Terranova Senior Managing Director, Virtus Investment Partners 1:09
Final portfolio hedge using TBT.
Joe Terranova says his final trade is not a trade but a hedge against the portfolio, using TBT as the instrument. He hopes he is wrong, indicating it is protection against market or rate risk.
TBT MED
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This CNBC video, published January 20, 2026, features Josh Brown, Liz Young Thomas, Joe Terranova discussing SO, IGV, TBT. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Josh Brown, Liz Young Thomas, Joe Terranova  · Tickers: SO, IGV, TBT