david: yahoo! up on alibaba. >> why not. new highs. [closing bell ringing] david: kind of a mixed day in trading. in fact market information on individual stocks, individual sectors. you see the nasdaq still posted a gain, solid gain. not very healthy one. russell 20:00 up a tick. -- 2000. brought down on s&p and individual stock values that got hit today. really important day for indices on particular stocks. we'll go through all the dias "after the bell" starts right now. liz: as we've been mentioning in the last hour we're awaiting news of the real actual sentencing of mathew martoma, the former sac capital trader. insider trading is the charge. he was convicted. let's break down today's action. michael binger, grade i can't investor senior portfolio manager. three picks he says you have to

add with to your portfolio. ernie with bryn mawr trust. he will tell you why he thinks the market is evenly valued but more important how to play it. shot schedule lady in the pits of cme. scott, i will begin with you. two out of four, rest sell looking better than they were earlier. what is the next catalyst and what drove the trade today? >> volumes were light. we had jack lew speaking. the alibaba road show. everybody wants to talk about apple's new product. things have been quiet. as well we have a fed meeting next week a week from wednesday. we'll be in this holding pattern until we get better news. what the markets did today is indicative of economic news. some good, some bad. some good, some bad. we haven't had three or four months we need to have footing to give us good idea where we're going. the jobs number still a hangover. as we wait to see what the fed will do next week. david: action is picking up on

cme. ernie, i want to go from the cme literally to the cme as a stock pick. you like the cme as a company to buy into now. why? >> david, yes, we do and interesting that lead-in. we like the stock, like the company because we see continued regulation and financial reform going on in the financial services industry. that will create a greater degree of transparency in our view and so we see cme as a beneficiary of that. the other thing, and was mentioned by your other speaker a few moments ago, we think we'll see a little bit more volatility going forward as the markets move from being, if you will, induced or being leveled or supported by liquidity to being driven by revenues and earnings. that would create a little bit more volatility. secondly. we think that interest rates will be rising. that will create more volatility. so the stock is down from the mid 80s at end of the year and

has a nice yield of 2.7%, far exceeding the 10-year yield right now. liz: right now the s&p is at 2001. not 2001 levels. the number 2001. that brings me to michael binger. what happens in the next rest of this quarter, in particular, and should people be amasses a little bit of dry powder to start buying or buy now before you start to see more volatility at the end. year? >> you know -- >> first of all -- liz: michael binger. >> yeah, i don't think you should do a lot with your current holdings right now. there is really no reason to sell this market. think about it, corporate earnings, they're still strong and they're growing. look at the economy, yeah, it is not going gangbusters. we have a moderate growth economy. that hasn't changed. the only thing people argue you might want to sell stocks on valuation or we haven't had a correction long term. bottom line i think stocks will chop around for next three or

four months. as we look towards end of this year and 2015, we look at out-year earnings in 2016 i think we gradually go higher then. david: scott, i want to go back to you to talk about the market an economy. once again we're getting mixed signals. the economy according to the jobs figure is not doing so well. according to fed figures that came out a couple days before that, before that not doing so well. has the market jumped ahead of the economy? >> i think so just a little bit. i mean we're going to need to see, with that jobs number. then we have strong ism numbers and factory orders numbers and a poor housing number i think we're just little bit ahead of central bank inflation if you ask me. we have really weird things out there. for instance, we talk about how the corporations are doing well top line and bottom line but we're not seeing ceos roll out the checkbooks and order new factories, make new factories or new products. so i think what we've got happening as far as the american consumer, keeping their hand in

their pock connects they're not letting their money go. the american ceo is not retooling or bilged new factories. at the same time we're all saying that yeah, we have a steady growing economy. i say we thrown everything in the kitchen sink at it, all we have steadily 2 to 3% growing economy which isn't good enough. the market right now is little bit ahead of itself we're hoping whether it comes around the corner, whether might be help from europe, some sort of qe in the europe to help the markets catch up or economy catch up to the economy. that is what the hope-ium is now. liz: time to get picks. ernie, dying to know what you would advise people to buy this minute that would help their portfolios? >> right. the liz, i mentioned cme which we think is attractively valued. i gave reasons for that. another stock that i mentioned is mind ray, symbol, mr. chinese based manufacturer, and

designer of medical equipment. and thesis there, liz, is that china is going to be ramp up health care reform. that is a higher percentage of gdp will be devoted to health care reform, particularly in those hospitals outside of big cities. we think mind ray is well positioned. trading at roughly market multiple, forward multiple six teen times earnings and up quite a bit over last year or so. as the company company spent more retained earnings on r&d so we think that is a good play for future. the key is, i will say the key in selection is valuation. this market will be driven by earnings, not by valuation expansion. david: mike call, we can argue about a lot of things with the economy, what to do about it, whether growing strong enough or not. we can't argue about the miracle of fracking and miracle of energy production in this country. we're now producing more oil than russia is, not just energy in general but specifically more

more oil. so many natural gas plays. i know you like ensco which is a natural gas play. why do you like it amidst all the options to choose from in energy? >> well, ensco is in the offshore drilling industry. it is very cyclical industry. i think we're at the low point of that cycle right now where we have a little bit more capacity than we have demand. i think that changes in one year. when you look at a company as cheap as this, pays around 6% dividend, their payout ratio is less than half, i think you have a real value here. and they're going to be, they will have one of the youngest, most technologically advanced drilling fleets out there in the world and that will be a real boon when that inflection point tilts probably next year sometime where there is more demand than supply for these big offshore dwelling floats. liz: scott, i don't know, if you saw, there was a good thing on bloomberg.com, how many people, big mon people, sign adler in

2010 ripping federal reserve for its very, very easy policy of quantitative easing. quite frankly how wrong they have been when it comes to winning in the equity world. at some point we know this trade will unwind and it's over but to have been wrong for might have years, is it too late. is that the, retail investor says now i feel confident, they go in and the bottom falls out? >> i guess we're starting to see a little bit of retail investor come back to the table. really what i think could be the catalyst, i think, i really look at russia ukraine situation over in europe. i think that could be the, you know -- liz: why. >> canary in the coal mine. if we suddenly see tit-for-tat of russia and ukraine affect germany and how that affects europe as a whole, could roll over into the u.s. just when we may be starting to get our feet. i think we could see our rates, i'm not saying it will happen right now, maybe all the guys calling for rates earlier, going

higher earlier rather than later, we could bump those out, say fourth quarter, 2015 or maybe 2016. because if you go back and read what the fed has been saying where we should be today, we would have raised rates another, a year ago. david: right. >> be careful what the fed is having to say. we have to take things in perspective. i think really right now i'm worried about russia-ukraine situation giving germany a cold we could catch right when we're getting our footing. >> guess what, gang. we haven't talked about japan. fallen 7% in the first quarter. huge fall for japan. we'll talk about that later in the show. liz: michael, earn any ley, their. scott we'll get back to you when s&p futures close. david: shares of apple could use a bit of juice right now, falling 4% about a week. what dot apple faithful need to see to get that stock moving again? is there any chance of a surprise product?

>> we have all grown up using ge appliances right? a important part of our nation's past and present will be owned by the swedes. david: the swedes? all right. giving you an inside look at new york city's first bitcoin atm. it has happened, ladies and gentlemen. we want to hear from you. do you think that bitcoin atms will become as common as traditional atms? what do you think? tweet us@fbn, atb. your answers coming up. ♪ [ male announcer ] once, there was a man

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your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. liz: we have the best reason that every single person who is watching right now should watch charles payne's making money. because two weeks ago he recommended avago technologies. this company supplied chips for iphone 5. it is hitting all-time high today. david: charles is a smart dude. he knew this was coming. nicole petallides on floor of new york stock exchange for more details. >> what is interesting about this stock, charles right on the money as usual, when you look at it, it is up just 1/3 of 1% at the close. what is interesting the stock hit a record all-time high. they are a supplier or were a supplier to the apple iphone 5.

everybody is eagerly unveiling tomorrow of the iphone 6. are they a supplier for the iphone 6? this is what we're delving into. meantime the stock run up exponentially. hit a new high. up 67% this year. almost up 130% over the last 52 weeks. everybody will be looking right to apple tomorrow this is something, this is another way to play the big names, right. so apple is the lead name but suppliers are the beneficiaries. can't have an iphone 6 without a supplier, right? so this would be one of those stories where you get the whole realm with it, right? you talked about that with yahoo! and alibaba and some other names involved with alibaba. you just don't invest in one stock. you may want to invest in a group. back to you. liz: the halo effect. nicole, thank you. david: s&p futures will be closing in just about 20 seconds from now. let's head back to scott shellady, not a second too late down in the pits of cme. scott? >> well i will continue on what nicole had to say.

you know what? we earlier talked about 2010 forward and what we've seen the market do even in the face of a lot of people saying the fed was wrong. you know what? the last four years or 3 1/2 years you could invest like a neanderthal and done very well. like nicole said, you will have to start piecing out and investing like a neurosurgeon because we'll not see the broad market gain for last three or so. proceed with caution but definitely proceed. the market will still climb that wall of worry but you have to be much more pickier with stocks you're picking. david: quick evolution from neanderthal to neurosurgeon. scott, i like that. liz. liz: glad you used word evolution because so much has to do with apple. we were talking about avago technologies. apple sent this invitation for its iphone 6 event. the event is tomorrow. there is the invite. jo ling connect got it. as you can see it revealed very few details. very clean picture there. so after months of speculation

and rumors, apple's big day is finally around the corner. what should you expect and will the new products boost the tech giant's stock. the stock is down slightly today. we have a avalon partners research analyst. john, we know right off the bat iphone 6 will be on here but what about the one product you have to see before you say you will dive into this stock right now? >> mobile payments. it is about usage with the iphone and new apple products. the more we use it more we'll be addicted to the device. the more we drive recurring revenues and mowing expansion. liz: i can't believe you didn't say wearables. i was thinking people have too see an i-time or iwatch, whatever it will be called, some type of wearable before they say, now that is revolutionary versus evolutionary. you say mobile payments will be what gets people juiced by this? >> if you think about it, don't have to carry credit card or some form of payment and already

eliminated somewhere, with your watch with your smartphone today. adding payment technology to a smartphone is actually a productivity enhancer for the average person. liz: john, traditionally, at these events, not just apple. blackberry, who knows. i remember motorola mobility. they come out with these new phones, samsung too. the stocks tend not to react in crazy, crazy ways. in fact for apple the last couple times they have had these big events, sometimes the stock fall as little bit. later once they see the adoptability, how many people are buying these products does it start to firm again. what do you expect to see tomorrow with apple's stock? >> well that has been the case across the board for a lot of new product introductions. i think expectations are very high right now. mentioned wearables or iwatch. health type application. mobile payments. larger screens. maybe smaller or two larger screens. there is variety of things out there with pent-up demand expected for this new device

already, i think baked into share prices today. so if they have a surprise for us, is that surprise going to be something we weren't expecting? well a year ago we all talked about it. vs. i did it hear with here with you guys, i think they still have aspirations, i still think the hobby they want to make a profession. liz: maybe a bigger footprint in apple tv what you're saying. what happens if they come out with uber cool smart watch/health band of some sort, what do you think that will do for the stock? >> initially i think it will be positive for the stock. we're long the stock. we'll stay long the stock, fad or fundamental, on the wearable side of the equation. right now you've to the a lot of different health and wellness bands out there, pretty competitive field today. liz: true. >> i think you will have to do something really unique for people to, really sustain that market long term. liz: intel has the mic.

qualcomm with the talk. you have samsung's, i thought samsung's looked pretty cool. but, john, you have market outperform, $110 price target. we'll see what happens tomorrow. thanks so much. >> good to see you, liz. liz: john bright of avondale partners. david? david: so many fortunes hang on the announcement tomorrow. we have it all covered. we probably all had ge appliance at some point when we grew up. swedish group electrolux agreed to pay $3 billion to take over the home appliance division. what does the merger mean for the swedish company? we hear from the ceo next. after months of hinting moving into e-commerce, twitter rolled out its buy button for posts. what does it all mean for twitter feeds? we'll explain to you coming up next. ♪ you know what my business philosophy is, reynolds?

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david: time for a quick speed read of some of the day's other headlines, five stories one minute. first up the royal bank the scotland said the initial public offering of its u.s. unit is expected to raise as much as 3 1/2 billion dollars. this will be the biggest u.s. offering by a bank this year. twitter is rolling out buy button which transforms tweets into retail engines. it allows to you instantly produce products through the social networking service. facebook users can see how many views you will receive. it will be shown on public videos to discover new popular videos. olive garden is offering $100 never ending pasta pass for seven weeks of food. the chain is selling 1000 passes that give customers access town limited pasta, salad, bread and

soda. general motors planning to unveil a vehicle to vehicle communication system in 2017 cadillac cts sedan, sweet car. the cadillac will get super crews technology to control the vehicle's acceleration, braking and steering on the freeway. wow. that is today's "speed read." liz? [buzzer] liz: have a ge refrigerator? david: of course are you kidding? liz: we have one but sweden's electrolux is one we'll call when something is wrong. sweden's electrolux announced it is buying the appliance business of general electric for $3.3 billion, boosting its presence in the north american market. david: fox business's adam shapiro got inside scoop of the deal. he spoke with electrolux ceo keith mcglothlin when what the merger means for all the companies involved, adam? >> the combined company will have market share in north america equal 25%, if not greater to what whirlpool now command.

but the ge appliance nail will not disappear. it will operate as ge appliance and electrolux will still sell appliances in no north america. part of deal they're buying 48% stake ge has in the mabay, the appliance in mexico. they have a 70% of the market share of latin american appliance market. i asked the ceo, mr. mcglothlin of electrolux, is that really the prize in this? here is what he told me? >> i would say that is an important part of it. it is not the prize by itself but certainly a key asset and key part of the transaction that we get that equity in that, in that well--run mexican company. they have the largest market share in mexico and substantial positions in latin america. they're also a key partner with ge appliances. they source a significant amount of products into ge appliance into the u.s. so it is a good combination. >> so, david, as they say in sweden. they have a 48% stake in mava.

they will have ge appliances. revenue in the americas of over $22 billion a year. david: they say -- which means nothing and let's hope that doesn't happen. could go either way. of the adam, thank you very much. >> thanks, adam. david: alibaba's road show starting off in the big apple. what did investors hear today and what was inside the big giant orange folder? jo ling kent is outside the waldorf astoria midtown manhattan where the meet something taking place. liz: she wrestled folders from one of the perspective investors. nfl gave ray rice a boot after a different camera angle? that is what it took. elevator surveilance video from inside of the elevator, shows him, i'm not saying allegedly, that he is beating his wife. david: that is a cheap shot. liz: i guess it was his wife to be unconscious. the video turning people's stomachs and booting him from the team. ♪

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liz: china's biggest e-commerce company, alibaba, began its highly anticipated road show today in new york city. in essence where they prepare to go public and they speak to all different cities and investors to try to get them excited about buying the stock. the company is seeing signs of major investor interest as hundreds of hedge funds, mutual fund and other investors were waiting in line to get into today's event. now late last week, alibaba,

announced plans to price shares in the range of $60, to $66 a share. the company plans to sell some 320 million shares which means, $20 billion will be raised from the initial public offering, minimum and give the company a valuation of up to 163 billion. the road show will put alibaba founder jack ma back in the hot seat as he answers investors big questions on m&a activity, how it will manage its vast number of businesses and company transparency. currently alibaba accounts for 80% of all online retail sales in china. there is whole economy built on alibaba. the road show is expected to end on september 18th. david: good stuff. from china to japan, the japanese economy is getting killed following the increase in sales tax for the first time in 1 years. the economy shrank by over 7% in the second quarter. this is biggest decline in five years. so, are higher taxes and zero interest rates killing the

japanese economy? joining us now is until co-founder and partner. good to see you. >> thank you. david: 7.1% fall in one quarter. when i saw this, i said holy, i can't say what i said next. were you as shocked as i was by that. >> i was shocked but not too shocked. what happened this japanese economy is so stagnant and in a lot of trouble right now. the demographics out of japan, aging population is height where they are. and they just need something to pick them up. there is no demand. david: instead of giving them something to pick them up, they were given something to knock them down. increase in value-added tax t went from 5% to 8%. by the way, imf has been demand they go do this for a long time. they do it and look what happens? >> they're out of options. they're out of options. they can't raise rates. david: what is mistake! why don't they do just opposite of that. lower tack rates in order to

stimulate economy. >> lower tax rates you need economic development going on and economic work and something moving there. is nothing moving. there is no demand in japan of the companies are not really moving that well. look at revenues for sony, panasonic and toshiba combined, they don't even come close to samsung. there is no demand and nothing coming out of there. th to debase their currency a little more. if they debase the currency and japanese yen is 1.20, they maybe can export their way. david: one of the ppoblems i see to that, we get battle devaluing currencies, you beggar your neighbor. >> race to the bottom. david: that's a danger. >> it is. if they raise rates, they have the most debt outstanding of anywhere in the world. david: by the way the public sector debt of japan, we worry about ours being close to 100% of gdp. theirs is 243% of gdp. >> exactly. think if you raise rates. think of servicing that debt. it will be astronomical for

them. they don't have options. they're stuck. it is a generational thing. it is demographic problem and they need to have growth and they need younger generation to come up to pick up -- david: i would argue they do have an option. that is to dramatically cut down the sizes of government, i mean dramatically they're not paying out as much in monthly expenses they have been. >> look, i agree with smaller government. i think that always helps but one of the problems is they have this aging population. they have a nation of savers. they have an aging population they have to take care of. i think that is where they're stuck right now. david: what about the zero interest rate policy? that is something not only with the federal reserve here in u.s., but europe, we saw europe lower the interest rate down close to zero. doesn't japan prove it doesn't work? >> i think it does. i think you will find there will be countries, the u.s. already trying to take the lead in raising rates. i think fed will see what the, going on in the u.s. economy. that the u.s. economy is getting

stronger. forget about the last jobs report. i think that one off. i think fed will have to start raising rates and start to do that. once they do that everyone follows suit. david: japan after all has been at the zero interest rate policy a long time, over a decade, right? >> absolutely, absolutely. look where they are. they're out of options i think. that is one of the harder points for them. david: what about their position? we now have china as we just reported, alibaba about to report this huge ipo. alibaba's economy, excuse me, china's economy, maybe alibaba's economy as well, but china's economy now, the biggest in the world essentially. >> yeah. david: has china officially taken over as the leader in asian economies? >> that's a good question. i think they may have. i think that is where it is going. i think korea isn't far behind either. i think korea will take over japan. i think that is where a lot will focus. david: would that get blood

flowing in japanese? there is a blood flowing between japan and china. they put the war stuff to bed bed. might it get japan to say, tabes, we can work -- better than that. >> i think the sun is setting on the land of rising sun. they have to do something. david: liz, over to you. liz: david, this is a shocker. new video was released today of nfl player ray rice violently smacking his then fiance in an atlantic city elevator. coming up next we'll tell you how the league and rice's team, the baltimore ravens are responding, if not a little too late according to some. in a world where consumers rely more and more on internet over brick-and-mortar stores, one retail giant being left behind? which one? up next we'll tell you, why it is having trouble increasing online traffic. stay tuned. ♪ she's still the one for you.

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against steven cohen. heedid not do that. there are one of eight people convicted of securities fraud tied or employed to sac. mathew martoma, heading to jail for nine years and forfeiting $9.4 million. liz: this is interesting because the probation department recommended eight to 10. so it is smack in the middle. charlie gasparino reported possibly as much as 20 years. again, nine years in prison for matthew mart tome. david: no matter how many times walmart retool ors relaunches its website it can't boost on sight traffic especially when compared to amazon which doubled more than twice unique visitors from walmart. amazon had 90 million. walmart was 34 million. less than 5% of walmart's annual

sales come from op line activity. according to public filings. all of amazon's sales are from e-commerce. why are walmart's e-commerce sales from amazon. it could be that the megastore doesn't have the goods people want like kindle fire or specific smartphones best-sellers on amazon. walmart doesn't have any video services of selling dvds. while amazon has a foothold in video and music streaming services with amazon prime. liz: speaking of video, david. new video released today of a domestic abuse incident between the baltimore ravens ray rice and then fiance, now wife, in an elevator, resulted in the ravens terminating rice's contract with the team. he knocks her out cold. the nfl responding as well, suspending rice indefinitely. which will prevent other teams from picking him up. david: joining us now to the discuss the issue as well as latest on the racially charged email leading to the sale of the

nba's atlanta hawks, the forbes sports money executive editor. he is also on fox sports one. we are cousins as well as good friends. >> yea. david: mike, this ray rice, this is horrific video. we showed that picture of the cold cock of his fiance. of course she didn't file charges, and, in fact they went on to get married after this. but, two-game suspension what he was given for this? i know he has been released from the team since then. that just happened today. two-game suspension, is this too little from goodell, from commissioner goodell? >> yes, david he himself admitted that. he came back and made a big mistake and the league put in some stiff guidelines. i think there is no question that it was the two-game ban was way too lenient and, what is really damaging from the nfl's perspective on this matter, as far as i'm concerned is, you know, you and i as football fans talked about how the league

really benefited from getting more and more women fans over the years. and i think that this is going to throw some potential water on that, if they feel that the league perhaps knew of this video and didn't do anything. liz: mike, i think, i think the stunning part is, there was another camera months ago that captured the outside of those elevator doors where he is dragging a lifeless body outside. that wasn't enough for the nfl and roger goodell to say, you know what, that kind of behavior doesn't show leadership, has no place in the nfl. so takes "tmz" and a different piece of video to get them to move? what does this say about the future of the nfl and how they need to change the way they operate, when it comes to behavior, off the sidelines and off the field? >> verbally the commissioner was adamant about how bad ray rice's behavior was. and for years there has been a host issues that people have

questioned the league about being tough on. whether it was firearms or drugs. and everything. but, you know, i think, when you look at the league as a whole, unless that this becomes a something where they find out there were many players involved in it, it is not something where you're going to see ticket sales go down or will see tv ratings go down or any of that. so i think, from the league's standpoint, if this is sort of a stand-alone issue, it is going to escape with no damage at all. david: okay. let's switch from football to basketball if we can. because we had the atlanta hawks owner, at least part owner, bruce levenson, selling his stake resigning his position because of email. i will read the email. my theory is that the black crowd scared away the whites. he is talking about customers for his nba team and there are simply not enough affluent black fans to build a significant season ticket base. now he was making a judgment

about what he sells, which is a sports team, based on the racial composition of his audience. for that, he takes himself out of the running? i'm wondering if there is any situation anywhere where an owner can make a judgment based on race anymore without being called a racist? >> we, david i think he was making a business model decision, in terms of what you read. i happen to be more machiavellian than you are david in this situation. i think, look, he has been trying to sell the team on and off for number of years. we just saw the the milwaukee bucks, another small market team sell for $550 million. i think he is using this was a way to put the team up for sale, without saying, i'm tell selling this team because the business model is broken. they're 28th in the nba in attendance. they have one of the lowest ticket prices of league in attendance.

their attendance have been falling. the hawks have trouble drawing when they put a good team on the court. this is my personal opinion. i think this is what is happening. we know the nba will get a new tv deal starts in two years. national tv deal. i think this is a way for him to get out. liz: that is interesting theory he would put his reputation on the line like that. i mean and again, some might think that the email wasn't nearly as bad as what happened with sterling and clippers which was just outrageous. he basically had the team yanked from him although he got a pretty penny for it. but you're saying, mike, that you believe maybe he engineered this a little bit? >> yeah. liz, i mean, look, this was a scouting report about a player kicked this whole thing off where some remarks were made. then the league supposedly, the team excuse me, supposedly said, we, you know there was some racist remarks in that scouting remark that weren't taken too seriously. we have to do a teamwide investigation of everything, you

know, going back a number of years. this email that david read, that was two years ago. david: right. >> i wrote a small post on this and there were some african-americans who responded saying, they didn't find this racist at all. so, yeah, you know, call me skeptical. david: levenson was the one who jumped on don sterling more than anybody else saying we need zero tolerance thing. it seems a little weird. mike, thank you. we want to talk about something else you do besides your duty for "forbes" and fox one. this weekend, catch mike, "forbes on fox," 11:00 a.m. eastern on the fox news channel. he is there just about every saturday. don't want to miss this. liz: and a fox sports one contributor. david: yes he is. liz: thanks, mike. we'll have much more on the mathew martoma sentencing in just a moment. he just learned his fate seconds ago. it's monday. a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner,

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liz: breaking news. convicted former sac capital trader mathew martoma has been sentenced. david: joining us doug burns, former federal prosecutor to talk about this. first of all, newspaper years. 15 years was minimum. sort of suggested but you think nine years is high? >> i thought it was a little high? the guidelines were 15 to 18 years. everybody knows they were made advisory by the supreme court back in 2005.

the court must cult the guidelines. doesn't have to follow them. that was good news for him. otherwise he would have faced literally a minimum of 188 months. reason i say it is high, two things, one, i looked at file. the probation department recommended eight years 96 months. for the cut to governor above that recommendation surprised me a drop. two, the government itself, who normally comes out, says give him 20 years, i commend on this, because in their sentencing submission give him toward high-end what comparable defendants in this overall case got. if you look at raj rajaratnam, who by any characterization is probably at top, he got 11. liz: convicted from galleon group. >> i'm not going to criticize a sitting federal judge. but at the same time, i'm within my rights to say i was a little surprised. i thought it was a little high. liz: why do you think it went high? he did not cooperate. he didn't turn in or give the goods on steve cohen, head of

sac capital with whom he had 20 minute conversation on these stocks. >> you hit hit on the head, all throughout the case on this show, many times, as steve cohen as you said spoke to him for 20 minutes. they were all sitting around in a room. martoma, was only one suggesting that they dump the big position they held with respect to wyeth and elan securities. they said, wait a minute. he is outlyer. but they said he is closest to the deal, which was insider trading code speak. the reality is, as you said, liz, 20 minutes on the phone, right at critical time. my goodness, if he came in, this is what he said, chapter and verse, they probably would have been able to arrest him. david: how could cohen not have known about it? >> not have known about it? david: not known exactly what martoma -- >> that is fantastic question. your question highlights whether it happened and whether you can prove it. those are completely different categories. you kill somebody in the forest, nobody sees it, are you guilty?

you're factually and morally guilty but not guilty unless they can prove it. probability is not going to get you beyond reasonable doubt in the courtroom. liz: mart tome marks father of two children, why didn't he -- >> i never understood that why he doesn't cooperate. generally speaking in organized crime and narcotics you have big security concerns with cooperation where you have witness protection. liz: you're a rat. >> all that stuff. white collar generally you don't have that characterization. far be it from me to say somebody would hurt somebody. i can not answer your question which is rare one for me who usually offers opinion. david: cohen is always in his debt. >> interesting you say that, impliededly what you're saying what might mr. cohen do for him in the future. that is interesting. liz: once he is out of prison. david: doug burns. thank you very much. >> former federal prosecutor. coming up we'll tell you number one thing we're watching. i'm flying off to the west coast

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introducing cvs health. so ally bank really has no hidden fethat's right. accounts? it's just that i'm worried about you know "hidden things..." ok, why's that? no hidden fees, from the bank where no branches equals great rates. david: number one thing, the big apple is number one thing to watch tomorrow. apple's big event. tech giant said almost nothing publicly what is in store. industry observers have ideas. apple is widely expected to unveil a pair of larger iphones, a smart watch and mobile payment system. we'll bring you the very latest from cupertino, california, right here on fox business. liz? gerri: just one day later, look, how many have thought at one point or another i have the million dollar idea to start a company? so the hotbed of so many of those ideas sprout and taken route is on one single stretch of road in silicon valley where venture capitalists decide who will get the money to grow those

ideas. coming up all day wednesday in fox business exclusive, i'm taking you there live. sand hill road in menlow, park, california, where the drop dream makers, venture capitalists big their westerns. fox business gained exclusive access to one of the very best, gray lock partners. in business since 1965, with amazing midas touch given names to names like facebook, instagram, linkedin, palo alto networks, and there are only four publicly-traded tech companies, david, currently worth $10 billion or more. gray lock was the among earliest backers of three out of four of them. all day wednesday, grey lock opens the curtain exclusive for the first time to us and you, what gray lock will reveal next big things. companies you won't live without. startup nation, gray lock partners from silicon valley.

david: we love the companies. gerri willis is here. new gadget, new machine that could make your dry cleaners obsolete? gerri: that's right. hi, there, liz and dave. if you are a rewearer, stretching out the time between dry cleanings, p&g has a machine for you. a schwab. we'll have onset dem low -- swash. new report on just how much bank and investment fees will cost you. we'll talk about changes that could save awe smart fortune. we'll have the latest on a new respiratory illness sweeping several states. some cases are severe enough to send kids to the hospital. on the eve of apple's new iphone, we have got some great ideas what to do with your old phone. you may be surprised how much it is worth. "the willis report" where consumers are our business starts right now. gerri: 155,000-dollars.