that's going to be trouble. >> this is gary kaltbaum. thanks for being here. i have been watching this case closely, or cases, and it seems like he's getting hit on both sides. then he tweets 15 times a day. as a prosecutor, are you basically just loving the fact that this guy's trying to try the case in public on social media? >> well, you have to remember i have been a defense attorney for two years so i'm more on the other side in agony with the lack of client control. but yeah, the old prosecutor hat is still there and the bottom line is look, you know, there's an old saying that a lawyer who represents himself has a fool for a client. same thing goes for media. he needs to step away from the microphone, step away from the keyboard, not worry so much about his 15 minutes of fame because he is saying things that could be used against him at court, either during the trial as an admission or during the trial as obstruction or sentencing as obstruction. he really needs to walk away from that, get some serious counsel and start doing some damage control beyond

joining me, we have john layfield, susan li, liz peek and gary kaltbaum. the last person you heard listening to the president asking him a question was our own blake burman, who was just in the oval office with the president. blake, we did not hear the question but repeat it. reporter: the question was whether or not the president is sending a signal to the fed by putting up steve moore and herman cain. you heard the president respond there. he said no, that he is not and he went on to tout herman cain, who the president confirmed in that pool spray with the chinese delegation that is there to discuss trade issues that indeed, he has put forward herman cain for the last open spot on the federal reserve board of governors so there is a clearance process that needs to take place, so that is still a long way down the line. as it relates to what we just heard from president trump, you heard from most of us there. the headline being i think that the president says within four weeks or so, he thinks they will know whether or not they have a trade deal. the presi

about their taxes will be trumped by reality. >> grover this gary kaltbaum. >> hi. >> i have watched you for many years agree with just about everything you think chines this debt, deficit and taxes, all i know every year we send more money, and every year deficit go higher and our debt goes higher, seems like nobody gives a you know what in washington, i am talking both parties. is there anything on horizon that you think be move the needing that finally stopped this trajectory of federal spending that without a doubt will be a huge headwind for the economy as we move forward. david: >forward? >> we have welfare block granted to state, republicans when they tax house and senate passed that 3 time, clinton signed it because he thought he would not get reelected if he did not, we almost get medicaid done, if we didn't throw away a seat in bam bottom-- alabama, list of thingo block grant welfare programs, program that are based on our need not contribution like social security and medicare. >> this is christina, to add to gary's comments, why not maybe do you thabl think that corporax

i think we can probably find a few other paths. >> congressman, this is gary kaltbaum. thanks for being here. i want to ask you the same question i asked the republican side a couple of weeks ago. that is, this year, federal spending is going to be $4.4 trillion. the last year of bill clinton's white house was only $1.8 trillion. is there any cap to when spending stops in government? because every dime pretty much is being taken out of the economy into washington's hands and i'm just wondering, is there ever going to be a year where it doesn't go up? >> well, i think as the country continues to grow and population grows, obviously there are certain areas of spending that have to continue to increase, but i think it's impossible for us to make that judgment because we can't equate all spending equally. you know, there's often a lot of talk about how tax cuts are dynamic and have a dynamic effect on the economy. while they don't necessarily pay for themselves, i will concede the point that they do have a dynamic impact that has some positive consequence. but so does makin

gary kaltbaum joins us, kaltbaum capital management, fox news contributor. heather zumarriaga vision four vice president. what edward is talking about, blake to some extent, market, gary was pretty much flat. take walgreens out of the dow. that is the reason it was down. we're still having a debate where we are. nasdaq highest close of the year. the slowdown fears are out there, or are they? give us your gary kaltbaum state of the market address if you can? >> the market is acting great. that is the best way i can put it. the dow is down 70, nasdaq is up strong and technology leading that is only good. i've been studying the market for 100 years. when technology is in the. connell: at least. >> something to watch very closely. in two weeks we get major, major earnings season that will tell the tale, not just the numbers, guidance as well as reaction. so far, so good. connell: heard you laughing, heather. studying the market -- >> for 100 years. >> going back 100 years. going back 100 years. connell: student of history here. doesn't mean he is that old. >> tha

let's bring in our panel today, which includes gary kaltbaum. look up, gary, kaltbaum capital management president, fox news contributor. bottom of the screen, numbers are flashing across. we'll have time to go through, barry, detail on netflix what it is reporting. heard bernie sanders go after the company on the tax side of things. what did you make of last fight, particularly on that, attack on companies? netflix down 4% after-hours. the reason i'm not giving all the numbers as they come across. we need a second to make sure we have everything right to put together. i tell you netflix reported earnings for the quarter. the stock is rower, down 4%. revenue is better, profit looking okay. we're looking at subscriber numbers, before we get to gary and sara, let's go to the newsroom to deirdre bolton. what are you seeing, deirdre? >> we're looking after-hours the stock is down 4%. for the first quarter there was a beat, very clearly as far as earnings go. actually a blowout number. so 76 cents per share. wall street looking for 57 cents per share

gary kaltbaum is here. well, are we poised for a takeoff with all this good news? >> the only thing i would tell you right now is it's gotten a little frothy. we have had a big run. all my sentiment indicators are bright red right now. so i wouldn't bet against a slowdown, little pullback right here, but i think everything is acting pretty darned well. when technology's leading, you are never going to get a real bad market. i think right now, it may moderate as we head into earnings which is still a couple of weeks away. stuart: what are you expecting from these earnings? a couple weeks away is going to make an enormous difference to the market, i would imagine. what do you expect to see? >> earnings are not going to be great but it's all going to be about guidance and if the economy is starting to reaccelerate, i expect very good guidance and very good reactions. but i'm one that prove it to me and we'll see what happens. let's just hope we don't get too many tesla-type numbers. i think we should be okay. stuart: the show-me analyst, gary kaltbaum. he will be back

joining us now, gary kaltbaum joins us this 9:30 morning and so does debbie dietz, susan li and ashley webster. 3.2% annualized growth rate in the first quarter, gary, what do you make of that? >> the markets forecasted it in the first quarter. remember a lot of people were saying the end of the world was coming, the market kept going up and the market's smarter than most opinions, and here you go. let's just hope it continues. that is a huge number, it is a huge help, it tells you we've got some momentum here and if we stay in the 3s, nothing bad happens. susan: blowout number because we started off the year with the longest ever government shutdown. people were pricing in zero growth for the first three months of this year. this is blowout because i think the expectations were ranging from 1% to 2.9%. this is way above it. >> a goldilocks moment. we saw no inflation this latest report so obviously even though we have the strong growth, the fed was justified in staying on hold. stuart: gary -- >> let's not forget how weak europe and asia has been and it has not affected us. stuart: wh

let's ask brian belski, bmo, and gary kaltbaum, president of kaltbaum capital management. gary, let me start with you. a little bit of a pause here. the breadth is even more or less. where is it going from here? feels like the momentum despite today's pause is to the upside? who i'm not so sure i see a pause. the semiconductors are up another 20 points today. for me i always told you the semiconductor is the most important group. they have led the markets up and down. they are en fuego. they are in good stead. remember we have couple more thousand earnings reports the next two or three weeks. some could be market moving and you don't know at this juncture whether amazon or facebook will cough one up. all i can tell you so far, so good. i was looking at tex instrument as numbers were terrible. the guidance was terrible. the stock gaps down three or four points, last i looked it was up three or four points. it is not the news. how things react to the news. so far so good. neil: brian that seems to be theme of this market. two things are working. momentum stocks, whether texas

gary kaltbaum and our very own mr. lou dobbs, and we're joined by former pennsylvania governor ed rendell. but first edward lawrence in the beltway, have you been combing through the more than 400 patients of the report, about 900 reductions. >> 448 pages, there is a lot going on. two things obstruction of justice and collusion, no collusion found. with the russians in this report, there are 11 instances of obstruction of justice, that were analyzed. 10 were directly with the president, on june 17 president called white house council telling him to argue that they had a conflict of interest and must be removed. the president met core lewandowski asked him to pass a message to jen attorney general jeff sessions to say that investigation is on fair and focus on future election interference, the report said that president's eare i effortso influences were mostly unsuccessful. however, there was no concrete collusion or obstruction of justice in this report. the attorney general said that level of cooperation from the whit

gary kaltbaum joining the panel as well today, especially for tech companies, gary. when you consider the political tech lash people call it. a lot of politicians elizabeth warren one of them, calling to go after the tech companies calling them for to be broken up. even amazon she said should be broken up but even after the comments apparently the senator is an amazon loser herself. >> do you order stuff from amazon? >> sure. >> you do? what is last thing you ordered? >> a mailbox. [laughter] >> okay. connell: sounds like you gary, you ordered a mailbox from amazon but you haven't called for the company to be broken up. >> look, socialists with our money, capitalists with their own. that is the name of the game. bernie isis a multimillionaire but millionaires are bad. it will be an interesting election as we go into next year. i do believe it will be socialism versus capitalism. hopefully capitalism wins. melissa: twitter shares closing up more than 15% following an earnings beat. let's get to gerri willis on floor of the new york stock exchange with details. reporte

rose cliff capital mike murphy, kaltbaum capital management president gary kaltbaum.ary, start with you, i know you're such a huge fan of the federal reserve. only thing you like more is the mets when they occasionally win. >> teeing me up pretty good here, charles. the "cp effect"? charles: we'll see it in a minute. >> i think all central banks should go by the way of the dodo bird and tie the tyrannosaurus rex. how do we get where a few people around the globe have their fingers on the button to create tens of trillions of dollars of conjured money and move the market around and the playing field. i don't get it. i thought the most powerful person in the world is supposed to be the president of the united states. no, it is the head of the central bank here and head of central banks around the globe unfortunately. >> i think president trump had the same epiphany, mike. we can debay how much the fed slowed down the economy but we can't debate the power they have to do that. since they came on, we had a lot of recessions i lost track, we had the great depression. since

let's talk about that with gary kaltbaum, kaltbaum capital management. liz peek. both liz an gary are fox news contributors. that is what hurt markets, with the selloff, imf cutting global forecast outlook as well. are we in store for a second trade war or second front of a trade war here with europes in terms of what the markets have priced in. >> yea, more tariffs. i usually simplify things. let me go general on this i don't think anything good comes from anymore tariffs whether rightfully or wrongfully. in the case of the eu they have been subsidizing airbus for a very long time, so deservedly so. i think market here, we haven't had any bad days orful bags. we're way overdue. we're heading into earnings season on friday with the financials. we're getting a pull back here. i think no biggie at this point in time. connell: after the run we had, liz, when people try to project out, what i think they're worried about, not necessarily going on here with a threat against europe on airbus boeing stuff, also what is next after that? are there tariffs to come for example

gary kaltbaum and our very own mr. lou dobbs, and we're joined by former pennsylvania governor ed r

news, former fed advisor, danielle dimartino booth, kaltbaum president, fox business contributor, gary kaltbaum. nicholas wealth founder, david nicholas. let me start with you, danielle. what jumps out at you the most right now? i thought when we heard jessica saying some fed officials were thinking a rate hike i don't know that the street was prepared to hear that. >> i certainly don't think so. i'm waiting for the twitter engine in the white house to get fired up on the minutes to see what the president's reaction is going to to be. the other thing that struck me, charles, a discussion to remove the word patient from future statements. charles: what does that tell you? >> it actually tells me adds more weight to the fact that several members thought a rate hike later on this year would be possible. patient implies we're in a holding pattern. you remove that word an anything could happen. charles: gary, it wouldn't be a bad thing if the economy was doing so well that the fed didn't have to worry about rate cut per se. could the market, accept a rate hike if the economy was on fire? >> well, al

we have courtney dominguez from payne capital and gary kaltbaum from kaltbaum capital management. o ipos are interesting in my mind. a lot of people are worried, gary about what happened with lyft, skipping these. zoom is one would i buy. i would wait on pinterest. how do you handicap them? >> you have to wait to see if they open too hot or not. lyft, from the first ticket open it kept lower and lower. i just stood aside. the big worry is simple. a lot of these companies over the next few months lose a lot of money. that is what happened with lyft here. they overpriced it. whoever did the deal made a huge mistake. the fact it is way below even the ipo price is telling. i would be on the careful side right at this second. the market a little frothy here. they maybe need to come in a little bit and they are on the overpriced side. charles: we is ipo jumea, an african tech company, up 260% in a week. other ipos have done extraordinarily well not named lyft. >> exactly. charles: i like zoom, zoom only raised money five times. lyft raised money 15 types. took valuation through the roof.

let's get the read from the sanford school of business lecture professor david dodson, and gary kaltbaum you first what do you think of what the president is saying the mueller report's exonerated now the backdrop, things that are really meaningful to me what's happening with the economy what's going on with the markets what do you think? >> well i like the fact that we're ready to move on but the thing that we forgot the whole purpose of the mueller report which was to investigate russian interference in our elections we made it about donald trump instead of what it should be about so i hope what's on his agenda is also looking at russian interference because we know now that the russians spied on us, they hacked into computer systems and they divided us through social media so i hope that's on his agenda as well because we've got 2020 coming up and i don't want putin in our voting booth next time. neil: gary when you think about what's at stake and the fact that's russians certainly tried to assert themselves in the election, to the degree that you still have a number of democrats they

market watcher gary kaltbaum with us now. gary, that's a big drop for lyft in a couple of weeks. is that a bad sign for uber which is probably going public later this year? >> i would suggest yes, and the bottom line is they -- when they opened the stock up, it was actually at $88. so big losses for the after-market people. we are already seeing the price of uber come down, also people who bought it in certain rounds of funding are actually underwater. the same goes for pinterest which is coming out in the next week, where people paid a certain amount expecting a big windfall and they are going to end up down on the open. so not a good sign, not a good thing. you know, jpmorgan, the main underwriter of lyft, one of their jobs is to stabilize the underwriting and price it correctly. obviously not a job well done. it's going to affect other ipos. by the way, there's a ton of them coming out, all lose a ton of money and that's going to be over the next few months. that will be watched closely. stuart: now look at this. amazon, they have got 7,000 employees reportedly listening to yo