♪ and you're gonna hear me roar ♪ ♪ lower than a lion ♪ >> mckitty is roaring and so are the jobs. john is in a moment. the roaring kitty who single-handedly drove up meme stocks like aim stop breaking his silence after 3 years today. >> you should keep your eye on stuff. reserve the right to change her mind about stuff just like i do. don't follow anyone blindly. nothing on the stream is advice. hopefully you know that. >> not everyone does but more getting to know it now. internet influencer position didn't gamestop hoist to be worth close to a billion dollars until gamestop plunged close to 40% today giving back a lot of the big gains he's been experiencing but exactly who is this guy and how did he become so influential in the first place? a lot of people ask that. i'm neil cavuto. let's get it with kelly grady on all the attention. kelly o'grady on all the attention he's getting because he's back after 3 years. what's going on. >> this is 1 of the more wild i guess we have to call it investor call at this point that i've attended and we had to wait quite a bit. keith gill roaring kitty showed up nearly half hour late but ultimately spoke to over 600,000 listeners and shared he had no game plan for this livestream. even admitted he might be cuckoo at 1 point. that's always been his appeal. he's very counter to the traditional investor. we did glean 3 key things from the stream that i want to share with you. first gill's gamestop position makes up the entirety of his portfolio so what you're looking at on-screen was the value following the markets close last night 500 a $6 million. of course the stock fluctuated wildly today finishing 39% down but it is still higher than when gil bodden. the second take away his roaring kitty really believes in gamestop's future. he reiterated that confidence that the company can revamp its legacy business that all comes down to the team and ceo ryan cohen. here's a bit of what he had to say. >> bet on the team. from what i've seen so far i think i reserve the right to change my mind as you should. i'm a believer right now. 3 years jack letts what happens from here. >> a lot of investors disagree with gil after gamestop released their earnings this morning. a few days early. we saw 29% dip in sales this quarter versus last year. 32 million-dollar loss in the quarter but what did he say? he said he reserves the right to change his mind at it really does seem he's changed his messaging versus last him around with it likely because the regulators are investigating his trading activity tech while legally safer the stock dropped 25% during his stream when he was speaking so not everyone loved what he had to say. >> it's not for the faint of heart the sort of thing, oddly enough over the years he's been seen as sort of this medical robin hood figure in a world where you have these huge hedge funds shorting stocks making big bets that are going to go down. he entered a few years ago to say this 1 this particular 1, i don't think is right can single-handedly he got a lot of attention back at gamestop and all of this, and now some of those same big players are the ones leery of playing into him or playing with him because they think he could be manipulating stuff. but there's no proof of that. >> there is no proof. really the issue would be if he pumps the stockpile the influence he has by posting a social media and he sold it. we haven't seen any evidence that he sold it, the position that he had revealed last night that $586 million was worth a lot less but he still was holding all of the shares as of earlier that week. so we haven't seen that but there's a lot of suspicion may be among some folks that were you doing here, the financials on their and they saw how things turned out asked him around. he was testifying before congress and didn't seem to be the same amount of excitement on the livestream as we have seen in past. >> neil: a lot of people say this is indicative of a market when guys like this become cult stars and enter in normally in the late phase of a market. i don't know how true that is because he was in the 3 years ago but i understand what they are saying. be careful when you see the sort of stuff going on. what to think? >> i think to some extent it's indicative of a frothy market that people are saying i have money to burn and will put it in there. the people on the livestream were making comments. like i just bought $40,000 of gamestop. i'm really hoping a compare my lone so i see this more of people saying i really believe in him. he sticking up for the little guy and i'm going to throw money in. ultimately the short-sellers won last him around in the end. they might win this time. >> you don't know. a lot of people look at this is modern-day program trading and people by lots of shares and get in and out real quickly. it's too early to tell if that's the case. great reporting is always kelly o'grady. meanwhile we have the backdrop of an employment report that looked pretty frothy on the surface. far better than expected 272,000 jobs gained. but the bears had their argument that another survey showed something from her worrisome so present-day looks good. future days something that telegraphs bad. edward lawrence is good at explaining all the stuff at the white house. >> wil trapp. the president looks at this report and likes what he sees. he says it's great report and a statement, the president saying the great american comeback continues but there's more work to be done in the president has been saying that for about 20 half years. the reason the federal reserve needed this report to be half of the 272,000 jobs created a may is because the more people working more those people will spend, the more with same supply means inflation and the report average hourly earnings also hit 4.1% over the past 12 months. the fed chairman siz 4.1% is not consistent with the 2% inflation target. with that inflation experts worry about the consumer. >> i've been looking at what's happening with restaurant activity because the narrative was consumers stop spending on goods and prioritize services consumption, and since january we've seen a dramatic step down in restaurant sales and traffic, restaurant closings have ramped up big time. >> the white house has been trying to unlink joe bidenomics from higher prices such a gas the acting labor secretary about that. >> the president have not said bidenomics since march of this year. is he a ministration moving away from using that term because it is equated to higher prices? >> i said it here. at this point i don't forget matters what you call it. this is an economy that's doing well. we've defied all expectations in terms of the job growth. we haven't yet talked about the an implement rate. again still at or below 4%, for 30 months running now. >> to an employment rate has not been 4% since january of 2022. it's interesting a government sector created the second amount , most mental jobs in this report. government has great 43,000 jobs on average each month for the past 3 months. the rnc saying president biden cannot hide his failures in the american people will blame joe. back to you. >> thank you so much. have a great weekend. edward lawrence following all of that. the reason i wanted to bring your attention to this implement report is it offered something for the bulls and offered something for the bears. it offers something for those praising the president's performance and those warning about the president performance. by that any in the overall job gains we saw 272,000 were much drunker than expected but there's a household survey and edward was touching on and that's are reading these days to calculate the an employment rate itself. and we found out the people who hold jobs in this country fell by about 408,000 during that period ended also show the number of full-time workers fell by about 625,000. so hit you with a lot of numbers but the only reason why a mention to the household survey and what's happening on the private payroll front is to indicate here that there signals that this can be maintained. increasing signals in the past and make make a bigger deal out of nothing but i want to make sure you understood why both sides were finding ammo in this report. gary it's good to settle these differences because he doesn't mess with the politics part. helix at the numbers and has done quite well during that. so i say that with great respect. so you could argue surprise here, federal reserve has very little reason to move to cut rates or you could look at the household surveilled these people disappearing from the labour market saying well maybe not. where are you? >> every time you've asked me about the job market for the last year of use 2 words in shape, and i would go on to say that needs to stay in shape because of how much death there is in the system. i'm a little bit worried right now. some of the numbers you gave but also 8.4 million people now have 2 jobs. these are people that think they are not making ends meet and that goes hand-in-hand with almost 300,000 part-time jobs created in this report, so call me starting to get worried. we have studied the job market going back very long time and typically late stage is what i just quoted for you. i hope i'm wrong, because as i said there's just a lot of debt in the system from the consumer all the way to the governments of seen death and i think that could be trouble if we start to lose the job market more meaningfully. >> nothing we look at are showing now the average hourly earnings year-over-year running about 4.1%. now you know the fed's goal eventually is on inflation of all times down to 2% so double that inflation rate itself is a little under the 4% but nowhere near the position with which we are told federal reserve will start cutting rates. do you subscribe or if they get close to that of the trend is going down that they will go ahead and cut? >> i've always wondered about this phantom number for the fed for them to make moves so i know where they are coming from. for me as i said to you i think the real market the free-market the 10 years down the job. it's down to 404 while the fed is 5 and a quarter touch of 5 and a half. i think the fed has room to catch up to that the closer we get to the election i think they start to look political and may not do anything. i suspect nothing comes this coming week and i'm just glad to see that yell to have come down from 407 recently to where they are because the cost of capital is huge to the economy and so is oil prices. unfortunately oil prices have come down decently over the last few weeks. >> you're referring to 10 year note. the fed can influence about arriving i would like to talk to you about roaring kitty amalek to get your thoughts on that because we see this in every kind of bull market usually the late stages of a bull market not all the time. i want to posit we've got a lot of healthy devoutness going on here. but what you make of this character to influence today and some of these not only meme stocks but other stocks like the daytraders who play such a big role in the last bull market before they didn't, and now they seem to be back in droves. >> i've never liked out of control froth. at gusts of late stage bullish markets. as far as this goes i know the term robin hood has come out. i'm sorry. i think he's of self interest and i've never watched him and i decided to weigh some of my time today and watched him today, and i have to tell you there was so much less than meets the eye and i think the stock price performance showed that. hit the fact people are following him and are going to lose their wealth the they continue. just remember the first go around gamestop dropped 90%. amc dropped 99% because that's where the stock should eventually go and i'm worried the same thing happen again. gamestop just diluted their own shares 25% overnight and that's what destroyed the stock today as well as lowering the numbers. not a good sign for investors. >> neil: if big companies and hedge funds at major brokerage houses complete with investors and tout stocks that they are secretly unloading that we don't know litter that's a case. it's not illegal outright unless you're doing something from a criminal what's the difference? >> anybody in my business that regulated and touts and unloads should be drummed out of the business. i don't think this guy is in the business but the sec is on it. i think a lot of people will lose a ton of money and there will be a ton of complaints when all is said and done if the stock is back to working from. i watched him today. not impressed at all in any way, shape, or form and the sunglasses are not today for. >> neil: ought to try it and it might work. it could help your career. >> i used to have long hair. >> neil: there we go. thank you so much. we are following this froth and will a lot more this weekend as we take a look at some of the things people are trying to connect the dots. we'll connect the dots and the dollars on this tomorrow at 10:00 am eastern time. there's no talk hunter biden himself might be testifying. david is following it closely in delaware. >> emotional day for hunter biden as his daughter took the stand. but as you said hunter may testify. i'll tell you when that could happen next ff. 5% of. and, as loyalty members, we get points toward mylowe's money for the things we want. oh, we want this. the all new mylowe's rewars loyalty program is her. download the app to joi, earn and save toda. ♪(relaxing music)♪ (♪) (♪) (♪) (♪) (♪) (♪) book in the hotels.com app to find your perfect somewhere. >> want to take you tuned wellington delaware. hunter biden's gun trial is wrapping up for the week. it was a fast-moving week and can even faster next week. david spent is there with mark. david spent court adjourned here early today. monday will likely be the last day for a witness and that witness could be hunter biden. is attorney avila hall said he would be the final witness if he's a witness. said he would make that decision this weekend whether not to put hunter on the stand and that's a big decision to make but it was an emotional day for hunter biden who seen dabbing his eyes with a tissue earlier today when his eldest daughter naomi biden took the stand. naomi biden you see leaving with sunglasses and the black outfit on. she is hunter biden's eldest daughter. actually named for his late little sister and infant who died in that car crash in 1972 along with hunter's mother. naomi biden painted a picture of a clear minded hopeful hunter biden when she saw him late summer 2018 just weeks before he allegedly lied on a federal gun form when purchasing a gun. that's why we're here in the first place. naomi biden was in control on the stand and said she was nervous and entered in a soft voice and says she's well aware of her dads drugs and said things got really bad after her uncle died. yesterday joe biden flu in late from dd events in france to wilmington to sit in court only to turn back around to go to france tonight for steak dinner with her husband tomorrow. avila hall heavily focused on a gun form the form that was a centre of the entire case. he says there are different items on this form right here placed at different times. essentially setting up a narrative of sloppy paperwork by store employees. so if hunter biden testifies on monday we expect that to a long time. it is risky he opens himself up to cross-examination. if he does not testify we'll jump into closing arguments. the jury could have this case by monday and we could have a verdict monday when i'm talking to you then. back to you. >> neil: incredible. i complete that. thank you great reporting on all of this. tom dupree is joining us former deputy assistant attorney general. what do you think, the notion of having hunter biden take the stand? >> it strikes me is very unlikely. the conventional wisdom is you never put the defendant on the stand in the criminal case and i think that rule probably applies here. i don't think there would be a particularly credible or sympathetic witness. it would give the prosecutors opportunity to cross-examine him very vigourously and on topics that might not even come into play it. when he put the defendant on the stand your toying with opening pandora's box that would allow the prosecutors to cross-examine the defendant on a whole slew of issues and lead to creating more bad evidence against your client >> neil: if the case, former federal prosecutor constitutional law reporter, if the case looks like it's not going well for hunter biden would you roll the dice and put him on the stand and allow him to make the argument, i was a very sick guy more drugs and a new, i didn't want to face those facts now i have to face them? and i realize it. at work to his advantage and weird way? >> i guess the only justification for hunter taken a stand is to try and go after that intense mens rea of the offence whether he affirmatively knew he was an addict or consider himself an addict? the problem is hunters on text messages essentially foreclose that defence. he calls himself an addict and uses that word in the days after the purchase. the defences tried to poke holes of reasonable doubt into the meaning of the text messages. i am criminal defence attorney so i know very well sometimes you have text messages and you can argue maybe it means something else than what the words plainly say but that's when you are really kind of butting up against nothing. we have to remember hunter chose to plead not guilty. he chose to expose all of this really embarrassing information about his family. it's a very curious situation but from a factual perspective he's put much dead to rights. his best defence was essentially foreclosed by the judge that this was unconstitutional charge. it's a difficult case factually. >> neil: president biden was asked if you would pardon his son and he said no. but again he's a father and you could picture situation say he loses the election and in his final days as president if his son is convicted and i haven't got into the tax case coming up, he would pardon him. >> right. he's a father and things change. i think saying no he would not pardon his son is the only answer he can get politically at this time. could not say he was gone to pardon him and if you give anything short of a firm edmonton i think the whole world will explode and say he's come to pardon god. he had to say he's not going to do it but after this election the world would change. other president biden would be reelected in which case he will figure he connect from position of strength or he loses in which case he says doesn't matter anymore i'm on my way out. yes, he said no but will see what he thinks about in november >> neil: stepping back from this case and what happens ultimately if it is wrapped up are you surprised that it's wrapping up and that works to the prosecution's benefit, the defence? how does that work? >> the case from a factual is very straightforward. was he using drugs and/or addicted to them at the time of the purchase. the prosecution has been well cornered from his own messages and other data from the laptop back unsurprisingly at this point. not surprising. a tastry for prosecution. this is not the most significant concern in terms of jail time. i think the tax case has much more significant jail time on the line for him but he can probably will be pardon by his father because like tom said after the election is over he's nothing to lose 1 way or the other politically. >> i can switch to donald trump khakis obviously still doing very well on the polls had having no difficulty raising a good deal of money. so even the stigma check guilty verdicts are not hurting him. so i'm wondering now as we get closer to this july 11th sent