Investor's Edge with Gary Kaltbaum - Trying [10.26.2026]

Episode Date: October 26, 2026

https://garykaltbaum.com/ The opinions you hear on BizTalkRadio, BizTV, or BizTalkPodcasts are those of the hosts, callers, and guests and do not necessarily reflect those of BizTalkRadio, BizTV, or BizTalkPodcasts, its management or advertisers. The information on BizTalkRadio does not constitute a recommendation, offer, or solicitation to buy or sell any product or securities. Please consult a professional before investing.

Investor's Edge with Gary Coltbaum. Straight talk about you and your money. Now from the BizTalk Studios, here is Gary Coltbaum. And welcome once again to Investors Edge. I'm Gary Coltbaum, your host. A thanks for being with us today. Glad you here, ladies and gentlemen, happy that you are listening. I believe it's the 26th.

I do believe it's Monday. It is 2026th, right? Yeah, I think I'm right. Hope you had a good weekend. I did. First off, I got to hang with my grandson. Secondly, the Giants won in overtime. They are winning games that they normally would lose in the past.

So fingers crossed, they're four, two and one. They remain in first place, regardless what Philadelphia does with Dallas tonight, because we don't care. I believe Washington's on a buy. For all you Giants fan, we cover them every week. And man, oh man, they beat Houston and Houston. Winning away is not easy these days, ladies and gentlemen. That is our football of the day. And I won my Fantasy League game for the weekend.

Also, I got a pretty damn good team. I think I have a chance to win again this year after last year, winning the big championship. All right, ladies and gentlemen, we are eight days away from the election. We will cover that today. We'll do the markets, the economy, your job, your industry. everything that matters, we will cover it into next week as all the ads. You know, the ads that you are seeing 50,000 times a day, they're just all lying. They're all telling you what they're going to do for you and how much they love you and how they're going to lower prices and how sweet they are and let's some wonderful lives.

Let me be clear and concise. We've been hearing and watching these ads for a good how many years. And what have we done since the year 2000? You know, we've gone from like $3 trillion to $41 trillion in debt. What else we got? Affordability, which is ridiculous. Cars now $50,000 on average. Remember Obama told us, don't worry, your premium is going to go down with Obamacare.

That was the lie. We got Trump telling us that he's going to do something about debt and deficits. That was a lie. And boy, oh, boy. You know what? God bless this man can so easily do a speech for an hour and have an hour of lies. And no big deal. We'll cover that also.

We'll cover the lies of the left, which is also laughable and illogical. And anything else we need to do as we head into next week's election. But let me state for the record. We have not changed our stance. We believe that the House is going to the Democrats. They're going to be, we hear people saying, excuse me, 229. And all you need is 2.18 is 435 in the House of Representatives. They're saying 229.

I have it more like 235 to 240. We'll see. and on the Senate, we have it at best for the Republicans 50-50, which means they stay in power in the Senate. Tie goes to who's ever in power. The vice president has the tying vote. But that's not saying much in that the Republicans should have only lost a little bit in the Senate this year because of the calendar. But Trump is just handing the Democrats win after win after win. Every speech, he says, affordability is a con.

And as you know, the number one issue people are having is affordability, yet the president's saying it's a con. And you know what the number two issue is now? Corruption. And you know what the ads are being run by the Democrats on corruption? Trump and his family making billions of dollars. So Trump is killing the Republican Party towards the election. And in case you don't know, the Democrats are mentioning Trump more than the candidates. Number two, the Republican candidates are not talking about Trump anymore.

And it's a shame because unforced error after unforced error after unforced error, after unforced error, which has led oil prices. Let's see, where do we close today? 1.15.33 on Brent, down a buck 39 will take it, down a buck 88 on Light Sweet Crew to 101.35, but still not good news. So that's where we stand on the election. We think they all suck. If you tie your life to what they're going to do for you, I say you better get out a legal pad and a mirror and start realizing they don't do squat for us. they don't do squat for us we control our own lives just letting you know

hey and if you not get this radio show and we got rid of that quickly right if you don't get this radio show in your city if you don't we'll post it at gary k.com we'll also post it on our x feed if you don't follow us

and ex just put our name in and if you'd like to email us just be nice and respectful because we'll always be nice and respectful back unless you're a jackass meaning you robbed a bank, you beat somebody up, you're a crook, you like Hamas, you're a terrorist, you know, all that crap. Anyway, so I just want to start with that to get it out of the way. The president came out and said, here's the amazing part about, God bless him.

He said, since he came back into office, the markets are up like 75%. The S&P's up 28. NASDAQ's up 34. So he's off by a little bit. He said Obama under Obama, nobody made any money. In case you don't know, under Obama, the market soared. I don't give Obama the credit for that, but the market soared. And by the way, a lot of it had to do with the fact he came in during the 08 debacle.

So he came in at the, you know, at the end of bare markets. but under Obama, the market had a good run. So again, Trump just saying things that are just easily verifiable. The people that love them will not check. The independents will and be pissed off even more and tend not to vote or vote for the other side. And that's why you see the poll numbers on independents. They have run for the frickin' hills. What else?

And that's it. I wrote down the words under-delivering after over-promising, but that's all of them. And we'll leave it at that. One other note, let me commend Trump. Do you know this story about Alaska? So in Alaska, there's two Dan Sullivan's. One of them showed up late, said he was a Republican, but supposedly was a Democrat. I believe he's a plant to confuse people.

And the Trump people, they're filing a lawsuit. I think that's, I would do the same thing. I think it's an absolute scam what they did. This is a guy as a plant with the same name in order not to vote, you know, split the vote and have the other person win. So I actually think, you know, how I'm against Trump in saying that January 6th and all that. in the elections, I think, you know, he lies about all that. But this time, I believe this is a Democrat scam.

There's no way this happened by accident. So I agree that Trump and the Department of Justice should file a lawsuit just to be out in front of it. Whether the lawsuit gains any traction, who knows who wins anyhow. We'll see. But leave no doubt, go read up about it. Two people by the name of Dan Sullivan. Come on. give me a break all right markets so um we're looking for light at the end of the tunnel

we've been in a tunnel the advanced decline figures in the market have been pretty crappy we've had some little better action in the broad market we came into today with one bit of real good news and that is interest rates have come down on the long end and they were they were down just the five year was up, the 10 year was flat, the 30 year was down a little. So let's just call it flat overall. But we were at 5.3 and change with 4.986 on the 10 year. The Fed is Wednesday. They will do nothing for two reasons. Number one, interest rates have come down. But most importantly, there's no way they're going to raise rates. They're not lowering rates. There's no way they're going to raise rates right before an election. 100%.

I'm in there, I'm not allowed of guarantee, but I'm 100% from myself that there's no way they do anything. They're just going to stand path, but also talk a little bit tough about the inflationary environment. Today, out of the box, a good day with some warts. What do I mean by that? Well, the Dow was up 146, but was up 400. The S&P was up 53. NASDAQ 214. NASDAQ 10315.

The SOX was up 3%. Yay. Anything else stuck out? Small caps up a little bit. Mid caps up a little bit. Midcaps actually up decently. The transports were up a little less than 1%. Advanced declines.

2619 on the New York, 2522 on the NASDAQ. So nothing special there. but up next we'll go through sector by sector. Much more. This is the one only Investors Edge. Hi, I'm Gary Kalbaum, hosted a nationally syndicated radio show Investors Edge. We're not just handsome radio people. We manage investors money for a living,

specializing in fee-based discretionary money management. No big commissions, just a fee on the assets that's managed. We also provide a full range of personalized services, including retirement planning, income and educational needs, all to assist you in achieving your financial goals. Understanding not all individuals have the same needs, we'll carefully evaluate your personal goals to determine a proper investment strategy. If your current approach to investing is not getting you to where you would like to be, call us to make an appointment for a complimentary

portfolio review. The number to call is 888-422-559. That's 8859. That's 8859. That's 888-422-5-5-9. Investment Advisory Services offered through Coltbaum Capital Management. It's time to switch on the integrator units and get the brain cells working. You're listening to. Hey, this promises to be fun. Investors Edge. The last bastion of quality programming.

With Gary Coltbaum. It doesn't get better than this. And welcome once again to Investors Edge. Okay. Okay. So, hmm, Apple, we have this thing that nobody makes fun of anymore because it's kind of on the timely side. Recently, we mentioned to you that the Economist magazine, the front cover, had about the impending bond blowup. This was after bonds had already blown up, and then they're reporting the news.

And we've explained to you once it hits a front cover, it's usually, just remember, these are journalists, they report the news, and when it's at its noisiest is when they really yell about it. So the economists had the front cover, we reported it to you, and what immediately happened? bond market bottomed out, and yields have come down. Whether or not that continues or not, I don't know, but we're just letting you know so far that's worked. But I have something worse. You see, that's the Economist magazine.

At least it's somewhat of a financial magazine. Time magazine, front cover, has the new CEO on it, Apple's new era, how CEO John Turnus is engineering the future. So it's not like it's the most positive cover, but Apple has been a huge port in the storm. It's trading it 40 times earnings that's way up in the trees for it. and now we get the front cover of Time magazine, which is not a financial magazine. So we're just reporting to you this news, and we'll see how it plays out. We'll just see how it plays out.

That's all we can do at this juncture. Sounds quirky, maybe a no biggie, but it's on the front cover. I will tell you that supposedly they're selling the crap out of these. new phones at 2000 a pop. Apple was down three and changed today. Something about the new phone had like a little issue, but I don't think it's a big deal. But let's just keep it in mind. I believe they report not this week but next week.

And I just want to report it to you. And I must say it is not often we have these front covers, especially in Time magazine. So put that in your file. manager, ladies and gentlemen. The next thing I have to bring up. So as you know, we have been bearish on the artificial intelligence trade. We have been worried about this core weave thing. We have been worried for eons. We've been talking about it for how long now? Months and months. Now some people are talking about it. Well, our biggest issue is Oracle.

They announced a $500 billion backlog, and the stock since then has gone from $345 to 126, which is amazing. Amazingly bad, of course. And then you got CoreWeave. And we've also mentioned to you, Nvidia. Nvidia created a separate entity, funded it, funded it with their money, had another company funded it with debt, and that new entity went and goes and buys, Nvidia chips. Now, we'll let you decide on that. We're just reporting the news.

and there are many that call that circular financing. Some people call it fraud. But they're fully disclosing it. I just don't understand how easy and nice, easy and nice, the accounting profession is, in where companies have now had two trends, dollars of debt off the books, off the books, all artificial intelligence. And I'm asking myself the question, how do you get to put that crap off the books? You know, back

in 0708, they had that ability. I remember one bank was taking bad loans off the books before earnings put him back on and only got a hand slap. So we're just keeping all this in mind in the file manager. We'll see how we'll see how it's. it goes. The AI trade did bounce today, but not everything. The semiconductors bounce today. All the usual suspects bounce today. We were up over 400 on the NASDAQ 100, finished up 315, but that's okay. And now Anthropic announces the IPO the IPO to come soon. Anthropic. And what you should really do is look up anthropic and what they do. It looks like it's going to be a $1.5 trillion IPO, initial public offering. They were at $2 trillion and they had to lower it to $1.5 trillion.

Let me read a few things to you. In the first six months of this year, they had $16 billion in revenue. For six months, they lost 80 billion. That is not a typo. They lost $80 billion, net loss. But don't fret because $72 billion of that was from non-cash accounting charges. Its operating loss was actually, well, they're telling us, $693 million.

So don't worry, it's just an accounting thing. Again, back to the accounting. They announced approximately $245 billion in future minimum computing capacity payments. Around 47% of their revenue in 25 came through Amazon and Google's Cloud Marketplace. Up next. We'll finish this one off. This is the one only investors that. is talking.

Investors Edge. He's got to be pleased with that. The crowd is just on his feet here. He's a Cinderella boy. With Gary Colbomb. It comes highly recommended. You're going to feel better if you talk to him. Okay, we're on Anthropic.

So 47% of the 2025 revenue Amazon and Google's cloud marketplaces, in case you don't know, these companies are investors of theirs, infrastructure providers, competitors. Just two customers accounted for 24% of that revenue. No expected dividends. Limited shareholder control, seven people have a 50.1% of voting power. At a potential $1.5 trillion valuation would be worth roughly 46 times its annualized first half revenue. The filing highlights risks from competing AI developers, falling AI service prices, rising computing costs, and rapidly changing technology. Eighty point seven billion reported loss, hundreds of billions in computing obligations, no expected dividends, limited shareholder voting power. You added up.

Now remember, SpaceX came out at 135. They ran it. Brought it down to 110. it's now 147. We're not in big bear markets. If we went into real bare markets, real ones, for these areas, pretty sure they're cut in half. That'd be my good guess. But as always, we take it a day at a time and we try not to predict too much. But here's Anthropic. And I'm just letting you know, these valuations are freaking ridiculous. Ridiculous. Next, few things of today. Tesla up 18, it was up 25, got an upgrade today. Somebody said something about something,

even though sales were flat, earnings were down. As we have told you, we definitely expect them and SpaceX to merge, but that really doesn't mean anything. Starlink has been a big performer for SpaceX. They're signing people on more and more. Also, they're talking about and moving forward with going after Verizon, AT&T, and T-Mobile's business. I suspect, well, let's see. While we're on that, we can say AT&T stock since the announcement,

is gone from $25 to $20.85.85 cents. Verizon is gone from 46 to 43, and Team Mobile is gone from 171 to 146. So definitely the market is saying something. What else? Just letting you know, software had another pretty darn good day again today. The data dog, the Palo Alto, the Octa, Snowflake, CrowdStrike, Fortinette, a couple of them report this week. They were off the highs earlier, but still had a pretty good day. In technology, that's really about it. And even though the semis rally today and the AI, you had some rallies today, I went through them, just so you know, it takes me 10 minutes. There's about 80 semiconductor stocks and about, I'm going to say about seven, let's call it, let's call it 150 total of AI in semis that we scan in five minutes.

And why can we do five minutes? Because every one of them are in downtrends now. I don't have one in uptrends. I got some that are stronger than others, some better than others, and then, of course, some that have absolutely crashed. Meta, down another 11. From earnings, it's gone from 698 to 630, but it's down from 780 as of recent. Why? Here we go again.

Meta is gonna be doing a secondary offering and more debt. Secondary offering and more debt is seeking to raise 95 billion. billion in equity for artificial intelligence expansion. That's stock and debt. That would mean a secondary. And if they do a secondary, it will not be voting stock, so it will not dilute Zuckerberg.

SpaceX is doing 40 billion of debt. And guess what? We're hearing it like 8.5%, 9%. Why? Because the crap's drying up. You know the term jump the shark? We think the industry is jumping the shark on raising dollars to debt and equity.

You know what jumping the shark is, right? Happy Days, Fonzie, jump the shark on water skis. They say it went downhill right from there. Anyway, meta, who make zillions of dollars. More debt, more equity. Screw the shareholder. And the stock's getting hit. Next up, we mentioned JetBlue, didn't we?

We think they're going to file bankruptcy eventually, and we got some emails. It's very simple. Debt, there has to be a restructuring. Remember I mentioned Brightline, the train here in Central Florida goes up and down the East Coast. We said they're going to have to file bankruptcy and restructure. It's exactly what they did. They're staying in business. The restructuring has a lot of bondholders losing a crap load of money.

Some equity state goes south. And the case of JetBlue, in case you don't know, let's see, they just reported after the close today another 60 cent loss. Six cents worse than expected, even though revenues were up 21% from last year. They do go on to say we expect further margin expansion in the fourth quarter, but they're despite fuel prices forecasting to be 85% higher in the same period than last year. This is the benefit of our jet forward strategy, which is improving our revenue and costs as we head into 27. As they report a 60 cent lost,

they do go on to say we believe we have the liquidity and financing options that create a strong bridge to at least $1 earnings per share and pot positive free cash flow in 2008. I got news for you. I hope they're correct. And just so you know, if they did file, they're not going out of business. It's not going to be like a spirit air. So I hope they're right.

But I don't know how you make those statements while losing 60 cents a share. Don't you just love corporate America? The world is ending, but everything's great. Yay. Anyway, that's JetBlue's report. And again, we have no agenda, Altruy, of a bias. By the way, we're flying jet blue soon. I probably shouldn't say that, right? I don't want them no, since I'm saying I think they're, you know. Oh, here we go. Broadcom back $63 billion

financing structure formed for Anthropic with Bank America, Blackstone City, and Morgan Stanley. A newly reformed vehicle secured $63 billion of financing to buy Broadcom. stuff and networking gear. Here we go again. Just so you know, it's a new vehicle. They're creating a vehicle and getting backing from all these banks. And you want to know why these banks are not acting well?

I wonder why. Interesting that I just saw that. And by the way, it's called a special purpose vehicle. It's a distinct business entity. created for a narrow objective. Here you go. Only $63 billion. Let's not worry.

Everything we're explaining to you that is happening in real time is our worry. A vehicle created and backed with financing from others to buy stuff. And by the way, debt. Bank America City Group and Morgan Stanley are raging the, The first lien financing will Blackstone is the sole committed provider of the second lien. Go look up the words first and second lien. Wow. Let me tell you, kids, this better not blow up.

Or all hell is going to break loose. Hey, up next, whatever we can think of. This is the one only investors at. You're listening to. What are we waiting for? Well, what are you waiting for? One, two, ready, go. Action!

Investors Edge with Gary Culpa. And welcome once again to Investors Ed. You know, anybody know who Walter Koenig is? Chekhov from Star Trek. Passes away. Was in his 90s. I am getting so old. I believe Captain Kirk's in his 90s, right?

I don't even call him by his name. name. I called Captain Kirk. I think he's in his 90s. Yep, got him so old. Anything else we're seeing today that stands out? Some good reactions to earnings recently have followed up. Lockheed Martin up another 31 bucks after a great reaction to earnings. Defense stocks are terrible rider. Up 11 bucks today to 282 and this is after a great reaction to earnings. So you get some follow-up. Not much follow. up, but there's two right there. Union Pacific, a little follow-up, United Rentals, some follow-up. But I want to let you know we have nine pages of earnings this week, and I believe probably 40 pages in the next two weeks.

I will tell you tomorrow, before the opening in the Dow is Boeing and Coke, but also Cornyck and Freeport McMurran and H.C. hospitals. How about Hilton before the open? Packar, truck, Royal Caribbean before the open. That's important. UPS before the open. Catch where I'm going with this? After the close tomorrow, Cheesecake Factory. Love the bang, bang chicken and shrimp. F5 networks, Landstar, LPL financial. How about these after the close tomorrow? And that's in the Dow. And then these, you ready? Seagate, Terodyne, Robin Hood, Waste Management, Werner Enterprises, another trucker. Wednesday, ADP, Brinker International, C.H. Robinson, Worldwide, G.E. Van Over, Generac, Group 1 Auto, Little Fuse, Masso, S.K. Heinex, Otis Elevator. I'm not going to do the joke. Old Dominion, UBS, Virtive, Verve,

Wing stop. How about after the close Wednesday? Google. I'll never mean, I'm never calling it alphabet. How about eBay, Federal Express, Fordinate, Ford, KLA 10 Corps, Microsoft and the Dow, Service Now. How about Thursday before the Open, Ameriprise, Altria Group, Baxter International. trying to do everything with one hand here, by the way. Don't ask me why. Eli Lilly, Caterpillar in the Dow, Hyatt Hotels, Intercontinental Exchange, MasterCard, Merck in the Dow, Norwegian Cruise Lines, Quantas Services, Restaurant Brands, Amazon after the closed Thursday, Coinbase after the close Thursday, Intel after the close Thursday, Gilead, Go Daddy. They keep raising the price on me. I guess that's good for the stock. Floor and decor, first solar.

Not even close to Sandisk. Reddit, Starbucks, I keep them in business. Micro Strategy, Twilio, Ab V, Chevron. This is Friday. The CBOE, Regeneron Pharmaceuticals, Exxon, Colgate. That's nothing. Wait till next week. As we tell you, we wake up a lot earlier. We finish business a lot later. We don't screw around now. And as we said, what do we look for? Well, we care about the numbers. We care a lot more about the reactions.

We've seen bad numbers bought up and good numbers sold down. Sometimes bad numbers can come out, but the company states that they're turning the corner, or we got this other chip or whatever. And then there's vice versa. And since we scan every day, we know where every stock's sitting. We know where the leaders are, laggards, the whole works. Tonight I'll be scanning 1,500 stocks.

We'll keep you informed. I think I did enough with the president, didn't I? I had to bring up one other thing. He said we control the straight of Hormuz. Just another one that's easily verifiable. That's not true. And this is what we're talking about. Unforced terror after unforced error after enforced error.

And it looks like advisors have been telling them to tone it down and he's been giving them the middle finger. Why would I tone it down? I'm Trump. All right. Terrific. So you have the lefty party that is illogic and insane that let 10, 12 million, that let 10, 12,000, billion, I don't even know the number of people in on purpose during Biden's four years, where they never figured out if there's any bad people here or not,

costing cities zillions of dollars, flying some of these people at three in the morning. I'll never forgive Joe Biden for that. Number one rule of a country, got to have borders. It's not racist. You just got to have borders. Immigration, come one, come all. We're good. I have very close friends.

I consider them family that came here the right way. And you know what? It took years. Costs a lot of money. Sweat, toil, lawyers. And did it the right way. The people coming through, pissing all over the people that came here legally.

That's our thought process on that. Joe Biden should have been impeached just for that. So we give Trump A-plus-plus-plus on that. But after that, a lot of letdown. But next Tuesday it is. Vote your conscience. And may the winners win and do the right thing. We have very little hope for them.

You'll have a great evening drive carefully. When you get home, do like we do. Quite simple. Make sure you hug your family, hug your children. feel better, you will feel better. I promise they will be well. Hug your pets also. Have a great one, everybody. Until tomorrow, peace out.

Bye-bye. This has been Investors' Edge with Gary Cult Bomb on BizTalk. To listen to past episodes or to get in contact with Gary, go to GaryK.com. That's GaryK.com.