Transcripts For CNBC Squawk Box 20240713 : vimarsana.com

CNBC Squawk Box July 13, 2024

Also jay powell making comments that added to some of this those who have been under such pressure, those stocks were the ones that were the biggest rebounders disney up more than 7 banks were up across the board wells fargo up by 8 bank of america and citigroup up jp morgan up mgm resorts up 10. 5 carnival up 15 . Airlines each up 13 all of those gains coming as there is hope there will be some time those stocks can get become to normal and people will feel comfortable. Thats the early trade also lets look at whats been happening i thought theme parks disney and comcast which is over 2 pretty big gain. Who knows whether it is displaced but it was on hopes of normalcy i dont think it is only moderna we are talking about there is four or five real pharmaceutical Companies Working on it. So just the potential you get and other data point where they say someone else has the success to we dont know what technique i dont know if it is mrna pfizer is working on the mrna technique as well. I dont know you could just see wow, maybe someone does go to a theme park then you have johnson and johnson pouring in over a billion dollars to go after this how quickly the mentality would change if there was a vaccine available. It could quickly change the other way too. We are going to talk to gottlieb, even neutralizing antibodies sounds good. Does it give you immunity . What does it give you immunity for you are right. Well ask, these are all baby steps. The other piece of it is the time line. I dont think anyone is expecting this to be at scale until sometime in 2021, really so there is a question about the market there may not be a billion doses but you could have a fair amount before the end of the year i said baby steps do we know whether bill murray was on he called it as himself, not as an assistant greens keeper he sent a question in to Warren Buffett too we took and asked. Hes out there thoughtful and working around the edges. With working mans questions. Hes from working class chicago. And im from working class cincinnati is there a working class scars dale i dont know, do the working class drive porsches they do if they make it you got to work hard looking at the dow reporting irnings coming in at 2. 08 versus 2. 27 home depot also suspended outlook due to uncertainty to the 2020 outlook what was the estimate for samestore sales in the u. S. The street estimate was like 4 or 4. 5 they did 7. 5 domestic Sales Numbers were quite good for home depot. They commented that the end of q1 and early q2 was also strong. The outlook being suspended, not a surprise for you how do you see the outlook and the stock as you can see down 3. 5 on this weve seen company after company doing this it is a smart move for home depot doing that saying, look, i think home depot is benefitting or capitalizing well through this crisis and is likely to perform well as the crisis head winds abate. More people are spending more time in their homes. You are seeing that increase spend as people spend more time and working on their houses. Where was the short fall . They are trying to do things for employees. Expanded benefits and 1. 50. 60 cent share investment would that cause you to the results . The dow is responding. We are now down triple digits and then some on the dow i dont think so. As the dust clears they called out 850 million in extra expenses right thing to do. We didnt know that number conceptually, we knew that cap that in it selfwould not make it the headline itself, i would add that 60 cents back in to 2. 68. Not apples to apples but better than the street forecast what can you tell us about lowes . Similar expectations they are pretty similar. It is kind of a macro effect on both of the chains, right . I think so. Over the last couple of weeks, ive spent a lot of time looking at home depot and lowes in the new york area. They are crowded what we typically see, typically home depot performs better in these type of situations if home depot is doing 7. 5, lowes is probably 5 it is kind of a sharp left side and less not quite as much of an incline but it is a v, kind of. I think so. Home depot was more than 50 off of the bottom in march there has been a nice rebound in stock. Thats the market realizing that home depot is performing well through this crisis. Thank you well check back with you on lowes probably andrew. Thank you. Meantime, Jp Morgan Chase set to hold its annual meeting this morning. The annual letter issued saying the bank is not only preparing for a safe reopening of the u. S. Economy but laying foundation for recovery that unlocks opportunity for more people providing 950 million in new loans. Since the Paycheck Protection Program began, it has funded a total of more than 30 billion to more than 250,000 businesses. I think thats a big key, andrew how the ppp is rolling out and how the big banks have been acting it is worth talking about those numbers. Every time we hear from one of the big banks participating and getting the money out. As you know and weve talked about, a lot of the big banks strulked to get the money out in part because they wanted to but were limited in terms of how it was maybe originally biased towards the big banks and against the big banks and because some of them have huge market share in new york and elsewhere where so many clients and customers were hit so hard the bottleneck is everywhere along with the sba or other places, it is hard to handout that amount of money there was also the administration irs is hiring 3,500 more telephone operators to try to deal with more calls americans saying, where is my money, it hasnt landed here yet. Programs this big, there are going to be hiccups along the way. When we come back, dr. Scott gottlieb weighing in and the statement that President Trump is taking an unapproved drug as a preventative measure announcer todays big number, 30 . Thats how many stores jcpenney will close as part of the nkptbarucy plan. 200 stores this year and an additional 50 in 2021. At mercedesbenz, nothing less than worldclass service will do. Thats why were expanding your range of choices. Many dealers now offer optional pickup delivery and athome maintenance, as well as Online Shopping with Home Delivery and special finance arrangements. So, whether you visit your local dealer or prefer the comfort of home you can count on the very highest level of service. Get 0 apr financing up to 36 months on most models, and 90day firstpayment deferral on any model. Birthdays arent cancelled. Hope isnt quarantined. First words arent delayed. Caring isnt postponed. Courage isnt on hold. And love hasnt stopped. U. S. Bank thanks you for keeping all of our spirits strong. Weve donated millions to those in need and are always here for our customers and employees. Welcome back stocks surge after modernas ceo report progress on its vaccine candidate. Joining us now is dr. Scott gottlieb cnbc contributor and serves on the boards of illumina and pfizer we had spoken with you just before we spoke with the moderna ceo yesterday. This is the first time we get to ask you about your thoughts on what happened. The idea that there could be a vaccine candidate that works in early trials incredibly exciting we watched that play out with the market closed up more than 900 points on the end of the day. This was a small study phase one, eight out of eight people they said did develop the antibodies i wonder how you look at this as a doctor and head of the fda understanding what complications can come you are right it is a very early study it is a positive development before this, we werent sure these mrna con instructs would produce the con instruct they saw antibodies in 45 out of 45 patients. They only tested the first eight to determine whether they are neutralizing antibodies. We need to know the data on the other patients we are going to get that data hopefully soon they saw it in their highest dose in fevers so it seems like they are lowering the dose. 25 microgram dose. It doesnt look like they ar taking that forward. They are testing 100 microgram and now 50 microgram dose. It goes to speak to the fact that there is a lot of work ahead. They need to figure out the rights dose. They need do a phase two work before they get to the phase three trial. I dont think theyll be able to pull forward theyll have a lot of work to do to figure out the right doses and make sure these are producing neutralizing antibodies how difficult or complicated is that figuring out if this gives you immunity and the question of how long that immunity might last . We are not going to know if it is giving you immunity until we look at the phase three program. We assume if a vaccine is producing the antibodies, it is producing some sort of immunity. It might not be absolute it might prevent you from getting very sick or getling covid the disease but you might get the infection. Sort of like the flu shot. You can still get the flu but typically less severe infection. In terms of the work this company has to do. Theyll have a 2 a and 2 b study to figure out those right doses and also use a target population, the older population theyll have to look at older adults as well not clear when they would start that phase three, i think they said july. I think there is work to be done joe, i know you had questions too . I did doctor, this is a phase one trial. Not that big these are interim results. Is that normal to release positive early data from an interim phase one . And ill ask you a follow up for that anything unusual about that . Do you have a problem about that it was unusual they didnt release the quantitative data. They released a lot of data on the bottom line tighter levels on what the antibody response was. This time, they didnt have that Data Available they may have waited on all the data on all the patients the nih has done a lot of work you would have thought that they would have waited until that data set was complete. Well probably get that more complete data set soon well see those first eight patients maybe all 45 had been. You would assume that some compliment will. Thats why people were reacting positively and looking at this as a positive development. Becky asked how is your cash, are you going to need raise money . They got a big bump in the stock and there was a Public Offering announced after the close. I dont thinks it for saling share holders. The timing, thats why i ask you whether it is typical to release the interim data immediately, people are caught on the outside of this looking at the gain of the market that they think is overvalued you are on the board of pfizer would pfizer release an interim study early and announce an offering after the close after their quote ran up Bigger Companies are in bigger positions they tend to be more conservative weve long known that. I think why people are enthusiastic it is early and speculative. We now have a number of data cards weve turned over and a number of vaccines that suggest well get a vaccine to coronavirus that is possible to develop a vaccine against this virus. That is a reasonable statement to make. We should be able to make a vaccine against this virus the timing is questionable whether or not we can have it before the end of the year or wait until 2021 to have a product we could use more generally. One other question about the overall messenger rna therapy. Years ago, this company came under a criticism for the black box and how things are working i hesitate to use the t word but there have been comparisons to the way that they were keeping a close lid on the research and whether they could actually prove it in clinical studies in the meantime, independent researchers and Bigger Companies, would you say that theyve proven a platform of a vaccine coming from messenger rna and weve put this to rest that this is something that might be done . I think it is a fair statement. There is hope that this can work there is a lot of Companies Working on these i think we val date these. It is interesting to make an observation if you look at the chinese vaccines that they are developing the similar vaccine to j j the other three are activated viruss a very old approach. They are not taking the approach we are where we are using dna or rna vaccines that may turn out good we may develop a more robust response or create more uncertainty. We dont know the answer to that question yet scott, i wanted to ask you. Going back to the issue joe had raised around these stock sales but in a different light that the company ceo has a 10 b 5 program which means hes selling or often selling on a regular basis, preprograms but appears hes been selling down his stock the whole period. Do you have concern of someone in this business during a pandemic like this and given the news and the constant news flow coming out of these companies, how do you think other ceos and Health Care Companies should be thinking about these during this personal period look, people make individual decisions. I cant second guess what individuals do with respect to stock sales and purchases. In an environment like this, i wouldnt be buying my companys stock or selling im a holder making purchases of pfizers stock. As you know, im on the board. I wouldnt question buying or selling in this environment. People sell stock. It is not that unusual to see a ceo buying or selling stock, especially in the buy owe Tech Industry where a lot of their network is tied up in their stock. Lets talk a little more about what we can expect, what we should expect or anticipate on a grander scale about when we might see a vaccine and where wir going to be this fall, if things die down in the summer, if there is a resurgence in the fall, what kind of tools will we have at that point i think it hasnt changed remdesivir and the antibody based drugs will be available in the fall well have a very robust testing platform the question will be, will testing be accessible. Well have a robust backbone for doing those tests. Point of care based tests and swabable sticks where you can get tests quickly. Well have more heading into the fall hope fulg hopefully more and more vaccines available. Well use those if they have large outbreaks in the cities. That will be hard to start a phase three program in the summer we are likely to have outbreaks in the fall or the city or whole states and want to deploy those into the outbreaks starting the phase three Clinical Program may be difficult because you dont know where to start own rolling scott, can you weigh in on the president saying hes taking hydroxychloroquine i assume his doctor had to prescribe it i have that some front line medical workers have taken hydroxychloroquine prophylactically is there a reason to think it is a preventative when the president says Something Like that, you have to offset whether it could help someone with whether it is going to be used in a harm way where it could result in harm or death to someone taking it what do you think of what hole saga that played out yesterday you are right initially, a lot of doctors were taking it prophylactically, especially in europe and prescribing it for patients off label. I think theyve pulled back. A lot of studies havent been encouraging. There was the va study showing results that demonstrated treatment effect it doesnt work. There is a big european study where they took a look and allowed that study to go on where they knew it wasnt hurting people with respect to the president , my belief is that hes at very low risk of contracting covid. They are testing everyone around himg i would hope the drug would provide a preventative value he made an independent decision with his physician about what to do, i just hope they are protecting him well that people potentially infected arent coming into contact with him dr. Gottlieb, i want to thank you for being with us. Every morning, we wake up with so many questions. We appreciate being able to talk it through with you from the policy and medical perspectives. Thank you for your time. Thanks a lot. Well see you soon. 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Pick an order, print everything you need, slap the label onto the box, and its ready to go. Our costs for shipping were cut in half. Just like that. Shipstation. The 1 choice of online sellers. Go to shipstation. Com tv and get 2 months free. Welcome back to squawk box. An update now on reopening america. Governors in texas, West Virginia and kansas allowed gyms to reopen. Expanding retail with more new Jersey Stores allowing curb side pick up. Minnesota malls open now to foot traffic. In louisiana, casinos reopened at 25 capacity. Temperatures taken and leave a gap between muches auto factories in michigan reopened workers wore masks and were subject to temperature checks. In california, the governor said the state could continue easing statewide orders and hold Sports Events without retailers. Retailers could open first week of june. Jay clayton will join us well get his reaction and the move to limit Chinese Companies and first a look at yesterdays s p winners and losers these days, its anything but business as usual. Thats why working together is more important than ever. At t is committed to keeping you connected. So you can keep your patients cared for. Your customers served. Your students inspired. And your employees closer than ever. Our network is resilient. Our people are strong. Our job is to keep your business connected. Its what weve always done. Its what well always do. Good morning, welcome back to squawk box here we are about three hours before the stock market will be open. Right now, things look like they will open lower. Dow off about 130 points nasdaq about 17 points lower nasdaq planning to unveil new restrictions and ipos that will make it harder for

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