we spoke with moderna's president dr. stephen hoge in our series "racing to a cure." how soon will we know when a moderna vaccine is working? >> well, it's very hard to know for sure. we have announced today that we made a good progress in enrolling phase three trials, we enrolled over 25,000 of the 30,000 participants in that trial. but now we're going to depend upon those people, unfortunately, getting sick. our best estimate that the earliest it can happen is the later part of the fall, november, december, but it could happen much later or much sooner depending on the rate of transmission in the country. >> o'donnell: is moderna feeling political pressure? >> we haven't been feeling direct political pressure, but definitely we feel the social pressure of this moment. the goal of developing a vaccine is not to get a vaccine approved, it is to stop the pandemic, and that will only happen if hundreds of millions of americans agree to get vaccinated. that will only happen if they have confidence in the data and the vaccine. so what we did today in publishing our fully

we spoke with moderna's 'sesident dr. stephen hoge in our series "racing to a cure." how soon will we know when a moderna vaccine is working? >> it's very hard to know for sure. we have announced today that we made a good progress in phase three trials, we enrolled over 25,000 of the 30,000 30,000 participants in that trial. but now we're going to depend upon those people, unfortunately, getting sick. our best estimate that the earliest it can happen is the later part of the fa, happen much later or much sooner depending on the rate of transmission in the country. >> o'donnell: is moderna feeling political pressure? >> we haven't been feeling direct political pressure but definitely feel the social pressure of this moment. the goal of developing a vaccine is not to get a vaccine approved, it is to stop the pandemic, and that will only happen if hundreds of millions of americans agree to get vaccinated. americans agree that will only happen if they have confidence in the data and the vaccine. so what we did today in publishing our fully unredacted protocol, but also in

moderna said it's enrolled more than half of the people in it ts 30,000 participant phase three trial. the ceo telling me they are slowing enrollment slightly in order to ensure they have diverse populations represented in the trial pfizer saying it's enrolled 23,000 we expect an update from moderna after the close. that puts moderna a little bit behind they want to enroll more folks from the black and african-american community right now they have enrolled about 7% from that community it is among the hardest hit from covid-19 both in terms of the risk of getting the disease and from severe disease if they do get it pfizer enrolled about 8% from the black and african-american community in its trieal they need to do better in terms of reaching out to those communities and they are willing to take a delay of a week or so so not a huge delay in order to make sure that they prove this vaccine works for everybody and particularly those communities that are most at risk for this disease. kelly. >> is there more going on here as we noted moderna shares are down about 20% and they and p i pfi

government has options to purchase hundreds of millions of more doses from moderna. up to 250 million people. >> reporter: so that's something like $40 from the u.s. government to moderna for every doesn't sound so bad.unized. >> buthat's not really the point here.nm the u.s. govt appears to co-own this vaccine. it can insist on reasonable pricg and conditions. and if you look at comparable vaccines, astrazeneca willo chargere than eigh dollars per person. the price really could be quite a bit lower. >> reporter: but who knows for how long these price hold when the pandemic ends, and we might still need an annual covid shot that we might have to pay for out of pocke >> we are really over a barrel if these kind of guarantees aren't written into the initial contracts. >> reporter: and thus the simple question, says health journalist dr. elisabeth rosenthal: >> why are we paying or something thathe government itself largely developed? government institutis created the platforms for many of these new really innovative ccines. and we are now paying through department prog

imvernment to moderna for every american who getnized. doesn't sound so bad. >> but that's not really the point here. the u.s. government appears to -own this vaccine. it can insist on reasonable pricing and conditions. and if you look at comparabletr vaccines, asazeneca will charge no more than eight dollars per person. ite price really could be a bit lower. >> reporter: but who knows for how long these prices will holdp when tdemic ends, and we might still need an annual covid shot that we might have to pay for out of pocket. >> we are really over a barrel if these kind of guarantees aren't written into the itial contracts. >> reporter: and thus the simple question, says health journalist dr. elisabeth rosenthal: >> why are we paying or something that the government itself largely developed? government institutions created the platforms for many of these new really innovative vaccines. and we are now paying through barda, through the defense department program to ramp up production, manufacturing, distri'ttion. so have paid already? >>

is the same going to be true for moderna, do you think? >> it really depends on how many people come down with symptomatic covid after they have received the second dose of their vaccine and that's really the primary end point is looking at the number of people and looking at the patients who come down with symptomatic coronavirus and then looking at which of those patients had the placebo, which had the vaccine. and seeing if there's a significant enough of a difference to know that the vaccine worked. so it depends on how soon people in the study become infected with coronavirus. >> yeah. mark, you felt a calling to do this, a public duty as sorts as you described it in "the washington post." you have friends who suffered from covid. where are you in this process and how are you feeling? >> well, thanks, poppy. 2020 will be remembered as the year of civic engagement. some will help the wildfires in the states and others will choose to help them being impacted by the hurricanes in the golf state. i'm one of 30,000 volunteers who want to e

today moderna and pfizer, which are set to peeve billions in taxpayer money, became the first to publish protocols for everyone to see. >> we need to make sure thi vaccine is trusted by the public so it is used. it would of course be a big waste if we work so hard to get the vaccine to work and people don't trust the safety. >> reporter: pfizer hopes have trial results by the end of october. moderna is expecting its results in november or december a final analysis could take until march or even may. meanwhile, astrazeneca hasn't explained why its vaccine trials were paused for safety concerns and why they have restarted in the u.k., but not in the u.s. the company says it's working with the fda to facilitate review of the information, and the fda will decide when the u.s. trial can resume. vaccine expert peter hotez says drug compan transparency is critical is the public confidence in the entire vaccine movement right now on the line? >> not only is the public confidence on the line, but the public confidence in the entire nation's vaccine program is on the line. >> reporter: but tens of

late breaking headlines regarding moderna's vaccine. off session highs but off the lows as we speak still wog up on the show. >>> coming up san francisco fed president mary daly to talk about economic recovery, stimulus and jobs picture in america. >>> plus we will get a read on the consumer when we talk to the ceo of general mills his first interview since reporting earnings last week. >>> coca-cola entering hard seltzer market with help from molson coors we'll talk to the ceo of molson coors exclusively about this partnership and more let's get to the big stories 59 minutes of trade. mike santoli tracking market action as stocks look to close out september with a bang. meg tirrell with headlines around moderna and leslie with the latest on palantir's review. the market, what's driving it? >> sara, a lot of things blowing around in the market, quarter end, reaction to the debate, pretty good economic numbers but also in the context of a market that just really completed or near completed some kind of corrections trying to build a base,

later moderna laying out its time line for vaccine as president trump and the cdc contradict each other about when one will be fully available to americans. maybe we're splitting hairs a little bit maybe not. we'll separate fact from fiction. >>> kelly, bye >> it feels strange to be this close to someone other than any husband. let's take a look at the big board behind me. what's leading the way industrials and materials. the only two sec sotors in the frie green. that's the trend we have been seeing this week it's the opposite story for tech down today down about 8% in september after an epic run for this group. let's get over to bob. >> hello most of the big megacap tech stock amazon, facebook, apple are down we're getting one of these periodic boost from the cyclical slash value, slash reopening look at these material names and industrial names dow inc. general electric had positive comment. caterpillar is up 9% 3m is up 6%. some of the retarilers are doin well this is one of these periodic runs under armour, vf corporation are all rallying president this is a little better than most

companies like astrazeneca, moderna and others have agreed not to seek approval until after stage three. >> adding it is unlikely to be approved ahead of the u.s. election in november >> we will not really return with ease to a degree of normality we all seek until we have a safe and effective vax ination, i believe we'll have that by the end of this year, beginning of 2021. i believe that will be a game changer for us >>> shares of astrazeneca are in focus after it placed its leading vaccine trial on hold after one british volunteer suffered a serious adverse reaction a full safety review will be carried out by an independent committee. our guest from cardiff medical school joins us now. doctor, thank you for joining us on the back of this astrazeneca news could one serious event derail a whole vaccine program? if this serious event is proved to be linked to the vaccine, could that mean astrazeneca is no longer a contender? >> it would be bad news for this vaccine but clearly we need more information before we can draw any conclusions. they will make a recommendation whether or not the

., moderna, pfizer, and astrazeneca, none expects to be ready for fda approval before election day. the first hurdle analyzing the vaccine trial data from tens of thousands of volunteers to see whether a vaccine is safe and effective. >> we all have to realize that we don't know when and if there's going to be an approved vaccine. i'm cautionly optimistic that there will be. >> reporter: on thursday, moderna and pfizer said to receive billions in taxpayer money, publish their covid-19 vaccine trial protocols for the world to see. >> we felt that sharing the protocol publicly will allow anybody to look at it to ensure the safety of the participants and the integrity of a scientific medical process. >> reporter: moderna says it expects its vaccine trial rul results in november or december, though a final analysis could take until march or even may. pfizer hopes to have its trial results by the end of october. astrazeneca is still under pressure to explain what happened with one patient who suffered a serious spinal cord condition. in a statement the company says we are unable to comme

certainly the preliminary results from the moderna vaccine suggest that it would be effective in eliciting appropriate immune responses in the early phase one and phase two studies but we have to wait for the efficacy studies and the longer term larger number of participants in these phase three studies to give us the safety data required before these could be put to routine use. >> if we could look ahead into the scenario where we do have vaccines or several that could prove to be successful, then comes the issue of distribution and getting these around where they need to go and transporting them and that they need to be kept cold. how much of an issue do you think this is? >> it is a huge challenge.

they are in the lead along with moderna in terms of phase three clinical trials. the ceo saying their clinical trial has enrolled 23,000 of the 30,000 participants and they expect to know if the vaccine works by the end of october. meanwhile they are simultaneously ramping up and preparing the application for fda approval they'll be able to file as soon as they have the data. the cdc is telling governors to be prepared to distribute a vaccine by november 1st. here's the timeline when when the phase three trials have begun. astrazeneca just beginning the trial in late august we're expecting a phase three trial this month from johnson & johnson. going full speed ahead toward getting the data potentially before november 1st. guys >> meg, let's start with the pfizer news. emergency usage. if they were to successfully end the trial at the end of october and submit to the fda, what would the typical timeline be or what is the expected timeline for the fda to say safe and effective and this can go on the market >> well, the typical timeline and expected are completely se

we need to, moderna, johnson & johnson, they the people we need to, moderna, johnson &johnson, they can go faster than like this a lot. it has become very political. you're suggesting that the head of your operation... you're suggesting that the head of your operation. . .. i disagree with both of them. he saidi disagree with both of them. he said i it could be that, but it could be a lot sooner. he said is ita could be a lot sooner. he said is it a possibility that we will have the answer before november one. it could also be after that. we're going to deliver it right away. we have military all set up. we have a military all set up. we have a military that delivers soldiers, and they could do 200,000 each day, they are going to be... this is the same man who said by easter this will be gone away, by the warm weather it would be god, miraculously, like a miracle. maybe you could inject bleach in yourarmour maybe you could inject bleach in your armour that would take ca re of in your armour that would take care of it? we're talking to our bbc‘s reality check correspondence fa ct r

it's a different platform of mesne than mode vaccine than moderna. moderna is using a messenger mrna vaccine, this is using what's called an addno virus vaccine, and that's a more known vaccine platform. there are other vaccine platforms that have used thissed ano virus vaccine. and this early data is encouraging. no side effects. it wasn't generating as much of the what are called neutralizing antibodies as some of these other vaccines, but this is -- what i would say, this is one definitely to pay attention to. it's not approved. people shouldn't take that away, even though that was sort of the headline several weeks ago, but they are going into phase iii trials and what i'm gegszing they're going to do, they're going to give the vaccine to high-risk people, health care workers, people like that. so they're going to sort of say, hey, we're giving it out, but it's actually still part of a trial. >> what struck me, at this point, they're citing data on 38 adults, right? typically, phase iii trials involve thousands of people, but you also have folks

and in moderna's, it's only 10% and pfizer's only 8%. several weeks ago -- months ago at this point, actually, i think -- the national institutes of health asked a group to come one some ads to encourage minority participation. let's take a listen to part of one of them. >> we know that someone somewhere is full of hope and strength and wants to take action and will take a step forward to hug her grandkids, walking the walk and rolling up their sleeves, to go back to normal sooner. volunteer to find the covid-19 vaccine. >> so, these ads are going to run on major television networks as well as networks such as univision and b.e.t. and the researchers are really hoping that they're effective for the reason i said before, and also, it's so important to know how this vaccine works in a variety of people, not just white people. alisyn? >> okay, elizabeth. thank you very much, and for playing a clip of that ad for us. joining us now, dr. carlos del rio, executive associate dean of the emery school of medicine at grady health system. he is a c

if i could pivot quickly, i did want to mention moderna. jim, i know you were going to hit, before we got the tesla tweet in the mad dash. moderna is part of that biopharma leaders that are uniting to stand with science. i know you guys have seen this astrazeneca, biontech, j & j, merck, moderna, pfizer, sanofi, a united pledge to uphold the scientific process as they work toward global regulatory approvals of the first coronavirus vaccines their ongoing commitment to develop vaccines noorin accorda with high ethical standards and sound scientific principles goes to the concern that the idea of it being rushed perhaps for political purposes, but moderna is down 12%. >> it does due to increased skepticism for vaccines that are rushed to the market now, i'm enrolling for moderna because of the j & j it's just too hard to get into moderna can be easily gotten into the trial they have 21,000 people in the trial, according to meg. i don't know i want to get a vaccine. i was thinking about moderna does this change my mind no but, carl, if they're

shares of moderna fell after they released a slower than expected timeline for the vaccine trials it may have to wait until december despite calls from the trump administration saying they'll be ready for approval as scoop as next month they said the speed depends on the infection rates in the u.s >> we have to plan for the first rolling out to be in november. the best plan is october, it is unlikely but possible. if the infection rate in the country was to slow down in the next weeks, it could be pushed out as a worst case scenario in december >> another update from a company in the vaccine space telling us when we can expect trial readouts it is important to remember that this is incredibly accelerated to how this process usually works. these are still extraordinary time frames to look at to rei had rate what the moderna ceo said, they are expecting a best-cased read out in october the base case is november. there is a strong possibility we don't get the read out until december >> moderna will struggle to get anything through before the election it comes just four days after we hea

moderna, though it was the first to get into trials, has lost its lead in clinical development it's really neck and neck with pfizer and maybe even slightly behind pfizer. there are also demand risks around the skepticism for vaccines' rush to market, as well as vaccine contracts which could pressure revenue we should point out, moderna says their vaccine could bring in $2 billion a year through 2030 they said their consensus is $5 billion a year some thinkthis number is way too high for moderna's vaccine still, that is a huge proukduct >> those are huge dollar values as well so i understand why there is some skepticism >>> let's move on to boeing. it's been a tough 24 hours for the embattled company. the shares are down 4% right now. they're estimating their 747 dreamliner production is lapsing. phil, what's the latest? >> it's been a rough couple days for boeing in terms of the investigation. in morning they issued the august orders number august orders, negative 932 orders in terms of the max alone, this year negative 955 orders then there's the news regarding the dreamliner boeing said

and i'm in the moderna study. and after i did some research on moderna, i found they were not actually using any of the virus protein. they actually have your body generate the virus protein, and then the antibodies. so i felt it was pretty safe. >> you're right that each vaccine here, a lot of them, more than 100 of them under research, each of them works in a different way. did you feel anything after that shot? >> four hours after my first shot i felt a little nauseated. i had some muscle aches and body aches. but by the next morning, i was in perfect health. >> do you feel as if somehow, you know, in terms of your risk level, are you doing anything differently right now just because you have had the shot? >> no. i'm still going to the gym, which i was doing before i got the shot. and as we know gyms are high risk, but i talk all the precautions necessary to protect myself. >> understood. how do you feel about what we just explained there about the issue of diversity? i mean, you know your community has been on

and i'm in the moderna study. and after i did some research on moderna, i found that they were not actually using any of the virus proteins. they actually have your body generate the virus protein and then the antibodies. so i felt it was pretty safe. >> you're right that each vaccine here, a lot of them, and more than 100 of them really under research now, each one works in a different way. did you feel anything after that shot? >> four hours after my first shot, i felt a little nauseated. i had some muscle aches and some body aches, but by the next morning, i was in perfect health. >> do you feel as if somehow that, you know, in terms of your risk level, are you doing anything differently right now just because you have had the shot? >> no. i'm still going to the gym. which i was doing before i got the shot. and as we know, gyms are high risk, but i take all the precautions necessary to protect myself. >> understood. and how do you feel about, you know, what we just explained there, about the issue of diversity?

this week, we also had a slowing down with moderna as they were trying to enroll more african-americans, more hispanic communities, more vulnerable populations. so things have paused or moved more slowly in at least two of these trials. i want to highlight that it's really important. there's an enormous vaccine hesitancy in this country at baseline. and it is so much more important to have a vaccine that we trust that comes in february than one that we're skeptical about that comes in november. because that skeptical vaccine is going to be really hard to overcome in the long-term. i would applaud the due diligence that is happening. we hope this person does well. and we just need to understand what the impact of this vaccine was. >> sanjay, any sense of how long the pause will be? and what does this mean for the people who are in the trial, that it's paused? i mean, there have been a number of people who have already taken the vaccine. what happens with them? does it mean they don't get the second dose? what's going on here? >> the vaccine trial is paused. which means that people won't

moderna managed to eke out a small gain here. the airlines did well relatively speaking on the notion the economy would reopen >> on a lousy tape we thought if the news was such, those stocks would have been done much better yesterday maybe they just took a day to catch up that's encouraging in terms of biotech, i still think the horse that's going to cross this finish line first has yet to even be spoken about in terms of who's going to come up with a vaccine if you look at a lot of these stocks, yes, moderna is up gilead has been a very difficult stock to own, despite the fact that it rallied over 80, back to 65 the list goes on and on. i think the ibb, if you really want to look for a he feel, 128 in the ibb is the level you really have to watch in terms of breaking through on the downside i think it bounces from there. i think it closed at 130 or so today. >> across the board airlines bouncing back and bucking the broader market trend, united up by 1.4%. our next guest warns that miss growth isn't strengthening ahead of labor

a new study finds moderna's vaccine appears to be safe. joe bnbina has more. >> yeah, researchers say older adults who received two injections of the moderna vaccine produced antibodies similar to what researchers are seeing in younger adults. the study found older adults had side effects including headache and fatigue, results between the two age groups are good because first rk, older risk. moderna is testing already a higher dose of its vaccine in a large phase three trial and that is the final stage before seeking emergency authorization or approval. >>> new this morning, students and staff in palo alto are one step closer to in-pso learningchool board voted in fa of this after several hours of debate last night. the plan calls for staggering the return of elementary school students beginning in less than two weeks. middle and high school students would go back in january. some board members went into what other nearby cities are doing. >> let's try it now while we have the ways to stretch out and see how we can get it to work. >> pare

for example, while taxpayers have invested 3.1 billion in federal contracts with moderna to develop a vaccine since april, executives at these firms have sold over $60 million in their company's stock. we need to know that they were not taking advantage of any inside information that perhaps their stock had gone up too high. of greater concern is activity of kodak with the announcement of a government loan that raised insider trader concern. in particular, we have a concern there on stock options and their grant dates. when all equity compensation needs to be improved by shareholders. when shareholders approve a plan that says that stock options will be granted with a stock option exercise price equal to fair market value on option grant date, they believe that executives who get these stock options will live by that. if instead the fair market value doesn't reflect non -- material information, insider information that's going to be announced the next day, or the next week, then shareholders have been duped into approving equity compensation that does not reflect real market value. i

moderna came out thursday and said it may not know the effectiveness of its vaccine until spring. dr. patel, what do people need to know right now about the timing of a potential vaccine? >> i think everyone needs to pay attention to the fact that we have the president and some people talking about when a vaccine will be available, and then the director of the cdc talking about when one will be distributed to all americans. those are potentially two different time lines. pfizer or moderna could come out with a vaccine ready for data approval in october or november, maybe a little bit later, but we may not be getting the millions of doses available to all americans until the middle of next year. that's a discrepancy. >> our thanks to dr. patel. >>> in sports the power surge from the yankees. they became just the seventh team to ever hit five home runs in one inning, and they're now the first team to hit at least six homers in three straight games. >>> in hockey the tampa bay lightning are headed to the stanley cup final. they beat the islanders in overtime last night, 2-1. >>> comi

the idea that these two companies, moderna and pfizer revealing deals -- revealing -- really details right now while this is going on, that is so highly unusual it is so secretive typically, unless there's something that is the holy grail where it just could urs it and then there's no messing around, but, david, you know that this is the most open book 30,000 moderna, 44,000 pfizer and they're basically giving you -- it sounds like they're going to give you updates every week. >> well, i guess the market wants it, right? >> but you can't get any -- look, if you are in -- >> i know. it's not going to be definitive in any way, it may actually mislead to some extent or you may find with the astrazeneca where one patient -- they didn't release that, that was i think stat reporting on this initially. jim, i wonder, though, the market will continue to take some of it's cue for the hope for and timetable on these vaccines but they started early voting today in virginia when is the election going to start to perhaps be foremost in investors' minds or is that not going to be the case >> i don

one is an rna model that are done by two of the operations i think moderna and the other changes the cell structure. one deals with the mrna, that requires two injections and it requires to be stored at 70 degrees below zero. in addition to all of this, there are mechanical issues as to how and where the vaccine is -- let's say the moderna one is picked, assuming that the vaccine is approved, it is a very significant problem of how you distribute that vaccine. you have to ship it in bulk if it is the mrna version. that means thousands at a time kind of thing, it will go to hospitals and major distribution centers. it is not going to go to your doctor. my -- it will not be like your flu shot, i got my flu shot at walgreens, you could not do that because you can't do it in small lots. you have to have two shots. my generic point is there are a lot of not only what is safe to do, but distribution issues that are consequential and matter a lot. it is not like if i told you tomorrow, if i were president and said we have approved the following two vaccines or one vaccine. the vaccines like

the moderna vaccine is not like vaccines used to be. i think that information needs to be pushed out more into the minority community to make sure people understand this is a new type of vaccine. they're not using any part of the virus. they're actually using your body, the cells in your body to generate the spike protein that mimics the virus so it's very safe a safe. >> i know you september 20th. we're not quite -- did you mean august 20th when it started? >> yeah, yeah. i meant august 20th. >> no, no i know. if you were to put a name on -- i mean, thank goodness you're healthy and good on you for stepping up but do you have any concerns? if you had to say this is my one concern, what would it be? >> well, my one concern probably is that the test needs to go through its cycle. i think because these are new ways of developing vaccines, we don't know -- i'm not a doctor by any means. i'm just a regular guy on the street but what i see is, you know, we don't know how long it is going to last because it hasn't been in human testing for a

special guest joining us is moderna ceo stephane bancel. thank you for joining us joe pointed out that number. there's another important number you pointed out, the number of people in the trial who received the second dose of the vaccine, more than 10,000 so judging by how quickly this trial has enrolled and how quickly people are getting the second shot, what does that tell you about when we might get to see the data >> good morning, meg thank you for having us back so we're sticking to what we have said before, based on the current epidemiology, the rate of infection in the country, in the location and counties where we have sites, we an tis ticipae first rollout to be in november. that's our base plan our best plan is october i think it's unlikely, but it's possible and if the infection rate in the country was to slow down in the next weeks, it could potentially be pushed out as a worst case scenario i would say december. >> i see and you've also published this morning, you announced in your press release, the protocols for the clinical

moderna talked about phase three trials, as are tenneco before this in phase three, so against this backdrop and what just happened with as her zeneca, what is your best guess at when a vaccine will be available? business.e opinion i'm in the data and signs of it. >> what does the data and signs suggest? dr. redfield: based on enrollment right now that is going on with the pfizer and moderna, that it is conceptual that they will have enough data to present it to the fda for evaluation somewhere before the end of october and the end of november. the reason i cannot be more specific is because these trials are event driven trials. they are 100% dependent on how much covid occurs in the volunteer population. if it is a lot of these individuals having to get covid independent of what group they are in, and the potential for them to have enough events if the vaccine is very efficacious will be in the october timeframe. if the vaccine is 50% efficacious, it might be in the late november timeframe. if there are fewer events and it vaccine, andd might be in december. somewhere between the end of oct

moderna is making strides to diversify its participant pool. let go to our senior medical correspondent elizabeth cohen. let's start with this latest news from phizers's ceo, one of the first times we've heard extensively from him. what stood out to you? >> reporter: one. things that stood out is he talked about not taking money, pommy, for development, for phase three trials. he talked about taking money -- we know that pfizer has only taken money from manufacturing and distributing the vaccine once it's done. let's take a listen to what the ceo said. >> that isn't why i did it. it's because i wanted to liberate our scientists from any bureaucracy. when you get money from someone, that always comes with strings and also i wanted to keep pfizer out of politics, by the way. >> reporter: now, i want to make two points here. i think that this is really important. pfizer is getting a lot of money from u.s. taxpayers. they are getting nearly 2 billion, that's billion with a "b," $2 billion to manufacture and distribute this. that's about the same or

you have johnson & johnson, pfizer, moderna, others every it we could conceivably have vaccines being given out by numerous companies and they are all world-class companies, fantastic companies. that could happen also. >> cdc director dr. robert redfield responded to remarks the president trump saying i believe in the importance of vaccines. a covid-19 vaccine is the thing that will get americans back to normal, everyday life. the best defense we currently have against the virus are important mitigation efforts of wearing a mask, washing your hands, social distancing, and being careful about crowds. now the senate hearing on

moderna had talked about a phase three trial in september. astrazeneca before this is in phase three. backdrop and what happened with astrazeneca, what is your best estimate for when a safe vaccine will be available? dr. redfield: one thing i have learned is the cdc director, i business.the opinion i'm in the data and signs of it. >> what does the data and signs suggest? dr. redfield: based on enrollment right now that is going on with the pfizer and moderna, that it is conceptual that they will have enough data to present it to the fda for evaluation somewhere before the end of october and the end of november. the reason i cannot be more specific is because these trials are event driven trials. they are 100% dependent on how much covid occurs in the volunteer population. if it is a lot of these individuals having to get covid independent of what group they are in, and the potential for them to have enough events if the vaccine is very efficacious will be in the october timeframe. if the vaccine is 50% efficacious, it might be in the late nov

moderna is expecting its results in november or december. a final analysis could take until march or even may. meanwhile, astrazeneca still hasn't explained why its vaccine trials were paused for safety concerns and why they've restarted in the uk but not in the u.s. the company says it's working with the fda to facilitate review of the information and the fda will decide when the u.s. trial can resume. vaccine expert peter hotez says drug company transparency is critical. >> is the public confidence in the entire vaccine movement right now on the line? >> not only is the public confidence of the vaccines used in operation warp speed on the line, the public confidence in the entire nation's vaccine program is on the line. >> reporter: but tens of thousands have signed up as drug trial volunteers in london, robin powell is still planning to join the astrazeneca trial even after the unexplained safety pause >> i think the risk to me is relatively small, and the benefit to the estate of man is very great. >> it's that simple? it's about helping

moderna will not be far behind. all three vaccine makers in phase three trials around the globe. president trump making sure that voters know that. >> we've done a great job with covid. we've done a great job with the china virus a great job. whether it is ventilators or whether it is vaccines which you will be seeing very soon or therapeutics, we've done a great job. reporter: an to justify early approval, nine vaccine makers signed a pledge that they will follow guide loons established from the regulatory agencies from the fda. the guidelines some on the screen. using diverse clinical group. people in trials will not know if they're getting a vaccine or placebo. over the weekend senator kamala harris said she would not trust president trump on the vaccine. vice president joe biden says sometimes the president gets the facts wrong, that it fosters doubts in people's mind about the safety of vaccine. today dr. anthony fauci saying unlikely but possible we could see a vaccine in october. hhs administrator alex azar says they're filing the science. >> what do we know? we think it i

the fact that moderna is saying we are not at adequate numbers of minorities so we'll slow down until we are. should every vaccine maker do the same in the trials? >> they really have to. clinical trials of any drug should be looking at the population most affected, and in this case, it's not just a cross-section of the united states population of the people affected by coronavirus, 33% hispanic or latino, 20% black americans. native americans are disproportionately affected and asian-pacific islanders, and so we need to oversample those populations. of course we historically don't have trust in those communities and so the outreach takes a little bit longer, and that is shimpl ly simply what we need to do so the vaccine and every drug that we're making for this pandemic is appropriate to the population who needs it. >> dr. choo, thank you for your work and your time this morning. good to have you. >> thank you, poppy. >>> let's talk about california, because the wildfires there are raging, the state is in the middle of one of the worst wildfire seasons ever and the governor declared

this is not an advancement over what we knew from the moderna vaccine, the oxford vaccine. if you think about it as a consumer, as a patient, what a citizen, what you care about is the vaccine going to protect me from the infection? is it going to protect me from getting sick? and it going to be safe for me and my family? nothing in this study answers those questions yet. we still need answers to those questions. >> we heard from moderna that they are trying to ramp up recruitment so they have a diverse group of folks who are enrolled in their vaccine trials. just to give people a sense, 68% of the volunteers are white, just 7% are black. they say they'll even slow things down if they need to make sure they have a better representation. just remind us again why that's so important. >> yeah, it is critically important for several reasons. first of all, there's a long history of inappropriate, immoral, unethical experimentation on african-americans in our country. and so i can understand why a lot of black americans may be hesitant to enroll in such a trial. the reason you ne

we saw huge moves in abbott labs moderna has been a very difficult stock to navigate. gilead obviously i'll say whoever wins this vaccine race is yet to identify themselves i believe that so there's certain stocks to buy in the space, the names that we just talked about aren't some of them, though. >> the other part of that downgrade is interesting because they actually acknowledge there is heightened skepticism surrounding fast tracked vaccines, which could really throw a damper and some doubt on the impact of a vaccine on reopening the economy if skepticism is high surrounding a fast-tracked vaccine which right now they are all fast-tracked. >> right that is a big risk to the market you know, so much of the once we get to a vaccine it's a foregone conclusion, which i actually buy into that. we haven't seen a stumble, as meg said, so this is interesting. i don't know how this works, what's an acceptable rate of adverse reaction in a 30,000 person trial i don't know this is a significant risk to the market, a delay in the vaccine. then will people be afraid to take it

moderna shares are up. and wsj reports duke rejected the move from nextera. duke energy has a market value around $61 billion that acquisition could be the largest utility deal ever. >>> royal dutch shell plans to cut up to 9,000 jobs or up to 10% of its work force. part of the move 0 to cut the duks of energy in british trading, about flat on the day >> and palantir to debut today under the ticker pltr in a direct listing similar to slack and spotify. the once seek tiff company founded in 2003 provides software and data to government agencies and corporate partners. united, bp, merck and airbus backed by trump supporter and early facebook investor. company ceo striking a similar tone to tale in the company's s 1 filing on its option what is seen as traditional silicon valley ideals, saying, quote, the engineering elite of silicon valley may know more than most about building software but not about how society should be organized or what justice requires. our company was founded in silicon valley but we seem to share fewer and fewer of the technology values a

moderna came out thursday and said it may not know the effectiveness of its vaccine until spring. dr. patel, what do people need to know right now about the timing of a potential vaccine? >> i think everyone needs to pay attention to the fact that we th tr talking about when one wi distributed to all americans. those are potentially two different time lines. pfizer or moderna could come out with a vaccine ready for data approval in october or november, maybe a little bit later, but we may not be getting the millions of doses available to all americans until the middle of next year. that's a discrepancy. >> our thanks to dr. patel. >>> in sports the power surge from the yankees. they became just the seventh team to ever hit five home runs in one inning, and they're now the first team to hit at least six homers in three straight games. >>> in hockey the tampa bay lightning are headed to the stanley cup final. they beat the islanders in overtime last night, 2-1. >>> coming up, news from the fast food industry. cinnabon expanding its horizonsf the "september" song. we'll play the remi

taxpayers havele in federal.1 billion contracts with novavax and moderna to develop a vaccine. they have sold over 60 million dollars in their company's stock. we need to know that they were not taking advantage of any inside information, that perhaps their stock has gone up too high given the possibilities. isreader -- greater concern the activity involving kodak with the announcement of a loan that raised insider trader concern. in particular we have a concern on stock options and their grant dates. compensationty insiders needs to be approved by shareholders. when shareholders approve a plan that says that stock options will be granted with a stock option exercise price equal to fair market value on grant date, executives whoat get these stock options will live by that. if instead the fair market value does not reflect material information, insider information that will be announced the next week, thennext shareholders have been duped into approving compensation that does not reflect fair market value. i want to thank the insiders at kodak who have added insult to injury. fi

>> in the u.s., pfizer and moderna are ahead. astra's trial remains on hold but may begin again this week. >> we talk so much about who might create the vaccine like from will be one company it is not a zero sum game. it is ponl others could end up winning. could they not >> it is likely we'll see more than one vaccine initially, you can only vaccinate about 20 million people we'll need more than one vaccine for the population >> looking at the population size your point is well taken around covid, i'm going to ask you my questions what are the biggest questions you are getting right now. what do they want to know? >> you are right on target here. the vaccine is a big question for everybody with biotech and how that impacts reopening is important and the other impact which is antibodies. >> you cover 38 biotech stocks i don't know how you do that the virus is going to move on. are we missing out on opportunities because of our narrow focus on covid-19 are there a stock or stocks that deserve more attention outside >> there is a l

moderna is a public company. after the announcement happened, we effected board meetings over the weekend, and then divested, and again the increase in value between the announcement, i committed to donate to cancer research, and i already gave half the earnings to research, and i will give the other half at the end of year >> we appreciate you taking this time with us this morning, and we look forward to staying updated on the progress toward a vaccine. thank you. >> thank you so much a check on the markets s&p 500, session lows. sitting at 3226 is the level now. down 2 .5% i felt like... ...i was just fighting an uphill battle in my career. so when i heard about the applied digital skills courses, i'm thinking i can become more marketable. you don't need to be a computer expert to be great at this. these are skills lots of people can learn. i feel hopeful about the future now. ♪ everything we have, we've earned. the unmistakable lexus is. get zero percent financing on the 2020 is 300. experience amazing at yo

moderna had a very positive report from "new england journal of medicine." their vaccine works in all people younger. regeneron last night. knew was massive. they have a bridge to the other side. that means we're out of recession. buy value stocks. you will do well owning value names. rotate to a degree from the large cap growth names. take some profits. go to value. skip small cap. too much pressure. do well in mid-cap. buy high quarter bonds. do that you will set up for great returns in the first quarter. charles: phil, we always hold you to account. you have a tremendous track record with us. thanks a lot, buddy. of course we'll stay on the markets as we wrap up the month, including the last trades you need to consider as we get away from september and go to october. but first house republicans are recommending a stiffer response to china's rise calling the communist country, quote, a generational threat. state department spokesperson morgan ortegas will weigh in. she's next. charles: house republicans say the china's evil intentions have gone on far too

i talked with moderna, pfizer and johnson & johnson. all of them say their timelines are the same pfizer and moderna started the 30,000 participant trials in late july. others beginning in late september. dr. fauci was on cbs and asked here's how he explained it >> it's one of the safety valves that you have on clinical trials such as this it's unfortunate that it happened hopefully they'll work it out and be able to proceed along with the remainder of the trial but you don't know they need to investigate it further. >> and so guys that investigation underway now we don't know how long it will take or how long until we get more information about the nature of this event meanwhile this morning a senate health committee hearing is beginning now or in minutes with the nih director, and the surgeon general focussed on vaccines sure to be many questions about this back over to you >> good to get clarity over what little we can learn about it thank you meg. as we go to break, look at shares of slack taking you back to april levels here on the

we wait for trial results from astrazene astrazeneca, moderna >>> we'll take a commercial break. stay with us at "squawk on the street." the tech numbers down now about 3% energy remains higher but most of the averages all lower. >>> we'll be right back. pnc bank believes that if you can get a pair of goggles that helps you master your backhand... ... then you should be able to get a bank account that helps you master your budget. virtual wallet® is so much more than a checking account. clearly see the big picture of your finances. and easily manage and grow your savings. did you see that? virtual wallet® for digital banking from pnc. it's time to get more from your bank. virtual wallet® for digital banking from pnc. before money, people tools, cattle, grain, even shells represented value. then currency came along. they made it out of copper, gold, silver, wampum. soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. that's why it's time for digital cu

moderna trial has been enrolling low. you might not be able to reach the number of events you need to have in the trial until a little later. you might see a decline in the number of events these will read out when you have the number of people with covid. in order to get covid, they have to be exposed and you have declining rates in the country to get the read out in october, you have to have absolute perfection it is far more likely that you'll not get a read out until at least november. before you even authorize these under emergency use authorization, you'll want long-term follow up data patients get the first dose and will have to wait three weeks for pfizer and four weeks for moderna to get the second dose you'll want to start counting or looking a few weeks after because that's when the antibodies peak or start to rise waitling, that's a while >> one thing i under -- understood, are people who take the test purposely exposed to covid? how does that work >> no. they are not exposed to covid nor tested prior to enrol

>> it's incredibly important because i have to say that i saw a tweet recently from moderna last week stating 24% of their participants were people of color. that in total included people identified as black, alaskan native, american indian as well as latinx and more. it's important because what we know is that black and latinx americans are infected and killed by covid at twice the rate of white americans. although this is a good step, some say this should be higher, closer to 60%, and the reason behind that is because these groups are usually underrepresented in clinical trials. and what we know from history is that when we don't have that diverse group of participants in clinical trials, we can have deleterious outcomes to communities which can decrease trust, and back to my main point it can eliminate the ability for people to trust a vaccine that is safe and useful. >> we've been reporting on that disparity but i want to go back to the second part of that question there. do we think this could slow down the process? >> i do think that it could slow down the process. in terms of w