Experts stress that is not uncommon to do were going to dive into that one in just a moment in the winners, 2020, reversing slack is plunging, lululemon is lower, nikola is down after it was up sharply yesterday its been a volatile last few sessions into the close. 59 minutes left. Certainly has been volatile welcome back, sara, having been off. Ahead of the upcoming debut well speak with Venture Capital investor about his bet on the company which started many years ago and how this ipo might do. Plus shares of retailer five below, more than 40 from the lows well speak with the ceo about whats driving this recovery you wont want to michigan this interview. The one and only Shaquille Oneal about the new effort for Financial Inclusion and access to capital in america. Shaq is coming up later in the show lets focus, first of all, on the stories. New details on astrazenecas decision to pause its vaccine trial. Mike, lets start with you and this big bounceback today. It is a pretty big bounce a little more than standard, rote, technical, mechanical bounce after three days of selling. Here is what it looks like nasdaq bouncing a little more because it had pulled back a little more. Youre gaining back onethird of what was lost over the few days of alltime highs. However, just to make sure everybody doesnt get too comfortable, the storm is clear, path of maximum frustration, bounce taking it up to that line we were talking about yesterday as having held kind of above for a while. So it seems like were kind of just bouncing back up to this Decision Point to see if, in fact, the smoke has cleared. I think it supports mostly what this has been, breakout of overcrowded sentiment than macro stress that showed up in the last few days. On the front, how tradersmoves are. Daily sentiment composite. Essentially a longrunning survey you can see how it springs around pretty wildly relatively shortterm sentiment. This is friday its elevated, definitely up in the extreme optimism zone. Typically forward returns from that zone are not great. Presumably it would dropped a little in the last day or so this is where you see the huge kind of fast pitched buying opportunities. Youre not seeing that now i dont expect we have to swing all the way back to pessimism but you want to see this boil off if you want to have a sustainable upfriend these are the kinds of things we have to monitor on a tactical basis, guys. Mike, with that in mind, would it be better for medium and longterm if we did, in fact, plateau and stay pulled back, as it were, for a little bit longer the size of the bounce could be a worry if we had another day or two like this . I would say typically what you would see is some kind of process of chopping around and creating a little bit more of a landing after youve had this flight higher. So yes, i do think genterally its been the way its gone. Sharp up days and dplin, a sharp recovery the buying was intense and unceasing through august, its a lot to expect that impulse to go away again, theres still a lot of house money to be played with. Well see the cadence. Sometimes they go in stages. Shot across the bow selloff and down the road a bigger flush well have to see. Less than 5 off an alltime high for s p 500 some damage. Turning to the big vaccine news of the day. Astrazeneca is pausing its late stage trial over safety concerns new details are emerging about who was briefed on the developments and exactly what happened meg tirrell has the story for us meg. Hey, sara, the news broke late last night that astrazeneca had potentially temporarily halted this trial and all the trials in the Different Countries of covid19 vaccine after what it called potentially unexplained illness detected in the trial. It is not clear if this is tied to the vaccine specifically or not. But as you said, we are getting new details about what has happened, and they were disclosed to investors on a call by astrazeneca ceo he disclosed, and this is reporting from the news. A woman who got sick reporting in the uk neurological systems consistent with transverse myelit myelitis a spinal cord issue. He did confirm she did receive a vaccine, not a placebo her diagnosis has not been confirmed yet. Stat reports shes expected to recover and potentially be discharged soon. Now, guys, the fact this was disclosed on an investor call and the company itself has declined to provide this information, weve been asking for it last night, is raising some eyebrows. Meanwhile questions whether this will affect astrazenecas trial and potentially other vaccine trials, ive reached out to moderna, johnson johnson, other frontrunners hotel me now there is no effect on their time lines. They are all proceeding, pfizer and moderna having begun in July Astrazeneca in the u. S. Last month and j and j starting in september. Astrazeneca annual down 1 as some of the other vaccine makers are up today guys meg terrill meg, thank you joining us to talk, Health Care Policy analyst of Raymond James and an astrazeneca shareholder len, assume you were not on this call today, are you troubled, first of all, about how you find out this information with the public but not a press release. I wasnt pleased with what seemed to be selective disclosures. That was, in fact, the case. I was not on the call. I do own astrazeneca and the fund for reasons unrelated to the covid19 vaccine it relates to their current drugs and pipeline one never wants to see selective disclosure involved for any client. Having said that, now that were learning more about the disclosure, the condition that led to the pause of the drug trial, youve had experience with vaccine trials before, how worrisome is this for all of us really hoping for a vaccine here sooner than later . I think what history shows us there is vaccines sometimes dont work so every one of these vaccines were 100 on point the entire way, i would Say Something was a little bit suspect so the company deserves credit for actually pausing the trial and saying lets get to the bottom of this however, it was completely bone headed of the company, and i want every future company that may have an issue Going Forward in the coming days to learn what not to do. At a time when the public is really concerned about the safety of vaccines, you wont give information to investors instead of being transparent with the American Public you have a responsibility to the country and the world to be completely transparent so that when we do get a vaccine approved, the public has confidence great job pausing the trial. Absolutely bone headed decision to talk to investors instead of the public. Chris just gave the moral argument in the current climate with all the fears that are out there for why they should have shared this information perhaps more broadly as an investor, do you also fleeflt out if this was just regardless of any morals if this is a Retail Company updating on sales or something as simple as that, that this is selective disclosure and that youve been left out of hearing certain market Sensitive Information others have heard. As i mentioned, its a great question obviously one wouldnt want that to be the case in any company, good or bad information. I think its important to realize that the need for a vaccine is great, as are the need for therapeutics in the interim. Its unlikely to put in the broader perspective that the first generation vaccine will confer immunity for a very long period of time it may have to be readministered i want to put it in the frame of understanding there was an article published 11 years ago on other vaccines, including hepatitis b, measles, mumps, that shows 37 cases of transverse myelitis in the prior 30 years in trials if you look at virtually any vaccine trial thats been done, youll get this autoimmune response because thats what youre trying to generate that may lead to fever, body pain you expect that when tens of thousands of people are administered the vaccine so this is just one case of this happening, i think the trial will proceed hopefully it will work along with someof the other trials if you get multiple cases of this, it becomes a more meaningful concern that to me is a Bigger Picture issue that we have to look at within the framework of recognizing this was said that one doesnt want selective disclosure in any way. I dont think it changes the possibility of the vaccine succeeding, and thats more important. Chris, it also raises the question of Consumer Confidence around taking a vaccine, when and if we do get emergency use authorization from the fda there were already concerns about politicizing, operation warp speed, rushing it before the election and now this publicized complication. Do you think ultimately thats going to be an issue for the economy and for getting back and beating this pandemic that people just will not take the vaccine even when it is authorized that is one of the biggest areas of concern i have. The government is doing a lot of really good things with operation warp speed and really working with companies and being willing to invest in vaccines that may not work, which means they would have to discard all that, which is what francis highlighted as one of the concerns its exactly what we would want the government to be doing in this situation astrazeneca, bioanalysts tracking Science Behind the vaccines tells you this is kind of on the bottom of the scale when he looks at what can be most effective but theres a lot of other really promising stuff. For me, my biggest concern is whether the public will actually take the vaccine and the selective disclosures, talking to wall street, not being as transparent, really undercut the goodwill the company did by pausing this trial if they want the public to feel confident, we need to continue to partner notjust with companies being transparent but also with people, folks in the community. For example, the Surgeon General today said hes been talking to lady gaga and kylie jenner about encouraging the public to get vaccinated thats exactly what should be happen. Chris and len, thanks for joining us. My pleasure. After the break, secretive data from palantir pulling back the curtain giving a glimpse ahead of its public debut. Well speak with an investor about the company and how an ipo could go youre watching closing bell on cnbc. We kand however we connect,ng. Whether its over the phone, online, or in your office, were here to listen and provide solutions that help you run your business better. Because the decisions you make have far reaching implications. And a relationship with a Corporate Bank like pnc can provide just what you need. As one of the nations largest banks, pnc brings customized insights and a local approach. To make informed choices now and in the future. Session high, dow, everyone higher except walgreens deirdre with some details on what we learned today and a closer look at the empire of one of its founders. Palantir needs to convince investors its software not glorified less profitable consulting business. Part of that image is the companys own doing. Ceo has criticized other Tech Companies that, quote, sell, collect, or mine data built on advertising dollars. Those ad dollars have approved extremely lucrative. Palantir is still losing hundreds of millions of dollars annually another key figure behind palantir is cofounder peter, it alliance with what he called oneparty state of sill cop valley for years at the same time his influence and network can be seen all over the bay area part of paypal, facebook board member, built founders fund, the fund behind some of this years biggest, most anticipated ipos and also techs most prominent trump supporter. Hes elusive, rarely talks to the media and declined an interview with us. Thanks for that for more on that, head of research at manhattan venture partners, mid stage investor in palantir and holds the company in its allstar fund good to see you, thanks for joining us i guess the first point, been an investor for quite a long time and some people may not realize how old this company is. Yes, its 17 years old. Its been through ups and downs. The leading narrative is what was wrong, what was the problem around the company, narrative, so much noise around the Company Underneath the covers which we saw today in analyst day and sone they put out and we know for a loan time. This is a solid company, a great product thats really come together in the last two, three years with the foundry product, revenue engine fired up with the product. Now the installation is faster, revenues fazer things are coming together nice in the defense and intelligence community, gather data, good analytics in realtime, thats what the company and enterprises needs. This is in the right place theres a lot of noise around the company like you just heard, needs to clear out when they come out and report some quarters youll see this is a good, solid company. If the company is in the right place businesswise, what about the if the open or public becoming public is in the right moment with the way the market and nasdaq is at the moment do you think theres a risk this gets shelved or undervalued because of the market volatility yeah. I think the market is okay at this point im listening to the experts it should be okay. Theres some turbulence, tend it for a while but i dont think its really fallen off the cliff yet. They will come out in a few weeks. Thats fine. They will be okay. Direct listing is the right way to go because of the noise, like i said, around the company it needs to just come in there and just prove themselves from there. Hope with the ipo and other unicorns and expectations get ahead of the whole companies in this case they can manage it much better and then prove themselves. I feel like one of the biggest investor questions, santosh, specifically around the financials is the overdependence on government contracts. It makes up a little more than half of its business it did grow faster than nongovernment business lately but it can be very lumpy, as you know im not sure thats necessarily a growth story what do you say to those questioning that. Yes and no. That oscillates. Last year more enterprise, Less Government that balance is up and down. These are longterm contracts with army at six years longterm contracts, renewable so well entrenched in these companies. Thats the beauty of this company, high level of stickiness, switching costs are high theres a lot of loyalty they have a narrow user base which they are trying to grow like they said but its a high level of stickiness and revenue per customer is high they dont need a lot of customers but they need good, deep customers that spend on their products of thats whats happening. You see they are inflicting financials are improving, first half of 2020 was good. If they can maintain that, 39 growth we saw in the first half, which is very likely, depending on the backlog they have, the pipeline they have, i think they are on the right track lets hope they deliver, which we think they will they have to do it we know how the ipos have been punished if we miss numbers, highgrowth companies. Rather than be conservative, get out there and prove themselves. Santosh to the Broader Markets, did you feel valuations were getting stretched to the upside do you think weve had enough of a pullback to warrant a slow and steady climb higher again . Yeah. I think a little more pullback is warranted, healthy. Some was just crazy, 100, 200 thats ridiculous. A little bit pullback is warranted. But these companies, when you look at it longer term, they are in the right place this is the future cloud computing, data analytics, ecommerce thats the future. Digital and enterprise what do you call it electric vehicles and all that stuff these are the future themes. The Software Companies are providing to that, feeding, selling products into that they are in the right space. Some pullback, good entry point but they are longterm stories. Have you sold any of your stakes in some of these companies you got in early like a lift well, lift, yeah. Were out. We normally hold it until the lockup period and then return it back to the limited partners they can do whatever they want after that but palantir were still holders there. We pretty much hold onto the stuff. Some much longer than six months. Will you sell out of palantir as soon as you can once its public, like you did with lyft no, we would recommend keeping them it really depends on the limited partners and even in the funds. It really depends on the performance. If you like the companies, we get in and invest after doing thorough research. We invest in longterm fundamental stories. So to the extent we can hold them, we do hold them. If by agreement if we have to return it back, we do give it to them to sell. Im sure well talk again before that question comes to the table. Thank you for joining me. Thank you thanks for having me. Weve got 30 minutes left of trade. A rally, session highs 700 points we hit 700 just moments ago. Everyone higher in the dow except walgreens best day for the nasdaq since going back to april, up 3. 25 , which looks impressive we had seen a very sharp pullback over the last three trading sessions, took us down 11 . The strap of luxury lvmh pulling out tofhe deal with tiffanys how that deal lost its luster. Y deal is over, a bit of a fight between tiffanys and lvmh hi, robert. A letter from the french president asks them to delay closing makes them unable to complete the transaction at this time tiffany responding trying to back out of its obligation and lvmh has unclean hands where does this leave tiffanys . Its crushed the global jewelry business tiffany sales down 45 in the Second Quarter saying in a Conference Call earlier today, it is, quote, not happy with the way tiffany has been managed in the past few months tiffany saying fundamental strength of the business is clear. Third quarter earnings will be up over last year. Industry experts say right now lvmh could possibly come back to the table with lower price or maybe that Delaware Court could rule in favor of tiffany or maybe tiffany goes back to being a public lly traded company. Guys, back to you. Robert, the blaming on trade tensions between the u. S. And france on the delay, is that all just sort of an excuse because the luxury picture ha