CNBC.com’s Pippa Stevens gives you today’s best business news headlines. In today’s show, CNBC’s Ylan Mui reports that several Democrats are proposing the next big stimulus bill, even though the current $ 1.9 trillion package is going through Congress. In addition, CNBC’s Leslie Picker breaks down the rise of crypto hedge funds and how they play bitcoin’s big boom.
Shares in Rocket Companies rose more than 70% on Tuesday in a surprising move with no obvious new news. The online mortgage provider currently has large short-term investments in hedge funds and seems to have received some interest from day traders at Reddit’s infamous WallStreetBets.
Nearly 40% of the available shares are sold short and it is close to the top of the list of US companies in terms of the size of short-term hedge fund investments, according to FactSet. This makes it a classic target for meme-obsessed investors, who have stormed together this year into stocks and call options for severely short-lived companies to squeeze out card sellers. It was unclear about the size of the retail interest in Rocket right now.
Eleven Senate Democrats are pushing President Joe Biden to put recurring direct support and improved unemployment benefits into the economic recovery and infrastructure plan he will seek to pass this year.
In a letter to the president announced Tuesday, lawmakers said Congress should not abolish further support for workers while the economy recovers from Covid. Although the senators did not say how big they want the payments to be or how often they want them to come, they said they hope the support will be phased out only when the labor market improves.
“This crisis is far from over, and families deserve reassurance that they can put food on the table and keep a roof over their heads,” the senators wrote. “Families should not be left with ever-changing legislative times and ad hoc solutions.”
Microsoft announced on Tuesday Mesh, a service for building apps for people to collaborate in augmented reality.
Augmented reality (AR) shows computer-generated images superimposed on the real world, and almost all major tech players are working with the technology as they strive to create the next computer platform that will replace the smartphone. However, AR headsets today are often clumsy and expensive – Microsoft’s HoloLens start at $ 3,500 – and so far they have been used mainly in industrial applications. Apple and Facebook are reportedly building their own AR headsets or glasses to be released in the next few years, which could help validate the consumer market and create a kind of AR gold jump.