CNBC.com’s Pippa Stevens reports you the day’s top business news headlines. On today’s show, CNBC’s Ylan Mui reports that several Democrats are pitching bids for the next big stimulus bill, even as the current $1.9 trillion package moves through Congress. Plus, CNBC’s Leslie Picker breaks down the advance of crypto hedge funds, and how they’re playing bitcoin’s big boom.
Shares of Rocket Companies, a large short quarry of hedge funds, jump more than 70%
Shares of Rocket Companies rallied more than 70% on Tuesday in a amazing move on no apparent new news. The online mortgage provider currently has large short bets placed against it by hedge supplies and appears to have garnered some bullish interest from day traders on Reddit’s infamous WallStreetBets.
Nearly 40% of its convenient shares are sold short and it is near the top of the list of U.S. companies in terms of size of short bet by hedge funds, according to FactSet. That purloins it a classic target by meme-obsessed investors, who have been storming together this year into shares and entitle options of heavily shorted companies in order to squeeze out short sellers. It was unclear of the size of the retail interest in Shoot up at this time.
11 Senate Democrats push Biden to include recurring checks, jobless aid in next big bill
Eleven Senate Democrats are motivating President Joe Biden to put recurring direct payments and enhanced jobless benefits in the economic recovery and infrastructure plan he wish try to pass this year.
In a letter to the president announced Tuesday, the lawmakers said Congress should not cut off additional strengthen to workers while the economy recovers from Covid. Though the senators did not say how large they want the payments to be or how regularly they want them to come, they said they hope the aid will phase out only as the job market modernizes.
“This crisis is far from over, and families deserve certainty that they can put food on the table and keep a roof all over their heads,” the senators wrote. “Families should not be at the mercy of constantly-shifting legislative timelines and ad hoc solutions.”
Microsoft appears off its vision for future meetings, with your colleagues as holograms floating in space
Microsoft on Tuesday announced Trellis-work, a service to build apps for people to collaborate in augmented reality.
Augmented reality (AR) shows computer-generated images superimposed all over the real world, and nearly all the major tech players are working on the technology as they strive to create the next determining platform that will replace the smartphone. However, AR headsets today are often clunky and expensive — Microsoft’s HoloLens starts at $3,500 — and so far they’ve in the main been used in industrial applications. Apple and Facebook are reportedly building their own AR headsets or glasses for release as a remainder the next couple of years, which could help validate the market for consumers and create a sort of AR gold sensation.