CNBC.com’s Pippa Stevens brings you the top headlines of the day. On today’s broadcast, CNBC’s Ylan Mui reports that even as the current $ 1.9 trillion package moves through Congress, several Democrats are putting forward proposals for the next big stimulus package. Also, CNBC’s Leslie Picker breaks down the rise of crypto hedge funds and how they play the big boom in Bitcoin.
Rocket Companies, a major short hedge fund target, stocks up more than 70%
Rocket Companies shares rose more than 70% on Tuesday, which was surprising as there was no new news. The online mortgage company currently has big short bets from hedge funds and appears to have drawn bullish interest from day traders on Reddit’s infamous WallStreetBets.
Nearly 40% of available stocks are being sold short, and according to FactSet, it’s high on US companies ‘list for the size of hedge funds’ short bets. That makes it a classic target for meme-obsessed investors who jointly stormed into stocks and call options of sharply shortened companies this year in an attempt to stamp out short sellers. It was unclear at the time how much retail interest in Rocket was.
11 Senate Democrats urge Biden to add recurring checks and unemployment benefits to the next big bill
Eleven Senate Democrats are urging President Joe Biden to include recurring direct payments and improved unemployment benefits in the recovery and infrastructure plan he will adopt this year.
In a letter to the president announced on Tuesday, lawmakers said Congress should not stop providing additional support to workers while the economy bounces back from Covid. Although the senators didn’t say what the payments should be or how often they should come, they hope the aid won’t run out until the job market improves.
“This crisis is far from over, and families deserve the assurance that they can put food on the table and have a roof over their heads,” wrote the senators. “Families shouldn’t be at the mercy of constantly changing legal deadlines and ad hoc solutions.”
Microsoft shows its vision for future meetings, with your colleagues floating in space as holograms
Microsoft announced Mesh, a service for building apps for collaboration in augmented reality, on Tuesday.
Augmented Reality (AR) shows computer-generated images overlaid on top of the real world, and almost all major tech players are working on the technology to create the next computing platform that will replace the smartphone. However, AR headsets are often clunky and expensive these days – Microsoft’s HoloLens starts at $ 3,500 – and have so far mostly been used in industrial applications. According to reports, Apple and Facebook are building their own AR headsets or glasses for release in the next few years, which could help validate the market for consumers and create some sort of AR gold rush.