Raphael Stevens

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    Jeff Bezos' Blue Origin to launch first space tourism passengers on July 20 and auction off a seat

    A New Shepard rocket launches on a test flight.Blue OriginJeff Bezos’ space venture Blue Origin will launch its first astronaut crew to space on July 20, flying on its space tourism rocket called New Shepard, the company announced Wednesday.Blue Origin has yet to open ticket sales or release pricing information about New Shepard flights, but will host a public auction for a seat on the first crewed launch.A sealed online auction will run until May 19 and bids can go up to $50,000 – with the company requiring additional identification information and a $10,000 deposit for higher bids. Then, from May 19 onward, Blue Origin will hold a public bidding process – before a final live online auction on June 12.”We’re auctioning off the first seat to benefit our foundation Club for the Future,” a Blue Origin video said.New Shepard is designed to carry as many as six people at a time on a ride past the edge of space, with the capsules on previous test flights reaching an altitude of more than 340,000 feet (or more than 100 kilometers). The capsule has massive windows to give passengers a view, spending a few minutes in zero gravity before returning to Earth.A seat and the view from inside a New Shepard capsule at the edge of space.Blue OriginThe company has yet to fly New Shepard with passengers on board. Blue Origin has test flown the rocket and capsule more than a dozen times to date without crew, including a test flight last month at the company’s facility in the Texas desert.Jeff Bezos takes a look at the New Shepard rocket booster on the landing pad after a successful NS-15 flight and landing in April 2021.Blue OriginThe rocket launches vertically, with the booster detaching and returning to land at a concrete pad nearby. The capsule’s return is slowed by a set of parachutes, before softly landing in the desert.The New Shepard crew capsule lands in the West Texas desert after the NS-15 mission on April 14, 2021.Blue OriginBlue Origin’s announcement comes on the 60th anniversary of the Mercury-Redstone 3 flight, which carried astronaut Alan Shepard – after whom Blue Origin named its rocket system – on the first U.S. human spaceflight in 1961.Additionally, July 20 will mark the 52nd anniversary of the Apollo 11 moon landing.Become a smarter investor with CNBC Pro.Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today. More

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    Broadway to reopen at full capacity in New York City on Sept. 14

    A person walks by Broadway posters near Times Square as theaters remain closed following restrictions imposed to slow the spread of coronavirus on January 15, 2021 in New York City.Cindy Ord | Getty ImagesThe Great White Way finally has an official reopening date — Sept. 14.New York Gov. Andrew Cuomo said Wednesday that Broadway theaters would reopen just after Labor Day at full capacity. Tickets are expected to go on sale starting Thursday.The governor did not specify which shows will be operating on this timeline. Individual productions may require more time to hire or rehire actors, crew and other in-house employees as well as conduct rehearsals.The timeline also depends on the state government’s approval of each theaters’ health and safety protocols.The announcement of Broadway’s September reopening comes as Mayor Bill de Blasio seeks to have New York City full reopened starting July 1.The delayed Broadway reopening is partially due to the time theaters’ need to restart production and the fact that tourists account for 65% of annual live theater ticket sales in the city. Still, pent-up demand from locals could fuel sales of tickets in the interim.Broadway has been shuttered for more than a year due to the ongoing coronavirus pandemic, crippling the local economy. In a traditional year, the theater industry in New York funds nearly 100,000 jobs and pumps nearly $15 billion into the local economy. More

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    Montana opts to end $300 unemployment boost. Other states may, too

    Montana Gov. Greg Gianforte, a Republican, is ending participation in federal unemployment programs June 27.William Campbell | Corbis News | Getty ImagesMontana is ending its expansion of unemployment benefits — including a $300 weekly increase in aid — more than two months early. Some fear that other states will take similar measures before the labor market recovers.Montana is opting to end its participation in federal unemployment programs on June 27, Gov. Greg Gianforte announced Tuesday.The American Rescue Plan, a $1.9 trillion package President Joe Biden signed in mid-March, made them available through Labor Day.More from Personal Finance:Still missing a stimulus check? What to know about claiming itTax refunds on $10,200 of unemployment benefits start in MayBiden plan to beef up IRS audits may target wealthy small business ownersMontana is substituting that aid with a one-time $1,200 return-to-work bonus to address a labor shortage, Gianforte said. The Trump White House and Republicans in Congress lent support to such work bonuses last year.The unemployment programs in question have been in place nationwide since March 2020. They expanded the social safety net to cover the self-employed, gig workers, freelancers and others who didn’t previously qualify for jobless benefits.They also raised the amount and duration of weekly aid amid the worst unemployment crisis since the Great Depression.Sign of things to come?Montana appears to be the first state to opt out of the federal funding early, according to labor experts. Workers in other states will be able to collect expanded aid through Sept. 6.”Seems punitive, and probably a shape of things to come in many red states,” Arindrajit Dube, a professor and labor economist at the University of Massachusetts Amherst, said in a tweet.There is precedent among other Republican-led states to turn down federal unemployment funds during the pandemic.For example, South Dakota was the lone state to opt out of Lost Wages Assistance, a $300 weekly supplement to unemployment benefits. The federally funded payment was issued for up to six weeks starting in August.Idaho and South Dakota also chose not to pay a $100 weekly stipend to some self-employed and gig workers. The payment was part of a $900 billion relief paw passed in December. (Montana is also choosing to end this payment in June.)Labor shortageMontana is turning down expanded federal benefits to address a “severe workforce shortage,” Gianforte said.The state’s labor force is 10,000 workers smaller than before the pandemic and its 3.8% unemployment rate is near pre-Covid lows, he said. (The national rate was 6% in March.)Weekly job postings are near record highs and the labor shortage is affecting nearly every industry in the state, according to the Montana Department of Labor and Industry.It’s not just about people willing to take the job, but also about what’s realistic. Restaurants don’t always want to hire the college professor.Andrew Stettnersenior fellow at The Century Foundation”Incentives matter and the vast expansion of federal unemployment benefits is now doing more harm than good,” Gianforte said.Under the Montana Return-To-Work Bonus Initiative, workers will get a $1,200 payment if they had an active unemployment claim as of May 4 and work four full weeks.Finding a jobSome labor experts disagree with the state’s move. They argue existing policies shouldn’t be removed until there’s a full recovery.For one, offering a return-to-work bonus doesn’t mean people will be able to find full-time jobs quickly or easily, they said. That dynamic may leave current unemployment recipients without money to pay bills in the interim.”People won’t magically find a job,” said Andrew Stettner, a senior fellow at The Century Foundation. “They may not get one until deep in the summer.”It’s not just about people willing to take the job, but also about what’s realistic,” Stettner added. “Restaurants don’t always want to hire the college professor.”Further, a low unemployment rate masks broader pain in the labor market. It doesn’t capture workers who left the labor force to take care of kids still learning from home, or those hesitant to return to work due to the virus.The labor-shortage discussion also doesn’t account for wages, experts said. A business may not be able to find workers who feel the pay is too low.Broadly, pay doesn’t seem to be rising to attract workers, according to Jerome Powell, chairman of the Federal Reserve.”We don’t see wages moving up yet,” Powell said in a speech last week. “And presumably we would see that in a really tight labor market.”Of course, employers hit hard by the pandemic — like a restaurant that still can’t operate at full capacity — may struggle to raise wages.Surging job openings may also be attributable to growing pains in an unprecedented time of employment expansion, instead of a labor shortage, Dube said. More

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    Boeing beefs up business to convert old 737 passenger planes into cargo jets

    An ASL Airlines Boeing 737-400 freighter landing at Milan Malpensa airport.Fabrizio Gandolfo | LightRocket | Getty ImagesBoeing is adding capacity to convert old 737 passenger planes into cargo haulers, a bet on continued growth in e-commerce.The Chicago-based company said Wednesday it will add two production lines to convert Boeing 737-800s into freighters that will be operated by Cooperativa Autogestionaria de Servicios Aeroindustriales, which is located in a free-trade zone near Costa Rica’s capital, allowing for the duty-free importation of parts.Converted 737 freighters have become more popular and won orders from Amazon as the e-commerce giant adds to the fleets of airlines that fly for its Amazon Air arm.Boeing already converts 737-800s into freighters in Shanghai, Guangzhou and Jinan, China.Air cargo has been a bright spot for airlines during the pandemic as passenger demand dropped sharply, while lower capacity has driven up freight costs. Air cargo volumes hit a record in March, the International Air Transport Association said Tuesday. More

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    Boeing-backed start-up Wisk signs first deal to operate air taxis in the U.S.

    Wisk Cora eVTOLSource: Wisk AeroWisk Aero, a start-up backed by Boeing and Kitty Hawk, has finalized its first deal to operate autonomous air taxis in the U.S..The company will own, operate and maintain up to 30 eVTOL aircraft that will be offered through the Blade urban air mobility network. The deployment of Wisk air taxis is contingent upon the Federal Aviation Administration certifying the aircraft for commercial operation.”We have been focused on developing an aircraft and customer experience that is efficient, accessible and most importantly, safe,” Wisk CEO Gary Gysin said in a release announcing the deal. “The combination of our expertise as an autonomous eVTOL aircraft manufacturer and operator, with the operational expertise of Blade, will help usher in an even greater level of safety and service.”Wisk Cora eVTOLSource: Wisk AeroFor Blade, the Wisk partnership is the company’s latest move to add eVTOLs, electric vertical take-off and landing aircraft, to its charter network. In mid-April, it struck a deal with Beta Technologies for the operation of 20 piloted eVTOLs starting in 2025.Unlike the Beta Technologies aircraft, the Wisk eVTOLs are being designed to fly autonomously, carrying two passengers up to 25 miles when fully charged. “We look forward to working with Wisk to help accelerate Blade’s transition from conventional rotorcraft to safe, quiet, emission-free electric vertical aircraft,” Rob Wiesenthal, CEO of Blade, said in a release announcing the deal.Wisk, which builds autonomous eVTOLs, was formed in 2019 when Boeing agreed to combine some of its development work on eVTOLs with a division of Kitty Hawk, the firm started by Google co-founder Larry Page and Sebastian Thrun. In April, Wisk filed a federal lawsuit accusing Archer Aviation, which is also developing an eVTOL, of “brazen theft.”In the complaint, Wisk accused Archer of stealing “intellectual property and confidential information.”Archer denies the allegations and said, “We intend to defend ourselves vigorously.”Deloitte says passenger and cargo eVTOLs will be a $4 billion market by 2025 and $57 billion by 2035.  More

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    Fidelity adds 4.1 million new clients in the first quarter of 2021

    A Fidelity Investments location in New York.Scott Mlyn | CNBCRetail investors aren’t just flocking to Robinhood. Fidelity gathered millions of new clients – including millennials – during the first three months of the year.Fidelity Investments added 4.1 million new accounts in the first quarter of 2021, up nearly 160% from the first quarter of 2020.The firm also raked in members of a new generation of retail investors. Of the new clients, 1.6 million were opened by retail investors 35 years old and younger, an increase of more than 222% from a year prior.Daily average trades came in at 3.5 million, up nearly 60% from a year prior.”Strong markets mixed with high levels of customer engagement resulted in record account growth, trade, and call volume across all of our major businesses,” Fidelity said in a statement.In January, the major brokers were embroiled in an epic short squeeze in GameStop, which was partially fueled by Reddit-driven retail investors. The trading mania drove millions of new retail investors into the market on platforms like Fidelity, Schwab, Robinhood and Interactive Brokers. Fidelity now has 83.4 million total accounts and $10.4 trillion assets under administration.Online broker Charles Schwab added a record 3.2 million new clients in the first quarter of 2021. That compares with about 2.4 million new accounts added in all of 2020. Robinhood is a private company and therefore does not publicly release data on new clients. However, JMP Securities estimates Robinhood added nearly 6 million clients in the first 2 months of 2021.Robinhood is expected to go public in the first half of this year.Enjoyed this article?For exclusive stock picks, investment ideas and CNBC global livestreamSign up for CNBC ProStart your free trial now More

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    The Honest Company will dig into next stage of growth after IPO, founder Jessica Alba says

    The Honest Company’s public market debut on Wednesday will start a new stage of growth for the consumer products company, according to actress and founder Jessica Alba.”I feel like this is where we really dig into this next phase of growth, and this is really the beginning for us in a lot of ways,” Alba said on CNBC’s “Squawk Box.”She founded the company a decade ago, starting with baby products. Since then, the company’s portfolio has expanded to include makeup, sunscreen and cleaning supplies — all with the promise of transparency around its formulas. That pledge has made it a target of criticism in the past for failing to live up to that standard.Honest’s net sales grew by 27.6% to $300.5 million last year, and the company narrowed its net loss to $15 million.Roughly 55% of its sales come from digital orders, CEO Nick Vlahos told Andrew Ross Sorkin. Honest’s use of social media, particularly on Alba’s own accounts, has helped drive that digital growth.”Social media has been a strategic marketing channel for us,” said Alba, who is known for her roles in the television series “Dark Angel” and films like “Fantastic Four.””It is where we build a community, and from day one, having that engagement with the community is core to one of our values with what we’re building.”The initial public offering was priced at $16 per share, giving the company a valuation of $1.44 billion and raising $412.8 million. According to regulatory filings, Honest plans to use the proceeds for general corporate purposes, which could include acquisitions. It will trade on the Nasdaq Exchange using the ticker “HNST.” More

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    Cramer says he sold some ether after record highs to put toward an all-electric Hummer

    CNBC’s Jim Cramer said Wednesday he trimmed some of his ether holdings after the world’s second-largest cryptocurrency by market value notched a series of record highs.”I sold half my Ethereum yesterday … and I put some money down to own a Hummer,” Cramer said on “Squawk on the Street,” referring to the upcoming all-electric vehicle from General Motors, which comes as a pickup available in the fall and an SUV in early 2023. Both start at more than $100,000.”Why not buy a car” with my ether, the “Mad Money” host quipped. Asked about the magnitude of his crypto exposure CNBC’s David Faber, Cramer said he owned “enough to do the job.”Cramer said Tuesday on CNBC that he owned “a lot” of ether, which is the digital currency that runs on the Ethereum blockchain. He said he initially bought ether in March so he could participate in an auction for nonfungible tokens, or NFTs, put up for sale by Time magazine.Ether traded around $1,900 per token by the end of March and kept rallying throughout April and into May. On Tuesday, the cryptocurrency broke above $3,500 per coin. Ether, which ended 2020 at around $740, was trading below $3,400 on Wednesday morning, putting its year-to-date gain above 350%.Cramer’s decision to offload some of his ether holdings comes after he said in a video Monday for his financial news website The Street that he was “not selling it.”The “Mad Money” host often stresses to viewers the need to be disciplined about taking profits when they rack up major paper profits in stocks. Investors have not made money until “the money leaves the stock market and gets into your bank account,” he said on CNBC last year.Cramer seemingly took his own advice this week on ether and last month bitcoin, selling some of his holdings of the world’s biggest cryptocurrency to pay off a home mortgage.Cramer has also recently become more bullish on crypto, believing investors should hold some bitcoin as one alternative to a cash position.While bitcoin’s 2021 performance has lagged ether’s, the digital currency has still advanced more than 90% year to date based on Wednesday’s trading price of roughly $57,000. Bitcoin, the world’s largest cryptocurrency by market value, set an all-time high of nearly $65,000 per token last month. Its market cap of more than $1 trillion represents nearly half of the entire crypto market.Cramer also has spoken favorably about Coinbase, one of the world’s largest cryptocurrency exchanges, which went public in a direct listing last month. Coinbase hit an all-time high of $429 per share during its first day of trading. It has since dropped from that level, however, and is trading just 11% above its reference price of $250 per share.Despite the stock’s subsequent struggles, Coinbase’s public debut has been championed as a major moment in the mainstreaming of cryptocurrencies. More