Jay-Z and Beyonce have one of the most exotic car collections. From Beyonce’s Rolls-Royce Silver Cloud to Jay-Z’s Pagani Zonda F, we take a look at some of their most noteworthy cars.
Jay-Z and Beyonce have one of the most exotic car collections. From Beyonce’s Rolls-Royce Silver Cloud to Jay-Z’s Pagani Zonda F, we take a look at some of their most noteworthy cars.
Things are looking up for Micron (MU). The memory chip giant appears on a strong uptrend in 4Q20, sharply reversing the year’s earlier woes; Shares up by 49% since the start of the quarter.With 2021 at the gate, Raymond James analyst Chris Caso expects the trend to continue. So much so, the 5-star analyst raised his price target from $65 to $80. Accordingly, Caso’s rating stays a Strong Buy. (To watch Caso’s track record, click here)So, what’s fueling Caso’s optimism?The analyst explained, “The bottom line is that costs for both DRAM and NAND will be better than the cost reduction from the past few years, driven by the 1-alpha DRAM node, and 2nd generation replacement gate NAND, which will deliver cost reduction that was absent this year on the first generation. If indeed 2021 is a recovery year, as we expect, these cost reductions will act as a margin tailwind, and could potentially drive significant leverage.”Caso’s endorsement echoes recent commentary from Micron; On Monday, the company updated its roadmap and restated its plan to keep supply roughly correlated to the level of demand while continuing its focus on growing penetration for its top-value products.The company also updated the DRAM roadmap and stated that the new 1-alpha node should display a 15% power improvement and improve density by 40% when compared to the present 1Z node.“These are incrementally new details that set up a more favorable cost environment beginning next year,” Caso said.On the NAND side, Micron has successfully completed the move to replacement gate (RG) architecture, marking the company as the first to bring to market 176-layer NAND. The transition should provide “substantially improved data transfer rates and a ~2x improvement in power performance versus 96-layer.”Further bolstering the bull case, the company also boosted its F1Q21 guidance; Micron's revenue forecast at the midpoint now stands at $5.73 billion, compared to the prior $5.2 billion. MU's adjusted earnings estimate is also getting a boost, from $0.47 per share to $0.71 per share.On Wall Street, most agree with Caso’s thesis. Based on 17 Buys, 4 Holds and 1 Sell, the stock has a Moderate Buy consensus rating. However, given the recent surge and based on the $70.05 average price target, MU shares are poised to stay range-bound for now. (See Micron stock analysis on TipRanks)To find good ideas for tech stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Jim Cramer has given his "blessing" for investors to buy shares of CIIG Merger Corp (NASDAQ: CIIC), the blank-check company merging with British electric vehicle company Arrival.What Happened: The "Mad Money" host said on his CNBC show that if the stock "comes down below $17.50, you can buy it hand over fist, because this one has the best claim to be the son of Tesla -- or daughter, to break the tyranny of that awful cliche."The automaker, backed by United Parcel Service, Inc (NYSE: UPS), Hyundai Motor Company (OTC: HYMTF), and BlackRock Inc (NYSE: BLK) is "revolutionizing the entire auto industry, and they own a ton of intellectual property," according to Cramer."They make all their own components, they'll be cost competitive with gasoline and diesel, and that's why Arrival got that $5 billion valuation from the get-go," explained Cramer.Cramer said Arrival's microfactory concept could have an impact beyond auto industry and it could "revolutionize manufacturing.""If they can make an electric van or truck with a lower cost of ownership than the fossil fuel-powered alternatives, that's a whole new ballgame," the former hedge-fund manager theorized.Why It Matters: The merger between CIIG Merger and Arrival was reported last month. The former is backed by Peter Cuneo, the former CEO of Remington and Marvel.BlackRock has pumped in 8 million into Arrival, which would allow the London-based company to open a manufacturing facility in the United States.UPS has placed an order of 10,000 electric vans with Arrival, worth approximately $500 million.Price Action: CIIG Merger shares rose 16.06% to $25.01 in the after-hours session on Thursday and closed nearly 9.6% higher at $21.55.Related Link: A First Look At Amazon's Rivian-Made Electric Delivery VanClick here to check out Benzinga's EV Hub for the latest electric vehicles news. See more from Benzinga * Click here for options trades from Benzinga * Tesla Remains Only Automaker To Grow In Germany Through November, With 37% Rise In Registrations * Moderna Says It Will Ship 100M-125M COVID-19 Vaccine Doses Worldwide In Q1(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tesla Inc (NASDAQ: TSLA) may have a meager 0.8% global market share but, with its $540 billion valuation, it could acquire a legacy automaker, which Reuters' Christopher Thompson opines should be Germany's Daimler AG (OTC: DDAIF).The Right Fit: Thompson said that while Tesla's rivals in the United States such as General Motors Company (NYSE: GM) and Ford Motor Company (NYSE: F) "hardly" fit the criterion for acquisition, but the $74 billion Daimler fits the bill because Tesla customers are aspirational and may be amenable to a luxury marquee.Other Candidates that were ruled out by the Reuters' writer include Bayerische Motoren Werke AG (OTC: BMWYY), due to family ownership, Volkswagen AG (OTC: VWAGY) due to its own electric ambitions, and Japanese companies, due to historical acquisition difficulties.Why Daimler: Daimler has the potential to boost the Elon Musk-led company's worldwide car output by nearly four times. The Stuttgart-based automaker's presence in China and Europe, the two biggest battery-vehicle markets would "reinforce Musk's electric offensive," wrote Thompson. He also pointed to the fact that Daimler held a small stake in Tesla in the past.Cherry On The Cake: Under existing U.S. stock-exchange rules, Tesla would require shareholder approval if it sought to increase its outstanding shares by more than 20%. This means, given the company's valuation it could, in theory, purchase a company worth $100 billion or more. Thompson said that Musk could purchase the "Benz empire" without even asking for permission. No Hostile Takeovers Please: On Tuesday, Musk had said in an interview with Axel Springer CEO Mathias Doepfner that Tesla was "definitely not going to launch a hostile takeover." He, however, said the electric vehicle maker was open to voluntary and friendly mergers. If a company says "hey, we think it would be a good idea to merge with Tesla,' we'd certainly have that conversation," Musk told Doepfner.Price Action: Tesla shares closed nearly 4.3% higher at $593.38 on Thursday. On the same day, Daimler OTC shares closed 1.4% lower at $68.56.Click here to check out Benzinga's EV Hub for the latest electric vehicles news. See more from Benzinga * Click here for options trades from Benzinga * Tesla Remains Only Automaker To Grow In Germany Through November, With 37% Rise In Registrations * Elon Musk's 'Fav Cryptocurrency' Is A Joke But Its 2020 Returns Are No Laughing Matter(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
What's striking is that the stock market after the global financial crisis is closely tracking the bull markets between 1949 and 1968, and the one between 1982 and 2000.
Austin Russell's Luminar Technologies is now public thanks to a SPAC deal. It uses laser technology to power autonomous vehicles.
Whenever we mention to people that we moved from California to Reno, Nev., they all say it makes sense because we get to avoid the high state income tax in California. California has a reputation for high taxes. California is shown in the darkest color.
Playboy continues its transformation as it heads down the road of public company life.
(Bloomberg) -- Snowflake Inc. is doing well by any stretch of the imagination.On Wednesday, the cloud-computing company reported that third-quarter revenue more than doubled from a year earlier, and its stock has surged more than 200% since its Sept. 15 initial public offering.That has helped make Chief Executive Officer Frank Slootman one of the best-paid technology executives. A compensation package he received upon joining Snowflake in April 2019 awards him a batch of options every month -- for four years -- that are now worth almost $95 million each, or about $1.1 billion annually.Slootman’s pay includes more than 13.7 million options with a strike price of $8.88. The vast majority can already be exercised but the underlying shares vest monthly over four years, beginning with the month he started.He also gets a $375,000 annual base salary, which can go higher depending on the firm’s performance.Once the full options package is paid out in early 2023, it would be worth about $4.5 billion based on Thursday’s closing stock price. Snowflake shares surged again friday, advancing 9.7% to $373 at 10:23 a.m. in New York.A spokeswoman for San Mateo, California-based Snowflake declined to comment on Slootman’s pay package or net worth.Read more: Snowflake Gains as Analysts Boost Targets on Surging RevenueHe hasn’t exercised any of his options and his shares are subject to a lockup period that ends in March.The monster pay package is partly a result of Snowflake’s surging valuation. In October 2018, about six months before Slootman joined and negotiated his compensation, the company raised funds at a valuation of about $3.5 billion. It’s now worth $96 billion.Chief Financial Officer Michael Scarpelli, who joined a few months after Slootman, has a similar compensation structure. His options are worth about $25 million a month at the current share price. Snowflake co-founder Benoit Dageville, who’s also chief technology officer, owns a $2.73 billion stake.Snowflake is the third CEO gig for the Dutch-born Slootman in less than 20 years. He led data-storage firm Data Domain from 2003 until its takeover by EMC Corp. in 2009, then ran cloud-service firm ServiceNow Inc. from 2011 to 2017.(Updates share price in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Shares of Li Auto Inc. dropped Friday, putting them on track for a seventh-straight decline, after the China-based electric vehicle maker's public share offering priced at a discount of more than 10%.
Investors are enthused Tesla stock could be worth 780 a share. But that's nothing next to where some S&P 500 stocks could be going.
See which stocks pay the highest dividends. When looking for the highest dividend paying stocks, investors should start by looking at "dividend yield." This is a simple calculation that divides the annual payout by the share price.
As the Biden administration continues to consider student loan forgiveness, Yahoo Finance spoke with multiple experts to understand how much forgiveness could help.
Recent numbers reported by Nio, Xpeng and Tesla clearly indicate the growing demand for electric vehicles, driven by technological advances and favorable sustainability policies. EV adoption is increasing and Goldman Sachs now expects EVs to account for 18% of global new light vehicle sales in 2030 and speed up to 29% in 2035.Goldman Sachs explains that EV penetration is accelerating as battery prices are falling faster than expected, which improves the economics of owning an EV. Also, it cites the recent increase in regulatory proposals from some jurisdictions to limit or ban the sale of new internal combustion engine vehicles entirely in 10-20 years as another catalyst for EV sales.So, with a favorable demand backdrop, we will pit EV leader Tesla against its nemesis, Nio, and use the TipRanks Stock Comparison tool to select the more attractive stock.Nio (NIO)China-based premium EV maker Nio is racing in the world’s largest EV market with its 7-seater and 6-seater electric SUV ES8, 5-seater electric SUV ES6 and the recently launched 5-seater electric coupe SUV EC6. Nio investors have hit the jackpot as shares have gained about 1,028% year-to-date.So, what has fueled this unbelievable rally? Well, the reasons include a strong third quarter, bullish outlook on China’s NEV (New Energy Vehicles) market and media reports about Nio entering the European market with the launch of its ES8 and ES6 models in 2021.Adding to the positive sentiment, Nio this week reported its November deliveries, which more than doubled year-over-year to 5,291 vehicles. This brings the total deliveries so far this year to 36,721, reflecting a 111% year-over-year increase. (See NIO stock analysis on TipRanks)The demand that Nio is experiencing is so strong that the company has now decided to accelerate its capacity expansion in December to keep up with the rising orders. Last month, Nio’s CEO William Bin Li stated, “In view of the growing market demand for our competitive products, we are motivated to continuously elevate the production capacity to the next level. We expect to deliver 16,500 to 17,000 vehicles in the coming fourth quarter.”Nio’s improving prospects prompted Goldman Sachs analyst Fei Fang to upgrade the stock to Hold from Sell and boost the price target to $59 from $7.70. In a note to investors, Fang stated, “In hindsight, we underestimated the benefits to Nio from: (1) powertrain breakthroughs, particularly with the cell-to-pack/blade large cell technologies; (2) the introduction of Nio’s battery as a service (BaaS) program, which has significantly expanded Nio’s addressable market; and (3) regulatory incentives that turned around EV market demand from an ongoing decline. Combined, all of these factors have provided significant tailwinds to Nio’s sale volumes.”On Wednesday, UBS analyst Paul Gong also raised his price target on NIO to $55 from $16.30, while maintaining a Hold rating.Looking ahead, there is a lot of buzz surrounding the company’s annual event, "Nio Day", slated for January, where the EV maker is expected to launch its first sedan.Currently, the Street has a cautiously optimistic outlook on Nio, with a Moderate Buy analyst consensus that breaks down into 7 Buys and 4 Holds. Given the staggering year-to-date rise, the average price target of $49.01 reflects an upside potential of 8.1% in the months ahead. Tesla (TSLA)Tesla is firing on all cylinders and the EV pioneer is taking the right measures to sustain its global leadership. Following pandemic-led disruptions earlier this year, Tesla bounced back in remarkable fashion, with a 44% rise in deliveries to 139,593 in the third quarter—CEO Elon Musk called it the “best quarter in history.” Tesla’s long-awaited inclusion in the S&P 500 and five consecutive profitable quarters have led to a meteoric year-to-date rise of 609% in its stock. The company is now focusing on cutting its costs and improving its profitability while investing billions of dollars in capacity expansion at the Shanghai factory and new factories in Berlin, Germany and Austin, Texas. (See TSLA stock analysis on TipRanks)Emphasizing the focus on the bottom line, Musk stated in an email (which Electrek had access to) to employees, “Investors are giving us a lot of credit for future profitability, but if, at any point, they conclude that's not going to happen, our stock will immediately get crushed like a souffle under a sledgehammer!”Improving its profitability is even more vital for Tesla as it intends to make its EVs more affordable at a time when auto giants like Ford and General Motors are ramping up their EV investments and China-based EV makers are coming after its market share.Meanwhile, Tesla is gearing up to expand its market share in the huge Chinese EV market. The company was already selling its Model 3 electric cars in China and has now been granted permission to sell its Shanghai-made Model Y SUVs in the region. On Dec. 2, Goldman Sachs flipped from the sidelines to a Tesla bull, with a Street-high price target of $780 (up from $455). Writing for Goldman Sachs, Mark Delaney highlighted the accelerating EV adoption and stated, “Importantly, we expect that Tesla’s integrated model (including its coupling of custom hardware and software, platform approach with significant parts overlap between key products like the Model 3 and Y, and its ability to offer a full ecosystem of products for consumers including solar, storage, and convenient access to fast charging) will help it to sustain a leadership position in the EV market.”“If Tesla sustains its mid to high 20% range share of the EV market, then it could reach 15 mn units by 2040 (and about 20 mn under our upside-case EV market adoption scenario),” added Delaney.Additionally, Delaney believes that Tesla’s energy and full self-driving software businesses could be more valuable than he previously anticipated. The analyst also expects the company’s margins to expand due to a favorable mix shift to Model Y.The Street, meanwhile, has a Hold analyst consensus on Tesla with 10 Buys, 8 Holds and 7 Sells. Given the staggering rise in the shares, the average price target of $403.24 indicates a possible downside of 32% from current levels. ConclusionTesla’s technology, innovations, leadership in the EV space and improving profitability make it an attractive long-term play. However, the Street is essentially sidelined on the stock mainly due to its sky-high valuation, and as several critics point out—the role of emission credits in making Tesla profitable in recent quarters. The Street currently has a more favorable near-term outlook on Nio stock. That said, investors need to tread carefully due to lofty valuations, especially for a company that is not generating a profit yet.To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment
The massive volumes of information being generated and used by businesses today for informed decision making have fueled the booming business of data analytics and Big Data companies.
There should be nothing controversial about canceling student debt
Leif Soreide discussed being a risk-first trader. Plus, we take a look at stocks that have formed high-tight-flag bases: Nio stock, SNAP stock and SRRK stock.
Investors know that the key to profits is in the return – and that means, a willingness to shoulder risk. Risk is relative, of course, and tends to run hand-in-hand with the return potential. Find a stock with a giant return potential, and chances are, you’ve also found one with a higher risk profile. The highest returns usually come along with the lowest share prices. After all, when a stock is priced for just pennies, even a small gain in share price translates into a huge return. Which means that penny stocks – these days, usually seen as those equities priced under $5 – combine a perfect storm of market attractions: low share price, high return potential, and higher than usual risk. Using the TipRanks database, we’ve pulled up details on three compelling stocks that fit this profile of low share price and huge upside potential, 100% or more, according to Wall Street analysts. Cinedigm Corporation (CIDM)We’ll start with Cinedigm, the LA-based entertainment company specializing in content marketing and distribution along with digital cinema. Cinedigm is an independent studio for film, TV, and digital production. The company distributes digital media across a variety of content networks.Back in June, CIDM shares showed a sharp spike when the company announced its partnership with Vewd, the world’s largest OTT software provider for Smart TVs, a growing segment of the digital viewing world. Customers are shifting away from cable TV and more and more toward streaming. A working relationship with a Smart TV software company would give Cinedigm access to Vewd’s installed customer base – more than 300 million Smart TV sets. Revenues in 2020 have been fairly stable. For Q1, Q2, and Q3, the top line came in at $7.74 million, $6.02 million, and $7.18 million. The Q3 number holds the middle spot in that range. Earnings, however, missed expectations. At a 23-cent per share loss, the EPS came in 17-cents below expectations. On a positive note, CIDM reported a year-over-year sales increase in its core business of ad-based video on demand of 27%.Covering the stock for Benchmark, 5-star analyst Daniel Kurnos points out a few reasons why he thinks Cinedigm "is becoming a much more intriguing investment proposition, particularly at these levels: 1) Organic growth is still building, with the legacy channel lineup strategy on pace to achieve the 30 channel milestone 12 months ahead of schedule; 2) A new highly accretive, streaming roll-up strategy is emerging that Cinedigm is in the best position to execute with minimal competition; 3) No credence or value is being given any more to Cinedigm’s digital projector inventory or Starrise stake, both of which should ultimately benefit in a post-COVID world."In line with his bullish stance, Kurnos rates CIDM a Buy, and his $3.50 price target implies room for a stunning 573% upside potential in the next 12 months. (To watch Kurnos’s track record, click here)Currently, CIDM has 2 reviews on record, making the stock a Moderate Buy. The shares are selling for 53 cents, and the $2.75 average price target suggests an impressive 418% upside on the one-year time horizon. (See CIDM stock analysis on TipRanks)Kubient (KBNT)Content distribution relies heavily on marketing and monetization for its profits, and that’s where Kubient comes in. This cloud software company offers an ad platform that connects publishers and marketing directly with their audiences. The company works with audience automation to collect data, connect brands, and create a transparent ad environment across digital channels.Kubient is a new company in the stock market, having held its IPO just this past August. The initial offering brought in $12.5 million gross, selling 2.5 million shares at $5 each. During those first few months of public trading, which included the end of the calendar third quarter, Kubient reported some solid Q3 revenue results. The top line rose from $92,000 in Q3 to $280,000. The year-over-year gain was even more impressive, reaching 400%.Maxim analyst Jack Vander Aarde believes that Kubient holds a strong position to bring real changes to its industry. The 5-star analyst writes of the company’s potential, “KBNT’s core offering, Audience Cloud, seeks to disrupt the $325B+ digital advertising market and address the industry’s current pain points. In 2019, advertisers lost ~$42B to ad fraud, which is forecast to grow into a $100B problem by 2023, but Kubient has a potential game-changing solution called KAI [...] We project 2021 revenue of $6.6M, up 211% y/y, and 2022 revenue of $17.4M, up 164% y/y. The business is highly scalable and should unlock significant operating leverage as revenue grows.”To this end, Vander Aarde rates KBNT a Buy along with a $10 price target. This figure suggests 154% upside growth from the current share price of $4. (To watch Vander Aarde’s track record, click here)Orion Group Holdings (ORN)The construction industry brings to mind home construction and hard hats putting up high rises, and that’s the usual experience most of us have. But Orion Group Holdings occupies a specialty niche in the industry, focusing on civil marine construction, industry, and commercial concrete. The company owns subsidiaries that each concentrate on a different niche, allowing them to hone their skills in some vital – even if less recognized – sectors of the construction world.The company’s share price through this year shows both its resilience and the importance of the construction industry to the economy. ORN shares fell sharply in mid-winter, when the coronavirus hit hard at the economy by forcing lockdown policies – but it has regained ground as the economy has reopened, and has recouped more than half of its losses from that time. Overall, however, ORN is still down ~20% year-to-date.Orion’s quarterly fiscal results also show the tale. The company registered a sequential loss in Q1, but has shown gains since then. For the calendar third quarter, ORN reported $189 million at the top line. EPS has performed even better this year, beating the forecast in Q1 when a loss was expected and the actual result was an 8-cent per share profit – and spiking to 23 cents per share, or 187% above the forecast, in Q3.In a positive development heading into the end of the year, in November Orion’s concrete segment won three major contracts in Texas. The projects are located in the Houston area, and total some $52 million.Noble analyst Poe Fratt feels that this stock has room for growth, and promises returns for investors. He writes, “[We] believe that the current stock price doesn't fairly reflect the ISG restructuring improvements and the positive outlook. A combination of above-average backlog, improved profitability, lower financial leverage and attractive valuation of 2.8x 2020E EBITDA and 2.4x 2021E EBITDA supports our view that the risk/reward profile remains compelling.”Fratt’s $8.25 price target implies a 101% upside for the year ahead. He rates the stock as Outperform (i.e. Buy). (To watch Fratt’s track record, click here)The two recent Buy ratings on ORN make the analyst consensus view a Moderate Buy. The average price target of $8.13 suggests a 100% growth potential for the next year. Shares are currently selling for $4.08. (See ORN stock analysis on TipRanks)To find good ideas for penny stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Sundial Growers Inc. has filed a shelf registration to issue up to $200 million in securities. The Canadian cannabis company said it has also filed a preliminary prospectus supplement for a new at-the-market equity program for up to $150 million of its common shares. Proceeds will be used to pay down debt, to finance possible acquisitions or invest in equipment, facilities and for general corporate purposes. U.S.-listed shares of Sundial, which once had a $1 billion valuation, were down 16% premarket at 64 cents. The stock has fallen 74% in 2020 to date, while the Cannabis ETF has gained 9% and the S&P 500 has gained 13%.
Covid has disrupted the global economy, but ZM, AMZN, NVDA and AMD stocks are among 24 fastest-growing companies expecting up to 711% EPS growth in 2020.
(Bloomberg) -- A record outflow from one of Vanguard Group’s biggest exchange-traded funds is stirring speculation over who was behind it and why.More than $7 billion was pulled from the $172 billion Vanguard S&P 500 ETF (VOO) on a single day this week, according to data compiled by Bloomberg, about 4% of the fund’s assets. But trading volumes were below the one-year average and there were no obvious outsized transactions, while the U.S. equity benchmark rose on the day -- making a mass exodus less appealing.It’s all leading to a theory that a major holder of the fund executed a large over-the-counter trade.“We think the redemption didn’t show up because it was an outsized primary market sale,” said Eric Balchunas, a Bloomberg Intelligence ETF analyst. Rather than shopping for a tie at a store, “this is like someone going straight to the tiemaker, and that’s rare since most ETF usage is smaller investors,” he said.When cash flows into an ETF, a market maker known as an authorized participant gives the issuer more of the fund’s underlying assets in exchange for new shares to meet demand. When money is being taken out, the process works in reverse.Ordinarily an investor buys or sells their shares on an exchange. But instead of selling on the open market, they could hand them directly to an AP, who can redeem them with the issuer in return for the underlying assets. Those assets can then be sold down by the AP or passed on to the investor to hold or sell.“Trading activity and flows are not actually systemically tied together,” said Dave Nadig, chief investment officer and director of research at ETF Flows, a research and data provider. Since the huge withdrawal didn’t show up on the tape, it suggests an institution collected a position worth $7 billion but preferred to have the underlying assets, he said.It’s not possible to know for certain who pulled out the cash. According to the latest available data, Bank of America Corp. is the largest holder in the fund, with shares worth about $14 billion. Raymond James Financial Inc. is next with about $5.2 billion, followed by Parametric Portfolio Associates with $4.9 billion.Spokespeople for Vanguard and Parametric declined to comment on the flows, while Bank of America and Raymond James didn’t immediately respond to requests for comment.The scale of the withdrawal indicates that VOO is now being used by large institutions in addition to being a favorite with retail investors, Balchunas said. The fund is cheaper than its main competitor, the SPDR S&P 500 ETF Trust (SPY). It has an 0.03% expense ratio, compared with 0.095% for SPY.VOO has attracted $19.5 billion of inflows this year, second only to the Vanguard Total Stock Market ETF (VTI), which has lured $27.8 billion. SPY is leading outflows after seeing $26 billion pulled from the fund.“This really does speak to the usage of ETFs as portfolio tools,” Balchunas said. “VOO is now being used by the big boys.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.