Update: Jim Cramer is looking at investing in BlackRock, the largest asset manager globally, and has added it to the Bullpen stocks-to-watch list.
BlackRock shares hit a record high after reporting strong third-quarter earnings, well above expectations. The firm now manages a staggering $11.5 trillion in assets, thanks to substantial market inflows. CEO Larry Fink noted that BlackRock has added $2 trillion in assets over the last five years, equating to the sixth-largest asset manager.
Fink also highlighted the recent $12.5 billion acquisition of Global Infrastructure Partners, which brought in over $100 billion in assets. Other financial institutions, like Wells Fargo, also reported solid earnings. Morgan Stanley is set to report next.
Despite challenges from fluctuating interest rates, BlackRocks impressive results make it a likely candidate for investment consideration. The stock has risen over 12% in the past month, compared to the S&P 500’s 4% increase. Cramer acknowledges the stock’s growth but believes there is still potential for more gains.
While Cramer wishes he had acted sooner, he is currently focused on Wells Fargo and Morgan Stanley. Investors receive alerts before any trades are made, with a waiting period of 45 minutes after an alert is sent.
Note: The information from Jim Cramer’s Investing Club comes with specific terms and conditions, and no guaranteed outcomes.
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