Jim Cramer is looking at BlackRock, the largest asset manager in the world, and it’s being added to our stocks-to-watch list. BlackRock’s shares hit a record high after their impressive third-quarter earnings exceeded expectations. The company’s assets under management reached $11.5 trillion, thanks to a strong stock market. CEO Larry Fink mentioned that they added $2 trillion organically over the last five years, equivalent to being the sixth-largest asset manager.
Additionally, Fink praised their $12.5 billion acquisition of Global Infrastructure Partners, which added over $100 billion in assets. As financial earnings are being reported, Wells Fargo also showed strong results, and Morgan Stanley will report next week. The financial sector faces challenges with high interest rates, but the Federal Reserve cut rates last month, sparking debates on future cuts.
Despite BlackRock’s recent success, Cramer is cautious about jumping in quickly as he focuses on other stocks. BlackRock has gained over 12% in the last month, significantly outperforming the S&P 500’s 4% gain. Cramer said theres still potential for further gains. Subscribers to the CNBC Investing Club will get timely trade alerts before any purchases are made.
We’re excited about BlackRock’s performance and its potential in our investment strategy.
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