Jim Cramer is considering investing in BlackRock, the world’s biggest asset manager, and has added it to our watch list.
BlackRock shares hit a record high after reporting strong third-quarter earnings and reaching $11.5 trillion in assets under management. CEO Larry Fink highlighted the company’s impressive growth and recent $12.5 billion acquisition of Global Infrastructure Partners, which added over $100 billion in assets.
The financial sector is currently releasing quarterly earnings. Along with BlackRock, Wells Fargo showed good results, while Morgan Stanley will report next Wednesday.
Investors are debating the Federal Reserve’s next moves regarding interest rates. After a recent cut, expectations for further cuts have changed from 75 basis points to 50 by the end of the year.
BlackRock’s strong performance is a reason to consider investing, especially as its shares have risen more than 12% in the past month compared to the S&P 500’s 4% gain. Despite the recent rise, Cramer believes theres still potential for more gains. He wants to take time before making any moves, focusing on Wells Fargo and Morgan Stanley first.
As a member of Jim Cramer’s CNBC Investing Club, you’ll receive trade alerts before he makes any moves, ensuring you have time to react.
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