Jim Cramer is considering investing in BlackRock, the largest asset manager globally, adding it to our stocks-to-watch list. BlackRock’s shares hit a record high after exceeding third-quarter earnings expectations, with assets under management reaching $11.5 trillion, driven by significant inflows during a stock market rally. CEO Larry Fink stated that the firm has added $2 trillion organically over five years, likening it to the size of the sixth largest asset manager. He also highlighted a recent $12.5 billion acquisition that boosted assets by over $100 billion.
The financial sector began its quarterly earnings reports with BlackRock and Wells Fargo posting strong results. Morgan Stanley, also in our portfolio, will report next Wednesday amidst a challenging environment due to prolonged high interest rates, although the Federal Reserve recently cut rates.
BlackRock’s impressive performance reinforces our interest in the stock for the Club. Despite its recent gains of over 12% in the last month, Jim Cramer believes it can still rise further. Deliberation is key; Jim has been focused on Wells Fargo and Morgan Stanley before making any moves on BlackRock. Subscribers to the CNBC Investing Club will receive trade alerts prior to any trades Jim makes.
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