Jim Cramer is considering an investment in BlackRock, the world’s largest asset manager, and has added it to our stocks-to-watch list. BlackRock shares recently hit a record high after reporting strong third-quarter earnings that exceeded expectations, with assets under management reaching a remarkable $11.5 trillion. CEO Larry Fink noted that they’ve added $2 trillion over the last five years, making them one of the top asset managers. Their recent acquisition of Global Infrastructure Partners for $12.5 billion also boosted their assets by over $100 billion.
Other companies, like Wells Fargo and Morgan Stanley (reporting next Wednesday), also posted strong earnings. Despite a challenging environment with high interest rates, market predictions are now leaning towards smaller rate cuts than initially expected.
BlackRock’s impressive results are encouraging us to consider investing. Their shares have gained over 12% in the past month, significantly outperforming the S&P 500. Although Cramer acknowledges that the stock has risen a lot, it might continue to grow. He has paused on immediate investment to focus on Wells Fargo and Morgan Stanley, emphasizing strategic decisions over haste.
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