Jim Cramer is looking at investing in BlackRock, the world’s largest asset manager, and is adding it to our stocks-to-watch list. BlackRock’s shares hit a record high after strong third-quarter earnings, surpassing expectations. CEO Larry Fink announced that assets under management reached $11.5 trillion, boosted by stock market gains. He also highlighted a $12.5 billion acquisition that added over $100 billion in assets.
Other companies, including Wells Fargo, have also reported strong earnings as the financial industry begins its earnings season. The impacts of interest rate changes by the Federal Reserve continue to influence market expectations. Following a recent rate cut, the focus is now on future rate movements.
BlackRock’s impressive results make it a strong candidate for investment. Its stock has risen over 12% in the last month, outpacing the S&P 500’s 4% gain. Cramer believes it could still go higher despite its recent run. He has been prioritizing Wells Fargo and Morgan Stanley before making moves with BlackRock.
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