Jim Cramer is considering investing in BlackRock, the largest asset manager globally, and is adding it to our Bullpen stocks-to-watch list. BlackRock’s shares hit a record high after strong third-quarter earnings and reported assets under management at $11.5 trillion, thanks to a stock market rally. CEO Larry Fink highlighted that their assets have increased by $2 trillion over the last five years.
Recently, the financial sector began reporting earnings, with BlackRock among those showing excellent results. Other companies like Wells Fargo also posted strong figures, while Morgan Stanley is set to report next Wednesday. Wall Street is navigating a tough environment due to high interest rates. After the Fed’s recent rate cut, expectations have changed regarding future cuts.
BlackRock’s impressive results encourage Jim Cramer and his team to consider investing in the stock. Shares have risen over 12% in the last month, compared to the S&P 500’s 4% gain. Jim recognizes the stock’s rise but believes it could climb even higher. Recently, he has focused on Wells Fargo and Morgan Stanley, explaining the need for careful decision-making.
As a member of Jim Cramer’s CNBC Investing Club, subscribers will receive trade alerts before he acts. Jim waits 45 minutes post-alert and 72 hours if discussing a stock on CNBC before executing any trade. For more details, refer to the Investing Club’s terms, privacy policy, and disclaimer.
`
