Jim Cramer is eyeing an investment in BlackRock, the largest asset manager globally, and its now on our watchlist.
BlackRocks stocks reached a record high after it reported third-quarter earnings that exceeded expectations, with assets under management hitting $11.5 trillion due to strong inflows. CEO Larry Fink noted that they added $2 trillion in the past five years, equivalent to the sixth largest asset manager. He also highlighted their recent $12.5 billion acquisition of Global Infrastructure Partners, bringing in over $100 billion in assets.
Alongside BlackRock, other major firms have reported strong earnings as well, like Wells Fargo. Morgan Stanley will release results next Wednesday. Despite a challenging environment due to ongoing high interest rates, BlackRock’s performance sets it apart.
BlackRocks strong quarterly results strengthen our interest in initiating a position in the stock. It has risen over 12% in the last month, while the S&P 500 only gained about 4%. Jim believes the stock can continue to rise even after its recent gains.
Why haven’t we invested yet? Jim has been busy with Wells Fargo and Morgan Stanley and prefers to avoid hasty decisions. For subscribers to the CNBC Investing Club, trade alerts are sent out before Jim takes action, with specific waiting periods before executing trades.
For more information, please review our terms, privacy policy, and disclaimers.
`
