Jim Cramer is considering investing in BlackRock, the largest asset manager globally, and has added it to the Bullpen stocks-to-watch list.
BlackRock shares hit a record high after exceeding third-quarter earnings expectations. The company’s assets under management reached $11.5 trillion due to strong inflows, as noted by CEO Larry Fink, who said they’ve added $2 trillion in five years.
During the quarterly earnings kickoff, Wells Fargo also reported solid results, while Morgan Stanley’s report is due next Wednesday. Wall Street faces challenges with ongoing high interest rates and conflicting expectations regarding Federal Reserve rate cuts.
BlackRock’s excellent results further encourage consideration of the stock, which has risen over 12% in the past month, compared to the S&P 500’s 4% gain. Despite the stock’s strong performance, Cramer believes it can continue to climb.
Cramer has been focused on Wells Fargo and Morgan Stanley, which is why the investment in BlackRock hasn’t been rushed. Subscribers to Jim Cramer’s CNBC Investing Club receive a trade alert before any moves are made.
This information is subject to terms and conditions. No specific investment outcome or profit is guaranteed.
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