Jim Cramer is considering investing in BlackRock, the world’s largest asset manager, and it’s now on our Bullpen stocks-to-watch list.
BlackRock shares hit a record high on Friday after their third-quarter earnings exceeded expectations. The company also announced a record $11.5 trillion in assets under management, with $2 trillion growth over the last five years. CEO Larry Fink praised their recent $12.5 billion acquisition of Global Infrastructure Partners.
The financial industry is releasing quarterly earnings, with Wells Fargo also reporting strong results. Morgan Stanley, another company in our portfolio, will report next Wednesday. The operating environment remains challenging due to high-interest rates, prompting debate about the Federal Reserve’s next moves.
BlackRock’s impressive results encourage us to consider buying their stock as they continue to attract substantial inflows. Their shares have risen over 12% in the past month, while the S&P 500 gained approximately 4%. Cramer believes there’s still room for the stock to grow.
Despite the stock’s rise, Cramer is cautious and has been focusing on Wells Fargo and Morgan Stanley. The Investing Club subscribers receive trade alerts before Cramer acts, ensuring a waiting period before trades are executed.
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