Jim Cramer is considering investing in BlackRock, the largest asset manager in the world, and is adding it to our stocks-to-watch list.
BlackRock shares hit a record high after impressive third-quarter earnings. The company now manages $11.5 trillion in assets, boosted by a strong stock market. CEO Larry Fink noted they added $2 trillion in assets in the last five years.
Additionally, BlackRock’s recent $12.5 billion acquisition of Global Infrastructure Partners increased their assets by over $100 billion.
While Wall Street’s financial outlook has been cloudy due to fluctuating interest rates, companies like BlackRock and Wells Fargo are showing strong performances. Morgan Stanley is set to report next week.
BlackRock’s outstanding earnings are a strong reason to consider the stock. It has risen over 12% this past month, compared to the S&P 500’s 4% increase. Cramer acknowledges the stock’s rise but believes it could still go higher.
Cramer has delayed action on the stock while managing investments in Wells Fargo and Morgan Stanley; he emphasizes caution in trading decisions.
As a subscriber to Jim Cramer’s CNBC Investing Club, you’ll receive prior alerts before he trades, with specific wait times before executing any moves.
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