Jim Cramer is interested in investing in BlackRock, the largest asset manager globally, and it’s now on our stocks-to-watch list. BlackRock’s shares hit a record high after strong third-quarter earnings that surpassed analysts’ predictions. The company also reported that its assets under management have reached an all-time high of $11.5 trillion, aided by a $2 trillion growth over the last five years. CEO Larry Fink highlighted BlackRock’s $12.5 billion acquisition of Global Infrastructure Partners, adding over $100 billion in assets.
The financial industry started releasing quarterly earnings, with BlackRock and Wells Fargo reporting strong results. Morgan Stanley is set to report next Wednesday. Wall Street faces a challenging environment with ongoing high interest rates, but speculation surrounds the Federal Reserve’s next move.
BlackRock’s excellent results support our interest in the stock. Its shares have risen more than 12% recently, outperforming the S&P 500’s 4% gain. Cramer acknowledges the stock’s growth but believes it can increase further. He has postponed investment decisions to focus on Wells Fargo and Morgan Stanley.
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