Jim Cramer is looking into investing in BlackRock, the worlds largest asset manager, and has added it to our watchlist.
BlackRock shares hit a record high after reporting strong third-quarter earnings, exceeding expectations. Their assets under management reached $11.5 trillion, boosted by significant inflows. CEO Larry Fink mentioned that they’ve added $2 trillion over the last five years.
Fink also highlighted a recent $12.5 billion acquisition that brought in over $100 billion in assets. The financial sector started reporting quarterly earnings, with BlackRock and Wells Fargo posting impressive results. Morgan Stanley will report next week.
The market is debating the Federal Reserve’s next interest rate decision after last months cut. While many anticipated additional cuts, expectations have shifted towards just one more.
BlackRocks excellent performance adds to the reasons for considering its stock. Shares have risen over 12% in the past month, outpacing the S&P 500’s 4% gain. Cramer believes there’s still potential for further gains.
Despite missing earlier opportunities due to other commitments, Cramer emphasizes careful decision-making. Subscribers to the CNBC Investing Club receive trade alerts before any stock transactions.
Note: Investing Club members should refer to our terms and conditions and privacy policies. No specific financial outcome is guaranteed.
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