Jim Cramer is considering investing in BlackRock, the world’s biggest asset manager, and has added it to our watchlist. BlackRock’s shares hit a record high after reporting strong third-quarter earnings and reaching $11.5 trillion in assets, thanks to recent market gains. CEO Larry Fink mentioned that BlackRock added $2 trillion in assets over five years, comparable to the sixth-largest asset manager.
The financial sector started reporting quarterly earnings on Friday, and besides BlackRock, Wells Fargo also showed strong results. Morgan Stanley will report next week. Wall Street has faced challenges from persistent high interest rates, but the Federal Reserve recently cut rates.
BlackRock’s impressive results make a strong case for investment. While the stock has risen over 12% in the past month, Jim Cramer acknowledges that it can continue to grow. However, he has delayed action due to focusing on other stocks like Wells Fargo and Morgan Stanley.
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