Jim Cramer is looking into investing in BlackRock, the world’s largest asset manager, and is adding it to our Bullpen stocks-to-watch list.
BlackRock’s shares hit record highs recently after strong third-quarter earnings exceeded expectations, with assets under management reaching $11.5 trillion due to a stock market rally. CEO Larry Fink stated, “We added $2 trillion organically over the last five years,” highlighting their growth.
Alongside BlackRock, Wells Fargo also reported strong results as the financial sector started its quarterly earnings reports. Morgan Stanley will report next Wednesday.
Despite a challenging environment with high interest rates, BlackRock’s results further support the stock’s potential. The stock has risen over 12% in the last month, compared to the S&P 500’s 4% gain. Jim Cramer noted, “The stock has run a lot, but that doesnt mean it can’t run more.”
While we’ve considered investing, Jim has been focused on Wells Fargo and Morgan Stanley, preferring not to rush decisions. As a subscriber to Jim Cramer’s CNBC Investing Club, you’ll receive alerts before he executes trades.
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