Jim Cramer is looking into investing in BlackRock, the largest asset manager in the world, and it’s now on our Bullpen stocks-to-watch list. BlackRock’s shares recently hit a record high after reporting strong third-quarter earnings that surpassed expectations. The company’s assets under management have also reached a record $11.5 trillion, thanks to significant inflows during the stock market rally. CEO Larry Fink highlighted that they added $2 trillion in assets over the last five years and praised their $12.5 billion acquisition of Global Infrastructure Partners, which added over $100 billion in assets.
The financial sector started off quarterly earnings reporting on Friday, with BlackRock and Wells Fargo showing solid results. Morgan Stanley, another portfolio member, will report next Wednesday. Wall Street faces challenges with ongoing high interest rates, but expectations suggest potential rate cuts from the Federal Reserve.
BlackRock’s impressive quarterly performance makes it a candidate for our investment, evidenced by significant stock gains recentlyover 12% in the past month compared to the S&P 500’s 4%. Despite the stock’s recent rise, Cramer believes it can continue to grow. Although Cramer has hesitated to invest right away, he has been focused on Wells Fargo and Morgan Stanley discussions first.
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