Jim Cramer is considering investing in BlackRock, the largest asset manager in the world, and is adding it to our stocks-to-watch list.
BlackRock’s shares hit a record high after strong third-quarter earnings that surpassed expectations. CEO Larry Fink announced that assets under management reached $11.5 trillion, boosted by inflows as the stock market improved. “We’ve added $2 trillion in the last five years,” he noted.
The financial sector began quarterly earnings reports, with BlackRock and Wells Fargo showing solid results. Morgan Stanley is set to report next Wednesday. Wall Street is adjusting to ongoing high interest rates, especially after recent Fed rate cuts.
BlackRock’s impressive performance supports a potential investment, leading to its addition to our Bullpen. The stock has gained over 12% recently, outperforming the S&P 500, and Cramer believes there’s still room for growth.
Cramer has delayed investing until now due to other priorities but advises subscribers of the CNBC Investing Club to watch for alerts before any trades.
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