Jim Cramer is considering investing in BlackRock, the largest asset manager globally, and is adding it to our watchlist.
Recently, BlackRock’s shares hit a record high after its third-quarter earnings surpassed expectations, with assets under management reaching $11.5 trillion. CEO Larry Fink stated that they’ve added $2 trillion in the last five years, equivalent to the sixth largest asset manager.
The financial industry just started reporting quarterly earnings, with Wells Fargo and Morgan Stanley also showing strong results. The market is uncertain about future interest rate cuts by the Federal Reserve.
BlackRocks impressive results make it a strong candidate for investment. Its shares increased over 12% in the past month, compared to a 4% gain for the S&P 500. Cramer noted that, while the stock has risen significantly, it may still have room to grow.
Cramer mentions that theyve been focusing on Wells Fargo and Morgan Stanley before deciding on BlackRock, emphasizing cautious investment decisions. Subscribers to the CNBC Investing Club will receive trade alerts before any stock transactions.
For more details on Jim Cramer’s stock selections, check the Investing Club’s terms and conditions.
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