Jim Cramer is considering investing in BlackRock, the world’s largest asset manager, and has added it to our stocks-to-watch list. BlackRock’s shares reached a record high after reporting strong third-quarter earnings, exceeding analysts’ expectations. The company also revealed that its assets under management hit an impressive $11.5 trillion, boosted by significant market inflows. CEO Larry Fink noted they added $2 trillion in the last five years alone, comparable to being among the top asset managers.
Beyond BlackRock, other financial companies, like Wells Fargo, also reported strong results as the quarterly earnings season begins. Morgan Stanley is set to report next. The financial sector is adapting to prolonged high-interest rates, and discussions continue about future Federal Reserve decisions, which initially suggested more significant rate cuts are coming.
Overall, BlackRock’s impressive earnings strengthen its position on our watchlist, especially as Fink continues to expand its presence in private markets with consistent strong inflows. BlackRock’s stock has gained over 12% this past month, significantly outpacing the S&P 500’s 4% increase. Jim believes there’s still room for growth despite the stock’s recent surge.
Why haven’t we acted sooner? Jim has been focused on Wells Fargo and Morgan Stanley, and we avoid rushing into decisions. As a member of Jim Cramer’s Investing Club, you’ll receive alerts before any trades are made. Jim waits 45 minutes after an alert and 72 hours if mentioned on CNBC before executing any trades.
Investment Club information is subject to terms and conditions. No specific profit is guaranteed.
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