Jim Cramer is looking into investing in BlackRock, the largest asset manager globally, and has added it to our Bullpen watch list. BlackRock shares reached a new high after impressive third-quarter earnings and reported $11.5 trillion in assets, with CEO Larry Fink noting $2 trillion in organic growth over five years. BlackRock recently acquired Global Infrastructure Partners for $12.5 billion, increasing its assets by over $100 billion.
The financial sector began reporting quarterly earnings, with strong results from BlackRock and Wells Fargo. Morgan Stanley will report next week. The industry has faced challenges with prolonged high-interest rates, but the Federal Reserve cut rates last month, leading markets to adjust expectations for future cuts.
BlackRock’s successful results make it a strong buy candidate for our Club. Its stock has risen over 12% in the past month, outperforming the S&P 500. Cramer noted the stock’s momentum but has taken caution, waiting to finalize trades as he focuses on Wells Fargo and Morgan Stanley. As a member of the CNBC Investing Club, subscribers receive trade alerts before any transactions are made.
For more details on stock performance, visit the Investing Club’s terms and conditions.
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