Jim Cramer is considering an investment in BlackRock, the largest asset manager, and has added it to our stocks-to-watch list. BlackRock shares rose to a record high after reporting third-quarter earnings that exceeded expectations, with assets under management reaching $11.5 trillion. CEO Larry Fink highlighted that they gained $2 trillion in assets over five years and mentioned a recent $12.5 billion acquisition that boosted their assets by $100 billion.
The financial sector has started reporting earnings, with firms like Wells Fargo also delivering strong numbers. Morgan Stanley will report next week. The market is adjusting to recent interest rate cuts by the Federal Reserve, which has led to discussions about future cuts.
BlackRock’s robust results strengthen the case for investing in its stock, leading to its placement in the Bullpen. The company has seen a 12% increase in shares over the past month, compared to a 4% rise in the S&P 500. Cramer noted that just because the stock has risen doesn’t mean it won’t go higher. He has been focused on Wells Fargo and Morgan Stanley before making any decisions.
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