Jim Cramer is considering investing in BlackRock, the world’s largest asset manager, and has added it to our watchlist. BlackRock’s shares hit a record high after impressive third-quarter earnings that surpassed expectations and a record $11.5 trillion in assets managed, thanks to strong market inflows. CEO Larry Fink highlighted that they’ve gained $2 trillion over five years, putting them among the top asset managers. He also praised their recent $12.5 billion acquisition of Global Infrastructure Partners, adding over $100 billion in assets.
The financial sector began reporting quarterly earnings, with Wells Fargo also showing strong results. Morgan Stanley reports next week. The industry has faced challenges with sustained high interest rates but anticipates changes from the Federal Reserve. Initially, the market expected more significant rate cuts, but now only expects a 50-basis-point reduction.
BlackRock’s strong results encourage us to consider investing, and it is now in the watchlist. With shares up over 12% in the past month, compared to the S&P 500’s 4% gain, Cramer believes there is still potential for further growth. Although he regrets not investing sooner, he’s been focused on other stocks and prefers to make decisions carefully.
As a member of Jim Cramer’s Investing Club, you’ll receive alerts before he trades, and he typically waits 45 minutes post-alert to execute trades. If he discusses a stock on CNBC, he waits 72 hours after the alert before trading.
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