Jim Cramer is looking into investing in BlackRock, the largest asset manager in the world, and it’s now on our watch list.
BlackRock’s shares hit an all-time high after their third-quarter earnings exceeded expectations. They also reported a record $11.5 trillion in assets under management, thanks to strong market inflows. CEO Larry Fink mentioned that they’ve added $2 trillion in assets over the past five years.
Recently, they acquired Global Infrastructure Partners for $12.5 billion, which boosted their assets significantly.
The financial sector has begun announcing quarterly earnings, with Wells Fargo also reporting solid results. Morgan Stanley will announce next week. While Wall Street is facing challenges like high interest rates, the market had previously expected significant rate cuts from the Fed.
BlackRock’s impressive results make it a strong candidate for investment. Its shares have increased by over 12% in the past month, compared to a 4% increase in the S&P 500. Jim expressed his wish to have acted sooner but has been focused on other stocks like Wells Fargo and Morgan Stanley. He avoids rushing into trades.
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