Jim Cramer is considering an investment in BlackRock, the largest asset manager globally, and is adding it to the Bullpen stocks-to-watch list.
BlackRock shares hit a record high after reporting third-quarter earnings that exceeded expectations and revealed assets under management reached $11.5 trillion, boosted by strong market inflows. CEO Larry Fink noted this growth adds $2 trillion in five years.
Fink also highlighted BlackRock’s $12.5 billion acquisition of Global Infrastructure Partners, adding over $100 billion in assets.
The financial sector kicked off earnings reports, with Wells Fargo also reporting strong results. Morgan Stanley, another portfolio company, will report next week. The environment has been challenging with fluctuating interest rates.
BlackRock’s impressive results position it as a strong consideration for the Clubs investment strategy. The stock has gained over 12% in the past month, compared to the S&P 500’s 4% increase. Cramer acknowledges the stock’s strong run but believes it can go even higher.
While Cramer regrets hesitating on this move, he was focused on other investments, emphasizing caution in trading decisions.
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