Jim Cramer is considering investing in BlackRock, the largest asset manager in the world, and is adding it to our stocks-to-watch list.
BlackRock shares hit a record high after posting strong third-quarter earnings and reaching $11.5 trillion in assets due to increased market activity. CEO Larry Fink mentioned that they have added $2 trillion over five years, making them comparable to the sixth largest asset manager. He also highlighted the recent acquisition of Global Infrastructure Partners, boosting their assets by over $100 billion.
The financial sector released quarterly earnings, with BlackRock and Wells Fargo showing impressive results. Morgan Stanley reports next Wednesday. The market is currently adapting to prolonged high interest rates, although the Federal Reserve recently cut rates, causing speculation about future cuts.
BlackRocks strong performance supports the idea of considering it as an investment. The stock has recently gained over 12%, outperforming the S&P 500’s 4% increase. Jim Cramer acknowledged that while the stock has already increased significantly, there still may be more growth potential.
Jim has hesitated to make a move because he’s focused on Wells Fargo and Morgan Stanley, emphasizing the importance of caution. Subscribers to Jim Cramer’s Investing Club will receive alerts about his trades, with defined waiting periods for executing trades.
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