Jim Cramer has been considering a potential investment in BlackRock, the world's largest asset manager, and now we're adding him to our list of stocks to watch in the bullpen. News BlackRock shares rose to a record high on Friday after the company reported third-quarter earnings that once again crushed analysts' expectations. The department also announced that assets under management reached another record high, reaching $11.5 trillion, thanks to increased inflows as the stock market rose. “We've added $2 trillion organically over the last five years. $2 trillion is equivalent to being in the ranks of the sixth largest asset managers,” CEO Larry Fink told CNBC on Friday after the release. Fink also praised BlackRock's recent $12.5 billion acquisition of Global Infrastructure Partners, adding more than $100 billion in assets. The big picture The financial industry began announcing its quarterly earnings on Friday. In addition to BlackRock, club name Wells Fargo was among the companies with strong results. Morgan Stanley, which is also in the portfolio, will release its report next Wednesday. It's been an uncertain business environment for Wall Street's giants, who had to move to higher interest rates for a longer period until the Federal Reserve cut interest rates last month. The Fed's next move has been a matter of debate. Immediately after the massive 50 basis point cut last month, the market expected another 75 basis point cuts before the end of the year. Now these odds are only 50 in favor. Bottom line, BlackRock's stellar quarterly results highlight another reason why the club should consider starting the stock. That's why we put stock in the bullpen. Management's track record draws us in for more as Fink expands the company's footprint in private markets, delivering quarter after quarter of impressive inflows. BlackRock shares have been on a tear lately — rising more than 12% in the past month versus the S&P 500's gain of about 4%. Jim Cramer said Friday he knows the stock has run up a lot, “but that doesn't mean it can't run more.” Why did we wait to pull the trigger on the stock? Jim said Thursday that he would love to, but he was dealing with Wells Fargo and Morgan Stanley, and we don't make these moves in a hurry. (Jim Cramer's Charitable Trust is Long MS, WFC. See here for a full list of stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you'll receive a trade alert before Jim takes a trade. Jim waits 45 minutes after a trade alert is sent before buying or selling a stock in his charitable fund's portfolio. If Jim talks about a stock on CNBC TV, he waits 72 hours after the trade alert is issued before executing the trade. The above Investment Club information is subject to our Terms and Conditions and Privacy Policy, as well as our Disclaimer. No obligation or fiduciary duty exists or is created by your receipt of any information provided in connection with the Investment Club. No specific results or profits are guaranteed.
BlackRock CEO Larry Fink speaks during the New York Times DealBook Summit on November 30, 2022 in New York City.
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Jim Cramer was considering a possible investment in… black rock, The world's largest asset manager, we're now adding it to our list of stocks to watch in the bullpen.
