BlackRock, Inc. (BLK) "Had Been The Hottest Coming Into The Quarter," Says Jim Cramer

We recently published 10 Stocks On Jim Cramer’s Radar As He Says Trump Has Been Good For Growth. BlackRock, Inc. (NYSE:BLK) is one of the stocks Jim Cramer recently discussed.

BlackRock, Inc. (NYSE:BLK) is one of the biggest asset management firms in the world. The firm’s shares dipped by 5.9% on Tuesday after its worst earnings day in a decade, which initially saw the shares fall by 7%. BlackRock, Inc. (NYSE:BLK)’s stock was hit despite the fact that its second quarter AUM sat at a new record of $12.5 trillion. Investors fled after the firm disclosed a $52 billion withdrawal from an Asian client that led to BlackRock, Inc. (NYSE:BLK)’s long-term net inflows dropping to $46 billion for a 9.8% annual drop. Cramer discussed the withdrawal and the firm’s earnings results:

“By the way, Blackrock had some episodic, an episodic pullout of some money. Yeah it was a revenue miss but I do point out that, when I look at the thing. Look, flows were softer than they expected, driven by one big redemption. Mix of flows skews towards higher rates which drives organic basic fee. In other words, the money they have coming in, they’re making more money on. But the stock’s, Blackrock had been the hottest coming into the quarter, for the last two weeks! It was up 25%. And so you have Blackrock everyone expecting a big quarter. And they gave an okay quarter.”

Earlier, the CNBC host called BlackRock, Inc. (NYSE:BLK) an “exciting” story:

“Yet, you know what the most exciting story might be? I think it might be BlackRock. Yes, the stock that caught fire recently, even after many investors had lost faith in it. That never made sense to me. BlackRock’s the largest asset repository in the world and has a new infrastructure component that I sure wish I could get a piece of, but it’s only for 401Ks. I bet CEO Larry Fink will tell a very positive story, more than justifying the stock’s recent breakout.”

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.