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Sectors

Sector Update: Financial Stocks Softer Late Afternoon

Financial stocks fell in late Monday afternoon trading with the NYSE Financial Index shedding 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) decreasing 0.2%.The Philadelphia Housing Index lost 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.4%.Bitcoin (BTC-USD) shed 3% to $71,366, and the yield for 10-year US Treasuries rose 2.2 basis points to 4.475%.In economic news, the Institute for Supply Management's US manufacturing index rose to 54.0 in May from 52.7 in April, compared with expectations for 53.0 in a survey compiled by Bloomberg.The S&P Global US manufacturing index for May was revised down to 55.1 from the flash 55.3, compared with expectations of no revision in a Bloomberg survey.US construction spending rose 0.4% in April, versus a 0.3% increase expected in a survey compiled by Bloomberg and following a downwardly revised 0.2% increase in March.In corporate news, Wise (WSE) shares fell 5.2% after the company said it is cooperating with the Brussels prosecutor's office following press reports that it is being probed over its compliance with anti-money laundering rules.BlackRock (BLK) launched a $25 million request for proposals under its $100 million Future Builders initiative to support the skilled trades workforce in the US. BlackRock shares fell 2.7%.Canadian Imperial Bank of Commerce (CM) shares fell 2.5% after Scotiabank downgraded the stock to sector-perform from sector outperform.BCB Bancorp (BCBP) appointed veteran banking executive Thomas O'Brien as CEO and president, effective immediately. The shares jumped 9.4%.

$BCBP$BLK$CM$WSE
Wire

Canadian Imperial Bank of Commerce Shares Drop After Downgrade From Scotiabank

Canadian Imperial Bank of Commerce (CM) shares were down 2% in afternoon trading on Monday after Scotiabank downgraded the company's stock to sector-perform from sector outperform and adjusted the price target to CA$155 ($112) from CA$159.Trading volume stood at over 657,000 shares against a daily average of around 1.4 million.Price: $106.61, Change: $-2.13, Percent Change: -1.96%

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Research

CIBC Price Target Raised to $167 at RBC

RBC Capital Markets raised its price target on Canadian Imperial Bank of Commerce (CM.TO, CM) to $167 from $147.Analyst Darko Mihelic maintained an Outperform rating on shares of the Canadian bank following its Q2 results."Results were higher than expected across the operating segments except for Canadian Personal and Business Banking," Mihelic said in a note to clients."CM made several announcements this quarter including an intended NCIB, an agreement to sell its stake in CIBC Caribbean, and a definitive agreement for a tuck-in wealth strategic partnership / minority interest acquisition," the analyst said."We mainly model higher impaired PCLs in Canada and we reflect the planned sale of CM's stake in CIBC Caribbean; our estimates decrease."

$CM$CM.TO
Research

Scotiabank Downgrades Canadian Imperial Bank of Commerce to Sector Perform From Sector Outperform, Adjusts PT to CA$155 From CA$159

Canadian Imperial Bank of Commerce (CM) has an average rating of overweight and mean price target of CA$155.35, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Research

Research Alert: CFRA Maintains Buy Opinion On Shares Of Canadian Imperial Bank Of Commerce

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target price by USD6 to USD141, 17.3x our FY 27 (Oct.) EPS view of CAD11.28 (USD8.17), a premium to the bank's five-year forward P/E average of 9.9x to reflect CM's strong capital position, decreased office exposure in the U.S., as well as momentum in wealth management and capital markets. We raise our FY 26 EPS to CAD10.46 from CAD10.06 and increase FY 27's to CAD11.28 from CAD10.70. CM is performing well, with improving operational efficiency and strong balance sheet growth expected to drive record earnings in both FY 26 and FY 27. We view the bank's recent strategic decisions positively: CM is divesting its 92% stake in CIBC Caribbean for USD1.6 billion and has agreed to acquire a minority stake in Ann Partners, a U.S. private wealth management firm with USD54 billion in assets under management. This strategic shift makes sense as U.S. wealth management offers attractive, stable returns, while Caribbean operations carry higher currency and economic risks. Shares yield 2.9%.

$CM
Research

Research Alert: CFRA Maintains Buy Opinion On Shares Of Canadian Imperial Bank Of Commerce

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target price by USD6 to USD141, 17.3x our FY 27 (Oct.) EPS view of CAD11.28, a premium to the bank's five-year forward P/E average of 9.9x to reflect CM's strong capital position, decreased office exposure in the U.S., as well as momentum in wealth management and capital markets. We raise our FY 26 EPS to CAD10.46 from CAD10.06 and increase FY 27's to CAD11.28 from CAD10.70. CM is performing well, with improving operational efficiency and strong balance sheet growth expected to drive record earnings in both FY 26 and FY 27. We view the bank's recent strategic decisions positively: CM is divesting its 92% stake in CIBC Caribbean for USD1.6 billion and has agreed to acquire a minority stake in Ann Partners, a U.S. private wealth management firm with USD54 billion in assets under management. This strategic shift makes sense as U.S. wealth management offers attractive, stable returns, while Caribbean operations carry higher currency and economic risks. Shares yield 2.9%.

$CM
Wire

Top Midday Stories: US Reportedly Reaches Deal With Iran, Needs Trump's Approval; Caesars to be Acquired by Fertitta for $17.6 Billion

The S&P 500 and Nasdaq Composite were up, while the Dow Jones Industrial Average was down slightly in late-morning trading Thursday after Axios reported that US and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding that extends the ceasefire and launches negotiations on Iran's nuclear program. The deal is waiting the final approval of President Donald Trump, the report said.The personal consumption expenditures index rose by 0.4% in April, below the 0.5% gain expected, lifting the year-over-year rate to 3.8% from 3.5%. The core PCE price index, which excludes gas and food prices, increased by 0.2%, below the 0.3% gain expected and following a 0.3% gain in March. The year-over-year rate accelerated to 3.3% from 3.2% in the previous month.In company news, Caesars Entertainment (CZR) has agreed to be acquired by Fertitta Entertainment in an all-cash deal valued at $17.6 billion, including the assumption of around $11.9 billion of outstanding debt, Caesars said Thursday. Under the terms of the deal, Caesars shareholders will receive $31 in cash for each share owned, the company said. Caesars shares were up 1.3% around midday.Snowflake (SNOW) reported fiscal Q1 adjusted net income late Wednesday of $0.39 per diluted share, up from $0.24 a year earlier and above the FactSet consensus analyst estimate of $0.32. Fiscal Q1 revenue was $1.39 billion, up from $1.04 billion a year ago and above the FactSet consensus of $1.32 billion. For fiscal Q2, the company said it expects product revenue of $1.415 billion to $1.420 billion, above the FactSet consensus of $1.37 billion. Snowflake shares were up 34.0%.Salesforce (CRM) reported fiscal Q1 adjusted earnings late Wednesday of $3.88 per diluted share, up from $2.58 a year earlier and above the FactSet consensus of $3.13. Fiscal Q1 revenue was $11.13 billion, up from $9.83 billion a year ago and above the FactSet consensus of $11.05 billion. For fiscal Q2, the company said it expects adjusted EPS of $3.25 to $3.27 on revenue of $11.27 billion to $11.35 billion. Analysts polled by FactSet expect $3.25 and $11.35 billion, respectively. Separately, Salesforce will deploy its AI-driven Agentforce Health platform to improve efficiency at CVS Health (CVS) call centers, the companies said Thursday. Salesforce shares were up 0.4%, while CVS shares were up 1.3%.Marvell Technology (MRVL) reported fiscal Q1 adjusted earnings late Wednesday of $0.80 per diluted share, up from $0.62 a year earlier and in line with the FactSet consensus. Fiscal Q1 revenue was $2.42 billion, up from $1.9 billion a year ago and above the FactSet consensus of $2.41 billion. For fiscal Q2, the company said it expects adjusted EPS of $0.93, plus or minus $0.05, on revenue of $2.7 billion, plus or minus 5%. Analysts polled by FactSet expect $0.90 and $2.6 billion, respectively. Marvell shares were down 1.3%.Canadian Imperial Bank of Commerce (CM) reported fiscal Q2 adjusted earnings Thursday of 2.54 Canadian dollars ($1.83) per diluted share, up from CA$2.05 a year earlier and above the FactSet consensus of CA$2.46. Fiscal Q2 revenue was CA$8.01 billion, up from CA$7.02 billion a year ago. The bank said it plans to buy for cancellation up to 30 million shares, representing about 3.3% of total outstanding shares. Also, the company has agreed to sell its 91.7% stake in CIBC Caribbean Bank to Bank of N.T. Butterfield & Son (NTB) for a total consideration of about $1.6 billion, the acquiring company said. CIBC shares were down 4.6%.Best Buy (BBY) reported fiscal Q1 adjusted earnings Thursday of $1.28 per diluted share, up from $1.15 a year earlier and above the FactSet consensus of $1.23. Fiscal Q1 revenue was $8.94 billion, up from $8.77 billion a year ago and above the FactSet consensus of $8.83 billion. The company reiterated its fiscal 2027 guidance for adjusted EPS of $6.30 to $6.60 and revenue of $41.20 billion to $42.10 billion. Best Buy shares were up 16.3%.Eli Lilly's (LLY) weight-loss drugs secured coverage from the three largest US pharmacy benefit managers, the drugmaker said Thursday. Coverage for Foundayo through CVS Health's CVS Caremark Commercial Template plans will begin Monday, while access for existing Zepbound patients will continue without interruption and expand further by Oct. 1, the company said. Eli Lilly shares were up 4.1%.Price: $29.15, Change: $+0.36, Percent Change: +1.27%

$BBY$CM$CRM$CVS$CZR$LLY$MRVL$NTB$SNOW
Research

Research Alert: Cm: Q2 Earnings Beat On Solid Credit Quality And Efficiency Gains

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CM reported solid Q2 results with operating EPS of CAD2.54 vs CAD2.05 prior year, beating consensus by CAD0.09. Net interest income rose 15% Y/Y to CAD4,345M with NIM expanding 13 bps Y/Y to 1.67%, reflecting favorable rate positioning and disciplined pricing. Operational efficiency continued improving with the efficiency ratio reaching 52.4% (-200 bps Y/Y), while the diversified business model showed resilience with all segments contributing positive Y/Y growth. The strategic divestiture of CIBC Caribbean for USD1.6B represents capital reallocation toward consistent growth markets. Credit quality remained stable with provisions unchanged at CAD605M, though gross impaired loans rose 9 bps Y/Y to 0.66%, largely in line with peers but overall credit quality remains better than peers. We view the Caribbean transaction favorably as it will boost the CET1 ratio by 24 bps upon H1 2027 closing, strengthening CM's capital position for future growth investments and enhanced shareholder returns.

$CM
Research

Research Alert: Cm: Q2 Earnings Beat On Solid Credit Quality And Efficiency Gains

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CM reported solid Q2 results with operating EPS of CAD2.54 vs. CAD2.05 the prior year, beating consensus by CAD0.09. Net interest income rose 15% Y/Y to CAD4,345M with NIM expanding 13 bps Y/Y to 1.67%, reflecting favorable rate positioning and disciplined pricing. Operational efficiency continued improving with the efficiency ratio reaching 52.4% (-200 bps Y/Y), while the diversified business model showed resilience with all segments contributing positive Y/Y growth. The strategic divestiture of CIBC Caribbean for USD1.6B represents capital reallocation toward consistent growth markets. Credit quality remained stable with provisions unchanged at CAD605M, though gross impaired loans rose 9 bps Y/Y to 0.66%, largely in line with peers but overall credit quality remains better than peers. We view the Caribbean transaction favorably as it will boost the CET1 ratio by 24 bps upon 1H 2027 closing, strengthening CM's capital position for future growth investments and enhanced shareholder returns.

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Mining & Metals

Update: CIBC Now Down In US Premarket As Reports Q2 Adjusted Earnings Beat; Moved To Sell CIBC Caribbean and Announces NCIB

(updates share price in first paragraph and headlines, and also updates on performance across business units from paragraph 13)CIBC (CM.TO, CM) has turned negative in pre-market trade on Thursday even after reporting an increase in adjusted net earnings for the second quarter, beating expectations, while it declared an unchanged dividend, moved to sell its interest in CIBC Caribbean and announced an intention to repurchase up to 30 million common shares.For the second quarter, CIBC's adjusted net income jumped 23% year-on-year to $2,471 million, up from $2,016 million in the same period of 2025. Adjusted diluted earnings per share stood at $2.54 compared with $2.05 a year earlier. FactSet had forecasted $2.46.Reported net income stood at $2,465 million, up 23% from $2,007 million in the second quarter of 2025. CIBC posted reported EPS of $2.53 versus $2.04 a year ago.Results for the second quarter of 2026 were negatively impacted by $8 million ($6 million after tax), or $0.01 per share, related to the amortization of acquisition-related intangible assets.It had revenues of $8,006 million compared to $7,022 million. FactSet had forecast $7,959.7 million.Provision for credit losses was $605 million, comparable with $568 million in the first quarter of this fiscal. PCL on performing loans was down due to a "less unfavourable change in our economic outlook, partially offset by less favourable credit migration in the current quarter", the bank said. PCL on impaired loans was up mainly due to higher provisions in Canadian commercial banking and wealth management, and Canadian personal and business banking, it added.The bank also declared a dividend of $1.07 per share on common shares for the quarter ending July 31, 2026 payable on July 28, 2026 to shareholders of record at the close of business on June 29, 2026. It was unchanged from the dividend announced in Feb, 2026.The bank said the return on equity, a measure of profitability and efficiency, widened to 16.4% on an adjusted basis from 13.9% in the same period last year. Its CET1 ratio was 13.6% at April 30, 2026, compared with 13.4% at the end of the prior quarter."In the second quarter of 2026, we delivered strong financial results through the disciplined execution of our client-focused strategy, including double-digit growth in net income and a higher return on equity compared to a year ago, driven by robust results across all of our business units," said Harry Culham, CIBC CEO."Our team is delivering for our clients every day as we accelerate the execution of our strategy, supported by our strong capital position, prudent risk management and resilient balance sheet. As we look ahead, we are committed to creating value for our stakeholders by helping our clients achieve their ambitions, enabling growth for key industries across the economy and being there for our communities," Culham said.Additionally, CIBC also announced an agreement to sell its 91.67% interest in CIBC Caribbean to The Bank of N.T. Butterfield & Son (Butterfield) for a total consideration of approximately US$1.6 billion.The lender noted "proceeds will be comprised of US$1 billion in cash and 52,100,024 Butterfield common shares, currently valued at US$645 million, representing a minority interest of approximately 22% at closing". This transaction will allow the bank to reallocate capital toward strategic growth priorities in North America, it added. The transaction is expected to close in the first half of 2027, subject to Butterfield shareholder and regulatory approvals and other closing conditions.The bank also announced its intention to purchase for cancellation up to 30 million common shares under a normal course issuer bid, subject to the approval of the Toronto Stock Exchange. Common shares that may be purchased for cancellation represent approximately 3.3% of outstanding common shares as at April 30, 2026.On operations, Canadian Personal and Business Banking reported second-quarter net income of $846 million, up $112 million, or 15%, from a year earlier, reflecting higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings were $1,610 million, up $223 million from the second quarter a year ago, as higher revenue was partially offset by higher adjusted non-interest expenses. The higher revenue was mainly driven by a higher net interest margin and loan growth, the bank said.Canadian Commercial Banking and Wealth Management posted second-quarter net income of $614 million, up $65 million, or 12%, year-on-year, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings were $958 million, up $151 million from the second quarter a year ago, as higher revenue was partially offset by higher non-interest expenses.U.S. Commercial Banking and Wealth Management reported net income of $260 million, up $87 million from a year earlier, driven by lower provision for credit losses, and higher revenue, partially offset by higher non-interest expenses. Adjusted pre-provision, pre-tax earnings were $353 million, up $20 million from the second quarter a year ago, as higher revenue was partially offset by higher adjusted(1) non-interest expenses.Capital Markets reported first-quarter net income of $792 million, up $226 million, or 40%, from a year earlier, reflecting higher revenue and a provision reversal in the current quarter compared to a provision for credit losses in the same quarter last year, partially offset by higher non-interest expenses. Adjusted pre-provision, pre-tax earnings were up $235 million or 28% from the second quarter a year ago as higher revenue was partially offset by higher non-interest expenses, CIBC noted.Shares of the bank were last up US$0.56 to US$116 in pre-market trading on the NYSE on Thursday. They closed $0.33 down at C$159.54 in Toronto on Thursday.

$CM$CM.TO
Mining & Metals

CIBC Up In US Premarket As Reports Q2 Adjusted Earnings Beat; Moved To Sell CIBC Caribbean and Announces NCIB

CIBC (CM.TO, CM) was at last look up 0.5% in pre-market trade on Thursday after reporting an increase in adjusted net earnings for the second quarter, beating expectations, while it declared an unchanged dividend, moved to sell its interest in CIBC Caribbean and announced an intention to repurchase up to 30 million common shares.For the second quarter, CIBC's adjusted net income jumped 23% year-on-year to $2,471 million, up from $2,016 million in the same period of 2025. Adjusted diluted earnings per share stood at $2.54 compared with $2.05 a year earlier. FactSet had forecasted $2.46.Reported net income stood at $2,465 million, up 23% from $2,007 million in the second quarter of 2025. CIBC posted reported EPS of $2.53 versus $2.04 a year ago.Results for the second quarter of 2026 were negatively impacted by $8 million ($6 million after tax), or $0.01 per share, related to the amortization of acquisition-related intangible assets.It had revenues of $8,006 million compared to $7,022 million. FactSet had forecast $7,959.7 million.Provision for credit losses was $605 million, comparable with $568 million in the first quarter of this fiscal. PCL on performing loans was down due to a "less unfavourable change in our economic outlook, partially offset by less favourable credit migration in the current quarter", the bank said. PCL on impaired loans was up mainly due to higher provisions in Canadian commercial banking and wealth management, and Canadian personal and business banking, it added.The bank also declared a dividend of $1.07 per share on common shares for the quarter ending July 31, 2026 payable on July 28, 2026 to shareholders of record at the close of business on June 29, 2026. It was unchanged from the dividend announced in Feb, 2026.The bank said the return on equity, a measure of profitability and efficiency, widened to 16.4% on an adjusted basis from 13.9% in the same period last year. Its CET1 ratio was 13.6% at April 30, 2026, compared with 13.4% at the end of the prior quarter."In the second quarter of 2026, we delivered strong financial results through the disciplined execution of our client-focused strategy, including double-digit growth in net income and a higher return on equity compared to a year ago, driven by robust results across all of our business units," said Harry Culham, CIBC CEO."Our team is delivering for our clients every day as we accelerate the execution of our strategy, supported by our strong capital position, prudent risk management and resilient balance sheet. As we look ahead, we are committed to creating value for our stakeholders by helping our clients achieve their ambitions, enabling growth for key industries across the economy and being there for our communities," Culham said.Additionally, CIBC also announced an agreement to sell its 91.67% interest in CIBC Caribbean to The Bank of N.T. Butterfield & Son (Butterfield) for a total consideration of approximately US$1.6 billion.The bank also announced its intention to purchase for cancellation up to 30 million common shares under a normal course issuer bid, subject to the approval of the Toronto Stock Exchange. Common shares that may be purchased for cancellation represent approximately 3.3% of outstanding common shares as at April 30, 2026.Shares of the bank were last down US$0.09 to US$115.35 in pre-market trading on the NYSE on Thursday. They closed $0.33 down at C$159.54 in Toronto on Thursday.

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