Net worth tracking
Login Sign Up
Become a Premium Member
  • All Opinions
  • Top Picks
  • Experts
  • Companies
  • Discover
Watch List
Home » Daily

TD and CIBC slide on weak earnings

Allan Tong Posted On December 5, 2019
0
0
Shares
  • Share On Facebook
  • Tweet It

The last Canadian banks to report delivered harsh news on Thursday. TD, a Bay Street darling, announced an EPS miss of $1.59 vs. the $1.73 the street expected, and its adjusted profit was down compared to this time last year. TD shares fell 3.5%. Even worse, CIBC reported an EPS of $2.84, falling short of the predicted $3.07, and paid a $135 million impairment charge from selling a Barbadian bank.

CIBC stock plunged 5.18%. Similarly, Canadian Western Bank dropped 6.88% on bad earnings. Since Nov. 26, when the banks started reporting, the sector has slid 4% compared to 1.3% for the overall TSX. Banks and oil weighed down the TSX which ended in the red.

Trading was more positive in New York where the indices closed slightly higher after dipping for most of the day. The trigger was the House of Representatives announcing they would formally impeach Trump for asking Ukraine to dig up dirt on Democratic Presidential candidate Joe Biden. Market reaction has been mild towards the impeachment hearers, with many expecting the Senate to eventually pardon Trump. Big movers included Nike, up 2.21%, Activision Blizzard 2.06% and Biogen 3.41%. However, retailer Bed, Bath and Beyond fell 2.5%.

🏛 Toronto Dominion -3.5%
🏛 Canadian Imperial Bank of Commerce -5.18%
🏛 Canadian Western Bank -6.88%
👟 Nike Inc +2.21%
🎮 Activision Blizzard +2.06%
🔬 Biogen IDEC Inc. +3.41%
🛏 Bed Bath & Beyond -2.5%

0
Shares
  • Share On Facebook
  • Tweet It




Trending Now
FedEx, Aritzia Inc. and 17 Stock and 3 ETF Top Picks (Jun 24-30)
Melisa R. H. July 1, 2022
3 gems from the Collision technology conference
Allan Tong June 29, 2022
You may also like
UK Tories win, US and China agree to phase one, but markets mixed
December 13, 2019
Trade hopes push markets to record highs again
December 12, 2019
Markets flat or see-saw on geopolitical news
December 10, 2019
Read Next

Happy Friday on Toronto and New York markets

  • We're the Stock Chasers
    Hi! We are the Stock Chasers. We write about investing and finance tools we love. We’re passionate about fintech and we invest almost all our affiliate and advertising revenues into the development of Stockchase and Wealthica. We hope you enjoy the stock ideas and product reviews!
  • Top Reviews

    • Questrade Review: Pros & Cons of Trading with Questrade Canada (2021)
      8.5
    • Questrade vs Others | The Review Competitors Don’t Want you to Read (2021)
      7.4
    • The Ugly Truth About Identity Theft – Free Credit Report
      7
  • Popular Posts

    • FedEx, Aritzia Inc. and 17 Stock and 3 ETF Top Picks (Jun 24-30)
    • 3 gems from the Collision technology conference
    • Intertape Polymer Group and More at 52-week Highs & Lows (Jun 22-28)
    • 3 defensive stocks to find stability with your money
    • Markets slide on recession fears
  • Stock Lists

    • 3 defensive stocks to find stability with your money
      June 21, 2022
    • 3 rock stars of the mineral stocks
      June 15, 2022
    • 3 stocks to profit from revenge travel
      June 7, 2022
    • Are tech stocks alive?
      May 31, 2022
    • 3 dividend stocks to fight inflation
      May 24, 2022


  • Get $50 in free trades.


  • Stockchase neither recommends nor promotes any investment strategies.

    About us : Privacy & Terms : Contact us

© Stockchase Inc.
Press enter/return to begin your search