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Canadian Imperial Bank of Commerce (CM)

NYSE - NYSE Delayed price. Currency in USD
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70.380.00 (0.00%)
At close: 4:00PM EDT
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Trade prices are not sourced from all markets
Previous close70.38
Bid69.75 x 1000
Ask0.00 x 800
Day's range70.26 - 70.83
52-week range46.45 - 87.62
Avg. volume513,090
Market cap31.419B
Beta (5Y monthly)0.95
PE ratio (TTM)8.04
EPS (TTM)8.76
Earnings dateN/A
Forward dividend & yield4.38 (6.22%)
Ex-dividend date26 Jun 2020
1y target est98.31
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  • Canada’s Trade Gap Widens Sharply on Surge in Auto Imports

    Canada’s Trade Gap Widens Sharply on Surge in Auto Imports

    (Bloomberg) -- Canadian trade with the rest of the world surged in June as the global economy rebounded from Covid-19 lockdowns.Total imports jumped 22%, while exports gained 17%, Statistics Canada said Wednesday in Ottawa. That caused the country’s trade deficit to rise to C$3.2 billion ($2.4 billion) from a revised C$1.3 billion in May, blowing past economist expectations for a C$900 million gap.The data reflect a rebound in global commerce following Covid-19 lockdowns, returning trade back to more normal levels. That included a sharp pick up in purchases from abroad by Canadian companies and consumers.The trend is particularly evident in the auto sector, which largely shutdown in April but has come back strongly. Auto imports rose 216%, while exports of motor vehicles and parts also jumped 218%.“For the moment, the readings on the trade balance will take a back seat to expectations regarding continued progress on two-way trade,” Royce Mendes, an economist at CIBC World Markets, said in a report to investors. “However, with U.S. virus cases surging in parts of the country, the outlook for Canada’s exports has become far more precarious.”In volume terms, exports rose 10.6% and imports jumped 28.3%. Canada’s trade with the U.S. also rebounded, driven by higher shipments of motor vehicles and parts.Combined, exports and imports have increased 20% since falling to a decade-low in April, though still well short of pre-pandemic level. Exports remain 18% below February levels, while imports are still down 14%.(Updates with details throughout, economist quote)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • ‘Amazon Junior’ Throws Weight Around on Canada’s Stock Market

    ‘Amazon Junior’ Throws Weight Around on Canada’s Stock Market

    (Bloomberg) -- Shopify Inc. is a growing rival to Inc. in e-commerce. The Canadian tech company is still much smaller than the U.S. giant, of course -- except in one respect.Ottawa-based Shopify, which went public only five years ago, has come to have an outsized impact on equity returns in its home country. It now accounts for fully 6.5% of the S&P/TSX Composite Index, more than Amazon’s 4.9% weight in the S&P 500.As Shopify goes -- and most of the time it goes up, not down -- so goes Canada’s main equity benchmark. The stock’s blistering run has added more than 4.5 percentage points to the TSX index’s return this year. That’s far more than the influence of Amazon, Microsoft Corp., Alphabet Inc. or Facebook Inc. on the S&P 500, according to data compiled by Bloomberg.One reason Shopify stands out, of course, is there are no other Canadian tech companies even close to its size: it closed the week with a market value of C$165 billion ($123 billion). As investors pile into the tech sector globally -- and as more retailers turn to online selling to serve customers during the pandemic -- Shopify’s popularity keeps growing. The stock is an easy choice for managers of Canadian large-cap funds who want some local exposure to e-commerce.The three largest sectors in the TSX index -- financials, energy and materials -- have a combined 55% weighting, with 99 of the index’s 221 members.The index has only 10 tech companies. Yet, they now represent 10.5% of the TSX composite, and that percentage has almost doubled this year. For Shopify, its influence has tripled since the end of 2019.Shopify’s stellar earnings report this week provided fresh evidence of how the stock can push around the broader index. After reporting second-quarter sales that nearly doubled, crushing analysts’ estimates, the stock jumped 6.8%.On that day the TSX rose 173 points. Shopify alone contributed 71 points of the gain, data compiled by Bloomberg show.Read more: Big Tech Earnings Surge During Pandemic While the Economy Slumps“Shopify has moved to rival Royal Bank largely because it is perceived as ‘Amazon Junior’ – facilitating the global move to online consumption,” said Canadian Imperial Bank of Commerce strategist Ian de Verteuil in a July 17 report. “Excluding Shopify, S&P/TSX returns over the past year and YTD would be about 500 basis points lower -- as would the percent exposure to the three big sectors.”Here’s what happened this week.Just the NumbersEconomyCanada’s economy has made up almost half of its historic contraction since the worst days of the pandemic, Statistics Canada reported Friday. Gross domestic product expanded 4.5% in May versus April. June was even stronger, with the statistics agency reporting a flash estimate of another 5% increase. Cumulatively, GDP has increased about 10% in the two months, after falling more than 18% in March and April.The Canadian government’s efforts to prevent the economy from collapsing have resulted in more red ink in just two months than in any full year in the country’s history. The shortfall for April and May hit C$87 billion, according to finance department figures released Friday.PoliticsPrime Minister Justin Trudeau denied allegations his ties to the WE Charity led the government to award a contract to the organization. In 90 minutes of testimony to a parliamentary committee, he said he never influenced the public service’s decision to choose WE to administer a C$900 million student-grant program this spring, even though he realized in hindsight he should have recused himself from cabinet’s final decision on the matter.Trudeau unveiled a plan to wind down Ottawa’s flagship Covid-19 income support benefit and bring recipients into an expanded employment insurance system. The Canadian Emergency Response Benefit will be phased out as the first people to receive the C$2,000 monthly payments start losing eligibility at the end of August.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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