CIBC Rises Most Since May on Earnings Beat While TD Falls

Canadian Imperial Bank of Commerce rose the most in six months after posting fourth-quarter profit that beat analysts’ expectations, while larger rival Toronto-Dominion Bank fell as earnings disappointed investors. “CIBC came in well ahead of expectations on the back of exceptionally strong domestic retail and a better than forecast contribution from its new U.S. platform," Barclays Plc analyst John Aiken said in a note. Given the negative sentiment on the stock, including short sellers, one would expect to see solid outperformance on CIBC as the market begins to rerate the stock, he said.