Daily Pulse

One of our most accessible tools, this daily comment keeps you abreast of developments on the North American and international financial markets.

Michel Doucet

Michel Doucet
Vice-President and
Portfolio Manager

March 25, 2021


Canadian Imperial Bank of Commerce on Thursday logged higher profit and revenue results in the latest quarter as income from trading grew and the bank's credit-loss provision shrank. The Toronto-based bank logged earnings of $3.55 a share--equivalent to roughly $2.84--compared with $2.63 a share a year earlier. Net income attributable to shareholders was $1.62 billion, up from $1.21 billion in the year-ago period. Adjusted earnings per share were $3.58. Analysts surveyed by FactSet had forecast an adjusted profit of $2.81 a share. Canadian Imperial's revenue was $4.96 billion, up from $4.86 billion in the year-ago period. Analysts had been estimating revenue of $4.77 billion. The bank's provision for credit losses declined to $147 million, from $291 million in the sequentially previous quarter, which ended on Oct. 31.

United States

On Wednesday, the Federal Communications Commission announced the winners of an $81 billion auction for the license to use important airwaves that are ideal for 5G. The big winners were Verizon and AT&T. They need these airwaves in order to build 5G networks, which are significantly faster than current wireless service. Verizon, through its Cellco Partnership subsidiary, bid nearly $45.5 billion on the airwaves. AT&T, through AT&T Spectrum Frontiers, bid $23.4 billion. The third-largest U.S. carrier, T-Mobile, bid the third-largest amount of money, $9.3 billion. The sums spent by the companies ended up much higher than expectations for the auction last summer, which reflects how important securing licenses for the airwaves is for the carriers.

Nvidia stock went from a 3% gain to a 2% loss in extended trading on Wednesday, after CEO Jensen Huang told analysts on an earnings call that he does not expect the company’s business of selling processors to cryptocurrency miners to “grow extremely large.” Nvidia beat elevated analyst expectations for both earnings and revenue for the fourth quarter of its fiscal year, which ended in December. Here’s how Nvidia did: Earnings: $3.10 per share, adjusted, vs. $2.81 per share as expected by analysts, according to Refinitiv; Revenue: $5.00 billion, versus $4.82 billion as expected by analysts, according to Refinitiv.


It’s a busy day for earnings in Europe with the world’s largest brewer Anheuser-Busch InBev, Veolia, AXA, Bayer, Standard Chartered, Aston Martin, Telefonica and Adecco Group all reporting before the bell. AB InBev forecast higher revenues in 2021, but also projected inflated costs and a possible hit to margins, sending the company’s stock 5% lower in early trade. Standard Chartered reaffirmed its long-term profit targets and restored its dividend Thursday, though higher credit impairments due to the Covid-19 pandemic led to a 57% fall in annual profit for 2020, missing analysts’ expectations. The British lender’s stock fell 4.2%.


Australia has passed a new law that will require digital platforms like Facebook and Google to pay local media outlets and publishers to link their content on news feeds or in search results. The move was widely expected and comes days after the government  introduced some last-minute amendments to the proposed bill, known officially as the News Media and Digital Platforms Mandatory Bargaining Code. “The Code will ensure that news media businesses are fairly remunerated for the content they generate, helping to sustain public interest journalism in Australia,” Treasurer Josh Frydenberg and Communications Minister Paul Fletcher said in a joint statement.

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