CIBC Shares Drop Even With Profit Beat and Caribbean Sale
CIBC shares fell 5.5% to C$150.72 Thursday after the bank announced it will sell most of its Caribbean unit for about US$1.6 billion, despite beating quarterly profit forecasts. Adjusted net income rose 23% to C$2.47 billion, with strong capital markets results. The S&P/TSX financials sector dropped 0.88% as investors looked past earnings beats from CIBC, RBC, and TD.