Global markets are lower on Thursday before U.S. Federal Reserve chairman Ben Bernanke is scheduled to speak at the annual Jackson Hole symposium, and as government bond yields rose in the Eurozone. Meanwhile, the U.S. Commerce Department will report today on personal income and spending in July. Here at home, Statistics Canada reports on current account balance in the second quarter. Economists expect to see a deficit of $15.2 billion.
Here are the stocks we're watching today:
*Canadian Imperial Bank of Commerce reported its third quarter 2012 results. Canada's fifth largest bank reported a 42 per cent jump in profit with net income of $841 million, or $2 per share, compared to $591 million, or $1.33 per share, for the same period one year ago. CIBC's revenue rose less than 1 per cent to $3.15 billion and it boosted its quarterly dividend by 4 cents to 94 cents per share, an increase of 4.4 per cent.
*National Bank of Canada will release its third quarter 2012 earnings after the markets close on Thursday. Though a Bloomberg forecast has predicted a dividend boost for most of Canada's banks, National Bank isn't likely among them. However, a Bloomberg Markets magazine last June ranked the National Bank as the world's fifth strongest bank.
*Royal Bank of Canada is raising its dividend by 5 per cent to 60 cents per share after reporting a 73 per cent increase in profit. This marks RBC's highest quarterly earnings ever. Earnings grew to $2.24 billion, or $1.47 per share, compared to earnings of $1.29 billion, or 83 cents per share, one year ago. RBC's total revenue is $7.76 billion versus $6.9 billion a year earlier.
*Toronto-Dominion Bank saw its third quarter profit rise by 14 per cent as Canada's second largest bank made $1.7 billion, or $1.78 per share, versus $1.49 billion, or $1.58 per share, one year ago. TD also raised its quarterly dividend by 5 cents to 77 cents per share, a 7 per cent hike. TD's revenue rose by 8 per cent to $5.84 billion.
*Pernod Ricard SA, France's largest distiller, reporting its fiscal year-end says its annual net profit increase by 10 per cent and its revenues grew by 7 per cent to $10.3 billion. The company, whose brands include Absolut Vodka and Mumm champagne, says much of its growth is happening in Asia and that help offset its struggling operations in Europe. The distiller recently promoted Alexandre Picard to the dual role of chairman and CEO following the sudden death of his uncle Patrick Picard who led the company for more than three decades.