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Did CM Deliver? Earnings Day Recap for Canadian Imperial Bank Of Commerce
Canadian Imperial Bank Of Commerce (CM) posted its latest earnings today, and if you were hoping for fireworks, you might have blinked and missed the move. The stock finished the session at $67.62, down a mild -0.5%—falling far short of the ±4.9% move that options traders were bracing for.
How Does Today's Move Compare to History?
Let’s zoom out: Does CM typically react this quietly on earnings? Not exactly. Over the last 12 quarters, the average stock price change on earnings day has been a respectable +1.3%, with more than two-thirds of those sessions finishing higher. Initial opening gaps have skewed positive (+0.9%), and even intra-day action reveals an average high of +2.0% versus lows around -1.6%. In other words: volatility isn’t a stranger to CM’s earnings days.
Curious to dive deeper? Explore the full historical earnings performance for CM here.
| Stock Performance | Earnings Move | Open Gap | Open to High | Open to Low | Open to Close |
|---|---|---|---|---|---|
| Average Return | +1.3% | +0.9% | +2.0% | -1.6% | +0.4% |
| % of Moves Up | 66.7% | 83.3% | 58.3% | ||
| % of Moves Down | 33.3% | 16.7% | 41.7% |
Magnitude Matters: How Big Do These Moves Get?
Beyond just up or down, the actual size of the earnings day swing can make all the difference for traders. CM's average move, regardless of direction, clocks in at 3.5%—far outpacing today's tepid change. Historical maximum moves have reached as much as 7.6%, while some sessions have barely budged.
| Stock Performance | Earnings Move | Open Gap | Open to High | Open to Low | Open to Close |
|---|---|---|---|---|---|
| Absolute Average Return | 3.5% | 1.9% | 2.0% | 1.6% | 2.1% |
| Max Absolute Return | 7.6% | 3.5% | 4.5% | 4.8% | 4.2% |
| Min Absolute Return | 0.1% | 0.2% | 0.0% | 0.0% | 0.1% |
What Happens After Earnings? Trendwatching Post-Report Moves
If you're considering what happens next, historical patterns suggest a tendency toward mild post-earnings gains on Day 1 (+0.5%), but that advantage often fades out by Week 1 and turns slightly negative by Week 2.
| Stock Performance | 1 Day After Earnings | 2 Days After Earnings | 3 Days After Earnings | 1 Week After Earnings | 2 Weeks After Earnings |
|---|---|---|---|---|---|
| Average Return | +0.5% | 0.0% | -0.4% | -0.4% | -1.2% |
| % of Moves Up | 75.0% | 50.0% | 33.3% | 41.7% | 50.0% |
| % of Moves Down | 25.0% | 50.0% | 66.7% | 58.3% | 50.0% |
Today's Options Market: Where Was the Action?
Options volume reached 227 contracts, signaling heightened trader curiosity but not a surge by historical standards. The single most active contract was the January 2026 $75 call—suggesting at least a few traders are positioning for a move higher well down the road. Here's a closer look at this standout trade:
| Option Contract | 16-Jan-26 75 C |
| Volume | 63 |
| VWAP price | 1.68 |
| Open interest | 764 |
| Yesterday's closing price | 1.70 |
The Bottom Line
While options traders geared up for volatility, today's move was muted—at least for now. However, history shows CM earnings often come with a bias toward upside moves on the day itself, with mild but inconsistent follow-through in the sessions that follow. Whether today's lackluster action is the calm before a post-earnings storm remains to be seen.
Want to analyze historical earnings moves in detail? Check out the CM earnings statistics page here.
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