Today's Markets

1. 
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Overseas/Overnight Markets
 U.S. stock index futures fell, taking a cue from European and Asian
markets, as worries over global growth prospects and the outcome of
Greece’s private-sector bond swap later this week weigh on sentiment.
There is no U.S. economic data on the docket today.
 European stocks dropped, with banks and resource stocks among the
`largest detractors. A report released this morning showed a 0.3% Q/Q
contraction in the euro-area economy in Q4, confirming an initial estimate
published on February 15. Large declines in investment, exports and
consumer spending were to blame for the overall GDP contraction. Also
weighing on investors was a memo from the Institute of International
Finance that warned that a disorderly default would cause the euro zone
more than 1 trillion euros ($1.36 trillion) in damage, Reuters reported. The
report also stated that a default would likely force Italy and Spain to seek
aid to prevent being engulfed in the region’s debt crisis.
 Private investors that have declared their participation in Greece’s debt
restructuring hold about 20% of the bonds involved in a swap, the creditors’
stering committee said yesterday. The goal of the swap, which runs
through March 8, is to reduce the amount of privately-held Greek debt by
53.5% and help secure Greece’s second rescue package.
 Asian stocks fell sharply, with miners among the top declines, following
global markets lower on growth concerns. The Hang Seng shed 2.2%,
while the Shanghai Composite fell 1.4%. Japan’s Nikkei gave up a more
modest 0.6%.
North American Market Highlights & Headlines
 Aecon Group Inc. (ARE-T) reported a 143% increase in quarterly earnings
on Monday as margins improved on lower costs. Aecon reported EPS of
$0.49, up from $0.20 a year ago. Revenue in the quarter was $790 million,
down from $841 million, and well shy of the $859 million consensus
estimate. Aecon's backlog stood at $2.39 billion at December 31, 2011.
Futures Market
Market Chg Last % Chg
S&P 500 7 2,377 0.30
NASDAQ 18 5,522 0.33
Dow Jones 154 20,850 0.74
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 98 15,712 0.63 2.78
Venture -7 818 (0.83) 7.31
Dow Jones 216 20,764 1.05 5.07
S&P 500 25 2,374 1.08 6.04
NASDAQ 73 5,984 1.24 11.16
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 13 12,468 0.10 8.59
FTSE 16 7,281 0.22 1.93
Stoxx 600 1 387 0.35 7.20
Nikkei 203 19,079 1.08 (0.18)
Hang Seng 316 24,456 1.31 11.16
Commodities
Chg Last % Chg Ytd Chg
Gold -$7.22 $1,268.97 (0.57) 10.13
Oil $0.02 $49.25 0.04 (12.82)
Natural Gas $0.02 $3.08 0.52 (17.24)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7363 CDN$ 1.3581
Yen 81.37 Yen 110.51
Euro 0.6761 Euro 0.9181
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO -0.01 0.53 (1.85) 15.22
CAN 10-YR 0.03 1.52 1.95 (11.91)
U.S. 3-MO 0.02 0.80 1.96 61.36
U.S. 10-YR 0.03 2.30 1.26 (5.83)
All charts and data are sourced from
Bloomberg Finance L.P.
This publication is for distribution to Canadian
clients only.
Please refer to Appendix A of this report for
important disclosure information.
Overseas and Overnight Markets
 U.S. stock index futures are set to open higher with the Dow Jones industrial average
pointing to a second straight triple digit open while the NASDAQ looks to break the 6,000
level for the first time. Large-cap names Caterpillar, 3M, DuPont and McDonald's have
all reported better than expected earnings this morning, further extending investor
optimism from yesterday's French election results. On the data front, the S&P Case-
Shiller 20-city home price index for February showed a 5.8% increase in prices, the
highest increase in 32 months. New home sales for March and consumer confidence are
also due out at 10 a.m. ET.
 Asian markets ended the trading session higher as the global rally on the back of French
election polls continued, sending several regional markets to multi-year highs. Tokyo's
Nikkei Index finished the session with a 1.08% gain. Hong Kong's Hang Seng Index
closed 1.31% higher while Shanghai's Stock Composite Index posted a gain of 0.19%.
 European markets have inched higher through the morning and are mostly positive in
afternoon trade as the so-called Macron rally continues. The pan-European Stoxx 600
was last trading approximately 0.35% higher.
Company Headlines
 The Ontario Securities Commission has been asked to halt Cenovus Energy Inc.’s
(CVE-T) blockbuster $17.7-billion deal to buy ConocoPhillips’ (COP-N) Canadian
assets pending a shareholder vote. The transaction, which will see 208 million Cenovus
shares issued to Conoco Phillips to pay for part of the deal, will dilute shareholders by
nearly 47%. The Toronto Stock Exchange rules normally give shareholders the right to
vote on transactions where companies dilute their float by more than 25% but the
structure of the Cenovus deal avoided that requirement.
 Great-West Lifeco Inc. (GWO-T) recently announced it will cut 1,500 positions over the
next two years in response to changing technology and customer expectations. The cuts
are equal to 13% of the Winnipeg-based company’s 12,000 employees in Canada.
Great-West says the job cuts are part of a transformation of its business as it faces
heightened competition in the insurance industry.
 U.S. pipeline company Kinder Morgan Inc. (KMI-N) said its Canadian unit, Kinder
Morgan Canada, has filed a prospectus for an initial public offering of restricted voting
shares, to help finance its $7.4 billion Trans Mountain expansion project. Reports in
February indicated that the company had begun talks with institutional investors to raise
capital for the Trans Mountain project and was looking at either an IPO or joint venture.
The company did not disclose the IPO size or timeline in its submission to U.S.
regulators.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
April 25, 2017

2. Before the Open April 25, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - April 24 to April 28, 2017
Date/Time Event Period Consensus Actual Prior
04/24/2017 08:30 Wholesale Trade Sales MoM Feb -1.00% -0.20% 3.00%
04/24/2017 10:00 Bloomberg Nanos Confidence 21-Apr -- 59.1 58.6
04/26/2017 08:30 Retail Sales MoM Feb 0.00% -- 2.20%
04/26/2017 08:30 Retail Sales Ex Auto MoM Feb -0.30% -- 1.70%
04/27/2017 CFIB Business Barometer Apr -- -- 62.9
04/28/2017 08:30 GDP YoY Feb 2.60% -- 2.30%
04/28/2017 08:30 GDP MoM Feb 0.10% -- 0.60%
04/28/2017 08:30 Industrial Product Price MoM Mar 0.30% -- 0.10%
04/28/2017 08:30 Raw Materials Price Index MoM Mar -0.50% -- 1.20%
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
Leaders - Prior Session
Company Ticker % Change
IGM Financial Inc IGM-T 3.43
Ritchie Bros Auctioneers Inc RBA-T 3.06
Manulife Financial Corp MFC-T 3.03
Nevsun Resources Ltd NSU-T 2.77
Lucara Diamond Corp LUC-T 2.55
Laggards - Prior Session
Company Ticker % Change
SEMAFO Inc SMF-T -15.74
Home Capital Group Inc HCG-T -9.09
Sandstorm Gold Ltd SSL-T -5.28
OceanaGold Corp OGC-T -5.03
Kirkland Lake Gold Ltd KL-T -4.79
Canadian Equity Upgrades
 Canfor Raised to Strong Buy at Raymond James
 Mullen Group Raised to Strong Buy at Industrial Alliance
Canadian Equity Downgrades
 Semafo Inc. Cut to Neutral at CIBC
Today's Earnings – Canada
Metro Inc $0.53, Teck Resources Ltd $1.30, Copper Mountain Mining Corp $0.02,
Capstone Mining Corp $0.00, First National Financial Corp $0.63, OrganiGram
Holdings Inc $0.00

3. Before the Open April 25, 2017
Page 3
Weekly U.S. Economic Calendar - April 24 to April 28, 2017
Date/Time Event Period Consensus Actual Prior
04/24/2017 08:30 Chicago Fed Nat Activity Index Mar 0.5 0.08 0.27
04/24/2017 10:30 Dallas Fed Manf. Activity Apr 17 16.8 16.9
04/25/2017 09:00 FHFA House Price Index MoM Feb 0.40% 0.80% 0.00%
04/25/2017 09:00 S&P CoreLogic CS 20-City MoM SA Feb 0.72% 0.69% 0.86%
04/25/2017 09:00 S&P CoreLogic CS 20-City YoY NSA Feb 5.78% 5.85% 5.66%
04/25/2017 09:00 S&P CoreLogic CS 20-City NSA Index Feb -- 193.49 192.68
04/25/2017 09:00 S&P CoreLogic CS US HPI YoY NSA Feb -- 5.76% 5.64%
04/25/2017 09:00 S&P CoreLogic CS US HPI NSA Index Feb -- 185.56 185.11
04/25/2017 10:00 New Home Sales Mar 584k -- 592k
04/25/2017 10:00 New Home Sales MoM Mar -1.40% -- 6.10%
04/25/2017 10:00 Conf. Board Consumer Confidence Apr 122.5 -- 125.6
04/25/2017 10:00 Conf. Board Present Situation Apr -- -- 143.1
04/25/2017 10:00 Conf. Board Expectations Apr -- -- 113.8
04/25/2017 10:00 Richmond Fed Manufact. Index Apr 16 -- 22
04/26/2017 07:00 MBA Mortgage Applications 21-Apr -- -- -1.80%
04/26/2017 10:00 Revisions: Retail Sales
04/27/2017 08:30 Advance Goods Trade Balance Mar -$65.2b -- -$63.9b
04/27/2017 08:30 Wholesale Inventories MoM Mar P 0.20% -- 0.40%
04/27/2017 08:30 Retail Inventories MoM Mar -- -- 0.40%
04/27/2017 08:30 Durable Goods Orders Mar P 1.30% -- 1.80%
04/27/2017 08:30 Durables Ex Transportation Mar P 0.40% -- 0.50%
04/27/2017 08:30 Cap Goods Orders Nondef Ex Air Mar P 0.50% -- -0.10%
04/27/2017 08:30 Cap Goods Ship Nondef Ex Air Mar P 0.10% -- 1.00%
04/27/2017 08:30 Initial Jobless Claims 22-Apr 245k -- 244k
04/27/2017 08:30 Continuing Claims 15-Apr 2010k -- 1979k
04/27/2017 09:45 Bloomberg Consumer Comfort 23-Apr -- -- 49.9
04/27/2017 10:00 Pending Home Sales MoM Mar -1.00% -- 5.50%
04/27/2017 10:00 Pending Home Sales NSA YoY Mar -- -- -2.40%
04/27/2017 11:00 Kansas City Fed Manf. Activity Apr 17 -- 20
04/28/2017 08:30 Employment Cost Index 1Q 0.60% -- 0.50%
04/28/2017 08:30 GDP Annualized QoQ 1Q A 1.00% -- 2.10%
04/28/2017 08:30 Personal Consumption 1Q A 0.90% -- 3.50%
04/28/2017 08:30 GDP Price Index 1Q A 2.00% -- 2.10%
04/28/2017 08:30 Core PCE QoQ 1Q A 2.00% -- 1.30%
04/28/2017 09:45 Chicago Purchasing Manager Apr 56.3 -- 57.7
04/28/2017 10:00 U. of Mich. Sentiment Apr F 98 -- 98
04/28/2017 10:00 U. of Mich. Current Conditions Apr F -- -- 115.2
04/28/2017 10:00 U. of Mich. Expectations Apr F -- -- 86.9
04/28/2017 10:00 U. of Mich. 1 Yr Inflation Apr F -- 2.50% 2.50%
04/28/2017 10:00 U. of Mich. 5-10 Yr Inflation Apr F -- 2.40% 2.40%
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
Leaders - Prior Session
Company Ticker % Change
CR Bard Inc BCR-US 19.50
Hasbro Inc HAS-US 5.90
Xilinx Inc XLNX-US 5.13
Morgan Stanley MS-US 4.21
PVH Corp PVH-US 4.12
Laggards - Prior Session
Company Ticker % Change
Becton Dickinson and Co BDX-US -4.44
Regency Centers Corp REG-US -3.31
GGP Inc GGP-US -3.26
Kimco Realty Corp KIM-US -2.92
Micron Technology Inc MU-US -2.75
U.S. Equity Upgrades
 American Express Raised to Buy at Guggenheim Securities
 Best Buy Raised to Buy at BofAML
U.S. Equity Downgrades
 Akorn Cut to Hold at Jefferies
 Amazon Cut to Market Perform at Raymond James
 GE Cut to Neutral at BofAML
Today's Earnings – U.S.
Corning Inc $0.35, Freeport-McMoRan Inc $0.14, McDonald's Corp $1.34, Laboratory Corp of
America Holdings $2.20, PulteGroup Inc $0.29, Rite Aid Corp -$0.03, SUPERVALU Inc $0.09,
Biogen Inc $4.98, Polaris Industries Inc $0.70, AK Steel Holding Corp $0.14, Wabtec Corp/DE
$0.82, Allegheny Technologies Inc $0.12, JetBlue Airways Corp $0.23, EI du Pont de Nemours &
Co $1.39, Centene Corp $1.04, Sensata Technologies Holding NV $0.68, Eli Lilly & Co $0.96,
Baker Hughes Inc -$0.21, Fifth Third Bancorp $0.37, Graphic Packaging Holding Co $0.12, CIT
Group Inc $0.63, Nielsen Holdings PLC $0.48, Xerox Corp $0.16, Coca-Cola Co/The $0.44,
Masco Corp $0.36, AutoNation Inc $0.91, Valero Energy Corp $0.60, Brinker International Inc
$0.85, S&P Global Inc $1.39, Lockheed Martin Corp $2.79, Caterpillar Inc $0.61, 3M Co $2.07, T
Rowe Price Group Inc $1.21, PACCAR Inc $0.88, Stryker Corp $1.43, Ultimate Software Group
Inc/The $0.73, BofI Holding Inc $0.63, Arconic Inc $0.24, Capital One Financial Corp $1.92,
Chipotle Mexican Grill Inc $1.29, Total System Services Inc $0.77, Trinity Industries Inc $0.29,
Texas Instruments Inc $0.83, Ashland Global Holdings Inc $1.61, AT&T Inc $0.74, Universal
Health Services Inc $2.07, United States Steel Corp $0.35, Panera Bread Co $1.84, Superior
Energy Services Inc -$0.61, DDR Corp $0.28, Equity Residential $0.74, CH Robinson Worldwide
Inc $0.81, Illumina Inc $0.64, Juniper Networks Inc $0.42, Edwards Lifesciences Corp $0.82,
Wynn Resorts Ltd $0.98, iRobot Corp $0.25, Acadia Healthcare Co Inc $0.46, Discover Financial
Services $1.43, MACOM Technology Solutions Holdings Inc $0.61, Valvoline Inc $0.33

4. Before the Open April 25, 2017
Page 4
Appendix A - Important Information
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Research Ratings
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it is a top pick in the Analyst’s sector.
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SPECULATIVE BUY: The stock’s total return is expected to exceed 30% over the next 12 months; however, there is material event risk
associated with the investment that could result in significant loss.
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TENDER: Investors are advised to tender their shares to a specific offer for the company’s securities.
REDUCE: The stock’s total return is expected to be negative over the next 12 months.
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5. Before the Open April 25, 2017
Page 5
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