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 3 2,385 0.13
NASDAQ 11 5,547 0.19
Dow Jones 28 20,933 0.13
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -96 15,650 (0.61) 2.37
Venture 2 807 0.28 5.81
Dow Jones -21 20,975 (0.10) 6.14
S&P 500 -1 2,387 (0.05) 6.64
NASDAQ 0 6,025 (0.00) 11.93
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -16 12,457 (0.13) 8.50
FTSE -40 7,249 (0.55) 1.48
Stoxx 600 -1 388 (0.29) 7.24
Nikkei -38 19,252 (0.19) 0.72
Hang Seng 120 24,698 0.49 12.26
Commodities
Chg Last % Chg Ytd Chg
Gold -$5.49 $1,263.74 (0.43) 9.67
Oil -$1.01 $48.61 (2.08) (13.95)
Natural Gas -$0.04 $3.23 (1.39) (13.37)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7363 CDN$ 1.3581
Yen 82.06 Yen 111.44
Euro 0.6765 Euro 0.9188
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO -0.01 0.52 (1.89) 13.04
CAN 10-YR 0.12 1.60 8.38 (6.86)
U.S. 3-MO 0.00 0.81 (0.01) 62.36
U.S. 10-YR 0.01 2.31 0.39 (5.39)
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 pointing to a slightly higher open as traders await a huge
day of earnings and data. Large-cap names reporting prior to the opening bell include
AbbVie, Bristol-Myers Squibb, Ford, Union Pacific, UPS, American Airlines Group,
Comcast and Under Armour, with a number of them beating consensus estimates thus
far. After market close, investors will also digest earnings from tech heavyweights
Alphabet, Amazon.com, Intel and Microsoft. On the data front, initial jobless claims for
the most recent week came in at 257,000 versus an estimate of 242,000. Durable goods
and advance economic indicators are also set for release before the open while pending
home sales and housing vacancies are due at 10:00 a.m. E.T.
 Asian markets ended the trading session mostly higher following the lower close on Wall
Street as investors focused on U.S. President Donald Trump's highly-anticipated tax
reform plans. Tokyo's Nikkei Index finished the session with a 0.19% loss. Hong Kong's
Hang Seng Index closed 0.49% higher while Shanghai's Stock Composite Index posted
a gain of 0.37%.
 European markets are lower in afternoon trade as investors wait to hear from European
Central Bank President Mario Draghi while continuing to digest fresh corporate earnings
both regionally and in the U.S. The pan-European Stoxx 600 was last trading
approximately 0.30% lower.
Company Headlines
 Shares of Home Capital Group Inc. (HCG-T) plunged 65% Wednesday after the
embattled mortgage lender said it was seeking a $2 billion line of credit to backstop a
significant decline in deposits at its subsidiary. Home Trust has seen deposits drop by
nearly $600 million in recent weeks and Home Capital said that it expects the
withdrawals to accelerate. The mortgage lender said that the prohibitive terms of the
proposed credit line, negotiated with “a major institutional investor”, would “have a
material impact on earnings, and would leave the Company unable to meet previously
announced financial targets.”
 Suncor Energy (SU-T), Canada’s largest oil and gas company, reported a better-than-
expected first-quarter profit on as a result of higher crude prices, foreign exchange gains
and the sale of assets. The company reported net earnings of C$1.352 billion or 81
cents per share. In the year-prior, Suncor recorded a net profit of C$257 million, or 17
cents a share.
 Crescent Point Energy (CPG-T) has reported a surprise quarterly profit compared to
the loss at this time a year-ago. The Calgary-based company reported a net profit of
$119.4 million, or 22 cents per share, in the first quarter ended March 31, compared with
a loss of C$87.5 million, or 17 cents per share, a year earlier. Analysts had expected the
company to report a quarterly loss of approximately $0.08 per share.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
April 27, 2017

2. Before the Open April 27, 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% -0.60% 2.30%
04/26/2017 08:30 Retail Sales Ex Auto MoM Feb -0.30% -0.10% 2.30%
04/27/2017 CFIB Business Barometer Apr -- 64.4 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
Kirkland Lake Gold Ltd KL-T 5.48
Klondex Mines Ltd KDX-T 3.84
Silver Standard Resources Inc SSO-T 3.56
Pason Systems Inc PSI-T 3.36
MAG Silver Corp MAG-T 3.35
Laggards - Prior Session
Company Ticker % Change
Home Capital Group Inc HCG-T -64.95
Westshore Terminals Investment CorpWTE-T -11.80
Sandstorm Gold Ltd SSL-T -9.19
Genworth MI Canada Inc MIC-T -8.15
Badger Daylighting Ltd BAD-T -6.41
Canadian Equity Upgrades
 Home Capital Group Raised to Speculative Buy at TD Securities
 Western Energy Services Raised to Outperform at Raymond James
Canadian Equity Downgrades
 Equitable Group Cut to Underperform at National Bank
 Atco Ltd. Cut to Hold at TD Securities
Today's Earnings – Canada
DealNet Capital Corp -$0.01, Maple Leaf Foods Inc $0.30, Crescent Point Energy
Corp -$0.08, Photon Control Inc $0.02, Potash Corp of Saskatchewan Inc $0.11,
Teranga Gold Corp $0.00, Jean Coutu Group PJC Inc/The $0.26, Mercer International
Inc $0.30, Agnico Eagle Mines Ltd $0.10, Fairfax Financial Holdings Ltd $8.39,
Nevsun Resources Ltd -$0.02, First Quantum Minerals Ltd $0.07, Eldorado Gold Corp
$0.01, Constellation Software Inc/Canada $4.77, Detour Gold Corp $0.02, AKITA
Drilling Ltd -$0.10

3. Before the Open April 27, 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% 0.20%
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 621k 587k
04/25/2017 10:00 New Home Sales MoM Mar -1.40% 5.80% 0.30%
04/25/2017 10:00 Conf. Board Consumer Confidence Apr 122.5 120.3 124.9
04/25/2017 10:00 Conf. Board Present Situation Apr -- 140.6 143.9
04/25/2017 10:00 Conf. Board Expectations Apr -- 106.7 112.3
04/25/2017 10:00 Richmond Fed Manufact. Index Apr 16 20 22
04/26/2017 07:00 MBA Mortgage Applications 21-Apr -- 2.70% -1.80%
04/26/2017 10:00 Revisions: Retail Sales
04/27/2017 08:30 Advance Goods Trade Balance Mar -$65.2b -$64.8b -$63.9b
04/27/2017 08:30 Wholesale Inventories MoM Mar P 0.20% -0.10% 0.20%
04/27/2017 08:30 Retail Inventories MoM Mar -- 0.40% 0.40%
04/27/2017 08:30 Durable Goods Orders Mar P 1.30% 0.70% 2.30%
04/27/2017 08:30 Durables Ex Transportation Mar P 0.40% -0.20% 0.70%
04/27/2017 08:30 Cap Goods Orders Nondef Ex Air Mar P 0.50% 0.20% 0.10%
04/27/2017 08:30 Cap Goods Ship Nondef Ex Air Mar P 0.10% 0.40% 1.10%
04/27/2017 08:30 Initial Jobless Claims 22-Apr 245k 257k 243k
04/27/2017 08:30 Continuing Claims 15-Apr 2007k 1988k 1978k
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%
04/28/2017 10:00 U. of Mich. 5-10 Yr Inflation Apr F -- -- 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
Edwards Lifesciences Corp EW-US 10.49
Wyndham Worldwide Corp WYN-US 9.02
Perrigo Co PLC PRGO-US 7.68
Total System Services Inc TSS-US 7.14
Juniper Networks Inc JNPR-US 6.05
Laggards - Prior Session
Company Ticker % Change
Seagate Technology PLC STX-US -16.83
CH Robinson Worldwide Inc CHRW-US -6.29
Dr Pepper Snapple Group Inc DPS-US -5.52
Boston Properties Inc BXP-US -4.94
Kansas City Southern KSU-US -3.96
U.S. Equity Upgrades
 McDonald's Raised to Buy at Argus
 Cisco Raised to Outperform at Credit Suisse
U.S. Equity Downgrades
 American Airlines Cut to Neutral at JPMorgan
 Akamai Cut to Underweight at Morgan Stanley
Today's Earnings – U.S.
Air Products & Chemicals Inc $1.38, American Airlines Group Inc $0.57, Brunswick Corp/DE
$0.82, Cliffs Natural Resources Inc $0.18, EQT Corp $0.49, Helmerich & Payne Inc -$0.41,
International Paper Co $0.56, Marsh & McLennan Cos Inc $0.98, MGM Resorts International
$0.29, Praxair Inc $1.33, Patterson-UTI Energy Inc -$0.44, Simon Property Group Inc $2.77,
Alexion Pharmaceuticals Inc $1.24, National Oilwell Varco Inc -$0.20, KKR & Co LP $0.51,
Carter's Inc $0.84, Acorda Therapeutics Inc $0.09, CME Group Inc $1.20, AllianceBernstein
Holding LP $0.44, LKQ Corp $0.46, Domino's Pizza Inc $1.16, WEX Inc $1.21, Marathon
Petroleum Corp -$0.05, AbbVie Inc $1.26, Pinnacle Foods Inc $0.46, Extended Stay America Inc
$0.13, GrubHub Inc $0.24, Exact Sciences Corp -$0.41, Boston Scientific Corp $0.30, Southwest
Airlines Co $0.63, BorgWarner Inc $0.84, Dow Chemical Co/The $0.99, Johnson Controls
International plc $0.49, Invesco Ltd $0.56, Under Armour Inc -$0.04, CBRE Group Inc $0.33,
Bristol-Myers Squibb Co $0.73, Ford Motor Co $0.34, Raytheon Co $1.60, Union Pacific Corp
$1.23, Comcast Corp $0.44, Sirius XM Holdings Inc $0.04, American Tower Corp $1.45,
ServiceMaster Global Holdings Inc $0.38, Parker-Hannifin Corp $1.83, Celgene Corp $1.63, Ally
Financial Inc $0.48, Zimmer Biomet Holdings Inc $2.11, United Parcel Service Inc $1.29, Intel
Corp $0.65, Mohawk Industries Inc $2.72, Align Technology Inc $0.67, Cowen Group Inc $0.16,
Amazon.com Inc $1.08, Starbucks Corp $0.45, Microsoft Corp $0.70, Aflac Inc $1.62, KLA-
Tencor Corp $1.55, Eastman Chemical Co $1.76, Cypress Semiconductor Corp $0.11, Western
Digital Corp $2.14, Skyworks Solutions Inc $1.40, Cerner Corp $0.58, Microsemi Corp $0.91,
SVB Financial Group $1.84, Vertex Pharmaceuticals Inc $0.30, Hartford Financial Services
Group Inc/The $1.01, Sarepta Therapeutics Inc -$0.87, FirstEnergy Corp $0.71, Innoviva Inc
$0.28, Synaptics Inc $1.21, Digital Realty Trust Inc $1.47, Expedia Inc $0.06, Fortinet Inc $0.15,
SS&C Technologies Holdings Inc $0.44, athenahealth Inc $0.46, GoPro Inc -$0.44, Gigamon Inc
$0.07, Alphabet Inc $7.42, Fortive Corp $0.57, Mead Johnson Nutrition Co $0.80

4. Before the Open April 27, 2017
Page 4
Appendix A - Important Information
General Research Disclaimer
The statements and statistics contained herein are based on material believed to be reliable, but are not guaranteed to be accurate or
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objectives. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance. This document
does not provide individual financial, legal, investment or tax advice. Please consult your own legal, investment and tax advisor. All
opinions and other information in this document are subject to change without notice. The Toronto-Dominion Bank and its affiliates and
related entities are not liable for any errors or omissions in the information or for any loss or damage suffered.
TD Waterhouse Canada Inc. and/or its affiliated persons or companies may hold a position in the securities mentioned, including options,
futures and other derivative instruments thereon, and may, as principal or agent, buy or sell such securities. Affiliated persons or
companies may also make a market in and participate in an underwriting of such securities.
Full disclosures for all companies covered by TD Securities Inc. can be viewed at
https://www.tdsresearch.com/equities/welcome.important.disclosure.action
Research Ratings
Action List BUY: The stock’s total return is expected to exceed a minimum of 15%, on a risk-adjusted basis, over the next 12 months and
it is a top pick in the Analyst’s sector.
BUY: The stock’s total return is expected to exceed a minimum of 15%, on a risk-adjusted basis, over the next 12 months.
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.
HOLD: The stock’s total return is expected to be between 0% and 15%, on a risk-adjusted basis, over the next 12 months.
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 27, 2017
Page 5
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