Today's Open

1. 
bbbsb
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 -1 2,358 (0.04)
NASDAQ 3 5,441 0.05
Dow Jones 3 20,607 0.01
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -31 15,548 (0.20) 1.70
Venture 8 816 0.99 7.01
Dow Jones -65 20,663 (0.31) 4.56
S&P 500 -5 2,363 (0.23) 5.53
NASDAQ -3 5,912 (0.04) 9.82
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 18 12,331 0.15 7.40
FTSE 0 7,323 (0.00) 2.52
Stoxx 600 0 381 0.07 5.53
Nikkei 74 18,983 0.39 (0.69)
Hang Seng 150 24,261 0.62 10.28
Commodities
Chg Last % Chg Ytd Chg
Gold -$1.86 $1,247.49 (0.15) 8.26
Oil $0.18 $50.78 0.35 (9.40)
Natural Gas $0.03 $3.22 0.90 (13.56)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7492 CDN$ 1.3348
Yen 83.39 Yen 111.31
Euro 0.7026 Euro 0.9378
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO -0.03 0.51 (5.56) 10.87
CAN 10-YR -0.01 1.61 (0.86) (6.39)
U.S. 3-MO 0.01 0.76 0.68 52.13
U.S. 10-YR -0.01 2.38 (0.23) (2.55)
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 marginally higher open as markets around the
world start the second quarter of the year on a positive, but cautious note. On the data
front, the latest ISM manufacturing index reading is scheduled for release at 10 a.m. ET.
The index rose to 57.7 in February and is expected to inch lower to 57.5 in March.
Construction spending and vehicle sales data will also be released.
 Asian markets ended the trading day mostly higher to kick off the new quarter as traders
eyed news ahead of China's president visiting the U.S. Tokyo's Nikkei Index finished the
session with a 0.39% gain. Hong Kong's Hang Seng Index closed 0.62% higher, while
Shanghai's Stock Composite Index was closed for a national holiday.
 European markets are in positive territory in afternoon trade as investors focus on U.S.
trade and economic policy as well as regional economic data. Shares of U.K. chip-
designer Imagination Technologies have fallen almost 70 percent after Apple announced
that it will no longer be using its chips in its new products. The pan-European Stoxx 600
is trading approximately 0.10% higher.
Company Headlines
 Bombardier Inc. (BBD.B-T) further retreated Sunday on a hefty pay increase to six
senior executives, announcing they would defer receiving payment on a sizeable chunk
until a later time. A statement from company President and CEO Alain Bellemare late
Sunday said he has asked the transportation giant’s board of directors to defer more
than half of the US$32.6 million the executives received in compensation in 2016 until
2020. Public anger about the roughly 50% increase in compensation from the US$21.9
million paid to the executives in 2015 has mounted steadily in the past few days in light
of the fact Bombardier has received hundreds of millions of tax dollars.
 Cenovus Energy Inc. (CVE-T) plans to raise about C$1.8 billion from property sales as
it seeks to offset the cost of its C$17.7 billion purchase of ConocoPhillips’ Canadian oil
assets, according to people familiar with the matter. The Calgary-based producer has
hired Bank of Montreal to advise on the sale of its Suffield oil and natural gas drilling
project in Alberta, which it hopes will fetch about C$600 million. The company has also
tapped Barclays Plc and Canadian Imperial Bank of Commerce to advise on the sale of
its Pelican Lake asset in Alberta, which it hopes will raise about C$1.2 billion
 Major Canadian oil companies could face tens of millions of dollars in liabilities as a
result of tiny Lexin Resources Ltd.’s insolvency and its inability to clean up over 1,500 oil
and gas wells in Alberta. Receivership documents show 51 companies – including major
Calgary-based producers Canadian Natural Resources Ltd. (CNQ-T), Exxon Mobil
Canada (XOM-N) and Husky Energy Inc. (HSE-T) – may be held at least partially liable
for Lexin’s wells as a result of their ownership in some of those assets. These
companies were copied on correspondence between the Alberta Energy Regulator and
Lexin before the regulator took the unprecedented step of pushing Lexin into
receivership because the company failed to comply with multiple regulatory orders.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
April 3, 2017

2. Before the Open April 3, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - April 03 to April 07, 2017
Date/Time Event Period Consensus Actual Prior
04/03/2017 07:00 MLI Leading Indicator MoM Feb -- 0.40% 0.70%
04/03/2017 09:30 Markit Canada Manufacturing PMI Mar -- -- 54.7
04/03/2017 10:00 Bloomberg Nanos Confidence 31-Mar -- -- 58.5
04/03/2017 10:30 Business Outlook Future Sales 1Q -- -- 26
04/03/2017 10:30 BoC Senior Loan Officer Survey 1Q -- -- -2.6
04/04/2017 08:30 Int'l Merchandise Trade Feb 0.55b -- 0.81b
04/06/2017 08:30 Building Permits MoM Feb -- -- 5.40%
04/07/2017 08:30 Unemployment Rate Mar 6.70% -- 6.60%
04/07/2017 08:30 Part Time Employment Change Mar -- -- -89.8
04/07/2017 08:30 Full Time Employment Change Mar -- -- 105.1
04/07/2017 08:30 Net Change in Employment Mar 5.7k -- 15.3k
04/07/2017 08:30 Participation Rate Mar -- -- 65.8
04/07/2017 10:00 Ivey Purchasing Managers Index SA Mar -- -- 55
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Apr-16 Jun-16 Aug-16 Oct-16 Nov-16 Jan-17 Mar-17
Leaders - Prior Session
Company Ticker % Change
BlackBerry Ltd BB-T 11.11
Fortuna Silver Mines Inc FVI-T 6.13
Endeavour Mining Corp EDV-T 5.48
Ivanhoe Mines Ltd IVN-T 3.80
Enercare Inc ECI-T 3.75
Laggards - Prior Session
Company Ticker % Change
Hudbay Minerals Inc HBM-T -7.02
Extendicare Inc EXE-T -3.63
Methanex Corp MX-T -3.16
MAG Silver Corp MAG-T -2.57
Bombardier Inc BBD/B-T -2.39
Canadian Equity Upgrades
 Blackberry Raised to Outperform at Macquarie
Canadian Equity Downgrades
 Royal Bank of Canada Cut to Hold at TD Securities
 Atco (Canada) Cut to Underperform at BMO Capital Markets
Today's Earnings – Canada
No scheduled releases

3. Before the Open April 3, 2017
Page 3
Weekly U.S. Economic Calendar - April 03 to April 07, 2017
Date/Time Event Period Consensus Actual Prior
04/03/2017 09:45 Markit US Manufacturing PMI Mar F 53.5 -- 53.4
04/03/2017 10:00 ISM Manufacturing Mar 57.2 -- 57.7
04/03/2017 10:00 ISM Prices Paid Mar 66 -- 68
04/03/2017 10:00 ISM New Orders Mar -- -- 65.1
04/03/2017 10:00 ISM Employment Mar -- -- 54.2
04/03/2017 10:00 Construction Spending MoM Feb 1.00% -- -1.00%
04/03/2017 Wards Total Vehicle Sales Mar 17.30m -- 17.47m
04/03/2017 Wards Domestic Vehicle Sales Mar 13.60m -- 13.65m
04/04/2017 08:30 Trade Balance Feb -$44.5b -- -$48.5b
04/04/2017 10:00 Factory Orders Feb 1.00% -- 1.20%
04/04/2017 10:00 Factory Orders Ex Trans Feb -- -- 0.30%
04/04/2017 10:00 Durable Goods Orders Feb F 1.70% -- 1.70%
04/04/2017 10:00 Durables Ex Transportation Feb F -- -- 0.40%
04/04/2017 10:00 Cap Goods Orders Nondef Ex Air Feb F -- -- -0.10%
04/04/2017 10:00 Cap Goods Ship Nondef Ex Air Feb F -- -- 1.00%
04/05/2017 07:00 MBA Mortgage Applications 31-Mar -- -- -0.80%
04/05/2017 08:15 ADP Employment Change Mar 195k -- 298k
04/05/2017 09:45 Markit US Services PMI Mar F 53.1 -- 52.9
04/05/2017 09:45 Markit US Composite PMI Mar F -- -- 53.2
04/05/2017 10:00 ISM Non-Manf. Composite Mar 57 -- 57.6
04/05/2017 14:00 FOMC Meeting Minutes 15-Mar -- -- --
04/06/2017 07:30 Challenger Job Cuts YoY Mar -- -- -40.00%
04/06/2017 08:30 Initial Jobless Claims 1-Apr 250k -- 258k
04/06/2017 08:30 Continuing Claims 25-Mar 2030k -- 2052k
04/06/2017 09:45 Bloomberg Consumer Comfort 2-Apr -- -- 49.7
04/07/2017 08:30 Change in Nonfarm Payrolls Mar 175k -- 235k
04/07/2017 08:30 Two-Month Payroll Net Revision Mar -- -- 9k
04/07/2017 08:30 Change in Private Payrolls Mar 175k -- 227k
04/07/2017 08:30 Change in Manufact. Payrolls Mar 17k -- 28k
04/07/2017 08:30 Unemployment Rate Mar 4.70% -- 4.70%
04/07/2017 08:30 Average Hourly Earnings MoM Mar 0.20% -- 0.20%
04/07/2017 08:30 Average Hourly Earnings YoY Mar 2.70% -- 2.80%
04/07/2017 08:30 Average Weekly Hours All Employees Mar 34.4 -- 34.4
04/07/2017 08:30 Labor Force Participation Rate Mar -- -- 63.00%
04/07/2017 08:30 Underemployment Rate Mar -- -- 9.20%
04/07/2017 10:00 Wholesale Trade Sales MoM Feb -- -- -0.10%
04/07/2017 10:00 Wholesale Inventories MoM Feb F 0.40% -- 0.40%
04/07/2017 15:00 Consumer Credit Feb $15.000b -- $8.794b
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Apr-16 Jun-16 Aug-16 Oct-16 Nov-16 Jan-17 Mar-17
Leaders - Prior Session
Company Ticker % Change
FMC Corp FMC-US 13.15
Advanced Micro Devices Inc AMD-US 3.56
Martin Marietta Materials Inc MLM-US 3.16
Cabot Oil & Gas Corp COG-US 2.88
Vulcan Materials Co VMC-US 2.37
Laggards - Prior Session
Company Ticker % Change
Incyte Corp INCY-US -2.98
AutoNation Inc AN-US -2.76
Expedia Inc EXPE-US -2.54
Seagate Technology PLC STX-US -2.53
DXC Technology Co DXC-US -2.19
U.S. Equity Upgrades
 AMC Entertainment Raised to Outperform at FBR Capital Markets
U.S. Equity Downgrades
 Priceline Cut to Neutral at MoffettNathanson
 Under Armour Cut to Underperform at FBR Capital Markets
Today's Earnings – U.S.
No scheduled releases

4. Before the Open April 3, 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
complete. This report is for informational purposes only and is not an offer or solicitation with respect to the purchase or sale of any
investment fund, security or other product. Particular investment, trading, or tax strategies should be evaluated relative to each individual’s
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.
Technical Research Disclaimer
The opinions expressed herein reflect a technical perspective and may differ from fundamental research on these issuers. Fundamental
research can be obtained through your TD Wealth advisor or on the Markets and Research site within WebBroker.
The technical research opinions contained in this report are based on historical technical data and expectations of the most likely direction
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however TD Waterhouse Canada Inc. does not compensate its analysts based on specific investment banking transactions.

5. Before the Open April 3, 2017
Page 5
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