Today's markets

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 13 2,453 0.52
NASDAQ 36 5,874 0.61
Dow Jones 101 21,949 0.46
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -41 15,033 (0.27) (1.66)
Venture 4 763 0.56 0.06
Dow Jones 14 21,858 0.07 10.60
S&P 500 3 2,441 0.13 9.04
NASDAQ 40 6,257 0.64 16.23
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 131 12,145 1.09 5.78
FTSE 39 7,349 0.53 2.89
Stoxx 600 3 375 0.83 3.82
Nikkei -193 19,537 (0.98) 2.21
Hang Seng 367 27,250 1.36 23.86
Commodities
Chg Last % Chg Ytd Chg
Gold -$6.30 $1,283.05 (0.49) 11.35
Oil -$0.19 $48.63 (0.39) (14.67)
Natural Gas $0.00 $2.98 - (19.90)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7877 CDN$ 1.2695
Yen 86.33 Yen 109.59
Euro 0.6678 Euro 0.8478
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO -0.01 0.72 (1.37) 56.52
CAN 10-YR 0.04 1.89 2.21 10.05
U.S. 3-MO 0.00 1.03 - 107.40
U.S. 10-YR 0.03 2.22 1.36 (9.24)
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 pointed to a strong open on Monday boosted by a solid
performance seen from international markets as geopolitical tensions ease. Dow Jones
futures rose 101 points, while S&P 500 futures jumped 13 points. Nasdaq 100 futures
advanced 36 points as shares of major tech stocks all rose in premarket trading.
 Asian markets were mixed on Monday, as investors in Asia digested the release of a
barrage of China data. Japan's benchmark Nikkei 225 index fell 0.98 percent, while
Hong Kong's Hang Seng Index gained 1.36 percent and the Shanghai Composite
advanced 0.88 percent.
 European stocks moved sharply higher on Monday afternoon after senior U.S. officials
sought to play down risks of a military conflict with North Korea. The pan-European
Stoxx 600 rose 0.83 percent with all sectors and major bourses in positive territory.
Company Headlines
 In a huge blow to ABC and Disney, the prolific television hitmaker Shonda Rhimes has
signed an exclusive overall deal with Netflix, Inc. (NFLX-Q), the streaming giant
announced early Monday morning. Ms. Rhimes, the creator of shows like "Grey's
Anatomy," "Scandal," and "How To Get Away With Murder", all hits for ABC, will bring
Shondaland over to Netflix in what the streaming service said was a multiyear deal.
Netflix's move amounts to a major counterpunch to Disney's announcement last week
that it was starting a pair of its own streaming services, including one that would force
the removal of several Disney and Pixar movies from Netflix in the next two years.
 Bitcoin (BTC) hit an all-time high of $4,225.40 early Sunday before slightly paring
those gains to trade near $4,000, according to CoinDesk. The digital currency has now
quadrupled in 2017, and is up about 40 percent in August alone. Bitcoin's market value
is now around $64 billion, up about $10 billion in the last week. The surge picked up
speed in the last week, mirroring gold's climb amid a global selloff in stocks and bonds.
Rising worries about North Korea's nuclear threat have sent investors flocking to
perceived safe-havens and alternative assets.
 Canopy Growth's (WEED-T) revenue more than doubled in its fiscal first quarter, but
that wasn't enough to push it to profitability. Canada's largest licensed cannabis
producer said on Monday its revenue surged 127 per cent to $15.9 million in the three-
month period ending June 30. The company's quarterly net loss rose to $4.4 million, or
3 cents per share, from $3.9 million, or 4 cents per share, a year earlier. Canopy noted
its loss in the latest quarter included a non-cash $10.7 million accounting gain.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail, Financial
Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
August 14, 2017

2. Before the Open August 14, 2017
Page 2
*
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - August 14 to August 18, 2017
Date/Time Event Period Consensus Actual Prior
08/14/2017 08:30 Teranet/National Bank HPI MoM Jul -- -- 2.60%
08/14/2017 08:30 Teranet/National Bank HPI YoY Jul -- -- 14.20%
08/14/2017 08:30 Teranet/National Bank HP Index Jul -- -- 216.5
08/14/2017 10:00 Bloomberg Nanos Confidence 11-Aug -- -- 60.5
08/15/2017 09:00 Existing Home Sales MoM Jul -- -- -6.70%
08/16/2017 08:30 Int'l Securities Transactions Jun -- -- 29.46b
08/17/2017 08:30 Manufacturing Sales MoM Jun -1.00% -- 1.10%
08/18/2017 08:30 CPI NSA MoM Jul 0.00% -- -0.10%
08/18/2017 08:30 CPI YoY Jul 1.20% -- 1.00%
08/18/2017 08:30 Consumer Price Index Jul 130.4 -- 130.4
08/18/2017 08:30 CPI Core- Common YoY% Jul -- -- 1.40%
08/18/2017 08:30 CPI Core- Trim YoY% Jul -- -- 1.20%
08/18/2017 08:30 CPI Core- Median YoY% Jul -- -- 1.60%
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17
Leaders - Prior Session
Company Ticker % Change
Klondex Mines Ltd KDX-T 8.75
Enerplus Corp ERF-T 8.27
CES Energy Solutions Corp CEU-T 8.13
Birchcliff Energy Ltd BIR-T 6.53
Tahoe Resources Inc THO-T 5.91
Laggards - Prior Session
Company Ticker % Change
Boardwalk Real Estate Investment TrustBEI-U-T -11.30
ProMetic Life Sciences Inc PLI-T -5.44
Wheaton Precious Metals Corp WPM-T -5.06
Torex Gold Resources Inc TXG-T -4.71
Onex Corp ONEX-T -4.68
Canadian Equity Upgrades
 Cipher Pharmaceuticals raised to Buy at GMP
Canadian Equity Downgrades
 Intertape Polymer cut to Sector Outperform at Scotiabank
Today's Earnings – Canada
Stornoway Diamond Corp $0.01, Badger Daylighting Ltd $0.19, Cona Resources Ltd -
$0.17, MedReleaf Corp $0.00, Canadian Solar Inc $0.04, Canopy Growth Corp -$0.05,
UrtheCast Corp -$0.01, Fortuna Silver Mines Inc $0.05, Roxgold Inc $0.02, Pengrowth
Energy Corp -$0.09, Westport Fuel Systems Inc -$0.15, Diversified Royalty Corp
$0.03, BSM Technologies Inc -$0.01, Canadian Apartment Properties REIT $0.47,
Rogers Sugar Inc $0.10, ProMetic Life Sciences Inc -$0.04, Neptune Technologies &
Bioressources Inc $0.01, Sphere 3D Corp -$1.50, Premium Brands Holdings Corp
$0.88, DREAM Unlimited Corp $0.13, Intertain Group Ltd/New $0.22

3. Before the Open August 14, 2017
Page 3
Weekly U.S. Economic Calendar - August 14 to August 18, 2017
Date/Time Event Period Consensus Actual Prior
08/15/2017 08:30 Import Price Index MoM Jul 0.10% -- -0.20%
08/15/2017 08:30 Import Price Index ex Petroleum MoM Jul 0.10% -- 0.10%
08/15/2017 08:30 Import Price Index YoY Jul 1.30% -- 1.50%
08/15/2017 08:30 Export Price Index MoM Jul 0.20% -- -0.20%
08/15/2017 08:30 Export Price Index YoY Jul -- -- 0.60%
08/15/2017 08:30 Empire Manufacturing Aug 10 -- 9.8
08/15/2017 08:30 Retail Sales Advance MoM Jul 0.40% -- -0.20%
08/15/2017 08:30 Retail Sales Ex Auto MoM Jul 0.30% -- -0.20%
08/15/2017 08:30 Retail Sales Ex Auto and Gas Jul 0.40% -- -0.10%
08/15/2017 08:30 Retail Sales Control Group Jul 0.40% -- -0.10%
08/15/2017 10:00 NAHB Housing Market Index Aug 64 -- 64
08/15/2017 10:00 Business Inventories Jun 0.40% -- 0.30%
08/15/2017 16:00 Total Net TIC Flows Jun -- -- $57.3b
08/15/2017 16:00 Net Long-term TIC Flows Jun -- -- $91.9b
08/16/2017 07:00 MBA Mortgage Applications 11-Aug -- -- 3.00%
08/16/2017 08:30 Housing Starts Jul 1220k -- 1215k
08/16/2017 08:30 Housing Starts MoM Jul 0.40% -- 8.30%
08/16/2017 08:30 Building Permits Jul 1249k -- 1275k
08/16/2017 08:30 Building Permits MoM Jul -2.00% -- 9.20%
08/16/2017 14:00 FOMC Meeting Minutes 26-Jul -- -- --
08/17/2017 08:30 Initial Jobless Claims 12-Aug 240k -- 244k
08/17/2017 08:30 Continuing Claims 5-Aug -- -- 1951k
08/17/2017 08:30 Philadelphia Fed Business Outlook Aug 18.3 -- 19.5
08/17/2017 09:15 Industrial Production MoM Jul 0.30% -- 0.40%
08/17/2017 09:15 Capacity Utilization Jul 76.70% -- 76.60%
08/17/2017 09:15 Manufacturing (SIC) Production Jul 0.20% -- 0.20%
08/17/2017 09:45 Bloomberg Consumer Comfort 13-Aug -- -- 51.4
08/17/2017 09:45 Bloomberg Economic Expectations Aug -- -- 47
08/17/2017 10:00 Leading Index Jul 0.30% -- 0.60%
08/18/2017 10:00 U. of Mich. Sentiment Aug P 94 -- 93.4
08/18/2017 10:00 U. of Mich. Current Conditions Aug P 112.9 -- 113.4
08/18/2017 10:00 U. of Mich. Expectations Aug P 81.5 -- 80.5
08/18/2017 10:00 U. of Mich. 1 Yr Inflation Aug P -- -- 2.60%
08/18/2017 10:00 U. of Mich. 5-10 Yr Inflation Aug P -- -- 2.60%
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17
Leaders - Prior Session
Company Ticker % Change
TripAdvisor Inc TRIP-US 6.22
Vertex Pharmaceuticals Inc VRTX-US 3.53
Lam Research Corp LRCX-US 3.23
Autodesk Inc ADSK-US 2.89
JB Hunt Transport Services IncJBHT-US 2.82
Laggards - Prior Session
Company Ticker % Change
NVIDIA Corp NVDA-US -5.33
Mylan NV MYL-US -4.37
AES Corp/VA AES-US -2.46
Kimco Realty Corp KIM-US -2.30
Kohl's Corp KSS-US -2.18
U.S. Equity Upgrades
 NiSource raised to Outperform at Credit Suisse
 International Paper raised to Buy at DA Davison
U.S. Equity Downgrades
 Kimco Realty cut to In Line at Evercore
Today's Earnings – U.S.
Sysco Corp $0.72, Reata Pharmaceuticals Inc -$0.29, Contura Energy Inc $2.80

4. Before the Open August 14, 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
of a market or security. No guarantee of that outcome is ever implied.
Research Report Dissemination Policy
TD Waterhouse Canada Inc. makes its research products available in electronic format. These research products are posted to our
proprietary websites for all eligible clients to access by password and we distribute the information to our sales personnel who then may
distribute it to their retail clients under the appropriate circumstances either by email, fax or regular mail. No recipient may pass on to any
other person, or reproduce by any means, the information contained in this report without our prior written consent.
Analyst Certification
The Portfolio Advice and Investment Research analyst(s) responsible for this report hereby certify that (i) the recommendations and
technical opinions expressed in the research report accurately reflect the personal views of the analyst(s) about any and all of the
securities or issuers discussed herein, and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly,
related to the provision of specific recommendations or views expressed by the research analyst in the research report.
Conflicts of Interest
The Portfolio Advice & Investment Research analyst(s) responsible for this report may own securities of the issuer(s) discussed in this
report. As with most other employees, the analyst(s) who prepared this report are compensated based upon (among other factors) the
overall profitability of TD Waterhouse Canada Inc. and its affiliates, which includes the overall profitability of investment banking services,
however TD Waterhouse Canada Inc. does not compensate its analysts based on specific investment banking transactions.

5. Before the Open August 14, 2017
Page 5
Corporate Disclosure
TD Wealth represents the products and services offered by TD Waterhouse Canada Inc. (Member – Canadian Investor Protection Fund),
TD Waterhouse Private Investment Counsel Inc., TD Wealth Private Banking (offered by The Toronto-Dominion Bank) and
TD Wealth Private Trust (offered by The Canada Trust Company).
The Portfolio Advice and Investment Research team is part of TD Waterhouse Canada Inc., a subsidiary of The Toronto-Dominion Bank.
Trade-mark Disclosures
Bloomberg and Bloomberg.com are trademarks and service marks of Bloomberg Finance L.P., a Delaware limited partnership, or its
subsidiaries. All rights reserved.
“TD Securities” is the trade name which TD Securities Inc. and TD Securities (USA) LLC. jointly use to market their institutional equity
services.
TD Securities is a trade-mark of The Toronto-Dominion Bank representing TD Securities Inc., TD Securities (USA) LLC, TD Securities
Limited and certain corporate and investment banking activities of The Toronto-Dominion Bank.
All trademarks are the property of their respective owners.
® The TD logo and other trade-marks are the property of The Toronto-Dominion Bank.
FTSE TMX Global Debt Capital Markets Inc. 2016 "FTSE®" is a trade mark of FTSE International Ltd and is used under licence. "TMX” is a
trade mark of TSX Inc. and is used under licence. All rights in the FTSE TMX Global Debt Capital Markets Inc.'s indices and / or FTSE
TMX Global Debt Capital Markets Inc.'s ratings vest in FTSE TMX Global Debt Capital Markets Inc. and/or its licensors. Neither FTSE TMX
Global Debt Capital Markets Inc. nor its licensors accept any liability for any errors or omissions in such indices and / or ratings or
underlying data. No further distribution of FTSE TMX Global Debt Capital Markets Inc.'s data is permitted without FTSE TMX Global Debt
Capital Markets Inc.'s express written consent.