Before the open February 10 2017

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 3 2,307 0.11
NASDAQ 6 5,218 0.11
Dow Jones 29 20,165 0.14
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 63 15,617 0.41 2.16
Venture 0 826 0.06 8.33
Dow Jones 118 20,172 0.59 2.07
S&P 500 13 2,308 0.58 3.08
NASDAQ 33 5,715 0.58 6.17
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 27 11,669 0.23 1.64
FTSE 22 7,251 0.30 1.52
Stoxx 600 0 367 (0.04) 1.44
Nikkei 471 19,379 2.49 1.38
Hang Seng 50 23,575 0.21 7.16
Commodities
Chg Last % Chg Ytd Chg
Gold -$1.27 $1,227.10 (0.10) 6.49
Oil $0.82 $53.82 1.52 (1.54)
Natural Gas -$0.10 $3.04 (3.25) (18.31)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7614 CDN$ 1.3134
Yen 86.75 Yen 113.50
Euro 0.7166 Euro 0.9411
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.46 - -
CAN 10-YR 0.01 1.69 0.66 (1.74)
U.S. 3-MO -0.01 0.53 (0.95) 7.16
U.S. 10-YR 0.02 2.42 0.89 (1.15)
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 indicating a higher opening following the improvement in oil
prices and positive investors sentiment. Three major U.S. indexes closed at record highs
yesterday after President Donald Trump hinted at a tax-related announcement in the
next few weeks.
 Asian stocks reached an 18 month high following positive momentum in the US market.
The Nikkei 225 Index was up 2.49% as the yen weakened against the dollar ahead of
Prime Minister Shinzo Abe's meeting with President Trump. China's Shanghai composite
rose 0.42% while Hong Kong's Hang Seng index closed up 0.21%.
 European markets are mostly in the green as encouraging data out of China and the
U.K. spurred optimism about the global economy. Basic resources stocks up by 2%,
outperforming their peers, on the back of positive earnings.
Company Headlines
 Agrium Inc (AGU-T) forecasts a less profitable year than expected and said its quarterly
profit plunged. Net earnings fell to $67 million, or $0.49 per share, in the fourth quarter
from $200 million, or $1.45 per share, a year earlier. Sagging U.S. farmer incomes and
soft fertilizer prices have pressured crop nutrient producers, even as new capacity for
nitrogen and potash comes on stream this year. The company said it expected farmers
to remain cautious in purchasing crop input supplies, and sees U.S. corn acreage falling
to between 90 million and 92 million acres this year, from 94 million in 2016.
 Cameco (CCO-T) reported a net loss of $62 million for 2016 after the depressed market
for its main product had it taking $362 million in impairment charges. The Saskatoon-
based miner took a $124-million hit after deciding to shut down its Rabbit Lake milling
facility in the second quarter last year, and wrote off the full $238-million value of its
Kintyre development project in Australia this past quarter. The company's adjusted net
earnings came in at $143 million for 2016, down from $344 million from a year before, as
revenue dropped $323 million in 2016 to $2.43 billion.
 Reckitt Benckiser Group PLC (RB-L) said it agreed to buy baby-food maker Mead
Johnson Nutrition Co. (MJN-N) for US$16.6 billion, a deal that will almost double the
size of the British company’s consumer-health business and help it push deeper into
emerging markets. The deal will turn China into Reckitt’s second-biggest market,
increasing its emerging-markets footprint by two-thirds. The deal will also significantly
boost the company’s exposure to the U.S., which remains its No. 1 market.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
February 10, 2017

2. Before the Open February 10, 2017
Page 2
Canadian Equities Upgrades - March 6
WeeklyCanada Economic Calendar - February06 to February10, 2017
Date/Time Event Period Consensus Actual Prior
02/06/201710:00 BloombergNanosConfidence 3-Feb -- 57.3 56.1
02/07/201708:30 Int'lMerchandiseTrade Dec 0.20b 0.92b 0.53b
02/07/201708:30 BuildingPermitsMoM Dec -3.00% -6.60% -0.10%
02/07/201710:00 IveyPurchasingManagersIndexSA Jan -- 57.2 60.8
02/08/201708:15 HousingStarts Jan 200.0k 207.4 207.0k
02/09/201708:30 NewHousingPriceIndexMoM Dec 0.20% 0.10% 0.20%
02/09/201708:30 NewHousingPriceIndexYoY Dec -- 3% 3.00%
02/10/201708:30 UnemploymentRate Jan 6.90% 6.80% 6.90%
02/10/201708:30 NetChangeinEmployment Jan -10.0k 48.3k 46.1k
02/10/201708:30 FullTimeEmploymentChange Jan -- 15.8 70.9
02/10/201708:30 PartTimeEmploymentChange Jan -- 32.4 -24.7
02/10/201708:30 ParticipationRate Jan 65.8 65.9 65.8
S&P/TSX Daily Performance
12000
12500
13000
13500
14000
14500
15000
15500
16000
Feb-16 Apr-16 Jun-16 Aug-16 Sep-16 Nov-16 Jan-17
Leaders - Prior Session
Company Ticker % Change
Birchcliff Energy Ltd BIR-T 7.72
Encana Corp ECA-T 6.50
Uni-Select Inc UNS-T 6.00
NuVista Energy Ltd NVA-T 5.54
Advantage Oil & Gas Ltd AAV-T 5.18
Laggards - Prior Session
Company Ticker % Change
Just Energy Group Inc JE-T -5.67
Mullen Group Ltd MTL-T -5.27
Home Capital Group Inc HCG-T -5.17
First Majestic Silver Corp FR-T -4.89
Asanko Gold Inc AKG-T -4.52
Canadian Equity Upgrades
 Precision Drilling Raised to Market Perform at Raymond James
 Gran Tierra Upgraded to Outperform at Credit Suisse
 Sirra Wireless Raised to Outperform at National bank
Canadian Equity Downgrades
 Brookfield Asset Management Cut to Outperform at RBC
Today's Earnings – Canada
Hydro One Ltd $0.23, FirstService Corp $0.32, Emera Inc $0.59, Merus Labs
International Inc -$0.03, IGM Financial Inc $0.80, Canacol Energy Ltd $0.03,
Computer Modelling Group Ltd $0.07, TransAlta Renewables Inc $0.24, Grande West
Transportation Group Inc $0.01

3. Before the Open February 10, 2017
Page 3
Weekly U.S. Economic Calendar - February 06 to February 10, 2017
Date/Time Event Period Consensus Actual Prior
02/07/2017 08:30 Trade Balance Dec -$45.0b -$44.3b -$45.2b
02/07/2017 10:00 JOLTS Job Openings Dec 5569 5501 5522
02/07/2017 15:00 Consumer Credit Dec $20.000b $14.16b $24.532b
02/08/2017 07:00 MBA Mortgage Applications 3-Feb -- 2.30% -3.20%
02/09/2017 08:30 Initial Jobless Claims 4-Feb 249k 234k 246k
02/09/2017 08:30 Continuing Claims 28-Jan 2065k 2078k 2064k
02/09/2017 09:45 Bloomberg Consumer Comfort 5-Feb -- 2.60% 0.50%
02/09/2017 10:00 Wholesale Trade Sales MoM Dec 1.00% 1.00% --
02/09/2017 10:00 Wholesale Inventories MoM Dec F 0.30% 0.40% 0.50%
02/10/2017 08:30 Import Price Index MoM Jan -- 0.00% -0.10%
02/10/2017 08:30 Import Price Index ex Petroleum MoM Jan 3.40% 3.70% 2.00%
02/10/2017 08:30 Import Price Index YoY Jan 3.10% -- 1.80%
02/10/2017 10:00 U. of Mich. Sentiment Feb P 97.8 -- 98.5
02/10/2017 10:00 U. of Mich. Current Conditions Feb P -- -- 111.3
02/10/2017 10:00 U. of Mich. Expectations Feb P -- -- 90.3
02/10/2017 10:00 U. of Mich. 1 Yr Inflation Feb P -- -- 2.60%
02/10/2017 10:00 U. of Mich. 5-10 Yr Inflation Feb P -- -- 2.60%
02/10/2017 14:00 Monthly Budget Statement Jan $40.0b -- -$27.5b
02/10/2017 Revisions: Producer Price Index
S&P 500 Daily Performance
1700
1800
1900
2000
2100
2200
2300
2400
Feb-16 Apr-16 Jun-16 Aug-16 Sep-16 Nov-16 Jan-17
Leaders - Prior Session
Company Ticker % Change
Microchip Technology Inc MCHP-US 6.00
Cognizant Technology Solutions CorpCTSH-US 4.95
Kohl's Corp KSS-US 4.32
Xerox Corp XRX-US 4.10
Nordstrom Inc JWN-US 4.09
Laggards - Prior Session
Company Ticker % Change
Akamai Technologies Inc AKAM UW -10.64
Gilead Sciences Inc GILD UW -8.61
CSRA Inc CSRA UN -6.91
Assurant Inc AIZ UN -6.75
Intercontinental Exchange Inc ICE UN -4.82
U.S. Equity Upgrades
 Melrose Industries Upgraded to Outperform at BNP
 Osram Raised to Equal Weight at Barclays
U.S. Equity Downgrades
 Golub Capital Cut to Market Perform at Raymond James
 MTS Systems Cut to Neutral at JP Morgan
 Zurich Ins. Cut to Underperform at Macquarie
Today's Earnings – U.S.
Calpine Corp -$0.04, CBRE Group Inc $0.81, WildHorse Resource Development Corp
-$0.02

4. Before the Open February 10, 2017
Page 4
Appendix A - Important Information
General Research Disclaimer
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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
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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 February 10, 2017
Page 5
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