Before the market open on February 24, 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 -12 2,351 (0.50)
NASDAQ -32 5,301 (0.59)
Dow Jones -84 20,713 (0.40)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -49 15,781 (0.31) 3.23
Venture 3 839 0.33 10.11
Dow Jones 35 20,810 0.17 5.30
S&P 500 1 2,364 0.04 5.58
NASDAQ -25 5,836 (0.43) 8.40
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -200 11,748 (1.67) 2.33
FTSE -64 7,208 (0.88) 0.91
Stoxx 600 -4 368 (1.17) 1.95
Nikkei -88 19,284 (0.45) 0.89
Hang Seng -149 23,966 (0.62) 8.93
Commodities
Chg Last % Chg Ytd Chg
Gold $9.45 $1,259.23 0.75 9.28
Oil -$0.45 $54.00 (0.83) (2.58)
Natural Gas $0.03 $2.65 1.06 (28.97)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7652 CDN$ 1.3068
Yen 85.80 Yen 112.12
Euro 0.7209 Euro 0.9422
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO -0.01 0.47 (2.08) 2.17
CAN 10-YR -0.03 1.64 (1.79) (4.59)
U.S. 3-MO -0.01 0.50 (1.00) 1.03
U.S. 10-YR -0.03 2.34 (1.20) (4.12)
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 lower opening after the Dow Jones Industrial
Average finished with its 10th straight record close yesterday. Investors may be cautious
ahead of next week's speech from Federal Reserve Chair Yellen and Federal Open
Market Committee member Fischer, which could provide clues to the timing of the next
interest rate increase.
 Asian stock markets were mostly lower as dovish signals from the U.S. Federal Reserve
weakened the U.S. dollar, hurting export companies. Hong Kong's Hang Seng Index fell
0.6% while Tokyo's Nikkei Index declined 0.5%. Shanghai's Stock Composite Index
ended modestly higher, gaining 0.1%.
 European stocks are trading in negative territory, with all bourses and sectors declining.
The pan-European Stoxx 600 Index is down more than 1%, led by declines in the
materials, oil and gas and financial sectors.
Company Headlines
 Royal Bank of Canada (RY-T) boosted its first-quarter net income by 24% to $3.03
billion compared to $2.45 billion during the first quarter of last year. The bank said its net
income was equal to $1.97 per diluted share for the quarter, up 39 cents from $1.58 per
diluted share a year ago. Revenue for the three months ended Jan. 31 was $9.55 billion,
up from $9.36 billion during the same period last year. The bank also boosted its
quarterly dividend by four cents, or 5%, to 87 cents per share, payable on May 24.
 Magna International Inc. (MG-T) reported a lower-than-expected quarterly profit as
costs rose. Net income rose to US$478 million, or US$1.24 per share, in the fourth
quarter, from US$476 million, or US$1.17 per share, a year earlier. Total sales rose 8%
to US$9.25 billion, while cost of goods sold jumped 7.7% to US$7.90 billion in the fourth
quarter ended Dec. 31. Vehicle assembly sales in the quarter fell about 30% to US$439
million.
 Canadian Imperial Bank of Commerce (CM-T) is not giving up on its ambitions to
expand into the U.S. market, its chief executive said Thursday, but it will be “disciplined”
when deciding whether or not to raise its offer to buy Chicago-based PrivateBancorp
Inc. (PVTB-Q). Victor Dodig’s comments came as Canada’s fifth-largest bank posted
fiscal first-quarter earnings that exceeded expectations with net income of $1.4 billion,
up 43% from a year earlier and driven in large part by a 52% rise in earnings in its
capital markets business. CIBC announced the PrivateBancorp Inc. deal, which if
completed would mark its largest ever acquisition, last June. A vote by the U.S. bank's
stockholders was postponed after the U.S. presidential election. Both parties have until
June 29 to walk away from the deal without penalty.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
February 24, 2017

2. Before the Open February 24, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - February 20 to February 24, 2017
Date/Time Event Period Consensus Actual Prior
02/22/2017 08:30 Retail Sales Ex Auto MoM Dec 0.50% -0.30% -0.10%
02/22/2017 08:30 Retail Sales MoM Dec 0.00% -0.50% 0.30%
02/23/2017 CFIB Business Barometer Feb -- 62.9 60.1
02/24/2017 08:30 CPI NSA MoM Jan 0.40% 0.90% -0.20%
02/24/2017 08:30 CPI YoY Jan 1.60% 2.10% 1.50%
02/24/2017 08:30 CPI Core- Common YoY% Jan -- 1.30% 1.40%
02/24/2017 08:30 CPI Core- Median YoY% Jan -- 1.90% 1.90%
02/24/2017 08:30 CPI Core- Trim YoY% Jan -- 1.70% 1.60%
02/24/2017 08:30 Consumer Price Index Jan 128.8 129.5 128.4
S&P/TSX Daily Performance
12000
12500
13000
13500
14000
14500
15000
15500
16000
Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17
Leaders - Prior Session
Company Ticker % Change
CCL Industries Inc CCL/B-T 6.65
Surge Energy Inc SGY-T 5.99
Maple Leaf Foods Inc MFI-T 5.21
Exchange Income Corp EIF-T 3.81
DHX Media Ltd DHX/B-T 3.75
Laggards - Prior Session
Company Ticker % Change
First Quantum Minerals Ltd FM-T -6.50
Hudbay Minerals Inc HBM-T -6.36
Ivanhoe Mines Ltd IVN-T -5.45
Mitel Networks Corp MNW-T -4.73
Turquoise Hill Resources Ltd TRQ-T -4.47
Canadian Equity Upgrades
 Methanex raised to Outperform at Raymond James
 Tree Island Steel raised to Buy at Cormark Securities
Canadian Equity Downgrades
 Torex Gold Resources Cut to Hold at TD Securities
 Altus Group cut to Underperform at CIBC
Today's Earnings – Canada
Magna International $1.35, Enerplus Corp $0.05, Plaza Retail REIT $0.09, Husky
Energy -$0.01, Colabor Group $0.04, Royal Bank of Canada $1.76, Guardian Capital
Group $0.32, Novelion Therapeutics -$0.85, Lundin Gold -$0.14

3. Before the Open February 24, 2017
Page 3
Weekly U.S. Economic Calendar - February 20 to February 24, 2017
Date/Time Event Period Consensus Actual Prior
02/21/2017 09:45 Markit US Manufacturing PMI Feb P 55.4 54.3 55
02/21/2017 09:45 Markit US Services PMI Feb P 55.8 53.9 55.6
02/21/2017 09:45 Markit US Composite PMI Feb P -- 54.3 55.8
02/22/2017 07:00 MBA Mortgage Applications 17-Feb -- -2.00% -3.70%
02/22/2017 10:00 Revisions: Existing Home Sales
02/22/2017 10:00 Existing Home Sales Jan 5.54m 5.69m 5.51m
02/22/2017 10:00 Existing Home Sales MoM Jan 0.90% 3.30% -1.60%
02/22/2017 14:00 FOMC Meeting Minutes 1-Feb -- -- --
02/23/2017 08:30 Chicago Fed Nat Activity Index Jan -0.03 -0.05 0.18
02/23/2017 08:30 Initial Jobless Claims 18-Feb 240k 244k 238k
02/23/2017 08:30 Continuing Claims 11-Feb 2065k 2060k 2077k
02/23/2017 09:00 House Price Purchase Index QoQ 4Q -- 1.50% 1.50%
02/23/2017 09:00 FHFA House Price Index MoM Dec 0.50% 0.40% 0.70%
02/23/2017 09:45 Bloomberg Consumer Comfort 19-Feb -- 48 48.1
02/23/2017 11:00 Kansas City Fed Manf. Activity Feb 9 14 9
02/24/2017 10:00 New Home Sales Jan 571k -- 536k
02/24/2017 10:00 New Home Sales MoM Jan 6.50% -- -10.40%
02/24/2017 10:00 U. of Mich. Sentiment Feb F 96 -- 95.7
02/24/2017 10:00 U. of Mich. Current Conditions Feb F -- -- 111.2
02/24/2017 10:00 U. of Mich. Expectations Feb F -- -- 85.7
02/24/2017 10:00 U. of Mich. 1 Yr Inflation Feb F -- -- 2.80%
02/24/2017 10:00 U. of Mich. 5-10 Yr Inflation Feb F -- -- 2.50%
S&P 500 Daily Performance
1700
1800
1900
2000
2100
2200
2300
2400
Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17
Leaders - Prior Session
Company Ticker % Change
First Solar Inc FSLR-US 10.78
HP Inc HPQ-US 8.64
Transocean Ltd RIG-US 7.76
Endo International PLC ENDP-US 3.88
Edwards Lifesciences Corp EW-US 3.78
Laggards - Prior Session
Company Ticker % Change
L Brands Inc LB UN -15.81
NVIDIA Corp NVDA UW -9.27
United Rentals Inc URI UN -5.59
Hormel Foods Corp HRL UN -5.39
Urban Outfitters Inc URBN UW -5.16
U.S. Equity Upgrades
 Intuit raised to Outperform at Credit Suisse
 Chesapeake Energy raised to Neutral at UBS
U.S. Equity Downgrades
 Kforce cut to Neutral at Credit Suisse
 Goldman Sachs cut to Sell at Berenberg
Today's Earnings – U.S.
Cabot Oil & Gas $0.01, Comstock Resources -$1.68, Foot Locker $1.32, JC Penney
Co $0.61, Global Blood Therapeutics -$0.64

4. Before the Open February 24, 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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5. Before the Open February 24, 2017
Page 5
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