Before the open February 9 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 2 2,293 0.10
NASDAQ 3 5,194 0.05
Dow Jones 23 20,025 0.11
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 55 15,554 0.36 1.74
Venture -2 825 (0.19) 8.27
Dow Jones -36 20,054 (0.18) 1.48
S&P 500 2 2,295 0.07 2.49
NASDAQ 8 5,682 0.15 5.56
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 43 11,586 0.37 0.92
FTSE 12 7,201 0.17 0.82
Stoxx 600 1 365 0.37 1.07
Nikkei -100 18,908 (0.53) (1.08)
Hang Seng 40 23,525 0.17 6.93
Commodities
Chg Last % Chg Ytd Chg
Gold -$1.83 $1,239.65 (0.15) 7.58
Oil $0.54 $52.88 1.02 (3.26)
Natural Gas $0.04 $3.16 1.14 (15.09)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7628 CDN$ 1.3110
Yen 85.73 Yen 112.38
Euro 0.7142 Euro 0.9362
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO -0.01 0.46 (2.13) -
CAN 10-YR 0.01 1.64 0.86 (4.77)
U.S. 3-MO 0.00 0.53 - 7.16
U.S. 10-YR 0.01 2.35 0.61 (3.84)
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 strong start ahead of key economic data and a
big day of earning reports. On the economic front, initial jobless claims for the week
came out at 234k, which is below consensus estimate of 250K.
 Most Asian markets, except Japan closed higher overnight. The Nikkei 225 Index
dropped 0.53% as the yen remains strong due to investors' flight to safety. The
Shanghai Composite Index and the Hang Seng Index both closed in the green after
reports that China would step up supply-side reforms and reduce overcapacity in the
construction material sector.
 Markets in Europe are trading slightly higher as investors focused on earnings and took
a cautious approach amid rising political uncertainty. The oil and gas sector was the best
performer after data showing an increase in U.S. gasoline stocks.
Company Headlines
 Manulife Financial Corp (MFC-T) met its target to achieve core earnings of $4 billion in
2016 after reporting results which beat market expectations. Manulife’s fourth-quarter
net income tumbled 74% year-over-year to $63 million amid $1.2 billion in charges
stemming from the mark-to-market impact of interest rates and equity markets.
Manulife's Asia operations remain strong, particularly the benefit derived from a
partnership with Singapore's DBS Group, agreed in 2015, in which Manulife sells its
products through the lender’s Asian branch network.
 Suncor Energy Inc. (SU-T) reported a stronger-than-expected fourth-quarter profit,
helped by higher global crude prices and improved reliability at the Syncrude oil sands
project. Suncor's fourth-quarter operating profit, which excludes one-time items, was
$636 million, or $0.38 per share, versus a loss of $26 million, or $0.02 per share, a year
ago. Suncor also upped the expected capacity of Fort Hills to 194,000 barrels per day
from 180,000 barrels per day, meaning the project's capital intensity will remain at
$84,000 per flowing barrel of bitumen for Suncor.
 Telus Corp (T-T) reported a smaller-than-expected quarterly profit as operating
expenses rose and it spent more to attract wireless customers. The company said it
expects 2017 revenue to grow by 2.5-3.5%. Telus added 87,000 net postpaid wireless
customers in the fourth quarter ended Dec. 31, compared with 62,000 a year earlier. The
company's wireless customers, on average, including those on contracts and those who
pay upfront for cellular service, paid $66.24 per month, about 4% higher than a year
earlier. However, Telus's cost of acquiring wireless customers rose about 6% to $500
per gross subscriber addition.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
February 9, 2017

2. Before the Open February 9, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - February 06 to February 10, 2017
Date/Time Event Period Consensus Actual Prior
02/06/2017 10:00 Bloomberg Nanos Confidence 3-Feb -- 57.3 56.1
02/07/2017 08:30 Int'l Merchandise Trade Dec 0.20b 0.92b 0.53b
02/07/2017 08:30 Building Permits MoM Dec -3.00% -6.60% -0.10%
02/07/2017 10:00 Ivey Purchasing Managers Index SA Jan -- 57.2 60.8
02/08/2017 08:15 Housing Starts Jan 200.0k 207.4 207.0k
02/09/2017 08:30 New Housing Price Index MoM Dec 0.20% 0.10% 0.20%
02/09/2017 08:30 New Housing Price Index YoY Dec -- 3% 3.00%
02/10/2017 08:30 Unemployment Rate Jan 6.90% -- 6.90%
02/10/2017 08:30 Net Change in Employment Jan -5.0k -- 46.1k
02/10/2017 08:30 Full Time Employment Change Jan -- -- 70.9
02/10/2017 08:30 Part Time Employment Change Jan -- -- -24.7
02/10/2017 08:30 Participation Rate Jan 65.8 -- 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
New Gold Inc NGD-T 6.74
Genworth MI Canada Inc MIC-T 6.73
Canfor Corp CFP-T 6.02
Surge Energy Inc SGY-T 4.62
Interfor Corp IFP-T 4.60
Laggards - Prior Session
Company Ticker % Change
ATS Automation Tooling Systems IncATA-T -3.67
Torex Gold Resources Inc TXG-T -3.53
WestJet Airlines Ltd WJA-T -2.49
Badger Daylighting Ltd BAD-T -2.29
Linamar Corp LNR-T -2.14
Canadian Equity Upgrades
 ARC Resources Ltd Raised to Outperform at National Bank
 Intact Financial Raised to Buy at GMP
Canadian Equity Downgrades
 ATS Cut to Market Perform at Cormark Securities
 Home Capital Group Cut to Underperfotm at National Bank
Today's Earnings – Canada
TELUS Corp $0.57, Precision Drilling Corp -$0.15, Wi-LAN Inc $0.06, MEG Energy
Corp -$0.34, Vecima Networks Inc $0.16, Manulife Financial Corp $0.51, Brookfield
Asset Management Inc $0.22, Mercer International Inc $0.23, Cameco Corp $0.23,
Interfor Corp $0.19, Canadian Real Estate Investment Trust $0.78, BSM Technologies
Inc $0.01, Sierra Wireless Inc $0.16, Canaccord Genuity Group Inc $0.02, Great-West
Lifeco Inc $0.68, Electrovaya Inc -$0.04, Aritzia Inc $0.21

3. Before the Open February 9, 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 -- -- 46.6
02/09/2017 10:00 Wholesale Trade Sales MoM Dec -- -- 0.40%
02/09/2017 10:00 Wholesale Inventories MoM Dec F 1.00% -- 1.00%
02/10/2017 08:30 Import Price Index MoM Jan 0.20% -- 0.40%
02/10/2017 08:30 Import Price Index ex Petroleum MoM Jan -- -- -0.20%
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
 Viacom Raised to Outperform at Wells Fargo
 OraSure Tecnologies Raised to Outperform at Raymond James
U.S. Equity Downgrades
 NextEra Energy Partners Cut to Neutral at UBS
 Hugo Boss Downgraded to Neutral at BNP
Today's Earnings – U.S.
Cliffs Natural Resources Inc $0.23, Cummins Inc $2.00, Regeneron Pharmaceuticals
Inc $3.05, Roper Technologies Inc $1.84, Patterson-UTI Energy Inc -$0.54, Coty Inc
$0.34, KKR & Co LP $0.40, Reynolds American Inc $0.60, TreeHouse Foods Inc
$1.09, Viacom Inc $0.84, Dunkin' Brands Group Inc $0.61, Vista Outdoor Inc $0.59,
Nielsen Holdings PLC $0.79, Coca-Cola Co/The $0.37, CVS Health Corp $1.67,
Masco Corp $0.34, Occidental Petroleum Corp -$0.02, Yum! Brands Inc $0.74,
Sealed Air Corp $0.74, Twitter Inc $0.12, Kellogg Co $0.85, BorgWarner Inc $0.84,
Array BioPharma Inc -$0.18, VCA Inc $0.60, Western Union Co/The $0.43, Zynga Inc
$0.01, NVIDIA Corp $0.98, Activision Blizzard Inc $0.73, Cerner Corp $0.61, Mohawk
Industries Inc $3.22, Skechers U.S.A. Inc $0.11, Ellie Mae Inc $0.49, Expedia Inc
$1.37, Pandora Media Inc -$0.19, Yelp Inc $0.03, Zayo Group Holdings Inc $0.08,
Entercom Communications Corp $0.28, AdvancePierre Foods Holdings Inc $0.52

4. Before the Open February 9, 2017
Page 4
Appendix A - Important Information
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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 9, 2017
Page 5
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