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 2 2,458 0.08
NASDAQ 8 5,851 0.13
Dow Jones 13 21,608 0.06
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 40 15,175 0.26 (0.74)
Venture 5 758 0.61 (0.64)
Dow Jones 85 21,638 0.39 9.49
S&P 500 11 2,459 0.47 9.85
NASDAQ 38 6,312 0.61 17.26
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -19 12,612 (0.15) 9.85
FTSE 40 7,419 0.54 3.86
Stoxx 600 1 387 0.15 7.20
Nikkei 19 20,119 0.09 5.26
Hang Seng 81 26,471 0.31 20.32
Commodities
Chg Last % Chg Ytd Chg
Gold $5.59 $1,234.29 0.45 7.12
Oil -$0.04 $46.50 (0.09) (18.28)
Natural Gas $0.03 $3.01 1.13 (19.07)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7903 CDN$ 1.2653
Yen 88.80 Yen 112.36
Euro 0.6894 Euro 0.8723
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO -0.03 0.73 (3.95) 58.70
CAN 10-YR -0.02 1.87 (1.21) 8.83
U.S. 3-MO 0.00 1.03 - 107.40
U.S. 10-YR -0.03 2.31 (1.15) (5.69)
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 slightly higher open on Monday, as investors
turned their attention to corporate earnings results. Dow futures rose 13 points, while
S&P and Nasdaq futures advanced 2 and 8 points, respectively.
 Asian markets closed mixed on Monday following the release of better-than-expected
China second-quarter GDP. Hong Kong's Hang Seng Index was higher by 0.31 percent
while the Shanghai Composite tumbled 1.42 percent. Japanese markets were closed
for Marine Day.
 European bourses edged higher on Monday, as investors reacted to robust economic
growth data in China and monitored the second round of formal Brexit talks in Brussels.
The pan-European Stoxx 600, which fluctuated between small gains and losses in
morning trade, moved up 0.15 percent. Basic resources stocks - with their heavy
exposure to China - were the best performing in early afternoon trade, up almost 1
percent.
Company Headlines
 BlackRock (BLK-N), the largest asset manager in the world, posted second-quarter
earnings and revenue that missed expectations. The company posted second-quarter
adjusted earnings per share of $5.24 on revenue of $2.965 billion. BlackRock shares
slipped 0.3 percent in the premarket following the report's release. The firm's second-
quarter assets under management, however, rose 16 percent year over year to $5.689
trillion, topping analyst expectations. BlackRock also said assets under management
for its exchange-traded fund business iShares topped $1.5 trillion, helped by record net
inflows of $74 billion.
 Arm & Hammer toothpaste maker Church & Dwight (CHD-N) said on Monday it would
buy Water Pik, which makes oral hygiene products and shower heads, for about $1
billion in cash. Water Pik's net sales were about $265 million for the year ended June
30, Church & Dwight said.
 Sears Canada (SRSC-N) plans on rewarding select employees with retention
payments totalling up to $9.2 million while laying off thousands without severance, a
move met with public outcry and criticism from some former employees. Under the
firm's court-approved retention plan, 43 senior management and key employees will
receive up to $7.6 million while Sears undergoes restructuring, and 116 employees of
closing stores will receive up to $1.6 million.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail,
Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
July 17, 2017

2. Before the Open July 17, 2017
Page 2
*
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - July 17 to July 21, 2017
Date/Time Event Period Consensus Actual Prior
07/17/2017 08:30 Int'l Securities Transactions May -- -- 10.60b
07/17/2017 09:00 Existing Home Sales MoM Jun -- -- -6.20%
07/17/2017 10:00 Bloomberg Nanos Confidence 14-Jul -- -- 58.3
07/19/2017 08:30 Manufacturing Sales MoM May 0.80% -- 1.10%
07/21/2017 08:30 CPI NSA MoM Jun 0.00% -- 0.10%
07/21/2017 08:30 CPI YoY Jun 1.10% -- 1.30%
07/21/2017 08:30 Consumer Price Index Jun 130.5 -- 130.5
07/21/2017 08:30 CPI Core- Common YoY% Jun 1.30% -- 1.30%
07/21/2017 08:30 CPI Core- Trim YoY% Jun -- -- 1.20%
07/21/2017 08:30 CPI Core- Median YoY% Jun -- -- 1.50%
07/21/2017 08:30 Retail Sales MoM May 0.30% -- 0.80%
07/21/2017 08:30 Retail Sales Ex Auto MoM May 0.10% -- 1.50%
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17
Leaders - Prior Session
Company Ticker % Change
Dominion Diamond Corp DDC-T 4.25
Cogeco Communications Inc CCA-T 4.12
MAG Silver Corp MAG-T 3.55
ProMetic Life Sciences Inc PLI-T 3.33
B2Gold Corp BTO-T 3.30
Laggards - Prior Session
Company Ticker % Change
Cineplex Inc CGX-T -4.20
Precision Drilling Corp PD-T -3.85
First Quantum Minerals Ltd FM-T -2.40
Tahoe Resources Inc THO-T -2.31
BRP Inc/CA DOO-T -2.04
Canadian Equity Upgrades
 Cardiome Pharma raised to Buy at Canaccord
Canadian Equity Downgrades
 Air Canada cut to Neutral at Macquarie
 Westjet Airlines cut to Underperform at Macquarie
 Computer Modelling Group cut to Hold at Industrial Alliance
Today's Earnings – Canada
Firan Technology Group Corp $0.06

3. Before the Open July 17, 2017
Page 3
Weekly U.S. Economic Calendar - July 17 to July 21, 2017
Date/Time Event Period Consensus Actual Prior
07/17/2017 08:30 Empire Manufacturing Jul 15 -- 19.8
07/18/2017 08:30 Import Price Index MoM Jun -0.20% -- -0.30%
07/18/2017 08:30 Import Price Index ex Petroleum MoM Jun 0.00% -- 0.00%
07/18/2017 08:30 Import Price Index YoY Jun 1.30% -- 2.10%
07/18/2017 08:30 Export Price Index MoM Jun 0.10% -- -0.70%
07/18/2017 08:30 Export Price Index YoY Jun -- -- 1.40%
07/18/2017 10:00 NAHB Housing Market Index Jul 67 -- 67
07/18/2017 16:00 Total Net TIC Flows May -- -- $65.8b
07/18/2017 16:00 Net Long-term TIC Flows May -- -- $1.8b
07/19/2017 07:00 MBA Mortgage Applications 14-Jul -- -- -7.40%
07/19/2017 08:30 Housing Starts Jun 1160k -- 1092k
07/19/2017 08:30 Housing Starts MoM Jun 6.20% -- -5.50%
07/19/2017 08:30 Building Permits Jun 1201k -- 1168k
07/19/2017 08:30 Building Permits MoM Jun 2.80% -- -4.90%
07/20/2017 08:30 Initial Jobless Claims 15-Jul 245k -- 247k
07/20/2017 08:30 Continuing Claims 8-Jul 1950k -- 1945k
07/20/2017 08:30 Philadelphia Fed Business Outlook Jul 23.4 -- 27.6
07/20/2017 09:45 Bloomberg Consumer Comfort 16-Jul -- -- 47
07/20/2017 09:45 Bloomberg Economic Expectations Jul -- -- 52
07/20/2017 10:00 Leading Index Jun 0.40% -- 0.30%
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17
Leaders - Prior Session
Company Ticker % Change
NetApp Inc NTAP-US 5.46
NRG Energy Inc NRG-US 4.68
Seagate Technology PLC STX-US 3.08
Advanced Micro Devices Inc AMD-US 2.88
GGP Inc GGP-US 2.88
Laggards - Prior Session
Company Ticker % Change
F5 Networks Inc FFIV-US -3.47
Wynn Resorts Ltd WYNN-US -3.38
Xilinx Inc XLNX-US -2.36
H&R Block Inc HRB-US -2.30
CME Group Inc CME-US -2.29
U.S. Equity Upgrades
 Bottomline Technologies raised to Outperform at Raymond James
U.S. Equity Downgrades
 Parsley Energy cut to Neutral at Seaport
 Physicians Realty cut to Outperform at Raymond James
Today's Earnings – U.S.
JB Hunt Transport Services Inc $0.91, BlackRock Inc $5.38, Netflix Inc $0.16, Select
Comfort Corp $0.05

4. Before the Open July 17, 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 July 17, 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.