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 1 2,370 0.05
NASDAQ -1 5,386 (0.01)
Dow Jones 18 20,866 0.09
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 10 15,507 0.06 1.43
Venture 10 799 1.31 4.83
Dow Jones 45 20,903 0.21 5.77
S&P 500 8 2,373 0.33 5.97
NASDAQ 23 5,862 0.39 8.89
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 15 11,979 0.13 4.33
FTSE 19 7,362 0.26 3.07
Stoxx 600 1 374 0.21 3.49
Nikkei 29 19,634 0.15 2.72
Hang Seng 261 23,830 1.11 8.31
Commodities
Chg Last % Chg Ytd Chg
Gold -$0.61 $1,204.13 (0.05) 4.50
Oil -$0.27 $48.22 (0.56) (13.01)
Natural Gas $0.05 $3.06 1.70 (17.83)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7434 CDN$ 1.3452
Yen 85.24 Yen 114.66
Euro 0.6964 Euro 0.9368
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.48 - 4.35
CAN 10-YR 0.02 1.83 0.94 6.22
U.S. 3-MO 0.00 0.74 - 49.06
U.S. 10-YR 0.00 2.57 0.00 5.33
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 flat open as traders eye earnings data and
prepare for what most expect will be a U.S. interest rate hike later in the trading week.
There are no major economic data reports scheduled for today and most investors will
be looking ahead to the Federal Open Market Committee meeting on Tuesday and
Wednesday.
 Asian markets closed higher, as investors shrugged off the political risks after President
Park Geun-hye was removed from office last Friday. However, traders remained wary
ahead of a potential rate hike by the Federal Reserve this week. Tokyo's Nikkei Index
ended the session with a 0.15% gain. Hong Kong's Hang Seng Index closed 1.11%
higher, while Shanghai's Stock Composite Index also finished with a gain of 0.76%.
 European markets are slightly higher in afternoon trade as political uncertainty
dominated and traders await this week's Fed announcement on rates. The pan-
European Stoxx 600 is trading approximately 0.20% higher with Basic Resources
leading the gains.
Company Headlines
 Prem Watsa’s Fairfax Financial Holdings Ltd. (FFH-T) secured an additional $500
million in financing toward its $4.8 billion takeover of Allied World Assurance Co. from
Alberta Investment Management Corp. The funds will increase the cash portion of the
deal to $23 a share from $5, and when combined with a $5-per-share dividend, will give
Allied shareholders a cash consideration of $28 per Allied share.
 Investment firm Vista Equity Partners said on Monday it would buy Canadian financial
technology services provider DH Corp (DH-T) in a deal valued at $4.8 billion. Vista
offered $25.50 in cash for each DH Corp share, an 11% premium to the stock’s Friday
close. Private equity firms are increasingly investing in financial technology, or fintech, in
the expectation that new innovations will transform the financial services industry in
decades to come. Vista said it would combine DH with one of its portfolio companies,
U.K.-based Misys, a software provider for retail and corporate banking, lending, treasury
and capital markets.
 U.S. chip giant Intel (INTC-Q) has agreed to buy Israeli driverless technology firm
Mobileye for US$15.3 billion, the largest ever acquisition of an Israeli high-tech
company. The $63.54 per share cash deal is the world's biggest purchase of a company
solely focused on the autonomous driving sector. Mobileye accounts for 70% of the
global market for advanced driver-assistance and anti-collision systems. Intel said it
expected the transaction to close within the next nine months and to immediately boost
its non-GAAP earnings per share, as well as its free cash flow.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
March 13, 2017

2. Before the Open March 13, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - March 13 to March 17, 2017
Date/Time Event Period Consensus Actual Prior
03/13/2017 10:00 Bloomberg Nanos Confidence 10-Mar -- -- 57.4
03/14/2017 08:30 Teranet/National Bank HPI MoM Feb -- -- 0.50%
03/14/2017 08:30 Teranet/National Bank HP Index Feb -- -- 200.34
03/14/2017 08:30 Teranet/National Bank HPI YoY Feb -- -- 13.00%
03/15/2017 09:00 Existing Home Sales MoM Feb -- -- -1.30%
03/16/2017 08:30 Int'l Securities Transactions Jan -- -- 10.23b
03/17/2017 08:30 Manufacturing Sales MoM Jan -0.40% -- 2.30%
S&P/TSX Daily Performance
12000
12500
13000
13500
14000
14500
15000
15500
16000
Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17
Leaders - Prior Session
Company Ticker % Change
Ivanhoe Mines Ltd IVN-T 11.35
Enghouse Systems Ltd ENGH-T 9.35
SEMAFO Inc SMF-T 7.98
New Gold Inc NGD-T 7.71
B2Gold Corp BTO-T 7.49
Laggards - Prior Session
Company Ticker % Change
Element Fleet Management Corp EFN-T -7.64
Tahoe Resources Inc THO-T -7.44
Toronto-Dominion Bank/The TD-T -5.55
Sierra Wireless Inc SW-T -4.46
Seven Generations Energy Ltd VII-T -3.42
Canadian Equity Upgrades
 N/A
Canadian Equity Downgrades
 Toronto-Dominion Cut to Sector Perform at RBC Capital
Today's Earnings – Canada
Aralez Pharmaceuticals Inc -$0.15, Canacol Energy Ltd $0.03, Grande West
Transportation Group Inc $0.01

3. Before the Open March 13, 2017
Page 3
Weekly U.S. Economic Calendar - March 13 to March 17, 2017
Date/Time Event Period Consensus Actual Prior
03/13/2017 10:00 Labor Market Conditions Index Change Feb 2.5 -- --
03/14/2017 06:00 NFIB Small Business Optimism Feb 105.6 -- 105.9
03/14/2017 08:30 PPI Final Demand MoM Feb 0.10% -- 0.60%
03/14/2017 08:30 PPI Ex Food and Energy MoM Feb 0.20% -- 0.40%
03/14/2017 08:30 PPI Ex Food, Energy, Trade MoM Feb 0.20% -- 0.20%
03/14/2017 08:30 PPI Final Demand YoY Feb 1.90% -- 1.60%
03/14/2017 08:30 PPI Ex Food and Energy YoY Feb 1.50% -- 1.20%
03/14/2017 08:30 PPI Ex Food, Energy, Trade YoY Feb -- -- 1.60%
03/15/2017 07:00 MBA Mortgage Applications 10-Mar -- -- 3.30%
03/15/2017 08:30 Empire Manufacturing Mar 15 -- 18.7
03/15/2017 08:30 CPI MoM Feb 0.00% -- 0.60%
03/15/2017 08:30 CPI Ex Food and Energy MoM Feb 0.20% -- 0.30%
03/15/2017 08:30 CPI YoY Feb 2.70% -- 2.50%
03/15/2017 08:30 CPI Ex Food and Energy YoY Feb 2.20% -- 2.30%
03/15/2017 08:30 CPI Core Index SA Feb 251.109 -- 250.783
03/15/2017 08:30 CPI Index NSA Feb 243.352 -- 242.839
03/15/2017 08:30 Real Avg Weekly Earnings YoY Feb -- -- -0.50%
03/15/2017 08:30 Real Avg Hourly Earning YoY Feb -- -- 0.10%
03/15/2017 08:30 Retail Sales Advance MoM Feb 0.10% -- 0.40%
03/15/2017 08:30 Retail Sales Ex Auto MoM Feb 0.10% -- 0.80%
03/15/2017 08:30 Retail Sales Ex Auto and Gas Feb 0.20% -- 0.70%
03/15/2017 08:30 Retail Sales Control Group Feb 0.20% -- 0.40%
03/15/2017 10:00 NAHB Housing Market Index Mar 65 -- 65
03/15/2017 10:00 Business Inventories Jan 0.30% -- 0.40%
03/15/2017 14:00 FOMC Rate Decision (Upper Bound) 15-Mar 1.00% -- 0.75%
03/15/2017 14:00 FOMC Rate Decision (Lower Bound) 15-Mar 0.75% -- 0.50%
03/15/2017 16:00 Total Net TIC Flows Jan -- -- -$42.8b
03/15/2017 16:00 Net Long-term TIC Flows Jan -- -- -$12.9b
03/16/2017 08:30 Housing Starts Feb 1260k -- 1246k
03/16/2017 08:30 Housing Starts MoM Feb 1.10% -- -2.60%
03/16/2017 08:30 Building Permits Feb 1260k -- 1293k
03/16/2017 08:30 Building Permits MoM Feb -2.60% -- 5.30%
03/16/2017 08:30 Initial Jobless Claims 11-Mar 240k -- 243k
03/16/2017 08:30 Continuing Claims 4-Mar 2053k -- 2058k
03/16/2017 08:30 Philadelphia Fed Business Outlook Mar 28 -- 43.3
03/16/2017 09:45 Bloomberg Consumer Comfort 12-Mar -- -- 50.6
03/16/2017 09:45 Bloomberg Economic Expectations Mar -- -- 50
03/16/2017 10:00 JOLTS Job Openings Jan 5562 -- 5501
03/16/2017 10:00 Revisions: Job Openings and Labor Turnovers
03/17/2017 09:15 Industrial Production MoM Feb 0.20% -- -0.30%
03/17/2017 09:15 Capacity Utilization Feb 75.50% -- 75.30%
03/17/2017 09:15 Manufacturing (SIC) Production Feb 0.40% -- 0.20%
03/17/2017 10:00 U. of Mich. Sentiment Mar P 97 -- 96.3
03/17/2017 10:00 U. of Mich. Current Conditions Mar P 111 -- 111.5
03/17/2017 10:00 U. of Mich. Expectations Mar P 87.1 -- 86.5
03/17/2017 10:00 U. of Mich. 1 Yr Inflation Mar P -- -- 2.70%
03/17/2017 10:00 U. of Mich. 5-10 Yr Inflation Mar P -- -- 2.50%
03/17/2017 10:00 Leading Index Feb 0.40% -- 0.60%
S&P 500 Daily Performance
1700
1800
1900
2000
2100
2200
2300
2400
2500
Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17
Leaders - Prior Session
Company Ticker % Change
Incyte Corp INCY-US 8.13
Ulta Beauty Inc ULTA-US 4.62
Estee Lauder Cos Inc/The EL-US 3.50
Frontier Communications Corp FTR-US 2.69
Phillips 66 PSX-US 2.63
Laggards - Prior Session
Company Ticker % Change
TransDigm Group Inc TDG UN -4.25
DISH Network Corp DISH UW -2.30
SL Green Realty Corp SLG UN -1.99
Hess Corp HES UN -1.98
Extra Space Storage Inc EXR UN -1.95
U.S. Equity Upgrades
 Kimco Realty Corp Raised to Outperform at Baird
 Federal Realty Raised to Buy at Sandler
U.S. Equity Downgrades
 Boeing Cut to Equal Weight at Morgan Stanley
Today's Earnings – U.S.
Resolute Energy Corp $0.81, Dynavax Technologies Corp -$0.86

4. Before the Open March 13, 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 March 13, 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.