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 2,399 0.04
NASDAQ 10 5,721 0.17
Dow Jones 13 20,928 0.06
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 18 15,477 0.12 1.24
Venture -3 804 (0.40) 5.42
Dow Jones 43 20,938 0.21 5.95
S&P 500 4 2,398 0.18 7.13
NASDAQ 5 6,139 0.08 14.04
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -15 12,644 (0.12) 10.14
FTSE 24 7,509 0.31 5.12
Stoxx 600 0 392 0.07 8.54
Nikkei 130 19,743 0.66 3.29
Hang Seng 25 25,429 0.10 15.58
Commodities
Chg Last % Chg Ytd Chg
Gold $1.77 $1,252.92 0.14 8.73
Oil $0.05 $51.52 0.10 (9.23)
Natural Gas $0.00 $3.21 (0.16) (13.69)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7404 CDN$ 1.3506
Yen 82.79 Yen 111.80
Euro 0.6614 Euro 0.8930
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.51 - 10.87
CAN 10-YR -0.02 1.49 (1.19) (13.31)
U.S. 3-MO 0.02 0.92 1.69 84.90
U.S. 10-YR -0.01 2.27 (0.31) (7.01)
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 higher opening as investors await the release
of minutes from the Federal Reserve's last meeting. The minutes will be scrutinized for
any indications as to when the Fed could raise rates over the course of 2017.
 Most Asian stocks gained as Chinese equities erased earlier losses triggered by
Moody's Investors Service's rating cut of the nation's debt. The Shanghai Composite
Index closed up 0.1% after slumping as much as 1.3%, as most investors brushed off
Moody's decision to cut China's debt rating for the first time in almost three decades. In
Japan, the Nikkei Index rose 0.7%, while in Hong Kong, the Hang Seng Index added
0.1%.
 European stocks are trading modestly higher with the gains limited as mining shares fell
following the downgrade of China's debt.
Company Headlines
 Bank of Montreal (BMO-T) posted higher quarterly earnings, aided by a strong
performance from its wealth management and capital markets businesses. The bank
said earnings per share, excluding one-off items, rose to $1.92 in the second quarter
ended on April 30 from $1.73 a year earlier. Analysts on average expected $1.93,
according to Thomson Reuters. Earnings before special items jumped 72% to $272
million at the wealth management unit and increased 12% to $322 million in the capital
markets business. The bank said, however, that U.S. loan and deposit growth had
moderated, reflecting slower-than-anticipated business activity in the first quarter of the
calendar year.
 Royal Dutch Shell Plc has reportedly decided to offload a roughly $4.1 billion stake in
Canadian Natural Resources Ltd (CNQ-T) that it acquired as part of a deal to retreat
from Canada's oil sands earlier this year, people familiar with the situation told Reuters.
The energy company has been interviewing investment banks to hire a financial adviser
for the share sale. Shell and Canadian Natural declined to comment.
 General Electric (GE-N) signed a one billion riyal (US$267 million) joint venture
agreement on Wednesday with Saudi Arabia's state-backed Dussur industrial
development company to manufacture gas turbines in the eastern city of Dammam. The
agreement, announced at a press conference in Riyadh, follows an announcement by
GE during U.S. President Donald Trump's visit last weekend of US$15 billion of
business deals, including memorandums of understanding which would require further
agreements to materialize. GE and Dussur signed a memorandum of understanding last
year that is expected to result in nearly 3.75 billion riyals of investment by the two
companies across multiple sectors in 2017.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and
Mail, Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
May 24, 2017

2. Before the Open May 24, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - May 22 to May 26, 2017
Date/Time Event Period Consensus Actual Prior
05/23/2017 08:30 Wholesale Trade Sales MoM Mar 0.80% 0.90% 0.30%
05/23/2017 10:00 Bloomberg Nanos Confidence 19-May -- 57.9 58.1
05/24/2017 10:00 Bank of Canada Rate Decision 24-May 0.50% -- 0.50%
05/25/2017 CFIB Business Barometer May -- -- 64.4
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17
Leaders - Prior Session
Company Ticker % Change
BlackBerry Ltd BB-T 8.84
Uni-Select Inc UNS-T 2.80
Kinaxis Inc KXS-T 2.72
Crew Energy Inc CR-T 2.53
Laurentian Bank of Canada LB-T 2.21
Laggards - Prior Session
Company Ticker % Change
Aimia Inc AIM-T -6.20
Novagold Resources Inc NG-T -5.61
Alamos Gold Inc AGI-T -5.23
Pretium Resources Inc PVG-T -4.79
Computer Modelling Group Ltd CMG-T -4.55
Canadian Equity Upgrades
 Jean Coutu Upgraded to Hold at Desjardins
 Computer Modelling Group Raised to Buy at Industrial Alliance
Canadian Equity Downgrades
 n/a
Today's Earnings – Canada
Bank of Montreal $1.93, Fortuna Silver Mines Inc $0.05, Medicure Inc $0.04

3. Before the Open May 24, 2017
Page 3
Weekly U.S. Economic Calendar - May 22 to May 26, 2017
Date/Time Event Period Consensus Actual Prior
05/22/2017 08:30 Chicago Fed Nat Activity Index Apr 0.11 0.49 0.07
05/23/2017 09:45 Markit US Manufacturing PMI May P 53 52.5 52.8
05/23/2017 09:45 Markit US Services PMI May P 53.3 54 53.1
05/23/2017 09:45 Markit US Composite PMI May P -- 53.9 53.2
05/23/2017 10:00 New Home Sales Apr 610k 569k 642k
05/23/2017 10:00 New Home Sales MoM Apr -1.80% -11.40% 5.80%
05/23/2017 10:00 Richmond Fed Manufact. Index May 15 1 20
05/24/2017 07:00 MBA Mortgage Applications 19-May -- 4.40% -4.10%
05/24/2017 09:00 FHFA House Price Index MoM Mar 0.50% -- 0.80%
05/24/2017 09:00 House Price Purchase Index QoQ 1Q -- -- 1.50%
05/24/2017 10:00 Existing Home Sales Apr 5.65m -- 5.71m
05/24/2017 10:00 Existing Home Sales MoM Apr -1.10% -- 4.40%
05/24/2017 14:00 FOMC Meeting Minutes 3-May -- -- --
05/25/2017 08:30 Advance Goods Trade Balance Apr -$64.5b -- -$64.2b
05/25/2017 08:30 Wholesale Inventories MoM Apr P 0.20% -- 0.20%
05/25/2017 08:30 Retail Inventories MoM Apr -- -- 0.40%
05/25/2017 08:30 Initial Jobless Claims 20-May 238k -- 232k
05/25/2017 08:30 Continuing Claims 13-May 1925k -- 1898k
05/25/2017 09:45 Bloomberg Consumer Comfort 21-May -- -- 50.2
05/25/2017 11:00 Kansas City Fed Manf. Activity May 10 -- 7
05/26/2017 08:30 GDP Annualized QoQ 1Q S 0.90% -- 0.70%
05/26/2017 08:30 Personal Consumption 1Q S 0.40% -- 0.30%
05/26/2017 08:30 GDP Price Index 1Q S 2.30% -- 2.30%
05/26/2017 08:30 Core PCE QoQ 1Q S 2.00% -- 2.00%
05/26/2017 08:30 Durable Goods Orders Apr P -1.40% -- 0.90%
05/26/2017 08:30 Durables Ex Transportation Apr P 0.40% -- 0.00%
05/26/2017 08:30 Cap Goods Orders Nondef Ex Air Apr P 0.50% -- 0.50%
05/26/2017 08:30 Cap Goods Ship Nondef Ex Air Apr P 0.50% -- 0.50%
05/26/2017 10:00 U. of Mich. Sentiment May F 97.5 -- 97.7
05/26/2017 10:00 U. of Mich. Current Conditions May F -- -- 112.7
05/26/2017 10:00 U. of Mich. Expectations May F -- -- 88.1
05/26/2017 10:00 U. of Mich. 1 Yr Inflation May F -- -- 2.60%
05/26/2017 10:00 U. of Mich. 5-10 Yr Inflation May F -- -- 2.30%
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17
Leaders - Prior Session
Company Ticker % Change
Agilent Technologies Inc A-US 4.60
Archer-Daniels-Midland Co ADM-US 3.71
Nucor Corp NUE-US 3.31
Regions Financial Corp RF-US 2.84
Zions Bancorporation ZION-US 2.81
Laggards - Prior Session
Company Ticker % Change
AutoZone Inc AZO-US -11.84
Alexion Pharmaceuticals Inc ALXN-US -9.34
Brown-Forman Corp BF/B-US -6.22
Xilinx Inc XLNX-US -5.26
TripAdvisor Inc TRIP-US -4.89
U.S. Equity Upgrades
 Voltas, Steel Dynamics and Nucor Upgraded to Outperform at Credit Suisse
 Bioverativ Raised to Neutral at Credit Suisse
U.S. Equity Downgrades
 Liberty Global Cut to Neutral at Credit Suisse
 Adecco and Randstad Cut to Underperform at Credit Suisse
 Homeservce Downgraded to Sector Perform at RBC
Today's Earnings – U.S.
Dycom Industries Inc $1.19, Lowe's Cos Inc $1.06, Tiffany & Co $0.70, Triumph
Group Inc $1.47, Advance Auto Parts Inc $2.16, HP Inc $0.39, PVH Corp $1.60,
Williams-Sonoma Inc $0.49, NetApp Inc $0.82, Pure Storage Inc -$0.22

4. Before the Open May 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
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 May 24, 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.