Today's Market

1. 
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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 -4 2,382 (0.16)
NASDAQ -15 5,625 (0.26)
Dow Jones -18 20,847 (0.09)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 44 15,620 0.28 2.17
Venture -5 796 (0.61) 4.44
Dow Jones 36 20,950 0.17 6.01
S&P 500 3 2,391 0.12 6.80
NASDAQ 4 6,095 0.06 13.23
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -15 12,493 (0.12) 8.80
FTSE -23 7,227 (0.31) 1.18
Stoxx 600 -1 389 (0.17) 7.59
Nikkei 135 19,446 0.70 1.73
Hang Seng 81 24,696 0.33 12.25
Commodities
Chg Last % Chg Ytd Chg
Gold -$1.99 $1,253.11 (0.16) 8.75
Oil $0.24 $47.90 0.50 (15.21)
Natural Gas $0.01 $3.20 0.22 (14.02)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7284 CDN$ 1.3729
Yen 81.77 Yen 112.24
Euro 0.6673 Euro 0.9161
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.52 - 13.04
CAN 10-YR -0.01 1.51 (0.53) (12.49)
U.S. 3-MO 0.01 0.85 0.60 70.57
U.S. 10-YR 0.01 2.29 0.47 (6.27)
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 ahead of the Federal Reserve's
latest monetary policy decision which is due to be released at 2 pm ET. While most
economists expect rates to be unchanged, investors will be analyzing the Fed's
statement for further signaling of a potential increase in the rates next month.
 Asian markets mostly fell on Wednesday in a thin trading session with markets in Japan,
Hong Kong and South Korea closed for public holidays. In China, the Shanghai
Composite Index shed 0.3%, while in Australia the ASX200 Index fell 1.0% amid
declines in banking and some resources shares.
 European stocks are trading in negative territory with the basic resources sector leading
the decline amid a slide in metal prices. On the data front, eurozone’s gross domestic
product rose by 0.5% in the first quarter of 2017, in line with analysts’ expectations.
Company Headlines
 Loblaw Cos Ltd (L-T) posted a higher-than-expected quarterly profit as the company
kept a tight lid on expenses and attracted more customers to its stores with discounts.
Net earnings available to common shareholders rose to $230 million, or $0.57 per share,
in the first quarter ended March 25, from $193 million, or $0.47 per share, a year earlier.
Excluding items, the company earned $0.90 per share, beating the average estimate of
$0.87 per share.
 Torstar Corp (TS.B-T) reported a bigger-than-expected loss, as growth in some of its
digital ventures failed to offset a decline in print advertising. Torstar said print advertising
revenue fell 19% in the first quarter ended March 31. Revenue from digital ventures
dipped 4%, but Torstar said digital revenue growth was "strong" its majority-owned
VerticalScope unit and community websites in its Metroland Media business. Torstar
said net loss attributable to shareholders narrowed to $24.4 million or $0.30 per share,
from $53.5 million, or $0.66 per share, a year earlier. Excluding items, the company lost
$0.22 per share, missing analysts' average estimate of $0.13 per share according to
Thomson Reuters.
 Apple Inc (AAPL-Q) reported a surprise fall in iPhone sales for its second quarter,
indicating that customers may have held back purchases in anticipation of the 10th-
anniversary edition of the company's most important product later this year. Apple sold
50.76 million iPhones in its fiscal second quarter ended April 1, down from 51.19 million
a year earlier. For the second quarter, the company's net income rose to US$11.03
billion, or US$2.10 per share, compared with US$10.52 billion, or US$1.90 per share, a
year earlier. Analysts on average had expected US$2.02 per share, according to
Thomson Reuters.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and
Mail, Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
May 3, 2017

2. Before the Open May 3, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - May 01 to May 05, 2017
Date/Time Event Period Consensus Actual Prior
05/01/2017 07:00 MLI Leading Indicator MoM Mar -- 0.50% 0.40%
05/01/2017 09:30 Markit Canada Manufacturing PMI Apr -- 55.9 55.5
05/01/2017 10:00 Bloomberg Nanos Confidence 28-Apr -- 59.4 59.1
05/04/2017 08:30 Int'l Merchandise Trade Mar -1.00b -- -0.97b
05/05/2017 08:30 Net Change in Employment Apr 10.0k -- 19.4k
05/05/2017 08:30 Unemployment Rate Apr 6.70% -- 6.70%
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
May-16 Jul-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
Leaders - Prior Session
Company Ticker % Change
Home Capital Group Inc HCG-T 11.35
Colliers International Group Inc CIGI-T 6.76
Valeant Pharmaceuticals International IncVRX-T 6.73
Bombardier Inc BBD/B-T 4.90
Finning International Inc FTT-T 4.37
Laggards - Prior Session
Company Ticker % Change
Guyana Goldfields Inc GUY-T -4.41
Alamos Gold Inc AGI-T -4.15
Norbord Inc OSB-T -3.81
Stella-Jones Inc SJ-T -3.73
WestJet Airlines Ltd WJA-T -3.24
Canadian Equity Upgrades
 Calfrac Well Services Raised to Outperform at Raymond James
 Kinross Gold Raised to Outperform at CIBC
Canadian Equity Downgrades
 N/A
Today's Earnings – Canada
CGI Group Inc $0.93, Torex Gold Resources Inc $0.14, Endeavour Silver Corp $0.02,
SEMAFO Inc $0.02, Primero Mining Corp -$0.05, Loblaw Cos Ltd $0.87, Brookfield
Renewable Partners LP $0.07, Russel Metals Inc $0.36, EcoSynthetix Inc -$0.03,
Dundee Precious Metals Inc -$0.02, Wesdome Gold Mines Ltd $0.03, Golden Star
Resources Ltd $0.01, Home Capital Group Inc $0.99, Great Panther Silver Ltd $0.01,
Silver Standard Resources Inc $0.13, Taseko Mines Ltd $0.05, Uni-Select Inc $0.33,
Yamana Gold Inc $0.00, Hudbay Minerals Inc $0.11, ZCL Composites Inc $0.14, ARC
Resources Ltd $0.14, Trican Well Service Ltd -$0.03, Rogers Sugar Inc $0.08,
Veresen Inc $0.13, Gildan Activewear Inc $0.35, Points International Ltd $0.04,
Manulife Financial Corp $0.52, Whitecap Resources Inc $0.04, Allied Properties Real
Estate Investment Trust $0.52, Novadaq Technologies Inc -$0.21, Gran Tierra Energy
Inc -$0.25, Echelon Financial Holdings Inc $0.17, Acadian Timber Corp $0.30, Xtreme
Drilling Corp -$0.06, Horizon North Logistics Inc -$0.03, DIRTT Environmental
Solutions $0.00, Callidus Capital Corp $0.37, Kinaxis Inc $0.21, TransAlta
Renewables Inc $0.25, BlackPearl Resources Inc $0.01, Westshore Terminals
Investment Corp $0.35, Morguard Real Estate Investment Trust $0.40, Firm Capital
Mortgage Investment Corp $0.25, Western Forest Products Inc $0.06, NexGen Energy
Ltd -$0.01, Cardinal Energy Ltd -$0.31

3. Before the Open May 3, 2017
Page 3
Weekly U.S. Economic Calendar - May 01 to May 05, 2017
Date/Time Event Period Consensus Actual Prior
05/01/2017 08:30 Personal Income Mar 0.30% 0.20% 0.30%
05/01/2017 08:30 Personal Spending Mar 0.20% 0.00% 0.10%
05/01/2017 08:30 Real Personal Spending Mar 0.40% 0.30% -0.10%
05/01/2017 08:30 PCE Deflator YoY Mar 1.90% 1.80% 2.10%
05/01/2017 08:30 PCE Core MoM Mar -0.10% -0.10% 0.20%
05/01/2017 08:30 PCE Core YoY Mar 1.60% 1.60% 1.80%
05/01/2017 09:45 Markit US Manufacturing PMI Apr F 52.8 52.8 52.8
05/01/2017 10:00 ISM Manufacturing Apr 56.5 54.8 57.2
05/01/2017 10:00 ISM Prices Paid Apr 67.5 68.5 70.5
05/01/2017 10:00 ISM New Orders Apr -- 57.5 64.5
05/01/2017 10:00 ISM Employment Apr -- 52 58.9
05/01/2017 10:00 Construction Spending MoM Mar 0.40% -0.20% 1.80%
05/02/2017 Wards Total Vehicle Sales Apr 17.10m 16.81m 16.53m
05/02/2017 Wards Domestic Vehicle Sales Apr 13.40m 13.12m 12.97m
05/03/2017 07:00 MBA Mortgage Applications 28-Apr -- -0.10% 2.70%
05/03/2017 08:15 ADP Employment Change Apr 178k 177k 255k
05/03/2017 09:45 Markit US Services PMI Apr F 52.5 -- 52.5
05/03/2017 09:45 Markit US Composite PMI Apr F -- -- 52.7
05/03/2017 10:00 ISM Non-Manf. Composite Apr 55.8 -- 55.2
05/03/2017 14:00 FOMC Rate Decision (Upper Bound) 3-May 1.00% -- 1.00%
05/03/2017 14:00 FOMC Rate Decision (Lower Bound) 3-May 0.75% -- 0.75%
05/04/2017 07:30 Challenger Job Cuts YoY Apr -- -- -2.00%
05/04/2017 08:30 Trade Balance Mar -$44.5b -- -$43.6b
05/04/2017 08:30 Nonfarm Productivity 1Q P 0.00% -- 1.30%
05/04/2017 08:30 Unit Labor Costs 1Q P 2.70% -- 1.70%
05/04/2017 08:30 Initial Jobless Claims 29-Apr 249k -- 257k
05/04/2017 08:30 Continuing Claims 22-Apr 1990k -- 1988k
05/04/2017 09:45 Bloomberg Consumer Comfort 30-Apr -- -- 50.8
05/04/2017 10:00 Factory Orders Mar 0.40% -- 1.00%
05/04/2017 10:00 Factory Orders Ex Trans Mar -- -- 0.40%
05/04/2017 10:00 Durable Goods Orders Mar F 0.70% -- 0.70%
05/04/2017 10:00 Durables Ex Transportation Mar F -- -- -0.20%
05/04/2017 10:00 Cap Goods Orders Nondef Ex Air Mar F -- -- 0.20%
05/04/2017 10:00 Cap Goods Ship Nondef Ex Air Mar F -- -- 0.40%
05/05/2017 08:30 Change in Nonfarm Payrolls Apr 190k -- 98k
05/05/2017 08:30 Change in Private Payrolls Apr 190k -- 89k
05/05/2017 08:30 Change in Manufact. Payrolls Apr 10k -- 11k
05/05/2017 08:30 Unemployment Rate Apr 4.60% -- 4.50%
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
May-16 Jul-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
Leaders - Prior Session
Company Ticker % Change
Coach Inc COH-US 11.38
Martin Marietta Materials Inc MLM-US 7.62
Cummins Inc CMI-US 6.10
Delta Air Lines Inc DAL-US 5.35
United Continental Holdings IncUAL-US 5.22
Laggards - Prior Session
Company Ticker % Change
Advanced Micro Devices Inc AMD-US -24.23
Archer-Daniels-Midland Co ADM-US -8.88
Mosaic Co/The MOS-US -7.15
NRG Energy Inc NRG-US -5.40
BorgWarner Inc BWA-US -4.46
U.S. Equity Upgrades
 Mondelez Raised to Buy at Deutsche Bank
 McDonald's Raised to Buy at Goldman
U.S. Equity Downgrades
 Frontier Cut to Neutral at UBS
 Bristol-Myers Cut to Underperform at BMO
Today's Earnings – U.S.
Exelon Corp $0.62, Time Warner Inc $1.46, Ultra Petroleum Corp $0.69, Carlyle
Group LP/The $0.39, Reynolds American Inc $0.57, Bunge Ltd $0.71, Berry Global
Group Inc $0.65, Groupon Inc -$0.01, Quintiles IMS Holdings Inc $0.96, Avis Budget
Group Inc -$0.51, Pilgrim's Pride Corp $0.40, Williams Cos Inc/The $0.21, Tutor Perini
Corp $0.29, Concho Resources Inc $0.29, Tesla Inc -$0.82, Williams Partners LP
$0.38, Square Inc $0.02, Tronox Ltd -$0.02, Tableau Software Inc -$0.11, WPX
Energy Inc -$0.17, Clovis Oncology Inc -$1.44, Fitbit Inc -$0.18, Spirit Realty Capital
Inc $0.22, Sunoco LP $0.02, CyrusOne Inc $0.68, Kraft Heinz Co/The $0.85, Fidelity
& Guaranty Life $0.64, Rice Energy Inc $0.22, ARRIS International PLC $0.38,
Bioverativ Inc $0.62, Park Hotels & Resorts Inc $0.62, Neurocrine Biosciences Inc -
$0.71, Energy Transfer Partners LP $0.17

4. Before the Open May 3, 2017
Page 4
Appendix A - Important Information
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Research Ratings
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it is a top pick in the Analyst’s sector.
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5. Before the Open May 3, 2017
Page 5
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