- US and Asian stock futures fell, European stocks dropped, and commodity prices declined as concerns over global growth weighed on investor sentiment. - A report showed the eurozone economy contracted 0.3% in Q4, with declines in investment, exports and consumer spending. A memo warned a Greek default could cost the eurozone over $1.36 trillion. - Private investors holding about 20% of Greek bonds involved in a debt swap have agreed to participate in the exchange, which aims to cut Greece's debt by 53.5% and help secure its bailout. - In Canada, Aecon reported higher Q1 earnings driven by improved margins, while stock indexes fell led by resources and miners. Parkland will

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 7 2,345 0.31
NASDAQ 25 5,414 0.45
Dow Jones 48 20,481 0.23
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -62 15,623 (0.40) 2.19
Venture -5 825 (0.55) 8.23
Dow Jones -114 20,523 (0.55) 3.85
S&P 500 -7 2,342 (0.29) 4.62
NASDAQ -7 5,849 (0.12) 8.66
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 23 12,024 0.19 4.73
FTSE -25 7,123 (0.35) (0.28)
Stoxx 600 1 377 0.29 4.43
Nikkei 14 18,432 0.07 (3.57)
Hang Seng -99 23,826 (0.41) 8.30
Commodities
Chg Last % Chg Ytd Chg
Gold -$5.32 $1,284.28 (0.41) 11.46
Oil $0.01 $52.42 0.02 (6.48)
Natural Gas $0.04 $3.19 1.26 (14.47)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7440 CDN$ 1.3441
Yen 81.07 Yen 108.96
Euro 0.6940 Euro 0.9328
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.02 0.53 3.92 15.22
CAN 10-YR 0.03 1.46 1.81 (14.93)
U.S. 3-MO 0.01 0.81 1.27 63.41
U.S. 10-YR 0.03 2.20 1.55 (9.92)
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 a number of companies
reported stronger-than-expected earnings. In economic news, Wednesday will see the
U.S. Federal Reserve issue the Beige Book of economic conditions at around 2 p.m. ET.
 Asian stock markets finished the session mostly lower, tracking Wall Street's negative
close overnight, with resources and financial shares under pressure. Declines in the
region were led by China with the Shanghai Composite Index down 0.8%, reaching a
two-month low, while Hong Kong's Hang Seng Index finished the session 0.4% lower.
Stocks in Japan erased early losses to end nearly flat, with the Nikkei edging up 0.1%.
 European markets moved higher on Wednesday as investors assessed a number of
earnings reports a day after the market suffered its worst session in five months. The
gains were led by the information technology, basic materials and financial sectors.
Company Headlines
 Rogers Communications Inc. (RCI.B-T) reported earnings of $294 million or 57 cents
per share in the three months ended March 31, up 28% from the same period last year.
Adjusted profit rose 34% to $394 million or 64 cents per share, according to results
released after the market closed Tuesday. The strongest wireless performance in years
bolstered profit for Rogers Communications Inc. during the quarter, with demand for its
high-speed Internet offerings offsetting a drop in television subscribers due to delays in
launching a next-generation IPTV product.
 Parkland Fuel Corp. (PKI-T) announced it will purchase a refinery in Burnaby, B.C.
from Chevron Corp. (CVX-N) in a deal valued at $1.46 billion. Parkland Fuel will also
acquire 129 Chevron-branded fill-up stations in the Vancouver area, marine fueling
stations and an aviation fuel business supplying the Vancouver International Airport in
addition to the refinery. Parkland will become Canada’s largest fuel retailer following the
deal, which it is partly financing through a $660-million bought-deal share offering, a
$500 million bridge loan plus other debt sources and cash. The deal is expected to close
in the second quarter of this year.
 Loblaw Cos Ltd. (L-T) said on Wednesday it would sell its gas station business to asset
manager Brookfield Business Partners LP (BBU.UN-T) for about $540-million.
Brookfield said it intends to rebrand the gas stations, through an agreement with
Imperial Oil Ltd. (IMO-T), to Exxon Mobil Corp’s (XOM-N) Mobil fuel brand. The sale
includes Loblaw’s 213 retail gas stations and convenience stores adjacent to the gas
stations across Canada. Loblaw said the deal is expected to close in the third quarter of
2017.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
April 19, 2017

2. Before the Open April 19, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - April 17 to April 21, 2017
Date/Time Event Period Consensus Actual Prior
04/18/2017 08:30 Int'l Securities Transactions Feb -- 38.84b 6.35b
04/18/2017 09:00 Existing Home Sales MoM Mar -- 1.10% 5.20%
04/21/2017 08:30 CPI NSA MoM Mar 0.40% -- 0.20%
04/21/2017 08:30 CPI YoY Mar 1.80% -- 2.00%
04/21/2017 08:30 Consumer Price Index Mar 130.2 -- 129.7
04/21/2017 08:30 CPI Core- Common YoY% Mar 1.30% -- 1.30%
04/21/2017 08:30 CPI Core- Trim YoY% Mar -- -- 1.60%
04/21/2017 08:30 CPI Core- Median YoY% Mar -- -- 1.90%
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
Leaders - Prior Session
Company Ticker % Change
ProMetic Life Sciences Inc PLI-T 2.94
Amaya Inc AYA-T 2.90
Osisko Gold Royalties Ltd OR-T 2.61
DHX Media Ltd DHX/B-T 2.59
IAMGOLD Corp IMG-T 2.22
Laggards - Prior Session
Company Ticker % Change
Valeant Pharmaceuticals International IncVRX-T -5.14
Ivanhoe Mines Ltd IVN-T -5.12
Lundin Mining Corp LUN-T -4.83
First Quantum Minerals Ltd FM-T -4.13
Alacer Gold Corp ASR-T -3.60
Canadian Equity Upgrades
 Copper Mountain Mining raised to Speculative Buy at TD Securities
 Russel Metals raised to Outperform at Raymond James
Canadian Equity Downgrades
 Canfor cut to Underperform at RBC
 Cascades and Western Forest Products cut to Sector Perform at RBC
 Savanna Energy Services cut to Market Perform at Cormark
Today's Earnings – Canada
Canadian Pacific Railway Ltd $2.47, Mullen Group Ltd $0.14, Opsens Inc -$0.02

3. Before the Open April 19, 2017
Page 3
Weekly U.S. Economic Calendar - April 17 to April 21, 2017
Date/Time Event Period Consensus Actual Prior
04/17/2017 08:30 Empire Manufacturing Apr 15 5.2 16.4
04/17/2017 10:00 NAHB Housing Market Index Apr 70 68 71
04/17/2017 16:00 Total Net TIC Flows Feb -- $19.3b $121.2b
04/17/2017 16:00 Net Long-term TIC Flows Feb -- $53.4b $5.9b
04/18/2017 08:30 Housing Starts Mar 1250k 1215k 1303k
04/18/2017 08:30 Housing Starts MoM Mar -3.00% -6.80% 5.00%
04/18/2017 08:30 Building Permits Mar 1250k 1260k 1216k
04/18/2017 08:30 Building Permits MoM Mar 2.80% 3.60% -6.00%
04/18/2017 09:15 Industrial Production MoM Mar 0.50% 0.50% 0.10%
04/18/2017 09:15 Capacity Utilization Mar 76.10% 76.10% 75.70%
04/18/2017 09:15 Manufacturing (SIC) Production Mar 0.00% -0.40% 0.30%
04/19/2017 07:00 MBA Mortgage Applications 14-Apr -- -1.80% 1.50%
04/20/2017 08:30 Initial Jobless Claims 15-Apr 241k -- 234k
04/20/2017 08:30 Continuing Claims 8-Apr 2024k -- 2028k
04/20/2017 08:30 Philadelphia Fed Business Outlook Apr 25.8 -- 32.8
04/20/2017 09:45 Bloomberg Consumer Comfort 16-Apr -- -- 51
04/20/2017 09:45 Bloomberg Economic Expectations Apr -- -- 54
04/20/2017 10:00 Leading Index Mar 0.20% -- 0.60%
04/21/2017 09:45 Markit US Manufacturing PMI Apr P 53.5 -- 53.3
04/21/2017 09:45 Markit US Services PMI Apr P 53.4 -- 52.8
04/21/2017 09:45 Markit US Composite PMI Apr P -- -- 53
04/21/2017 10:00 Existing Home Sales Mar 5.60m -- 5.48m
04/21/2017 10:00 Existing Home Sales MoM Mar 2.20% -- -3.70%
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
Leaders - Prior Session
Company Ticker % Change
AutoNation Inc AN-US 3.03
International Paper Co IP-US 1.94
Iron Mountain Inc IRM-US 1.81
CBS Corp CBS-US 1.80
Archer-Daniels-Midland Co ADM-US 1.63
Laggards - Prior Session
Company Ticker % Change
Cardinal Health Inc CAH-US -11.54
WW Grainger Inc GWW-US -11.39
Goldman Sachs Group Inc/The GS-US -4.72
AmerisourceBergen Corp ABC-US -4.71
Regions Financial Corp RF-US -4.65
U.S. Equity Upgrades
 Coca-Cola and Kirby raised to Outperform at Credit Suisse
 HP Inc raised to Overweight at Barclays
 Goldman Sachs raised to Neutral at Citi
U.S. Equity Downgrades
 Grainger cut to Underperform at Credit Suisse
 Sirius XM cut to Underweight at Morgan Stanley
Today's Earnings – U.S.
Huntington Bancshares Inc/OH $0.22, US Bancorp $0.80, TD Ameritrade Holding
Corp $0.41, Textron Inc $0.46, BlackRock Inc $4.89, Morgan Stanley $0.90, Abbott
Laboratories $0.43, Genuine Parts Co $1.05, Kinder Morgan Inc/DE $0.18, eBay Inc
$0.48, American Express Co $1.27, CSX Corp $0.43, PTC Inc $0.28, QUALCOMM
Inc $1.19, Steel Dynamics Inc $0.79, United Rentals Inc $1.52, SLM Corp $0.15,
DISH Network Corp $0.68

4. Before the Open April 19, 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.
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however TD Waterhouse Canada Inc. does not compensate its analysts based on specific investment banking transactions.

5. Before the Open April 19, 2017
Page 5
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