- US stock futures are pointing to a higher open, looking to snap a recent losing streak, while Asian markets traded sideways overnight following key earnings. European markets are mixed in afternoon trade as investors continue to digest political uncertainties and earnings. - Cenovus Energy CEO reiterated support for a carbon tax but did not provide a per-barrel cost estimate, while regulators have accused Home Capital of misleading disclosures regarding loan application fraud in 2014. - Today's notable earnings reports in Canada include IMAX Corp, Celestica Inc, and Winpak Ltd, while in the US reports are expected from MGIC Investment Corp, PPG Industries Inc, and others.

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 2,341 0.30
NASDAQ 20 5,418 0.38
Dow Jones 37 20,372 0.18
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -70 15,553 (0.45) 1.74
Venture -6 819 (0.76) 7.41
Dow Jones -119 20,404 (0.58) 3.25
S&P 500 -4 2,338 (0.17) 4.44
NASDAQ 14 5,863 0.23 8.92
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 4 12,021 0.03 4.70
FTSE -7 7,108 (0.09) (0.49)
Stoxx 600 0 377 0.06 4.44
Nikkei -2 18,430 (0.01) (3.58)
Hang Seng 231 24,057 0.97 9.35
Commodities
Chg Last % Chg Ytd Chg
Gold -$0.26 $1,280.02 (0.02) 11.09
Oil $0.20 $50.64 0.39 (9.65)
Natural Gas $0.01 $3.19 0.25 (14.26)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7412 CDN$ 1.3492
Yen 80.85 Yen 109.06
Euro 0.6898 Euro 0.9305
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.02 0.55 3.77 19.57
CAN 10-YR 0.01 1.48 0.95 (13.95)
U.S. 3-MO 0.00 0.80 - 60.33
U.S. 10-YR 0.01 2.23 0.64 (8.83)
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 open looking to snap the recent losing
streak that has seen the major U.S. indices post losses in five of the last six sessions.
Traders will again be watching quarterly earnings today as Travelers and Verizon report
before the opening bell while Visa and Mattel are set to report after the close. On the
data front, initial jobless claims were reported before the open and came in at 244,000
for the week ending April 15, slightly higher than consensus estimates of 240,000.
 Asian markets traded mostly sideways overnight following key earnings on Wall Street
yesterday and as oil prices came off two-week lows set earlier in the session. Investors
also had their eyes on politics in Europe and the on-going ebb and flow of tensions in the
Korean Peninsula. Tokyo's Nikkei Index finished the session with a 0.01% loss. Hong
Kong's Hang Seng Index closed 0.97% higher while Shanghai's Stock Composite Index
posted a gain 0.06%.
 European markets are mixed in afternoon trade as investors continued to digest political
uncertainties and reacted to fresh corporate earnings in the region. The pan-European
Stoxx 600 has been hovering around the flat line, last trading 0.05% higher.
Company Headlines
 Cenovus Energy Inc.’s (CVE-T) top executive Brian Ferguson reiterated his support for
a carbon tax at a recent Calgary Chamber of Commerce event, as oil companies begin
reporting how Alberta’s climate policies will impact the price per barrel of crude oil.
Ferguson did not provide a per-barrel cost estimate for how the carbon tax would affect
his company, but said he thought his company could drive down carbon tax costs with
new technology. “We’re only just starting to scratch the surface in terms of opportunities
that we have to reduce our emissions through technology,” Ferguson said.
 Regulators have accused mortgage lender Home Capital Group Inc. (HCG-T) of
misleading disclosures after the company uncovered falsified income information on
some loan applications and cut ties with dozens of brokers in 2014. At the time, the
company conducted an internal investigation and subsequently cut ties with 45 brokers.
The Ontario Securities Commission alleges Home Capital “misled” shareholders
because it knew there was fraud in its broker channel months before a public
announcement in July of 2015. The allegations come shortly after Home Capital's CEO
Martin K. Reid abruptly departed the company last month.
 New Rogers Communications Inc. (RCI-T) CEO Joe Natale told shareholders he’s
‘ready to go,’ with a new push on customer service. Only eleven hours after Natale was
released from his non-compete agreement with Telus Corp., where he served as CEO
for a little over a year after more than a decade with the telecom, he was already
addressing shareholders at Rogers’ annual general meeting at its Toronto headquarters
Wednesday morning. His next steps will be spending time in the field with cable
technicians, he said, followed by visits to retail stores and call centers to get a better
sense of the customer experience.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
April 20, 2017

2. Before the Open April 20, 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
Canopy Growth Corp WEED-T 5.89
Parkland Fuel Corp PKI-T 5.61
Brookfield Business Partners LP BBU-U-T 3.55
BlackBerry Ltd BB-T 3.08
FirstService Corp FSV-T 2.98
Laggards - Prior Session
Company Ticker % Change
Yamana Gold Inc YRI-T -5.70
Crew Energy Inc CR-T -5.19
Baytex Energy Corp BTE-T -5.00
First Majestic Silver Corp FR-T -4.96
IAMGOLD Corp IMG-T -4.67
Canadian Equity Upgrades
 None
Canadian Equity Downgrades
 Home Capital Group Cut to Market Perform at Raymond James
 Mullen Group Cut to Sector Perform at National Bank
Today's Earnings – Canada
IMAX Corp $0.05, Celestica Inc $0.28, Winpak Ltd $0.42

3. Before the Open April 20, 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%
04/19/2017 14:00 U.S. Federal Reserve Releases Beige Book
04/20/2017 08:30 Initial Jobless Claims 15-Apr 240k 244k 234k
04/20/2017 08:30 Continuing Claims 8-Apr 2024k 1979k 2028k
04/20/2017 08:30 Philadelphia Fed Business Outlook Apr 25.5 22 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 53.8 -- 53.3
04/21/2017 09:45 Markit US Services PMI Apr P 53.2 -- 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
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
Lam Research Corp LRCX-US 6.86
Intuitive Surgical Inc ISRG-US 6.37
WestRock Co WRK-US 4.48
AutoNation Inc AN-US 4.21
KLA-Tencor Corp KLAC-US 3.16
Laggards - Prior Session
Company Ticker % Change
International Business Machines CorpIBM-US -4.92
Marathon Oil Corp MRO-US -4.32
Newfield Exploration Co NFX-US -3.46
Transocean Ltd RIG-US -3.18
Devon Energy Corp DVN-US -3.16
U.S. Equity Upgrades
 Goldman Sachs Raised to Overweight at at Atlantic
 Gap Inc Raised to Neutral at JPMorgan
 Starbucks Raised to Buy at Stifel
U.S. Equity Downgrades
 Molson Coors Cut to Market Perform at Cowen
 Time Warner Cut to Hold at Pivotal
Today's Earnings – U.S.
MGIC Investment Corp $0.25, PPG Industries Inc $1.32, Sherwin-Williams Co/The
$2.08, BB&T Corp $0.73, DR Horton Inc $0.59, Blackstone Group LP/The $0.68,
Janus Capital Group Inc $0.21, Home BancShares Inc/AR $0.33, KCG Holdings Inc -
$0.04, Scorpio Bulkers Inc -$0.21, Danaher Corp $0.84, Bank of New York Mellon
Corp/The $0.80, Snap-on Inc $2.35, KeyCorp $0.28, Travelers Cos Inc/The $2.35,
Dover Corp $0.61, Citizens Financial Group Inc $0.51, Philip Morris International Inc
$1.03, Verizon Communications Inc $0.96, Alliance Data Systems Corp $3.85, Nucor
Corp $1.16, Mattel Inc -$0.17, Visa Inc $0.79, E*TRADE Financial Corp $0.39, NCR
Corp $0.46, Skechers U.S.A. Inc $0.54, Basic Energy Services Inc -$0.83, Proofpoint
Inc $0.09, PrivateBancorp Inc $0.67, Banc of California Inc $0.38

4. Before the Open April 20, 2017
Page 4
Appendix A - Important Information
General Research Disclaimer
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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
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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.
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5. Before the Open April 20, 2017
Page 5
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