- U.S. stock futures are pointing to a lower open ahead of the Presidents' Day holiday weekend, while Asian markets closed lower following Samsung's arrest news. European markets are mostly lower, pausing after a strong rally. - Air Canada reported a bigger quarterly loss as it cut fares, while load factor fell. Enbridge bought a 49.9% stake in a German offshore wind park. CIBC CEO said banks are discussing a private sector fund for growing companies. - Economic data includes Empire State manufacturing, CPI, retail sales, industrial production, and housing market index. Earnings include Enbridge, Enbridge Income, Air Canada, and Winpak.

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 -5 2,341 (0.22)
NASDAQ -9 5,292 (0.16)
Dow Jones -59 20,535 (0.29)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 19 15,864 0.12 3.77
Venture 5 843 0.62 10.62
Dow Jones 8 20,620 0.04 4.34
S&P 500 -2 2,347 (0.09) 4.84
NASDAQ -5 5,815 (0.08) 8.02
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -56 11,701 (0.48) 1.92
FTSE 12 7,290 0.16 2.06
Stoxx 600 -2 369 (0.41) 1.99
Nikkei -113 19,235 (0.58) 0.63
Hang Seng -74 24,034 (0.31) 9.24
Commodities
Chg Last % Chg Ytd Chg
Gold $4.39 $1,243.49 0.35 7.92
Oil -$0.27 $53.09 (0.51) (2.87)
Natural Gas $0.03 $2.88 0.90 (22.66)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7647 CDN$ 1.3077
Yen 86.20 Yen 112.72
Euro 0.7179 Euro 0.9388
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.46 - -
CAN 10-YR -0.04 1.71 (2.01) (0.58)
U.S. 3-MO -0.01 0.51 (1.95) 2.05
U.S. 10-YR -0.04 2.41 (1.60) (1.51)
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 open ahead of the Presidents' Day
holiday weekend. While the Dow eked out another record closing high on Thursday, the
S&P 500 and NASDAQ snapped a 7-day winning streak. Stocks have risen on the hope
President Donald Trump will cut taxes and regulations. Today, investors will continue to
watch for corporate earnings as the fourth-quarter earnings season comes to a close.
 Asian markets closed lower, as Samsung Group shares were in focus following the
arrest of its chief. Jay Y. Lee was arrested early on Friday over his alleged role in a
corruption scandal that led parliament to impeach President Park. Tokyo's Nikkei Index
ended the session with a 0.58% loss. Hong Kong's Hang Seng Index closed 0.31%
lower, while Shanghai's Stock Composite Index also finished with a loss of 0.86%.
 European markets are mostly lower in afternoon trade, pausing for breath after a strong
rally at the start of the week, as investors digested economic data and more earnings
reports. The pan-European Stoxx 600 is trading approximately 0.35% lower with most
sectors in the red.
Company Headlines
 Air Canada (AC-T) reported a bigger quarterly loss as the airline cut fares to fill seats in
long-haul leisure markets. Load factor, which measures how effectively the airline filled
seats, fell to 79.9% in the fourth quarter ended Dec. 31 from 81.1% a year earlier. The
carrier’s fuel cost per litre rose 1.4%. However, the country’s largest airline said its
adjusted cost per available seat mile (CASM), excluding fuel costs and unusual items,
fell 6.1%. The company’s net loss widened to $179 million, or 66 cents per share, in the
latest quarter from $116 million, or 41 cents per share, a year earlier. The Montreal-
based airline’s revenue rose 7.6% to $3.43 billion.
 Canadian energy infrastructure group Enbridge Inc. (ENB-T) has bought a 49.9% stake
in Hohe See, German company EnBW’s North Sea offshore wind park. Enbridge said it
had already funded its $1.7 billion investment through financing moves in the fourth
quarter of last year, primarily preferred share and hybrid instrument offerings. With a
planned capacity of about 500 megawatts (MW), Hohe See is one of Europe’s largest
offshore wind park projects and will be EnBW’s biggest park to date. EnBW said
Enbridge also had an option to participate in expansion project Albatros, for which an
investment decision is expected early this year.
 CIBC's chief executive Victor Dodig said that Canadian Imperial Bank of Commerce
(CM-T) and other financial institutions are in discussions to build a “sizeable” private-
sector fund offering long-term financing to high-growth businesses not served by
traditional lending or venture capital. The proposed Canadian Business Growth Fund
would be similar to one that exists in Great Britain, and would cater to growing
companies that “hit a wall” when funding is no longer available to them, he said in a
speech about trade and innovation delivered to the Canadian Club in Toronto.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
February 17, 2017

2. Before the Open February 17, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - February 13 to February 17, 2017
Date/Time Event Period Consensus Actual Prior
02/13/2017 10:00 Bloomberg Nanos Confidence 10-Feb -- 57.3 57.3
02/14/2017 08:30 Teranet/National Bank HPI MoM Jan -- 0.50% 0.30%
02/14/2017 08:30 Teranet/National Bank HP Index Jan -- 200.34 199.41
02/14/2017 08:30 Teranet/National Bank HPI YoY Jan -- 13.00% 12.30%
02/15/2017 08:30 Manufacturing Sales MoM Dec 0.30% 2.30% 2.30%
02/15/2017 09:00 Existing Home Sales MoM Jan -- -1.30% 2.20%
02/17/2017 08:30 Int'l Securities Transactions Dec -- 10.23b 7.26b
S&P/TSX Daily Performance
12000
12500
13000
13500
14000
14500
15000
15500
16000
Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17
Leaders - Prior Session
Company Ticker % Change
Westshore Terminals Investment CorpWTE-T 9.86
Colliers International Group Inc CIGI-T 7.27
Canadian Tire Corp Ltd CTC/A-T 6.88
Barrick Gold Corp ABX-T 6.05
Goldcorp Inc G-T 5.86
Laggards - Prior Session
Company Ticker % Change
ProMetic Life Sciences Inc PLI-T -7.42
Teck Resources Ltd TECK/B-T -5.25
Sun Life Financial Inc SLF-T -5.09
Agnico Eagle Mines Ltd AEM-T -4.52
Valeant Pharmaceuticals International IncVRX-T -3.77
Canadian Equity Upgrades
 Barrick Gold Raised to Market Perform at Cormark Securities
 Cenovus Energy Raised to Outperform at Alta Corp Capital
Canadian Equity Downgrades
 Sun Life Cut to Sector Perform at RBC
 Canadian Tire Cut to Hold at Desjardins Securities
Today's Earnings – Canada
Enbridge Inc $0.58, Enbridge Income Fund Holdings Inc $0.53, Air Canada $0.07,
Winpak Ltd $0.40, Fairfax India Holdings Corp -$0.01

3. Before the Open February 17, 2017
Page 3
Weekly U.S. Economic Calendar - February 13 to February 17, 2017
Date/Time Event Period Consensus Actual Prior
02/14/2017 06:00 NFIB Small Business Optimism Jan 105 105.9 105.8
02/14/2017 08:30 PPI Final Demand MoM Jan 0.30% 0.60% 0.20%
02/14/2017 08:30 PPI Ex Food and Energy MoM Jan 0.20% 0.40% 0.10%
02/14/2017 08:30 PPI Ex Food, Energy, Trade MoM Jan 0.20% 0.20% 0.10%
02/14/2017 08:30 PPI Final Demand YoY Jan 1.50% 1.60% 1.60%
02/14/2017 08:30 PPI Ex Food and Energy YoY Jan 1.10% 1.20% 1.60%
02/14/2017 08:30 PPI Ex Food, Energy, Trade YoY Jan -- 1.60% 1.70%
02/15/2017 07:00 MBA Mortgage Applications 10-Feb -- -3.70% 2.30%
02/15/2017 08:30 Empire Manufacturing Feb 7 18.7 6.5
02/15/2017 08:30 CPI MoM Jan 0.30% 0.60% 0.30%
02/15/2017 08:30 CPI Ex Food and Energy MoM Jan 0.20% 0.30% 0.20%
02/15/2017 08:30 CPI YoY Jan 2.40% 2.50% 2.10%
02/15/2017 08:30 CPI Ex Food and Energy YoY Jan 2.10% 2.30% 2.20%
02/15/2017 08:30 CPI Core Index SA Jan -- 250.783 250.013
02/15/2017 08:30 CPI Index NSA Jan 242.479 242.839 241.432
02/15/2017 08:30 Real Avg Weekly Earnings YoY Jan -- -0.60% 0.40%
02/15/2017 08:30 Real Avg Hourly Earning YoY Jan -- 0.00% 0.80%
02/15/2017 08:30 Retail Sales Advance MoM Jan 0.10% 0.40% 1.00%
02/15/2017 08:30 Retail Sales Ex Auto MoM Jan 0.40% 0.80% 0.40%
02/15/2017 08:30 Retail Sales Ex Auto and Gas Jan 0.30% 0.70% 0.10%
02/15/2017 08:30 Retail Sales Control Group Jan 0.30% 0.40% 0.40%
02/15/2017 09:15 Industrial Production MoM Jan 0.00% -0.30% 0.60%
02/15/2017 09:15 Capacity Utilization Jan 75.40% 75.30% 75.60%
02/15/2017 09:15 Manufacturing (SIC) Production Jan 0.20% 0.20% 0.20%
02/15/2017 10:00 NAHB Housing Market Index Feb 67 65 67
02/15/2017 10:00 Mortgage Delinquencies 4Q -- 4.80% 4.52%
02/15/2017 10:00 MBA Mortgage Foreclosures 4Q -- 1.53% 1.55%
02/15/2017 10:00 Business Inventories Dec 0.40% 0.40% 0.80%
02/15/2017 16:00 Net Long-term TIC Flows Dec -- -$12.9b $34.4b
02/15/2017 16:00 Total Net TIC Flows Dec -- -$42.8b $30.2b
02/16/2017 08:30 Housing Starts Jan 1226k 1246k 1279k
02/16/2017 08:30 Housing Starts MoM Jan 0.00% -2.60% 11.30%
02/16/2017 08:30 Building Permits Jan 1230k 1285k 1228k
02/16/2017 08:30 Building Permits MoM Jan 0.20% 4.60% 1.30%
02/16/2017 08:30 Initial Jobless Claims 11-Feb 245k 239k 234k
02/16/2017 08:30 Continuing Claims 4-Feb 2050k 2076k 2079k
02/16/2017 08:30 Philadelphia Fed Business Outlook Feb 18 43.3 23.6
02/16/2017 09:45 Bloomberg Consumer Comfort 12-Feb -- 48.1 47.2
02/16/2017 09:45 Bloomberg Economic Expectations Feb -- 50 56
02/17/2017 10:00 Leading Index Jan 0.50% -- 0.50%
S&P 500 Daily Performance
1700
1800
1900
2000
2100
2200
2300
2400
Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17
Leaders - Prior Session
Company Ticker % Change
Stericycle Inc SRCL-US 7.70
NetApp Inc NTAP-US 4.19
International Flavors & Fragrances IncIFF-US 4.09
Entergy Corp ETR-US 2.83
Duke Energy Corp DUK-US 2.76
Laggards - Prior Session
Company Ticker % Change
TripAdvisor Inc TRIP UW -10.97
Coty Inc COTY UN -5.46
Range Resources Corp RRC UN -5.33
Mondelez International Inc MDLZ UW -4.78
Southwestern Energy Co SWN UN -4.65
U.S. Equity Upgrades
 Macy's Raised to Overweight at Atlanctic
 Cimarex Energy Raised to Buy at KLR Group
U.S. Equity Downgrades
 Nestle Cut to Outperform at RBC
 Hertz Global Holdings Cut to Underperform at Credit Suisse
Today's Earnings – U.S.
Cooper Tire & Rubber Co $0.93, Deere & Co $0.55, Federal National Mortgage
Association -$0.03, DENTSPLY SIRONA Inc $0.65, Moody's Corp $1.14, Fluor Corp
$0.81, Spectra Energy Corp $0.31, VF Corp $0.97, JM Smucker Co/The $2.01,
Leucadia National Corp $0.23

4. Before the Open February 17, 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 February 17, 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.