- US stock futures and European stocks fell as investors worried about global growth and the outcome of Greece's debt swap. Asian markets also declined. - Data showed the eurozone economy contracted 0.3% in Q4, with declines in investment, exports and consumer spending. A report warned a Greek default could cost the eurozone over $1.36 trillion. - Around 20% of bonds involved in Greece's debt restructuring have been declared for the swap by private investors so far. The swap aims to cut privately held Greek debt by 53.5%. - In company news, Aecon Group reported higher earnings as margins improved on lower costs. Maple Leaf Foods more than doubled profits as prepared meats margins

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 -2 2,358 (0.10)
NASDAQ -1 5,343 (0.01)
Dow Jones -1 20,687 (0.00)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 84 15,922 0.53 4.15
Venture 1 845 0.12 10.83
Dow Jones 119 20,743 0.58 4.96
S&P 500 14 2,365 0.60 5.65
NASDAQ 27 5,866 0.47 8.97
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 10 11,977 0.08 4.32
FTSE 8 7,283 0.11 1.96
Stoxx 600 0 373 (0.07) 3.24
Nikkei -2 19,380 (0.01) 1.39
Hang Seng 238 24,202 0.99 10.01
Commodities
Chg Last % Chg Ytd Chg
Gold $3.67 $1,239.38 0.30 7.56
Oil -$0.37 $53.96 (0.69) (2.65)
Natural Gas $0.03 $2.59 1.16 (30.34)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7579 CDN$ 1.3194
Yen 85.69 Yen 113.06
Euro 0.7212 Euro 0.9516
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.48 - 4.35
CAN 10-YR -0.04 1.69 (2.09) (1.98)
U.S. 3-MO 0.03 0.54 4.97 8.18
U.S. 10-YR -0.03 2.40 (1.18) (1.80)
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 pointed to a lower opening as investors focused on a host of
earnings reports and as oil prices contracted. A report on existing-home sales for
January is due at 10 a.m. Eastern Time, but investors will be focusing on the minutes of
the Jan. 31-Feb. 1 Federal Open Reserve Committee meeting, due at 2 p.m. Eastern.
 Asian stock markets were mostly higher ahead of the release of minutes from this
month's U.S. Federal Reserve meeting. Hong Kong's Hang Seng Index advanced 1.0%
and Shanghai's Stock Composite Index rose 0.2%, while Tokyo's Nikkei Index eased by
less than 2 bps as the yen gained modestly against the dollar.
 European stocks pared earlier gains and are trading slightly lower after hitting a 14-
month high earlier in the session. Investors evaluated key earnings reports as well as
Germany's closely watched business climate survey for February, which came in above
expectations.
Company Headlines
 Maple Leaf Foods Inc. (MFI-T) reported quarterly profit more than doubled as margins
in its prepared meats business improved. Net earnings rose to $76.2 million, or 56 cents
per share, in the fourth quarter ended Dec. 31, from $33.3 million, or 24 cents, a year
earlier. Maple Leaf's total sales fell to $828.2 million from $873.1 million. Separately, the
company announced it will acquire privately-held Lightlife Foods Inc., an American
company that makes plant-based protein foods for US$140 million and any related
costs. President and CEO Michael McCain said in a statement that consumers are
looking for alternative protein sources and this growing market is one of Maple Leaf's
strategic growth platforms. The deal is subject to a U.S. regulatory review and is
expected to close in March.
 Saputo Inc. (SAP-T) bought out Australian firm Warrnambool Cheese and Butter
Factory Co Holdings Ltd's largest minority shareholder, Lion Pty Ltd, which is
ultimately owned by Japan's Kirin Holdings Co Ltd. The deal essentially will position
Saputo to conduct a takeover offer for the 12% of WCB that Saputo does not already
own. The revised price values WCB at A$697.6 million.
 Apple Inc. (AAPL-Q) said Wednesday that its new 175-acre campus Apple Park will be
ready for employees to begin occupying in April. The process of moving more than
12,000 people will take over six months, and construction of the buildings and parklands
is scheduled to continue through the summer. To honor the memory of Steven Jobs and
his enduring influence on Apple, the theater at Apple Park will be named the Steve Jobs
Theater, the company said. With 17 megawatts of rooftop solar, Apple Park will run one
of the largest on-site solar energy installations in the world.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
February 22, 2017

2. Before the Open February 22, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - February 20 to February 24, 2017
Date/Time Event Period Consensus Actual Prior
02/22/2017 08:30 Retail Sales Ex Auto MoM Dec 0.50% -0.30% -0.10%
02/22/2017 08:30 Retail Sales MoM Dec 0.00% -0.50% 0.30%
02/23/2017 CFIB Business Barometer Feb -- -- 60.1
02/24/2017 08:30 CPI NSA MoM Jan 0.40% -- -0.20%
02/24/2017 08:30 CPI YoY Jan 1.60% -- 1.50%
02/24/2017 08:30 CPI Core- Common YoY% Jan -- -- 1.40%
02/24/2017 08:30 CPI Core- Median YoY% Jan -- -- 2.00%
02/24/2017 08:30 CPI Core- Trim YoY% Jan -- -- 1.60%
02/24/2017 08:30 Consumer Price Index Jan 128.7 -- 128.4
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
ECN Capital Corp ECN-T 14.11
Ritchie Bros Auctioneers Inc RBA-T 12.72
Restaurant Brands International IncQSR-T 7.05
Russel Metals Inc RUS-T 5.73
Turquoise Hill Resources Ltd TRQ-T 4.86
Laggards - Prior Session
Company Ticker % Change
Detour Gold Corp DGC-T -5.62
MacDonald Dettwiler & Associates LtdMDA-T -5.04
Dominion Diamond Corp DDC-T -4.74
Torex Gold Resources Inc TXG-T -3.88
Boardwalk Real Estate Investment TrustBEI-U-T -3.53
Canadian Equity Upgrades
 n/a
Canadian Equity Downgrades
 Yamana Gold cut to Underperform at BofAML
Today's Earnings – Canada
Amerigo Resources Ltd -$0.02, First Majestic Silver Corp $0.00, Maple Leaf Foods Inc
$0.33, Wesdome Gold Mines Ltd $0.03, Taseko Mines Ltd $0.00, Pason Systems Inc -
$0.01, Lundin Mining Corp $0.06, Hudbay Minerals Inc $0.09, IAMGOLD Corp $0.00,
Trican Well Service Ltd -$0.08, Western Energy Services Corp -$0.19, Exchange
Income Corp $0.47, Allied Properties Real Estate Investment Trust $0.55, CRH
Medical Corp $0.04, Crombie Real Estate Investment Trust $0.30, Dream Global Real
Estate Investment Trust $0.21, High Liner Foods Inc $0.29

3. Before the Open February 22, 2017
Page 3
Weekly U.S. Economic Calendar - February 20 to February 24, 2017
Date/Time Event Period Consensus Actual Prior
02/21/2017 09:45 Markit US Manufacturing PMI Feb P 55.4 54.3 55
02/21/2017 09:45 Markit US Services PMI Feb P 55.8 53.9 55.6
02/21/2017 09:45 Markit US Composite PMI Feb P -- 54.3 55.8
02/22/2017 07:00 MBA Mortgage Applications 17-Feb -- -2.00% -3.70%
02/22/2017 10:00 Revisions: Existing Home Sales
02/22/2017 10:00 Existing Home Sales Jan 5.54m -- 5.49m
02/22/2017 10:00 Existing Home Sales MoM Jan 0.90% -- -2.80%
02/22/2017 14:00 FOMC Meeting Minutes 1-Feb -- -- --
02/23/2017 08:30 Chicago Fed Nat Activity Index Jan -0.03 -- 0.14
02/23/2017 08:30 Initial Jobless Claims 18-Feb 240k -- 239k
02/23/2017 08:30 Continuing Claims 11-Feb 2065k -- 2076k
02/23/2017 09:00 House Price Purchase Index QoQ 4Q -- -- 1.50%
02/23/2017 09:00 FHFA House Price Index MoM Dec 0.40% -- 0.50%
02/23/2017 09:45 Bloomberg Consumer Comfort 19-Feb -- -- 48.1
02/23/2017 11:00 Kansas City Fed Manf. Activity Feb 9 -- 9
02/24/2017 10:00 New Home Sales Jan 571k -- 536k
02/24/2017 10:00 New Home Sales MoM Jan 6.50% -- -10.40%
02/24/2017 10:00 U. of Mich. Sentiment Feb F 96 -- 95.7
02/24/2017 10:00 U. of Mich. Current Conditions Feb F -- -- 111.2
02/24/2017 10:00 U. of Mich. Expectations Feb F -- -- 85.7
02/24/2017 10:00 U. of Mich. 1 Yr Inflation Feb F -- -- 2.80%
02/24/2017 10:00 U. of Mich. 5-10 Yr Inflation Feb F -- -- 2.50%
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
Scripps Networks Interactive IncSNI-US 7.18
Mondelez International Inc MDLZ-US 5.81
First Solar Inc FSLR-US 5.11
JM Smucker Co/The SJM-US 4.39
Centene Corp CNC-US 3.95
Laggards - Prior Session
Company Ticker % Change
Freeport-McMoRan Inc FCX UN -5.23
Tyson Foods Inc TSN UN -2.99
Genuine Parts Co GPC UN -2.98
Range Resources Corp RRC UN -2.72
Vertex Pharmaceuticals Inc VRTX UW -2.02
U.S. Equity Upgrades
 Wal-Mart raised to Buy at BofAML
U.S. Equity Downgrades
 UPS cut to Neutral at BofAML
 Ralph Lauren cut to Underweight at Atlantic Equities
Today's Earnings – U.S.
Host Hotels & Resorts Inc $0.38, Toll Brothers Inc $0.35, Ultra Petroleum Corp $0.72,
DISH Network Corp $0.66, Six Flags Entertainment Corp -$0.01, Entercom
Communications Corp $0.28, Ares Capital Corp $0.39, Sanchez Energy Corp $0.12,
Summit Materials Inc $0.26, Conduent Inc $0.22, Univar Inc $0.25, HollyFrontier Corp
-$0.07, Norwegian Cruise Line Holdings Ltd $0.55, Southern Co/The $0.31, TJX Cos
Inc/The $1.00, Boston Beer Co Inc/The $1.22, Square Inc $0.03, HP Inc $0.37, L
Brands Inc $1.90, Public Storage $2.65, Range Resources Corp $0.09, Nabors
Industries Ltd -$0.34, SM Energy Co -$0.40, Realty Income Corp $0.75, Popeyes
Louisiana Kitchen Inc $0.47, Energy Transfer Partners LP $0.22, Ocwen Financial
Corp $0.27, Sunoco Logistics Partners LP $0.22, Energy Transfer Equity LP $0.27,
Tesla Inc -$1.14, Oasis Petroleum Inc -$0.12, WPX Energy Inc -$0.16, Clovis
Oncology Inc -$1.68, US Silica Holdings Inc -$0.09, Fitbit Inc -$0.53, Spirit Realty
Capital Inc $0.22, Sunoco LP $0.23, CyrusOne Inc $0.63, Rice Energy Inc $0.02,
ARRIS International PLC $0.70

4. Before the Open February 22, 2017
Page 4

5. Before the Open February 22, 2017
Page 5
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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The Portfolio Advice and Investment Research analyst(s) responsible for this report hereby certify that (i) the recommendations and
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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
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however TD Waterhouse Canada Inc. does not compensate its analysts based on specific investment banking transactions.

6. Before the Open February 22, 2017
Page 6
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