- US and Asian stock futures fell and European stocks dropped as concerns over global growth and the outcome of Greece's debt swap weighed on investor sentiment. - A report showed the eurozone economy contracted 0.3% in Q4 due to declines in investment, exports and consumer spending. A disorderly Greek default could cost the eurozone over 1 trillion euros. - Private investors holding 20% of the Greek bonds involved in the debt swap have agreed to participate so far. The swap aims to reduce Greece's privately held debt by 53.5%. - Asian stocks fell sharply led by miners as markets declined globally on growth worries.

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 6 2,292 0.24
NASDAQ 11 5,168 0.20
Dow Jones 58 20,030 0.29
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -19 15,457 (0.13) 1.11
Venture 7 826 0.87 8.40
Dow Jones -19 20,052 (0.09) 1.47
S&P 500 -5 2,293 (0.21) 2.40
NASDAQ -3 5,664 (0.06) 5.21
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 58 11,568 0.51 0.76
FTSE 45 7,217 0.63 1.05
Stoxx 600 2 363 0.46 0.51
Nikkei -66 18,911 (0.35) (1.07)
Hang Seng -17 23,332 (0.07) 6.05
Commodities
Chg Last % Chg Ytd Chg
Gold -$7.16 $1,228.25 (0.58) 6.59
Oil -$0.27 $52.74 (0.51) (3.51)
Natural Gas $0.05 $3.10 1.52 (16.84)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7593 CDN$ 1.3170
Yen 85.38 Yen 112.45
Euro 0.7116 Euro 0.9373
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.01 0.47 2.17 2.17
CAN 10-YR 0.02 1.73 1.41 0.35
U.S. 3-MO 0.00 0.52 0.02 4.10
U.S. 10-YR 0.03 2.44 1.23 (0.29)
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 as investors eyed a big day of
earnings and economic data. General Motors, Disney and Mondelez are among
companies scheduled to report quarterly results today.
 Asian stocks fell broadly as economic and political uncertainty gripped
global markets. The Nikkei 225 Index dropped to a two-week low as the yen
strengthened and caution crept in ahead of a meeting between Japanese Prime Minister
Shinzo Abe and U.S. President Donald Trump. China's Shanghai Composite Index and
Hong Kong's Hang Seng Index both fell 0.12% at the close.
 European stocks are trading mostly higher despite downbeat economic data and mixed
earnings updates. BNP Paribas, BP and Munich Re fell sharply after reporting lower-
than expected earnings.
Company Headlines
 WestJet Airlines Ltd (WJA-T) reported a higher-than-expected quarterly profit as the
Canadian carrier flew more passengers. Load factor, which measures how effectively
the airline filled seats, rose to 80.2% in the fourth quarter. Available seat mile (ASM),
rose 11.2% in the quarter, while cost per available seat mile, a measure of how much an
airline spends to fly a passenger, fell 0.8% to $0.13. Fuel expenses, which typically an
airline's largest variable cost, rose 15.5%. Net earnings fell to $55.2 million or $0.52 a
share, which exceeded analysts' estimates of $0.41 per share.
 Fairfax Financial Holdings Ltd. (FFH-T) is expected to raise about US$500 million for
its new African investment fund, attracting less than its original goal as investor interest
in the region proved weaker than anticipated. The Toronto-based insurer sought to raise
as much as US$1 billion at US$10 a share for Fairfax Africa Holdings Corp. in an initial
public offering on the Toronto Stock Exchange, according to a regulatory filing in
December. Fairfax said it had secured as much as US$416 million in commitments for
the African venture from both its own funds and partners, including the Ontario Municipal
Employees Retirement System and CI Investments Inc.
 General Motors Co (GM-N) reported fourth quarter net income fell to US$1.19 a share,
factoring out one-time items, in part because of US$500 million in foreign exchange
losses. Net income fell to US$1.8 billion from US$6.3 billion, or $US3.92 a share, a year
earlier. Factoring out one-time items, GM earned US$2.4 billion, or US$1.28 a share,
down 14% from a year earlier, however beat analyst expectations of US$1.17 per share.
GM forecast adjusted earnings per share for all of 2017 would range between US$6.00
and US$6.50 a share, compared to US$6.12 a share for all of 2016.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
February 7, 2017

2. Before the Open February 7, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - February 06 to February 10, 2017
Date/Time Event Period Consensus Actual Prior
02/06/2017 10:00 Bloomberg Nanos Confidence 3-Feb -- 57.3 56.1
02/07/2017 08:30 Int'l Merchandise Trade Dec 0.20b 0.92b 0.53b
02/07/2017 08:30 Building Permits MoM Dec -3.00% -6.60% -0.10%
02/07/2017 10:00 Ivey Purchasing Managers Index SA Jan -- -- 60.8
02/08/2017 08:15 Housing Starts Jan 200.0k -- 207.0k
02/09/2017 08:30 New Housing Price Index MoM Dec 0.20% -- 0.20%
02/09/2017 08:30 New Housing Price Index YoY Dec -- -- 3.00%
02/10/2017 08:30 Unemployment Rate Jan 6.90% -- 6.90%
02/10/2017 08:30 Net Change in Employment Jan -5.0k -- 46.1k
02/10/2017 08:30 Full Time Employment Change Jan -- -- 70.9
02/10/2017 08:30 Part Time Employment Change Jan -- -- -24.7
02/10/2017 08:30 Participation Rate Jan 65.8 -- 65.8
S&P/TSX Daily Performance
12000
12500
13000
13500
14000
14500
15000
15500
16000
Feb-16 Apr-16 Jun-16 Aug-16 Sep-16 Nov-16 Jan-17
Leaders - Prior Session
Company Ticker % Change
Pretium Resources Inc PVG-T 13.60
Novagold Resources Inc NG-T 9.89
Torex Gold Resources Inc TXG-T 9.65
Endeavour Mining Corp EDV-T 9.13
Kirkland Lake Gold Ltd KL-T 8.64
Laggards - Prior Session
Company Ticker % Change
Birchcliff Energy Ltd BIR-T -6.18
Crew Energy Inc CR-T -5.81
Seven Generations Energy Ltd VII-T -5.63
MEG Energy Corp MEG-T -5.07
Baytex Energy Corp BTE-T -4.97
Canadian Equity Upgrades
 Telus Raised to Outperform at National Bank
 Newalta Raised to Outperform at Alta Corp
Canadian Equity Downgrades
 Ensign Energy Services Cut to Hold at GMP
 Asanko Gold Cut to Hold at Canaccord
Today's Earnings – Canada
Heroux-Devtek Inc $0.16, WestJet Airlines Ltd $0.40, Tucows Inc $0.41, Genworth MI
Canada Inc $0.96, Input Capital Corp -$0.01

3. Before the Open February 7, 2017
Page 3
Weekly U.S. Economic Calendar - February 06 to February 10, 2017
Date/Time Event Period Consensus Actual Prior
02/07/2017 08:30 Trade Balance Dec -$45.0b -$44.3b -$45.2b
02/07/2017 10:00 JOLTS Job Openings Dec 5569 -- 5522
02/07/2017 15:00 Consumer Credit Dec $20.000b -- $24.532b
02/08/2017 07:00 MBA Mortgage Applications 3-Feb -- -- -3.20%
02/09/2017 08:30 Initial Jobless Claims 4-Feb 249k -- 246k
02/09/2017 08:30 Continuing Claims 28-Jan 2065k -- 2064k
02/09/2017 09:45 Bloomberg Consumer Comfort 5-Feb -- -- 46.6
02/09/2017 10:00 Wholesale Trade Sales MoM Dec -- -- 0.40%
02/09/2017 10:00 Wholesale Inventories MoM Dec F 1.00% -- 1.00%
02/10/2017 08:30 Import Price Index MoM Jan 0.20% -- 0.40%
02/10/2017 08:30 Import Price Index ex Petroleum MoM Jan -- -- -0.20%
02/10/2017 08:30 Import Price Index YoY Jan 3.10% -- 1.80%
02/10/2017 10:00 U. of Mich. Sentiment Feb P 97.8 -- 98.5
02/10/2017 10:00 U. of Mich. Current Conditions Feb P -- -- 111.3
02/10/2017 10:00 U. of Mich. Expectations Feb P -- -- 90.3
02/10/2017 10:00 U. of Mich. 1 Yr Inflation Feb P -- -- 2.60%
02/10/2017 10:00 U. of Mich. 5-10 Yr Inflation Feb P -- -- 2.60%
02/10/2017 14:00 Monthly Budget Statement Jan $40.0b -- -$27.5b
02/10/2017 Revisions: Producer Price Index
S&P 500 Daily Performance
1700
1800
1900
2000
2100
2200
2300
2400
Feb-16 Apr-16 Jun-16 Aug-16 Sep-16 Nov-16 Jan-17
Leaders - Prior Session
Company Ticker % Change
Hasbro Inc HAS-US 14.14
Cabot Oil & Gas Corp COG-US 10.73
Newmont Mining Corp NEM-US 3.21
Fastenal Co FAST-US 2.75
Mallinckrodt PLC MNK-US 2.74
Laggards - Prior Session
Company Ticker % Change
Laboratory Corp of America HoldingsLH UN -5.69
Xylem Inc/NY XYL UN -4.20
TechnipFMC PLC FTI UN -4.13
Marathon Oil Corp MRO UN -4.12
Stericycle Inc SRCL UW 2.17
U.S. Equity Upgrades
 Catepillar Raised to Overweight at Barclay
 NH Hotel Group Raised to Outperform at Raymond James
U.S. Equity Downgrades
 Telefonica Deutschland Cut to Underperform at Macquarie
Today's Earnings – U.S.
Church & Dwight Co Inc $0.43, Emerson Electric Co $0.43, Vulcan Materials Co
$0.85, Cardinal Health Inc $1.23, Graphic Packaging Holding Co $0.15, AMETEK Inc
$0.58, AECOM $0.54, Spirit Airlines Inc $0.74, Fidelity National Information Services
Inc $1.14, Cynosure Inc $0.41, TransDigm Group Inc $2.51, Aramark $0.53,
Mallinckrodt PLC $1.81, Sabre Corp $0.31, Centene Corp $1.11, National Oilwell
Varco Inc -$0.29, Archer-Daniels-Midland Co $0.77, Mosaic Co/The $0.13, S&P
Global Inc $1.19, Intercontinental Exchange Inc $0.69, General Motors Co $1.17, Walt
Disney Co/The $1.49, Panera Bread Co $2.00, Gilead Sciences Inc $2.54, Microchip
Technology Inc $0.90, Nuance Communications Inc $0.35, Pioneer Natural
Resources Co $0.32, Plains All American Pipeline LP $0.49, Buffalo Wild Wings Inc
$1.26, Genworth Financial Inc $0.19, Plains GP Holdings LP $0.73,
Zillow Group Inc $0.11, New Relic Inc -$0.14, Lumentum Holdings Inc $0.51,
Fortive Corp $0.67, Regeneron Pharmaceuticals Inc $3.05, Ironwood
Pharmaceuticals Inc -$0.21

4. Before the Open February 7, 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 7, 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.