- 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 sentiment. - A report showed the eurozone economy contracted 0.3% in Q4 due to declines in investment, exports and consumer spending. - Private investors holding about 20% of the bonds involved in Greece's debt restructuring have agreed to participate in the swap, which aims to reduce Greece's debt by 53.5%. - Canadian stocks opened higher led by gains in financial and materials stocks, while US stocks were mixed as investors digested corporate earnings results ahead of US economic data later in the week.

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 -3 2,286 (0.12)
NASDAQ 0 5,177 (0.00)
Dow Jones -9 20,009 (0.04)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 42 15,499 0.27 1.38
Venture 1 827 0.08 8.48
Dow Jones 38 20,090 0.19 1.66
S&P 500 1 2,293 0.02 2.42
NASDAQ 11 5,674 0.19 5.41
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -8 11,541 (0.07) 0.52
FTSE -9 7,177 (0.13) 0.48
Stoxx 600 1 364 0.29 0.66
Nikkei 97 19,008 0.51 (0.56)
Hang Seng 154 23,485 0.66 6.75
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 0.00 0.47 - 2.17
CAN 10-YR -0.04 1.66 (2.25) (3.84)
U.S. 3-MO 0.02 0.53 2.94 7.16
U.S. 10-YR -0.03 2.36 (1.38) (3.44)
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 flat open as traders focused on a slew of
company earnings and the latest oil inventory data. Major companies scheduled to
report their earnings today include Allergan, GlaxoSmithKline, Time Warner and
Prudential Financial.
 Asian stocks ended mixed as solid corporate earnings results helped offset investor
concerns over political risks in Europe and the United States. The Shanghai Composite
Index and Hang Seng Index closed near their 1 month highs led by financials stocks
while the Nikkei 225 was up 0.51%.
 European stocks are mixed as investors digested a slew of corporate earnings results
and the euro extended losses. Political uncertainty in Europe and America continues to
dominate markets with investors rushing for gold and pressure mounting on the euro.
Company Headlines
 BlackBerry Ltd.(BB-T) is opening up some of its secure messaging and file sharing
technology for developers to use in building apps, creating a new revenue stream for the
company as it works to boost sales. The Waterloo, Ontario-based company said the
software development kit it is releasing this month will include tools for building chat
apps. BlackBerry joins a crew of companies already offering similar services
including Twilio Inc., Bandwidth.com Inc., Nexmo Inc. and Plivo. The key differentiator
for BlackBerry though, will be its reputation for security.
 Dow Chemical Co. (DOW-N) and DuPont Co. have offered to sell businesses to gain
approval from the European Union’s antitrust watchdog for their tie-up. The
merger, announced in December 2015, would unite the two giants, creating a business
with a combined market capitalization of roughly US$120 billion, before splitting into
three separate companies. It has faced delays as antitrust regulators sought reams of
information concerning the companies’ competing businesses in insecticides,
weedkillers and crop seeds. The companies have offered to dispose of a portion of
DuPont’s crop protection business and associated research and development, as well as
Dow’s acid copolymers and ionomers business.
 Sanofi SA (SNY-N) has addressed all the manufacturing deficiencies at the French
plant where its new, promising rheumatoid arthritis treatment will be produced. In
October, the U.S. Food and Drug Administration rejected sarilumab, a treatment being
developed jointly by Sanofi and Regeneron Pharmaceuticals Inc., over deficiencies
found at the plant. The plant in Normandy, northern France, will also manufacture
Dupilumab, a new treatment for severe forms of eczema that is slated for U.S. regulatory
approval this year
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
February 8, 2017

2. Before the Open February 8, 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 -- 57.2 60.8
02/08/2017 08:15 Housing Starts Jan 200.0k 207.4 207.0k
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 May-16 Jul-16 Sep-16 Nov-16 Jan-17
Leaders - Prior Session
Company Ticker % Change
West Fraser Timber Co Ltd WFT-T 5.66
Ivanhoe Mines Ltd IVN-T 5.65
Toromont Industries Ltd TIH-T 5.18
Alacer Gold Corp ASR-T 4.24
Interfor Corp IFP-T 4.04
Laggards - Prior Session
Company Ticker % Change
Asanko Gold Inc AKG-T -12.40
Ensign Energy Services Inc ESI-T -7.72
Bonavista Energy Corp BNP-T -5.65
NuVista Energy Ltd NVA-T -5.41
MEG Energy Corp MEG-T -5.07
Canadian Equity Upgrades
 N/A
Canadian Equity Downgrades
 Yamana Gold Cut to Hold at GMP
 Heourx-Devtek Cut to Hold at Desjardins
 Linamar Cut to Sell at Veritas Investment Research
Today's Earnings – Canada
ATS Automation Tooling Systems Inc $0.11, Intact Financial Corp $1.75, Valener Inc
$0.48, Home Capital Group Inc $1.01, Mullen Group Ltd $0.16, Atrium Mortgage
Investment Corp $0.25, Canfor Corp $0.35, Firan Technology Group Corp $0.04, Uni-
Select Inc $0.31, ARC Resources Ltd $0.13, Just Energy Group Inc $0.16, Canfor
Pulp Products Inc $0.29, Redknee Solutions Inc -$0.01, Suncor Energy Inc $0.30,
Prairie Provident Resources Inc -$0.03

3. Before the Open February 8, 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 5501 5522
02/07/2017 15:00 Consumer Credit Dec $20.000b $14.16b $24.532b
02/08/2017 07:00 MBA Mortgage Applications 3-Feb -- 2.30% -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
Centene Corp CNC-US 5.30
National Oilwell Varco Inc NOV-US 4.89
Emerson Electric Co EMR-US 4.48
Church & Dwight Co Inc CHD-US 4.00
TransDigm Group Inc TDG-US 2.57
Laggards - Prior Session
Company Ticker % Change
Michael Kors Holdings Ltd KORS UN -10.80
FMC Corp FMC UN -6.00
Newell Brands Inc NWL UN -5.67
Motorola Solutions Inc MSI UN -5.37
Vulcan Materials Co VMC UN -4.90
U.S. Equity Upgrades
 National Oilwell Raised to Neutral at Credit Suisse
 Fidelity National Raised to Outperform at Credit Suisse
U.S. Equity Downgrades
 Mosaic Cut to Outperform at CLSA
 Gilead Sciences Cut to Neutral at Citi
Today's Earnings – U.S.
Goodyear Tire & Rubber Co/The $0.87, Exelon Corp $0.45, Time Warner Inc $1.19,
Allergan PLC $3.75, Arch Coal Inc -$5.80, Carlyle Group LP/The $0.41, Cognizant
Technology Solutions Corp $0.86, GrubHub Inc $0.25, Axalta Coating Systems Ltd
$0.29, Voya Financial Inc $0.79, Humana Inc $2.05, Alaska Air Group Inc $1.42,
CenturyLink Inc $0.56, Equifax Inc $1.37, WGL Holdings Inc $1.28, Whole Foods
Market Inc $0.39, Prudential Financial Inc $2.31, Lions Gate Entertainment Corp
$0.19, Level 3 Communications Inc $0.44, CoreCivic Inc $0.62, FleetCor
Technologies Inc $1.87, Green Plains Inc $0.38, Imperva Inc $0.03, Zendesk Inc -
$0.06, Paycom Software Inc $0.13, Immunomedics Inc -$0.13, LifeLock Inc $0.41
Fortive Corp $0.67, Regeneron Pharmaceuticals Inc $3.05, Ironwood
Pharmaceuticals Inc -$0.21

4. Before the Open February 8, 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 8, 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.