- US stock futures were higher in overnight trading as investors brace for more corporate earnings reports. Asian markets also closed higher. - European markets opened higher as well, paring some losses from the previous session. Investors are monitoring a series of corporate announcements. - In company news, Morgan Stanley reported second quarter earnings that beat estimates, helped by profits in its wealth management business. McCormick agreed to buy Reckitt Benckiser's North American food business for $4.2 billion. GM invested in autonomous vehicle software startup Nauto.

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 1 2,459 0.04
NASDAQ 14 5,897 0.23
Dow Jones 1 21,521 0.00
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -16 15,150 (0.10) (0.90)
Venture 1 764 0.18 0.18
Dow Jones -55 21,575 (0.25) 9.17
S&P 500 1 2,461 0.06 9.91
NASDAQ 30 6,344 0.47 17.86
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 6 12,437 0.05 8.32
FTSE 21 7,412 0.29 3.76
Stoxx 600 2 384 0.39 6.27
Nikkei 21 20,021 0.10 4.74
Hang Seng 147 26,672 0.56 21.23
Commodities
Chg Last % Chg Ytd Chg
Gold -$2.43 $1,241.63 (0.20) 7.76
Oil $0.05 $46.45 0.11 (18.37)
Natural Gas $0.00 $3.09 (0.10) (17.16)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7933 CDN$ 1.2606
Yen 88.77 Yen 111.91
Euro 0.6878 Euro 0.8670
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.70 - 52.17
CAN 10-YR 0.02 1.88 1.13 9.41
U.S. 3-MO 0.01 1.06 0.48 112.55
U.S. 10-YR 0.01 2.27 0.47 (7.15)
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 today, as investors brace
themselves for more corporate earnings reports. Nasdaq futures are up by 14 points,
pointing the index towards a record open while S&P and Dow futures are both trading 1
point higher.
 Asia markets closed in the green as the dollar nursed losses after hitting 10-month lows
overnight on dimmed prospects for U.S. health care reforms. The Nikkei 225 rose 0.1
percent, or 20.95 points while the Hang Seng Index traded higher by 0.56 percent and
the Shanghai Composite was up by 1.42 percent.
 European bourses were higher Wednesday morning as investors took note of a series
of corporate announcements from across the continent. The pan-European Stoxx 600
started the day up 0.39 percent, paring losses seen Tuesday, as all sectors except
construction and materials were seen in the green.
Company Headlines
 Morgan Stanley (MS-N) reported second quarter earnings Wednesday that soundly
topped expectations, helped by profits from its wealth management business. Earnings
per share were 87 cents vs. 76 cents expected by a Thomson Reuters consensus
estimate. Shares climbed 1.5 percent in premarket trade. Morgan Stanley said it plans
to declare a 25 cent quarterly dividend in the third quarter, an increase of 5 cents.
 U.S. spices maker McCormick & Co (MKC-N) Inc has won the battle to buy Reckitt
Benckiser Group’s North American food business, paying a higher than expected $4.2
billion to add extra seasonings and sauces. London-listed Reckitt said in April that it
was reviewing options for the unit, which includes French’s mustard and Frank’s
RedHot sauce, to cut its debt following the $16.6 billion purchase of baby formula
maker Mead Johnson. The sale, announced late on Tuesday, will reduce Reckitt’s net
debt to EBITDA ratio to 3.3 times from 4.1 times.
 General Motors Co (GM-N) is among the latest investors in Nauto, a Silicon Valley
startup developing software for self-driving vehicles. Nauto, based in Palo Alto, said on
Tuesday it closed a $159 million Series B funding round, led by Softbank Group and
venture capital firm Greylock Partners. Nauto is unusual in attracting money from big-
name automakers, and also in its focus on software and data, which cost less to
develop than hardware or entire vehicles.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail, Financial
Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
July 19, 2017

2. Before the Open July 19, 2017
Page 2
*
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - July 17 to July 21, 2017
Date/Time Event Period Consensus Actual Prior
07/17/2017 08:30 Int'l Securities Transactions May -- 29.46b 10.61b
07/17/2017 09:00 Existing Home Sales MoM Jun -- -6.70% -6.20%
07/17/2017 10:00 Bloomberg Nanos Confidence 14-Jul -- 58.2 58.3
07/19/2017 08:30 Manufacturing Sales MoM May 0.80% -- 1.10%
07/21/2017 08:30 CPI NSA MoM Jun -0.10% -- 0.10%
07/21/2017 08:30 CPI YoY Jun 1.10% -- 1.30%
07/21/2017 08:30 Consumer Price Index Jun 130.5 -- 130.5
07/21/2017 08:30 CPI Core- Common YoY% Jun 1.30% -- 1.30%
07/21/2017 08:30 CPI Core- Trim YoY% Jun -- -- 1.20%
07/21/2017 08:30 CPI Core- Median YoY% Jun -- -- 1.50%
07/21/2017 08:30 Retail Sales MoM May 0.30% -- 0.80%
07/21/2017 08:30 Retail Sales Ex Auto MoM May 0.00% -- 1.50%
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17
Leaders - Prior Session
Company Ticker % Change
Element Fleet Management Corp EFN-T 7.62
Spartan Energy Corp SPE-T 3.21
Cogeco Communications Inc CCA-T 3.15
TORC Oil & Gas Ltd TOG-T 2.50
Yamana Gold Inc YRI-T 2.25
Laggards - Prior Session
Company Ticker % Change
Dream Global Real Estate Investment TrustDRG-U-T -5.91
Cameco Corp CCO-T -3.84
Bonavista Energy Corp BNP-T -3.09
Turquoise Hill Resources Ltd TRQ-T -2.43
Ensign Energy Services Inc ESI-T -2.41
Canadian Equity Upgrades
 Canadian Natural Resources raised to Overweight at Morgan Stanley
Canadian Equity Downgrades
 Dominion Diamond cut to Neutral at Citi
 CGI Group cut to Neutral at Eight Capital
 Cenovus Energy cut to Equalweight at Morgan Stanley
Today's Earnings – Canada
Canadian Pacific Railway Ltd $2.71, Exchange Income Corp $0.62, Choice Properties
Real Estate Investment Trust $0.26, People Corp $0.04

3. Before the Open July 19, 2017
Page 3
Weekly U.S. Economic Calendar - July 17 to July 21, 2017
Date/Time Event Period Consensus Actual Prior
07/17/2017 08:30 Empire Manufacturing Jul 15 9.8 19.8
07/18/2017 08:30 Import Price Index MoM Jun -0.20% -0.20% -0.10%
07/18/2017 08:30 Import Price Index ex Petroleum MoM Jun 0.00% 0.10% 0.00%
07/18/2017 08:30 Import Price Index YoY Jun 1.30% 1.50% 2.30%
07/18/2017 08:30 Export Price Index MoM Jun 0.00% -0.20% -0.50%
07/18/2017 08:30 Export Price Index YoY Jun -- 0.60% 1.50%
07/18/2017 10:00 NAHB Housing Market Index Jul 67 64 66
07/18/2017 16:00 Total Net TIC Flows May -- $57.3b $74.4b
07/18/2017 16:00 Net Long-term TIC Flows May -- $91.9b $9.7b
07/19/2017 07:00 MBA Mortgage Applications 14-Jul -- 6.30% -7.40%
07/19/2017 08:30 Housing Starts Jun 1160k -- 1092k
07/19/2017 08:30 Housing Starts MoM Jun 6.20% -- -5.50%
07/19/2017 08:30 Building Permits Jun 1201k -- 1168k
07/19/2017 08:30 Building Permits MoM Jun 2.80% -- -4.90%
07/20/2017 08:30 Initial Jobless Claims 15-Jul 245k -- 247k
07/20/2017 08:30 Continuing Claims 8-Jul 1949k -- 1945k
07/20/2017 08:30 Philadelphia Fed Business Outlook Jul 23.7 -- 27.6
07/20/2017 09:45 Bloomberg Consumer Comfort 16-Jul -- -- 47
07/20/2017 09:45 Bloomberg Economic Expectations Jul -- -- 52
07/20/2017 10:00 Leading Index Jun 0.40% -- 0.30%
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17
Leaders - Prior Session
Company Ticker % Change
Netflix Inc NFLX-US 13.54
Wynn Resorts Ltd WYNN-US 2.85
Prologis Inc PLD-US 2.73
PayPal Holdings Inc PYPL-US 2.40
Fastenal Co FAST-US 2.16
Laggards - Prior Session
Company Ticker % Change
Signet Jewelers Ltd SIG-US -2.48
Ulta Beauty Inc ULTA-US 1.89
NRG Energy Inc NRG-US 2.18
Vertex Pharmaceuticals Inc VRTX-US 2.28
Baker Hughes a GE Co BHGE-US -2.36
U.S. Equity Upgrades
 Boeing raised to Neutral at Bank of America Merrill Lynch
 Vertex Pharmaceuticals raised to Outperform at Raymond James
U.S. Equity Downgrades
 Paypal cut to Hold at SunTrust
 Goldman Sachs cut to Market Perform at KBW
Today's Earnings – U.S.
Diebold Nixdorf Inc $0.06, Textron Inc $0.55, Northern Trust Corp $1.23, US Bancorp
$0.84, Morgan Stanley $0.77, WW Grainger Inc $2.65, Blackhawk Network Holdings
Inc $0.04, T-Mobile US Inc $0.36, Alcoa Corp $0.58, American Express Co $1.43,
PTC Inc $0.28, QUALCOMM Inc $0.81, Steel Dynamics Inc $0.63, Sarepta
Therapeutics Inc -$0.91, CH Robinson Worldwide Inc $0.90, United Rentals Inc $2.32,
Crown Castle International Corp $1.10, Kinder Morgan Inc/DE $0.15, Celadon Group
Inc -$0.23, Reynolds American Inc $0.64, Green Plains Inc $0.01

4. Before the Open July 19, 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
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5. Before the Open July 19, 2017
Page 5
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