- US and European stock futures fell on worries over global growth and the outcome of Greece's debt swap. Asian stocks also declined.
- European stocks dropped, with a report showing the eurozone economy contracted 0.3% in Q4. Banks and resource stocks declined.
- 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% and help secure its bailout.
- Several North American companies reported earnings, with Aecon Group reporting a 143% rise in quarterly profit as margins improved on lower costs.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...
Before the Open July 28 2017
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 -10 2,462 (0.41)
NASDAQ -39 5,871 (0.66)
Dow Jones -29 21,714 (0.13)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 20 15,191 0.13 (0.63)
Venture -1 769 (0.13) 0.90
Dow Jones 86 21,797 0.39 10.29
S&P 500 -2 2,475 (0.10) 10.57
NASDAQ -41 6,382 (0.63) 18.56
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -60 12,152 (0.49) 5.85
FTSE -54 7,389 (0.72) 3.45
Stoxx 600 -4 379 (0.96) 4.77
Nikkei -120 19,960 (0.60) 4.42
Hang Seng -152 26,979 (0.56) 22.63
Commodities
Chg Last % Chg Ytd Chg
Gold $6.96 $1,266.09 0.55 9.88
Oil $0.02 $49.06 0.04 (13.91)
Natural Gas $0.00 $2.97 0.13 (20.22)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.8022 CDN$ 1.2466
Yen 88.94 Yen 110.89
Euro 0.6831 Euro 0.8513
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.73 - 58.70
CAN 10-YR 0.03 2.03 1.55 17.78
U.S. 3-MO 0.01 1.10 0.47 120.75
U.S. 10-YR -0.01 2.30 (0.46) (5.92)
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 open on Friday, as the earnings overload
and the GDP data release continues to keep investors busy. Dow futures were down 29
points while S&P and Nasdaq futures were down 10 and 39 points, respectively.
Asian indexes closed mostly lower on Friday as investors parsed through corporate
earnings in the region. Japan's Nikkei 225 slid 0.6 percent while Hong Kong's Hang
Seng Index was down 0.56 percent and the Shanghai Composite closed higher by 0.13
percent.
European markets were lower on Friday afternoon after U.S. tech shares retreated from
recent highs. The pan-European Stoxx 600 was almost 1 percent lower during early-
afternoon deals with all sectors and major bourses in negative territory.
Company Headlines
Wells Fargo & Co. (WFC-N) said on Thursday that it would compensate around
570,000 customers with car loans who were harmed by being forced to buy auto
insurance. The bank estimated the total cost at around $80 million. The cost of the
unnecessary insurance pushed around 274,000 customers into delinquency and
resulted in nearly 25,000 wrongful vehicle repossessions.
Bombardier Inc. (BBD.B-T) burned less cash than expected in the second quarter and
said earnings this year will be in the top half of a previously disclosed range. Free cash
flow usage in the period ended June 30 was $570 million, Bombardier said Friday in a
statement. That was less than the $580 million average of analysts’ estimates compiled
by Bloomberg. The company raised the floor of its forecast for this year’s earnings
before interest and taxes by $50 million.
Amazon.com, Inc. (AMZN-Q) beat revenue estimates but fell short on earnings in the
second quarter, as it continued to invest in areas of growth. The company's shares fell
more than three percent in after-hours trading. Earnings per share were 40 cents per
share vs. $1.42 per share expected, while revenue was $37.96 billion vs. $37.18 billion
expected, according to consensus estimates from Thomson Reuters. Amazon Web
Services remains the company's main growth driver, growing 42% year-over-year, and
generating $916 million in operating income.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail, Financial
Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
July 28, 2017
2. Before the Open July 28, 2017
Page 2
*
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - July 24 to July 28, 2017
Date/Time Event Period Consensus Actual Prior
07/24/2017 08:30 Wholesale Trade Sales MoM May 0.50% 0.90% 0.80%
07/24/2017 10:00 Bloomberg Nanos Confidence 21-Jul -- 58.8 58.2
07/27/2017 CFIB Business Barometer Jul -- 60.7 60.9
07/28/2017 08:30 GDP MoM May 0.20% -- 0.20%
07/28/2017 08:30 GDP YoY May 4.10% -- 3.30%
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
Detour Gold Corp DGC-T 13.31
MEG Energy Corp MEG-T 10.34
Cenovus Energy Inc CVE-T 9.45
Mitel Networks Corp MNW-T 7.08
Uni-Select Inc UNS-T 6.62
Laggards - Prior Session
Company Ticker % Change
Goldcorp Inc G-T -6.24
Hudbay Minerals Inc HBM-T -5.23
OceanaGold Corp OGC-T -4.62
Empire Co Ltd EMP/A-T -3.75
Constellation Software Inc/Canada CSU-T -3.53
Canadian Equity Upgrades
N/A
Canadian Equity Downgrades
Methanex cut to Hold at Tudor Pickering
Canadian Utilities cut to Sector Perform at National Bank
Today's Earnings – Canada
TransCanada Corp $0.67, Fortis Inc/Canada $0.56, Bombardier Inc -$0.01, Norbord
Inc $1.00, George Weston Ltd $1.68, Teranga Gold Corp $0.07, Victoria Gold Corp -
$0.01, Lundin Gold Inc -$0.05, Quarterhill Inc $0.09, InterRent Real Estate Investment
Trust $0.11, Baytex Energy Corp -$0.18
3. Before the Open July 28, 2017
Page 3
Weekly U.S. Economic Calendar - July 24 to July 28, 2017
Date/Time Event Period Consensus Actual Prior
07/24/2017 09:45 MarkitUS Manufacturing PMI Jul P 52.3 53.2 52
07/24/2017 09:45 MarkitUS Services PMI Jul P 54.2 54.2 54.2
07/24/2017 09:45 MarkitUS Composite PMI Jul P -- 54.2 53.9
07/24/2017 10:00 Existing Home Sales Jun 5.57m 5.52m 5.62m
07/24/2017 10:00 Existing Home Sales MoM Jun -0.90% -1.80% 1.10%
07/25/2017 09:00 FHFA House Price Index MoM May 0.50% 0.40% 0.60%
07/25/2017 09:00 S&P CoreLogic CS 20-City MoM SA May 0.30% 0.10% -0.18%
07/25/2017 09:00 S&P CoreLogic CS 20-City YoY NSA May 5.80% 5.69% 5.77%
07/25/2017 09:00 S&P CoreLogic CS 20-City NSA Index May -- 198.97 197.38
07/25/2017 09:00 S&P CoreLogic CS US HPI YoY NSA May -- 5.58% 5.65%
07/25/2017 09:00 S&P CoreLogic CS US HPI NSA Index May -- 190.61 188.77
07/25/2017 10:00 Conf. Board Consumer Confidence Jul 116.5 121.1 117.3
07/25/2017 10:00 Conf. Board PresentSituation Jul -- 147.8 143.9
07/25/2017 10:00 Conf. Board Expectations Jul -- 103.3 99.6
07/25/2017 10:00 Richmond Fed Manufact. Index Jul 7 14 11
07/26/2017 07:00 MBA Mortgage Applications 21-Jul -- 0.40% 6.30%
07/26/2017 10:00 New Home Sales Jun 615k 610k 605k
07/26/2017 10:00 New Home Sales MoM Jun 0.80% 0.80% 4.90%
07/26/2017 14:00 FOMC Rate Decision (Upper Bound) 26-Jul 1.25% 1.25% 1.25%
07/26/2017 14:00 FOMC Rate Decision (Lower Bound) 26-Jul 1.00% 1.00% 1.00%
07/27/2017 08:30 Initial Jobless Claims 22-Jul 240k 244k 234k
07/27/2017 08:30 Continuing Claims 15-Jul 1960k 1964k 1977k
07/27/2017 08:30 Durable Goods Orders Jun P 3.90% 6.50% -0.10%
07/27/2017 08:30 Durables Ex Transportation Jun P 0.40% 0.20% 0.60%
07/27/2017 08:30 Cap Goods Orders NondefEx Air Jun P 0.30% -0.10% 0.70%
07/27/2017 08:30 Cap Goods Ship NondefEx Air Jun P 0.30% 0.20% 0.40%
07/27/2017 08:30 Advance Goods Trade Balance Jun -$65.5b -$63.9b -$66.3b
07/27/2017 08:30 Wholesale Inventories MoM Jun P 0.30% 0.60% 0.40%
07/27/2017 08:30 Retail Inventories MoM Jun -- 0.60% 0.60%
07/27/2017 08:30 Chicago Fed NatActivity Index Jun 0.37 0.13 -0.3
07/27/2017 09:45 Bloomberg Consumer Comfort 23-Jul -- 48.6 47.6
07/27/2017 11:00 Kansas City Fed Manf. Activity Jul 12 10 11
07/28/2017 08:30 GDP Annualized QoQ 2Q A 2.70% -- 1.40%
07/28/2017 08:30 Personal Consumption 2Q A 2.80% -- 1.10%
07/28/2017 08:30 GDP Price Index 2Q A 1.30% -- 1.90%
07/28/2017 08:30 Core PCE QoQ 2Q A 0.70% -- 2.00%
07/28/2017 08:30 EmploymentCostIndex 2Q 0.60% -- 0.80%
07/28/2017 10:00 U. ofMich. Sentiment Jul F 93.2 -- 93.1
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
Automatic Data Processing Inc ADP-US 9.11
Tractor Supply Co TSCO-US 7.73
Verizon Communications Inc VZ-US 7.68
O'Reilly Automotive Inc ORLY-US 7.41
Kimco Realty Corp KIM-US 6.48
Laggards - Prior Session
Company Ticker % Change
CA Inc CA-US -10.25
Johnson Controls International plcJCI-US -7.34
F5 Networks Inc FFIV-US -7.16
XL Group Ltd XL-US -6.74
Whirlpool Corp WHR-US -6.28
U.S. Equity Upgrades
Boeing raised to Neutral at Buckingham
SeaWorld raised to Neutral at Citi
U.S. Equity Downgrades
Starbucks cut to Neutral at Guggenheim
PDF Solutions cut to Hold at Craig-Hallum
Today's Earnings – U.S.
American Airlines Group Inc $1.87, Cabot Oil & Gas Corp $0.15, Goodyear Tire &
Rubber Co/The $0.71, Weyerhaeuser Co $0.27, Aaron's Inc $0.58, ImmunoGen Inc -
$0.17, Lithia Motors Inc $2.21, Entercom Communications Corp $0.26, American Axle
& Manufacturing Holdings Inc $0.83, LyondellBasell Industries NV $2.69, Calpine
Corp -$0.03, AbbVie Inc $1.40, Santander Consumer USA Holdings Inc $0.61, Iron
Mountain Inc $0.54, Rockwell Collins Inc $1.59, Merck & Co Inc $0.87, Oshkosh Corp
$1.37, Baker Hughes a GE Co -$0.02, Exxon Mobil Corp $0.85, Chevron Corp $0.87,
Franklin Resources Inc $0.73, Royal Caribbean Cruises Ltd $1.66, MoneyGram
International Inc $0.23, LyondellBasell Industries NV $2.69
4. Before the Open July 28, 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
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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 July 28, 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.
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