- US stock index futures gave back some gains on Friday as investors digested a weaker than expected jobs report - Asian markets closed higher on Friday after strong US private payrolls data and Trump's decision to withdraw from the Paris climate accord - European markets moved higher on Friday focusing on data and digesting the US withdrawal from the Paris climate deal - Lululemon is shutting down about 40 of its 55 Ivivva stores, mostly by the end of its fiscal third quarter - EU regulators aim to fine Google over its shopping service before summer, potentially over $9 billion - Canada Goose reported a bigger Q4 loss as expenses rose, with net loss of C$23.4M vs. loss of

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 5 2,435 0.21
NASDAQ 18 5,840 0.31
Dow Jones 67 21,199 0.32
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 120 15,470 0.78 1.19
Venture 1 800 0.07 5.00
Dow Jones 136 21,144 0.65 6.99
S&P 500 18 2,430 0.76 8.54
NASDAQ 48 6,247 0.78 16.04
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 201 12,866 1.59 12.06
FTSE 23 7,567 0.30 5.93
Stoxx 600 3 394 0.69 9.10
Nikkei 317 20,177 1.60 5.56
Hang Seng 115 25,924 0.44 17.83
Commodities
Chg Last % Chg Ytd Chg
Gold -$3.03 $1,262.92 (0.24) 9.60
Oil -$0.98 $47.38 (2.07) (16.53)
Natural Gas $0.02 $3.03 0.69 (18.66)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7394 CDN$ 1.3524
Yen 82.43 Yen 111.49
Euro 0.6592 Euro 0.8916
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO -0.01 0.52 (1.89) 13.04
CAN 10-YR 0.00 1.42 (0.28) (17.37)
U.S. 3-MO -0.01 0.97 (0.54) 94.09
U.S. 10-YR -0.01 2.20 (0.56) (10.03)
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 gave back some gains on Friday as investors digested a weaker
than expected jobs report. Dow futures rose 55 points, while S&P and Nasdaq futures
gained 2 points and 10 points, respectively.
 Asian markets closed in the green on Friday, after the release of strong private payrolls
stateside and as President Donald Trump announced the U.S. would be withdrawing
from the Paris climate accord. The Nikkei 225 jumped 1.60 percent or 317.25 points to
close at 20,177.28. Australia's S&P/ASX 200 added 0.87 percent or 49.97 points, while
the Hang Seng Index rose 0.44 percent.
 Markets in Europe moved higher on Friday morning as investors focused on data and
digested news that the U.S. is withdrawing from the Paris climate change deal. The pan-
European Stoxx 600 was 0.69 percent higher with most sectors moving into positive
territory. The U.K.'s FTSE 100 hit a fresh record high as markets opened.
Company Headlines
 Lululemon Athletica Inc. (LULU-Q) says it is shutting down about 40 of its 55 Ivivva
stores.The Vancouver-based retailer says the closures of the stores, which sell girls'
yoga and athletic wear, will be mostly complete by the end of its third quarter that
concludes in October. On Thursday, it reported first-quarter revenue of US $520 million,
an increase of five per cent compared to the first quarter of fiscal 2016. Net income was
US $31.2 million, down from US $45.3 million a year earlier, with earnings per share of
23 cents, down 10 cents
 EU antitrust regulators aim to slap a hefty fine on Alphabet (GOOGL.O-Q) unit Google
over its shopping service before the summer break in August, two people familiar with
the matter said, setting the stage for two other cases involving the U.S. company. The
European Commission's decision will come after a seven-year investigation into the
world's most popular internet search engine triggered by scores of complaints from both
U.S. and European rivals. Fines for companies found guilty of breaching EU antitrust
rules can reach 10 percent of their global turnover, which in Google's case could be
about US $9 billion based on its 2016 turnover.
 Canadian apparel maker Canada Goose (GOOS-T), which went public in March,
reported a bigger fourth-quarter loss as expenses rose.The company’s net loss was
C$23.4 million, or 23 cents per share, in the three months ended March 31, compared
with a loss of C$9.2 million, or 9 cents per share, a year earlier. Selling, general and
administrative costs doubled to C$54.7 million in the latest quarter.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail,
Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
June 2, 2017

2. Before the Open June 2, 2017
Page 2
*
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - May 29 to June 02, 2017
Date/Time Event Period Consensus Actual Prior
05/29/2017 10:00 Bloomberg Nanos Confidence 26-May -- 58.5 57.9
05/30/2017 08:30 Current Account Balance 1Q -$12.00b -$14.05b -$11.78b
05/30/2017 08:30 Industrial Product Price MoM Apr -- 0.60% 0.80%
05/30/2017 08:30 Raw Materials Price Index MoM Apr -- 1.60% -1.70%
05/31/2017 08:30 Quarterly GDPAnnualized 1Q 4.20% 3.70% 2.70%
05/31/2017 08:30 GDPMoM Mar 0.20% 0.50% 0.00%
05/31/2017 08:30 GDPYoY Mar 2.90% 3.20% 2.40%
06/01/2017 07:00 MLI Leading Indicator MoM Apr -- 0.40% 0.50%
06/01/2017 09:30 Markit Canada Manufacturing PMI May -- 55.1 55.9
06/02/2017 08:30 Labor Productivity QoQ 1Q 1.20% -- 0.40%
06/02/2017 08:30 Int'l Merchandise Trade Apr -0.02b -- -0.14b
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Jun-16 Aug-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17
Leaders - Prior Session
Company Ticker % Change
BRP Inc/CA DOO-T 12.69
Element Fleet Management Corp EFN-T 11.57
BlackBerry Ltd BB-T 7.98
Bonterra Energy Corp BNE-T 7.20
Sierra Wireless Inc SW-T 6.56
Laggards - Prior Session
Company Ticker % Change
Asanko Gold Inc AKG-T -7.76
Saputo Inc SAP-T -3.84
Kirkland Lake Gold Ltd KL-T -3.05
B2Gold Corp BTO-T -2.65
Hudbay Minerals Inc HBM-T -2.32
Canadian Equity Upgrades
 Uni-Select raised to Buy at Laurentian
 Lions Gate raised to Buy at Desjardins
 Saputo raised to Buy at Desjardins
Canadian Equity Downgrades
N/A
Today's Earnings – Canada
Canada Goose Holdings Inc -$0.20

3. Before the Open June 2, 2017
Page 3
Weekly U.S. Economic Calendar - May 29 to June 02, 2017
Date/Time Event Period Consensus Actual Prior
05/30/2017 08:30 Personal Income Apr 0.40% 0.40% 0.20%
05/30/2017 08:30 Personal Spending Apr 0.40% 0.40% 0.30%
05/30/2017 08:30 Real Personal Spending Apr 0.20% 0.20% 0.50%
05/30/2017 08:30 PCE Deflator MoM Apr 0.20% 0.20% -0.20%
05/30/2017 08:30 PCE Deflator YoY Apr 1.70% 1.70% 1.90%
05/30/2017 08:30 PCE Core MoM Apr 0.10% 0.20% -0.10%
05/30/2017 08:30 PCE Core YoY Apr 1.50% 1.50% 1.60%
05/30/2017 09:00 S&P CoreLogic CS 20-City MoM SA Mar 0.90% 0.87% 0.71%
05/30/2017 09:00 S&P CoreLogic CS 20-City YoY NSA Mar 5.70% 5.89% 5.85%
05/30/2017 09:00 S&P CoreLogic CS 20-City NSA Index Mar -- 195.39 193.5
05/30/2017 09:00 S&P CoreLogic CS US HPI YoY NSA Mar -- 5.75% 5.69%
05/30/2017 09:00 S&P CoreLogic CS US HPI NSA Index Mar -- 186.95 185.45
05/30/2017 10:00 Conf. Board Consumer Confidence May 119.5 117.9 119.4
05/30/2017 10:00 Conf. Board Present Situation May -- 140.7 140.3
05/30/2017 10:00 Conf. Board Expectations May -- 102.6 105.4
05/30/2017 10:30 Dallas Fed Manf. Activity May 15 17.2 16.8
05/31/2017 07:00 MBA Mortgage Applications 26-May -- -3.40% 4.40%
05/31/2017 09:45 Chicago Purchasing Manager May 57 59.4 58.3
05/31/2017 10:00 Pending Home Sales MoM Apr 0.50% -1.30% -0.90%
05/31/2017 10:00 Pending Home Sales NSA YoY Apr -- -5.40% 0.50%
06/01/2017 07:30 Challenger Job Cuts YoY May -- 71.40% -42.90%
06/01/2017 08:15 ADP Employment Change May 180k 253k 174k
06/01/2017 08:30 Initial Jobless Claims 27-May 238k 248k 235k
06/01/2017 08:30 Continuing Claims 20-May 1920k 1915k 1924k
06/01/2017 09:45 Markit US Manufacturing PMI May F 52.5 52.7 52.5
06/01/2017 09:45 Bloomberg Consumer Comfort 28-May -- 51.2 50.9
06/01/2017 10:00 ISM Manufacturing May 54.8 54.9 54.8
06/01/2017 10:00 ISM Prices Paid May 67 60.5 68.5
06/01/2017 10:00 ISM New Orders May -- 59.5 57.5
06/01/2017 10:00 ISM Employment May -- 53.5 52
06/01/2017 10:00 Construction Spending MoM Apr 0.50% -1.40% 1.10%
06/01/2017 Wards Total Vehicle Sales May 16.90m 16.58m 16.81m
06/01/2017 Wards Domestic Vehicle Sales May 13.20m 12.84m 13.12m
06/02/2017 08:30 Change in Nonfarm Payrolls May 182k -- 211k
06/02/2017 08:30 Two-Month Payroll Net Revision May -- -- --
06/02/2017 08:30 Change in Private Payrolls May 175k -- 194k
06/02/2017 08:30 Change in Manufact. Payrolls May 5k -- 6k
06/02/2017 08:30 Unemployment Rate May 4.40% -- 4.40%
06/02/2017 08:30 Average Hourly Earnings MoM May 0.20% -- 0.30%
06/02/2017 08:30 Average Hourly Earnings YoY May 2.60% -- 2.50%
06/02/2017 08:30 Average Weekly Hours All Employees May 34.4 -- 34.4
06/02/2017 08:30 Labor Force Participation Rate May 62.90% -- 62.90%
06/02/2017 08:30 Underemployment Rate May -- -- 8.60%
06/02/2017 08:30 Trade Balance Apr -$46.1b -- -$43.7b
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Jun-16 Aug-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17
Leaders - Prior Session
Company Ticker % Change
Signet Jewelers Ltd SIG-US 8.96
Goodyear Tire & Rubber Co/TheGT-US 7.23
Patterson Cos Inc PDCO-US 6.73
Cars.com Inc CARS-US 6.60
Dollar General Corp DG-US 6.54
Laggards - Prior Session
Company Ticker % Change
Hewlett Packard Enterprise Co HPE-US -6.86
Analog Devices Inc ADI-US -4.14
Advanced Micro Devices Inc AMD-US -2.32
Extra Space Storage Inc EXR-US -2.19
NetApp Inc NTAP-US -2.17
U.S. Equity Upgrades
 Dollar General raised to Buy at Johnson Rice
 ViaSat raised to Hold at Wunderlich
U.S. Equity Downgrades
 Analog Devices cut to Reduce at Nomura
Today's Earnings – U.S.
N/A

4. Before the Open June 2, 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 June 2, 2017
Page 5
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