- U.S. stock futures are pointing to slightly higher opens as investors gear up for earnings results and comments from Fed members. - Asian stocks fell from two-year highs on lack of catalysts, while European stocks are trading higher on weaker euro and higher oil. - Home Capital Group said a third party intends to buy up to $1.5 billion in mortgages as it attempts to stem customer withdrawals.

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 2 2,397 0.10
NASDAQ 7 5,662 0.11
Dow Jones 32 20,973 0.15
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 70 15,652 0.45 2.38
Venture -2 780 (0.21) 2.32
Dow Jones 5 21,012 0.03 6.32
S&P 500 0 2,399 0.00 7.17
NASDAQ 2 6,103 0.03 13.37
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 80 12,775 0.63 11.27
FTSE 50 7,351 0.69 2.91
Stoxx 600 2 396 0.50 9.57
Nikkei -53 19,843 (0.26) 3.81
Hang Seng 311 24,889 1.27 13.13
Commodities
Chg Last % Chg Ytd Chg
Gold -$3.92 $1,222.35 (0.32) 6.08
Oil -$0.18 $46.25 (0.39) (18.13)
Natural Gas $0.03 $3.20 0.91 (14.04)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7293 CDN$ 1.3712
Yen 83.12 Yen 113.97
Euro 0.6701 Euro 0.9187
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.01 0.51 2.00 10.87
CAN 10-YR 0.02 1.60 1.01 (6.80)
U.S. 3-MO 0.00 0.89 0.01 78.75
U.S. 10-YR 0.01 2.39 0.31 (2.05)
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 slightly higher open with investors gearing up for
a slew of earnings results, on top of being on the lookout for new data and comments
from leading Fed members.
 Asian stocks fell from a two-year high as lack of fresh catalysts kept investors on the
sidelines. The Nikkei 225 Index fell 0.26% after hitting a 17-month high the previous
day. The Shanghai Composite Index ended flat in thin trading as concerns of tougher
financial regulations while Hong Kong's Hang Seng Index rose 1.27%.
 European stocks are trading higher with a weaker euro, higher oil prices and a raft of
well-received corporate earnings helping underpin investor sentiment.
Company Headlines
 Home Capital Group Inc (HCG-T) said a third party intends to buy up to $1.5 billion in
mortgages, at a time when Canada's biggest non-bank lender is attempting to stem the
flow of customer withdrawals. The third party has indicated its non-binding intention to
buy as much as $1 billion in uninsured mortgages and to buy or accept commitments for
up to $500 million in insured mortgages.
 Caisse de depot et placement du Quebec, one of Bombardier's (BBD/B-T) biggest
shareholders said that it had withheld its vote for Executive Chairman Pierre Beaudoin
before this week's annual meeting. The decision followed an outcry over controversial
executive pay hikes at Bombardier, which Beaudoin later agreed to forego and other
executives agreed to defer. Caisse said the company's board should be headed by a
fully independent director.
 The Ontario government is selling what it expects to be its final offering of shares in
Hydro One (H-T), a move it says could raise more than $3 billion for the province. After
the offering, the province will continue to hold some 296.8 million common shares
representing about 49.9% of the company. That could drop to 47.8% if the over-
allotment option is exercised in full. The Ontario government is prohibited by law from
reducing its ownership below 40%.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and
Mail, Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
May 9, 2017

2. Before the Open May 9, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - May 08 to May 12, 2017
Date/Time Event Period Consensus Actual Prior
05/08/2017 08:15 Housing Starts Apr 215.0k 214.1k 252.3k
05/08/2017 10:00 Bloomberg Nanos Confidence 5-May -- 59 59.4
05/09/2017 08:30 Building Permits MoM Mar 2.80% -5.80% -2.80%
05/11/2017 08:30 New Housing Price Index MoM Mar 0.20% -- 0.40%
05/11/2017 08:30 New Housing Price Index YoY Mar -- -- 3.30%
05/12/2017 08:30 Teranet/National Bank HPI MoM Apr -- -- 0.90%
05/12/2017 08:30 Teranet/National Bank HPI YoY Apr -- -- 13.50%
05/12/2017 08:30 Teranet/National Bank HP Index Apr -- -- 204.05
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17
Leaders - Prior Session
Company Ticker % Change
Home Capital Group Inc HCG-T 16.75
NexGen Energy Ltd NXE-T 8.67
Bonavista Energy Corp BNP-T 6.93
Enerplus Corp ERF-T 6.05
Baytex Energy Corp BTE-T 5.66
Laggards - Prior Session
Company Ticker % Change
Canopy Growth Corp WEED-T -2.91
Badger Daylighting Ltd BAD-T -2.77
Valeant Pharmaceuticals International IncVRX-T -2.77
Methanex Corp MX-T -2.63
Western Forest Products Inc WEF-T -2.30
Canadian Equity Upgrades
 National Bank Raised to Buy at Eight Capital
Canadian Equity Downgrades
 Ensign Energy Services Cut to Sector Underperform at Scotiabank
Today's Earnings – Canada
Intertape Polymer Group Inc $0.24, Novelion Therapeutics Inc -$0.31, Ag Growth
International Inc $0.42, Liquor Stores NA Ltd -$0.12, TORC Oil & Gas Ltd $0.00,
Northern Blizzard Resources Inc -$0.05, Slate Office REIT $0.23, Aralez
Pharmaceuticals Inc -$0.31, George Weston Ltd $1.42, CCL Industries Inc $2.68,
Rocky Mountain Dealerships Inc $0.02, Tucows Inc $0.46, Pan American Silver Corp
$0.09, Stornoway Diamond Corp $0.00, AirBoss of America Corp $0.10, ShawCor Ltd
$0.23, Silver Wheaton Corp $0.14, IAMGOLD Corp -$0.01, Sun Life Financial Inc
$0.99, Northland Power Inc $0.21, Canadian Apartment Properties REIT $0.41,
Trinidad Drilling Ltd -$0.05, Chemtrade Logistics Income Fund $0.09, Centric Health
Corp $0.00, Northview Apartment Real Estate Investment Trust $0.47, Exchange
Income Corp $0.39, Newalta Corp -$0.12, Keyera Corp $0.36, Granite Real Estate
Investment Trust $0.86, CanWel Building Materials Group Ltd $0.03, Franco-Nevada
Corp $0.22, Innergex Renewable Energy Inc $0.01, BioAmber Inc -$0.13, Pivot
Technology Solutions Inc -$0.07, TMX Group Ltd $1.22, Brio Gold Inc -$0.02, NeuLion
Inc $0.00, Aquinox Pharmaceuticals Inc -$0.49, Sierra Oncology Inc -$0.19, Xenon
Pharmaceuticals Inc -$0.36, Crown Capital Partners Inc $0.15, Raging River
Exploration Inc $0.09, Osisko Mining Inc -$0.01, Agellan Commercial Real Estate
Investment Trust $0.31, DREAM Unlimited Corp $0.11

3. Before the Open May 9, 2017
Page 3
Weekly U.S. Economic Calendar - May 08 to May 12, 2017
Date/Time Event Period Consensus Actual Prior
05/09/2017 06:00 NFIB Small Business Optimism Apr 104 104.5 104.7
05/09/2017 10:00 JOLTS Job Openings Mar 5738 -- 5743
05/09/2017 10:00 Wholesale Inventories MoM Mar F -0.10% -- -0.10%
05/09/2017 10:00 Wholesale Trade Sales MoM Mar -- -- 0.60%
05/10/2017 07:00 MBA Mortgage Applications 5-May -- -- -0.10%
05/10/2017 08:30 Import Price Index MoM Apr 0.20% -- -0.20%
05/10/2017 08:30 Import Price Index ex Petroleum MoM Apr 0.20% -- 0.20%
05/10/2017 08:30 Import Price Index YoY Apr 3.60% -- 4.20%
05/10/2017 08:30 Export Price Index MoM Apr 0.20% -- 0.20%
05/10/2017 08:30 Export Price Index YoY Apr -- -- 3.60%
05/11/2017 08:30 PPI Ex Food and Energy YoY Apr 1.60% -- 1.60%
05/11/2017 08:30 PPI Ex Food, Energy, Trade YoY Apr -- -- 1.70%
05/11/2017 08:30 Initial Jobless Claims 6-May 245k -- 238k
05/11/2017 08:30 Continuing Claims 29-Apr 1978k -- 1964k
05/12/2017 08:30 CPI MoM Apr 0.20% -- -0.30%
05/12/2017 08:30 CPI Ex Food and Energy MoM Apr 0.20% -- -0.10%
05/12/2017 08:30 CPI YoY Apr 2.30% -- 2.40%
05/12/2017 08:30 CPI Ex Food and Energy YoY Apr 2.00% -- 2.00%
05/12/2017 08:30 CPI Core Index SA Apr -- -- 250.993
05/12/2017 08:30 CPI Index NSA Apr 244.599 -- 243.801
05/12/2017 08:30 Real Avg Weekly Earnings YoY Apr -- -- -0.10%
05/12/2017 08:30 Real Avg Hourly Earning YoY Apr -- -- 0.60%
05/12/2017 08:30 Retail Sales Advance MoM Apr 0.60% -- -0.20%
05/12/2017 08:30 Retail Sales Ex Auto MoM Apr 0.50% -- 0.00%
05/12/2017 08:30 Retail Sales Ex Auto and Gas Apr 0.40% -- 0.10%
05/12/2017 08:30 Retail Sales Control Group Apr 0.40% -- 0.50%
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17
Leaders - Prior Session
Company Ticker % Change
Newell Brands Inc NWL-US 11.94
CenturyLink Inc CTL-US 5.08
Coach Inc COH-US 4.81
Varian Medical Systems Inc VAR-US 3.71
Level 3 Communications Inc LVLT-US 3.16
Laggards - Prior Session
Company Ticker % Change
Tyson Foods Inc TSN-US -6.08
Costco Wholesale Corp COST-US -4.20
LyondellBasell Industries NV LYB-US -4.02
Incyte Corp INCY-US -3.77
Akamai Technologies Inc AKAM-US -3.76
U.S. Equity Upgrades
 Longi Green Energy Upgraded to Buy at Goldman Sachs
U.S. Equity Downgrades
 Avenue Supermarts Cut to Underweight at JP Morgan
 Sungrow Power Supply Cut to Neutral at Goldman
Today's Earnings – U.S.
TEGNA Inc $0.32, Valeant Pharmaceuticals International Inc $0.89, Allergan PLC
$3.31, FelCor Lodging Trust Inc $0.12, Albany Molecular Research Inc $0.12, Nexstar
Media Group Inc -$0.06, TransDigm Group Inc $3.01, Liberty Interactive Corp QVC
Group $0.32, CBOE Holdings Inc $0.69, Wayfair Inc -$0.58, Sanchez Energy Corp -
$0.24, SeaWorld Entertainment Inc -$0.56, Party City Holdco Inc $0.04, C&J Energy
Services Inc -$0.54, Ionis Pharmaceuticals Inc -$0.06, Sealed Air Corp $0.47,
Discovery Communications Inc $0.50, Synchronoss Technologies Inc $0.12, Priceline
Group Inc/The $8.83, Microchip Technology Inc $1.07, NVIDIA Corp $0.81, Walt
Disney Co/The $1.41, Electronic Arts Inc $0.75, Nuance Communications Inc
$0.38,Neurocrine Biosciences Inc -$0.74, TripAdvisor Inc $0.26, West Corp
$0.71, Yelp Inc $0.16, TESARO Inc -$2.22, Zayo Group Holdings Inc $0.10,
Wesco Aircraft Holdings Inc $0.24, TrueCar Inc -$0.02, Acacia
Communications Inc $0.66, Extraction Oil & Gas Inc -$0.18, Blue Buffalo Pet
Products Inc $0.22, Hostess Brands Inc $0.15, Colony NorthStar Inc $0.34,
Synergy Pharmaceuticals Inc -$0.23

4. Before the Open May 9, 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 May 9, 2017
Page 5
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