Today's markets

1. 
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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 2,401 0.10
NASDAQ 7 5,709 0.13
Dow Jones 34 20,964 0.16
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 92 15,629 0.59 2.24
Venture 11 805 1.44 5.60
Dow Jones 85 20,982 0.41 6.17
S&P 500 11 2,402 0.48 7.30
NASDAQ 28 6,150 0.46 14.24
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 5 12,812 0.04 11.59
FTSE 59 7,514 0.79 5.19
Stoxx 600 0 395 (0.12) 9.42
Nikkei 50 19,920 0.25 4.21
Hang Seng -36 25,336 (0.14) 15.16
Commodities
Chg Last % Chg Ytd Chg
Gold $4.82 $1,235.51 0.39 7.22
Oil $0.29 $49.14 0.59 (13.01)
Natural Gas -$0.04 $3.31 (1.06) (11.01)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7347 CDN$ 1.3611
Yen 83.45 Yen 113.57
Euro 0.6642 Euro 0.9040
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.01 0.51 2.00 10.87
CAN 10-YR 0.00 1.59 - (7.44)
U.S. 3-MO 0.03 0.90 2.93 80.80
U.S. 10-YR 0.00 2.35 0.15 (3.99)
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 opening following a record-high close
for the S&P 500 and Nasdaq Composite yesterday. Investors will be evaluating newly
released economic data while digesting news that U.S. President Donald Trump has
revealed classified information to Russian authorities.
 Asian stock markets finished the session mostly higher led by gains for regional energy
and mining firms as commodity prices rose. Shanghai's Stock Composite Index gained
0.8% and Tokyo's Nikkei Index rose 0.3%, while Hong Kong's Hang Seng Index fell
0.1%.
 European markets are trading modestly lower despite the release of economic data
which showed that exports surged to a record high during March and the eurozone's
trade surplus was the widest since the single currency was launched in 1999. European
markets fell as investors reacted to a largely disappointing batch of corporate earnings.
Company Headlines
 BCE Inc. (BCE-T) said a hacker had accessed customer information containing about
1.9 million active email addresses and about 1,700 names and active phone numbers.
The breach was not connected to the recent global WannaCry malware attacks, the
company said on Monday. There is no indication that any financial, password or other
sensitive personal information was accessed, said BCE.
 Ford Motor Company (F-N) plans to shrink its salaried workforce in North America and
Asia by about 10% as it works to boost profits and its sliding stock price, a source
familiar with the plan told Reuters on Monday. Ford plans to offer generous early
retirement incentives to reduce its salaried headcount by Oct. 1, but does not plan cuts
to its hourly workforce or its production. The cuts are part of a previously announced
plan to slash costs by US$3 billion, the person said, as U.S. new vehicle auto sales have
shown signs of decline after seven years of consecutive growth.
 Tesla Inc. (TSLA-Q) reported quarterly revenue that more than doubled and also beat
analysts’ expectations, driven by record deliveries of its Model X sports utility vehicles
and Model S sedans. Revenue more than doubled to US$2.70 billion from US$1.15
billion in the same period last year, while the net loss attributable to common
shareholders widened to US$330.3 million in the first quarter ended March 31, from
US$282.3 million a year earlier. The company also backed its target of launching its
highly anticipated mass market Model 3 sedan later this year, and said the car was on
track for initial production in July.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and
Mail, Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
May 16, 2017

2. Before the Open May 16, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - May 15 to May 19, 2017
Date/Time Event Period Consensus Actual Prior
05/15/2017 09:00 Existing Home Sales MoM Apr -- -1.70% 1.10%
05/15/2017 10:00 Bloomberg Nanos Confidence 12-May -- 58.1 59
05/17/2017 08:30 Manufacturing Sales MoM Mar 1.30% -- -0.20%
05/18/2017 08:30 Int'l Securities Transactions Mar -- -- 38.84b
05/19/2017 08:30 CPI NSA MoM Apr 0.50% -- 0.20%
05/19/2017 08:30 CPI YoY Apr 1.70% -- 1.60%
05/19/2017 08:30 Consumer Price Index Apr -- -- 129.9
05/19/2017 08:30 CPI Core- Common YoY% Apr 1.40% -- 1.30%
05/19/2017 08:30 CPI Core- Trim YoY% Apr -- -- 1.40%
05/19/2017 08:30 CPI Core- Median YoY% Apr -- -- 1.70%
05/19/2017 08:30 Retail Sales MoM Mar 0.30% -- -0.60%
05/19/2017 08:30 Retail Sales Ex Auto MoM Mar 0.20% -- -0.10%
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
Precision Drilling Corp PD-T 5.34
Premium Brands Holdings Corp PBH-T 4.96
Norbord Inc OSB-T 4.92
Canadian Energy Services & Technology CorpCEU-T 4.85
Industrial Alliance Insurance & Financial Services IncIAG-T 4.43
Laggards - Prior Session
Company Ticker % Change
Badger Daylighting Ltd BAD-T -9.73
Eldorado Gold Corp ELD-T -7.80
Aimia Inc AIM-T -6.98
Enghouse Systems Ltd ENGH-T -4.23
Lucara Diamond Corp LUC-T -3.26
Canadian Equity Upgrades
 Questor Technology raised to Outperform at AltaCorp
Canadian Equity Downgrades
 WestJet Airlines cut to Neutral at Macquarie
Today's Earnings – Canada
Madalena Energy Inc -$0.01, Gold Standard Ventures Corp -$0.01

3. Before the Open May 16, 2017
Page 3
WeeklyU.S. Economic Calendar - May15 to May19, 2017
Date/Time Event Period Consensus Actual Prior
05/15/201708:30 EmpireManufacturing May 7.5 -1 5.2
05/15/201710:00 NAHBHousingMarketIndex May 68 70 68
05/15/201716:00 TotalNetTICFlows Mar -- -$0.7b $13.2b
05/15/201716:00 NetLong-termTICFlows Mar -- $59.8b $53.1b
05/16/201708:30 HousingStarts Apr 1260k 1172k 1203k
05/16/201708:30 HousingStartsMoM Apr 3.70% -2.60% -6.60%
05/16/201708:30 BuildingPermits Apr 1270k 1229k 1260k
05/16/201708:30 BuildingPermitsMoM Apr 0.20% -2.50% 3.40%
05/16/201709:15 IndustrialProductionMoM Apr 0.40% -- 0.50%
05/16/201709:15 CapacityUtilization Apr 76.30% -- 76.10%
05/16/201709:15 Manufacturing(SIC)Production Apr 0.40% -- -0.40%
05/16/201710:00 MBAMortgageForeclosures 1Q -- -- 1.53%
05/16/201710:00 MortgageDelinquencies 1Q -- -- 4.80%
05/17/201707:00 MBAMortgageApplications 12-May -- -- 2.40%
05/18/201708:30 InitialJoblessClaims 13-May 240k -- 236k
05/18/201708:30 ContinuingClaims 6-May 1950k -- 1918k
05/18/201708:30 PhiladelphiaFedBusinessOutlook May 18.5 -- 22
05/18/201709:45 BloombergConsumerComfort 14-May -- -- 49.7
05/18/201709:45 BloombergEconomicExpectations May -- -- 53.5
05/18/201710:00 LeadingIndex Apr 0.40% -- 0.40%
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
Qorvo Inc QRVO-US 5.52
NVIDIA Corp NVDA-US 5.02
NetApp Inc NTAP-US 4.43
TEGNA Inc TGNA-US 3.80
CF Industries Holdings Inc CF-US 3.58
Laggards - Prior Session
Company Ticker % Change
Viacom Inc VIAB-US -2.46
Foot Locker Inc FL-US -2.23
Harley-Davidson Inc HOG-US -2.12
Coty Inc COTY-US -2.09
Ross Stores Inc ROST-US -1.80
U.S. Equity Upgrades
 AIG and Dr Pepper Snapple raised to Overweight at Morgan Stanley
U.S. Equity Downgrades
 United Urban cut to Underperform at Credit Suisse
 Pfizer cut to Sell at Citi
Today's Earnings – U.S.
Staples Inc $0.17, Dick's Sporting Goods Inc $0.54, Stratasys Ltd $0.05, Home Depot
Inc/The $1.61, TJX Cos Inc/The $0.79, Urban Outfitters Inc $0.15, Alere Inc $0.54

4. Before the Open May 16, 2017
Page 4
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Research Ratings
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it is a top pick in the Analyst’s sector.
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5. Before the Open May 16, 2017
Page 5
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