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 -4 2,389 (0.18)
NASDAQ -1 5,676 (0.01)
Dow Jones -33 20,874 (0.16)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -83 15,569 (0.53) 1.84
Venture -6 774 (0.76) 1.54
Dow Jones -37 20,976 (0.17) 6.14
S&P 500 -2 2,397 (0.10) 7.06
NASDAQ 18 6,121 0.29 13.70
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 9 12,758 0.07 11.12
FTSE 35 7,377 0.48 3.28
Stoxx 600 0 396 0.05 9.57
Nikkei 57 19,900 0.29 4.11
Hang Seng 126 25,015 0.51 13.70
Commodities
Chg Last % Chg Ytd Chg
Gold $0.92 $1,222.32 0.08 6.08
Oil $0.58 $46.46 1.25 (17.76)
Natural Gas $0.03 $3.26 0.95 (12.51)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7302 CDN$ 1.3695
Yen 83.20 Yen 113.93
Euro 0.6714 Euro 0.9194
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO -0.01 0.50 (1.96) 8.70
CAN 10-YR -0.02 1.60 (1.05) (6.86)
U.S. 3-MO 0.01 0.90 0.57 80.80
U.S. 10-YR -0.02 2.38 (0.68) (2.57)
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 indicating a lower open as investors are assessing the
potential fallout from President Trump's decision to fire the director of the FBI. On
corporate reporting front, Snap's first earnings report since its IPO will be under close
watch.
 Asian stocks ended mixed as investors digested corporate earnings and political
development in the US. The Nikkei 225 Index posted modest gain as a weakened yen
lifted exporters' shares. China's Shanghai Composite Index dropped 0.90% after inflation
data painted a mixed picture of the economy while Hong Kong's Hang Seng Index rose
0.51%.
 European stocks are trading lower as the dollar snapped a two-day rally in the wake of
U.S. President Donald Trump's abrupt dismissal of FBI Director James Comey.
Company Headlines
 Sun Life Financial (SLF-T) Inc reported a smaller-than-expected profit, hurt by weak
growth in its U.S. market. Canada's third-biggest life insurer by assets said its underlying
net income fell to $573 million, or $0.93 per share, in the first quarter ended March 31,
from $582 million, or $0.95 per share, a year earlier. Underlying net income in the U.S
slumped 28.4% to $58 million, while the measure in its Canadian business, its biggest
unit, jumped 5% to $229 million. The company's total life and health sales rose to $772
million from $488 million, while wealth sales stood at $37.6 billion, up from $33.2 billion.
 Faced with subscriber and viewership losses, Walt Disney Co.’s (DIS-N) ESPN is
planning to launch digital subscription services focused on particular sports, teams and
regions. The sports channel accounts for the majority of profits in the company’s cable
business, which has lost momentum in the past few years while other divisions are
booming. Disney had announced plans to launch this year its first ESPN “over the top”
service, similar to Netflix, that will include sports not on the linear network such as
baseball.
 Ford Motor Co.’s (F-N) directors are pressing Chief Executive Mark Fields to sharpen
his strategy as the company races to catch up on electric cars, reverse its shrinking
market share in the U.S. and buoy its languishing stock price. Ford has been solidly
profitable since Mr. Fields became CEO in July 2014, but its stock price has fallen by
about a third in that period. While Chairman Bill Ford and other directors support Mr.
Fields, they are urging him to heighten his focus on growth opportunities.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and
Mail, Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
May 10, 2017

2. Before the Open May 10, 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 29.72
Valeant Pharmaceuticals International IncVRX-T 24.10
SEMAFO Inc SMF-T 5.36
DHX Media Ltd DHX/B-T 4.75
Crew Energy Inc CR-T 4.08
Laggards - Prior Session
Company Ticker % Change
Open Text Corp OTEX-T -5.31
Ensign Energy Services Inc ESI-T -4.60
Canopy Growth Corp WEED-T -4.49
Raging River Exploration Inc RRX-T -4.34
Bonavista Energy Corp BNP-T -4.01
Canadian Equity Upgrades
 TVA Group Raised to Speculative Buy at Cormark
 Iamgold Upgraded to Neutral at Credit Suisse
Canadian Equity Downgrades
 CCL Industries Downgraded to Hold at TD Securities
 Artis Real Estate Cut to Hold at Canaccord Genuity
Today's Earnings – Canada
Bellatrix Exploration Ltd -$0.03, SunOpta Inc -$0.01, Cascades Inc $0.13, Fiera
Capital Corp $0.25, Total Energy Services Inc -$0.01, TSO3 Inc -$0.02, NAPEC
Inc/Canada $0.01, Pure Industrial Real Estate Trust $0.10, Concordia International
Corp $0.41, Element Fleet Management Corp $0.22, Kelt Exploration Ltd -$0.05,
Street Capital Group Inc $0.01, Sprott Inc $0.02, Linamar Corp $1.98, Mountain
Province Diamonds Inc $0.00, Avino Silver & Gold Mines Ltd $0.04, Freehold
Royalties Ltd $0.04, Birchcliff Energy Ltd $0.08, Mandalay Resources Corp $0.02,
Neovasc Inc -$0.09, NuVista Energy Ltd $0.05, Hardwoods Distribution Inc $0.36,
Aimia Inc $0.14, High Arctic Energy Services Inc $0.13, WSP Global Inc $0.46,
Gluskin Sheff + Associates Inc $0.22, Black Diamond Group Ltd -$0.09, Redknee
Solutions Inc -$0.02, Painted Pony Petroleum Ltd $0.06, Parex Resources Inc $0.20,
Pure Multi-Family REIT LP $0.10, WPT Industrial Real Estate Investment Trust $0.23,
Aritzia Inc $0.15, High Liner Foods Inc $0.57, Arizona Mining Inc -$0.01, Lundin Gold
Inc -$0.09, Peyto Exploration & Development Corp $0.26, Smart Real Estate
Investment Trust $0.54, Equity Financial Holdings Inc $0.15, New Flyer Industries Inc
$0.52, Crombie Real Estate Investment Trust $0.30, Immunovaccine Inc -$0.02,
Granite Oil Corp $0.04, Yellow Pages Ltd/Canada $0.23

3. Before the Open May 10, 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 5682 5743
05/09/2017 10:00 Wholesale Inventories MoM Mar F -0.10% -0.10% -0.10%
05/09/2017 10:00 Wholesale Trade Sales MoM Mar -- 0.70% 0.60%
05/10/2017 07:00 MBA Mortgage Applications 5-May -- -0.10% -0.10%
05/10/2017 08:30 Import Price Index MoM Apr 0.20% 0.10% -0.20%
05/10/2017 08:30 Import Price Index ex Petroleum MoM Apr 0.20% 0.10% 0.20%
05/10/2017 08:30 Import Price Index YoY Apr 3.60% 4.30% 4.20%
05/10/2017 08:30 Export Price Index MoM Apr 0.20% 0.10% 0.20%
05/10/2017 08:30 Export Price Index YoY Apr -- 3.40% 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
Marriott International Inc/MD MAR-US 6.36
American Airlines Group Inc AAL-US 4.76
United Continental Holdings IncUAL-US 4.76
Under Armour Inc UAA-US 4.19
Hanesbrands Inc HBI-US 3.98
Laggards - Prior Session
Company Ticker % Change
Sealed Air Corp SEE-US -8.86
TEGNA Inc TGNA-US -6.75
International Flavors & Fragrances IncIFF-US -6.11
TransDigm Group Inc TDG-US -4.94
DENTSPLY SIRONA Inc XRAY-US -3.33
U.S. Equity Upgrades
 Yelp Raised to Buy at Goldman Sachs
U.S. Equity Downgrades
 MDC Holdings Cut to Neutral at Citi
 Anhui Conch Cut to Equalweight at Morgan Stanley
Today's Earnings – U.S.
Mylan NV $0.92, Vulcan Materials Co $0.20, Coty Inc $0.12, Impax Laboratories Inc
$0.13, Time Inc -$0.15, Array BioPharma Inc -$0.16, SiteOne Landscape Supply Inc -
$0.26, Conduent Inc $0.17, AdvancePierre Foods Holdings Inc $0.31, Norwegian
Cruise Line Holdings Ltd $0.37, Tribune Media Co $0.07, Wendy's Co/The $0.08,
Twenty-First Century Fox Inc $0.48, Synergy Pharmaceuticals Inc -$0.23, Hologic Inc
$0.46, Symantec Corp $0.28, Whole Foods Market Inc $0.37, Jive Software Inc $0.04,
Athene Holding Ltd $0.99, Snap Inc -$0.19, Centennial Resource Development
Inc/DE $0.02, Immunomedics Inc -$0.13, Forestar Group Inc $0.09

4. Before the Open May 10, 2017
Page 4
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5. Before the Open May 10, 2017
Page 5
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