Important: What is the RBC Insight SPARC

RBC Insight SPARC contains market commentary and short-term trade ideas posted by certain of the Firm's research analysts. Market commentary is current only as of the date posted. A short-term trade idea is current until closed-out in SPARC by a research analyst. A short-term trade idea reflects the research analyst's directional conviction regarding the price of a security of a subject company in the coming days or weeks, based on market and trading events. A short-term trade idea may differ from the price targets and recommendations in the Firm's published research reports which reflect the research analyst's views of the longer-term (one year) prospects of the subject company, as a result of the differing time horizons, methodologies and/or other factors. Thus, it is possible that a security of a subject company that is considered a long-term 'Sector Perform' or even an 'Underperform' might be a short-term buying opportunity as a result of temporary selling pressure in the market; conversely, a security of a subject company rated a long-term 'Outperform' could be considered susceptible to a short-term downward price correction. Short-term trade ideas are not ratings, nor are they part of any ratings system, and (while an analyst will close-out a specific short-term trade idea) the Firm generally does not intend, nor undertakes any obligation, to maintain or update market commentary or short-term trade ideas. Securities and short-term trade ideas discussed in RBC Insight SPARC may not suitable for all investors and have not been tailored to individual investor circumstances and objectives, and investors should make their own independent decisions regarding any securities or short-term trade ideas discussed herein. RBC Insight SPARC also contains 'sentiment indicators' that appear as green / upward-pointing and red / downward-pointing arrows and that accompany certain posted commentary. A sentiment indicator reflects a research analyst’s informal expectation as to how the market may view breaking news described in market commentary. The sentiment indicator is not a recommendation or a short-term trade idea.