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Shares of Joy Global (JOY -0.9%) fall for a second day in a row on a report by Anonymous...

Shares of Joy Global (JOY -0.9%) fall for a second day in a row on a report by Anonymous Analytics yesterday that suggested fraud at Joy's IMM unit. William Blair thinks the impact may be overblown, saying that although the report was very detailed and credible, IMM accounts for less than 5% of JOY's earnings. The bigger issue for JOY and other industrial names like CAT are weak mining markets.
Comments (3)
  • Brett22
    , contributor
    Comments (83) | Send Message
     
    Unlikely there is any issue, especially since the CFO is now going on the record again after addressing this a month ago when CAT had their issue about their Chinese acquisition and speculation of an issue shifted to JOY. See today's Bloomberg article:

     

    http://bloom.bg/12WfvZV
    12 Apr 2013, 08:46 PM Reply Like
  • wil3714
    , contributor
    Comments (2135) | Send Message
     
    Really again?? CEO Mike Sutherlin has stated they havent found any accounting errors at IMM and doesnt see a need to writedown the value of IMM.

     

    Just because CAT didnt do its due diligence, 82% of acquisition real smart.
    12 Apr 2013, 10:21 PM Reply Like
  • Rickthegeek
    , contributor
    Comments (118) | Send Message
     
    Fraud dating back to 2009? And, this was a Jim Cramer pick from "mad money"? I guess Jim needs to brush up some more on his off the top of his head stock picks.
    13 Apr 2013, 11:28 AM Reply Like
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