Joy Global Inc.

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  • Mon, Feb. 1, 10:51 AM
    • Barclays upgrades Joy Global (JOY +5.1%) to Overweight from Equal Weight, with a price target of $14.
    • The upgrade gives a must needed boost to the stock. JOY shares are down 17% YTD.
    | Mon, Feb. 1, 10:51 AM | 4 Comments
  • Tue, Jan. 26, 2:12 PM
    • Terex (TEX +43%) shares resume trading after a halt, soaring higher as the company confirms receiving a $30/share takeover offer from Zoomlion of China.
    • TEX says it has entered into a confidentiality agreement with Zoomlion and is discussing the proposal, which values the company at ~$3.3B; TEX says it will not comment further until the board has completed its review.
    • TEX had entered into an agreement to merge with industrial crane maker Konecranes (OTC:KNCRF) and TEX's board says it continues to support the proposed deal.
    • Word of the proposal had been reported earlier by Bloomberg.
    • Peers Manitowoc (MTW +14.3%) and Joy Global (JOY +8.6%) also trade higher on the news.
    | Tue, Jan. 26, 2:12 PM | 7 Comments
  • Mon, Jan. 4, 3:19 PM
    • Joy Global (JOY +0.2%) is downgraded to Sell from Neutral with an $8 price target at UBS, which believes earnings will continue lower as commodity headwinds intensify, and that consensus opinion fails to reflect the full magnitude of the company's challenges.
    • UBS says it mining and coal capex analysis indicates further declines in JOY customer spending are likely to extend into FY 2017 amid further downside to coal and other mining activity over the next two years; meanwhile, China imports are in decline as it tries to prop up domestic supply while also shifting its power consumption toward cleaner sources.
    • UBS believes rebuild activity could get deferred as commodity headwinds intensify, pressuring JOY's service segment revenues, while revenue headwinds facing the company also will prove challenging for the balance sheet.
    | Mon, Jan. 4, 3:19 PM
  • Dec. 30, 2015, 8:44 AM
    • BMO Capital cut its price target on Joy Global (NYSE:JOY) to $16 from $21 after the company provided lower than expected fiscal 2016 guidance.
    • However, the firm keeps its Outperform rating on the stock, noting that the company's equity value is roughly in-line with that of its inventories, copper's supply/demand balance has improved, and Joy is making aggressive pushes in areas that have growth potential.
    • Joy shares are -72% YTD.
    | Dec. 30, 2015, 8:44 AM
  • Dec. 21, 2015, 8:06 AM
    • FBR raises Joy Global (NYSE:JOY) to Market Perform from Underperform, noting the company's strategy moves to cut costs and deal with an ongoing commodity price slump.
    • Analyst Lucas Pipes: "Following the stock's recent sell-off down to ~$12 and a new company strategy outlined in its F4Q15 earnings (including cost cutting, reduced dividend, and amended credit agreement), we are more positive on relative valuation for Joy...we believe the company is now properly downshifting to a tighter structure and reducing costs appropriately for our long-term outlook."
    • The firm presently has a $10 price objective on the stock, down from a target of $14.
    | Dec. 21, 2015, 8:06 AM | 2 Comments
  • Dec. 16, 2015, 10:31 AM
    | Dec. 16, 2015, 10:31 AM | 1 Comment
  • Dec. 16, 2015, 8:43 AM
    | Dec. 16, 2015, 8:43 AM | 2 Comments
  • Dec. 16, 2015, 7:44 AM
    • Adjusted net income of $41.7M, or $0.43 per diluted share vs. $127.5M, or $1.29 per diluted share in the same quarter a year ago.
    • Bookings fell 21% Y/Y to $617M. Full year bookings dropped 25% to $2.7B.
    • Backlog at the end of the quarter was $873M vs. $1.3B at the beginning of the fiscal year.
    • Oversupplied commodity markets drove customer capital expenditures down approximately 18% Y/Y.
    • During the fourth quarter, the company did not repurchase any shares of its common stock.
    • "We are controlling the things we can, and are confident our strategies and operational execution will position us well for the future, but the state of our end markets sets up another challenging year in 2016 with revenue expected to be $2.4B-$2.6B and adjusted earnings per diluted share in the range of $0.10-$0.50," CEO Ted Doheny declared.
    • FQ4 results
    • JOY +2.1% premarket
    | Dec. 16, 2015, 7:44 AM | 1 Comment
  • Dec. 16, 2015, 6:05 AM
    • Joy Global (NYSE:JOY) declares $0.01/share quarterly dividend, -95% decrease from prior dividend of $0.20.
    • Forward yield 0.35%
    • Payable Jan. 15; for shareholders of record Dec. 30; ex-div Dec. 28.
    | Dec. 16, 2015, 6:05 AM | 7 Comments
  • Dec. 16, 2015, 6:02 AM
    • Joy Global (NYSE:JOY): FQ4 EPS of $0.43 beats by $0.01.
    • Revenue of $865.57M (-23.4% Y/Y) beats by $74.43M.
    • Press Release
    | Dec. 16, 2015, 6:02 AM
  • Dec. 15, 2015, 5:30 PM
    | Dec. 15, 2015, 5:30 PM | 6 Comments
  • Dec. 8, 2015, 6:20 PM
    • Joy Global (NYSE:JOY) is maintained with a Sell rating with a reduced $8 stock price target, cut from $14, at Goldman Sachs, which explains that even though Joy shares have been weak for two years, it is important to keep in mind that the base metals deflation cycle remains in the early stages, coal is "structurally" losing share to natural gas and alternative energy sources, and Joy's tangible book value of $900M is higher than the stock's $1.4B market cap.
    • Goldman maintains a Neutral rating on Caterpillar (NYSE:CAT) with a price target lowered to $67 from a previous $72, given the company's competitive position within the challenging end market; however, CAT could benefit in 2017 as U.S. shale capex profiles begin recovering.
    | Dec. 8, 2015, 6:20 PM | 5 Comments
  • Dec. 1, 2015, 1:10 PM
    | Dec. 1, 2015, 1:10 PM | 1 Comment
  • Dec. 1, 2015, 10:15 AM
    • BofA Merrill Lynch downgrades the rating on Joy Global (JOY -10.8%) from Neutral to Underperform and on Cummins (CMI -6%) from Buy to Underperform.
    • Analyst Ross Gilardi: "Rising risks of a further devaluation in the Chinese currency and poor industry fundamentals are expected to restrict the performance of the two companies."
    | Dec. 1, 2015, 10:15 AM | 40 Comments
  • Nov. 10, 2015, 7:57 AM
    • Colin Boyd, former chief information officer at Johnson Controls, has joined Joy Global (NYSE:JOY) as vice president and CIO.
    • He started in early November and reports to Chief Financial Officer James Sullivan.
    | Nov. 10, 2015, 7:57 AM | 2 Comments
  • Nov. 3, 2015, 4:45 PM
    • The U.S. set preliminary import duties on corrosion-resistant steel products from China, India, Italy and South Korea, but they are not nearly as heavy as many observers had expected, and steel company stocks (NYSEARCA:SLX) initially fell after the announcement at ~3:00.
    • While the preliminary duties on China are high, as expected, duties on Korea and Italy were "much smaller than expected," while there were no duties for Taiwan, which industry followers consider “disappointing," according to Axiom Capital's Gordon Johnson.
    • Axiom sees the news as a slight loss for U.S. steel industry participants, as it suggests incremental duties on outstanding trade cases will focus on China, with little emphasis on other countries China can easily use as an intermediary to get steel into the U.S.
    • X +0.6% in regular trading but -8.1% AH; AKS -2.9% in regular trading and -2.4% AH.
    • Also, in regular trading: CLF +7.3%, JOY +0.7%, CAT +0.5%, NUE -0.3%, CMC -0.4%, RS -1.8%.
    | Nov. 3, 2015, 4:45 PM | 7 Comments
Company Description
Joy Global Inc is a manufacturer and servicer of productivity mining equipment for the extraction of coal and other minerals and ores. It manufactures and markets original equipment and parts and perform services for both underground and surface mining.