Joy Global +6.7% on earnings beat, guidance

|By:, SA News Editor

Joy Global (JOY +6.7%) powers to its highs of the day after reporting FQ2 earnings that reflected the global mining equipment slowdown but topped low expectations and backing its FY 2014 guidance.

JOY said in its earnings conference call that its deal with Mining Technologies will add to its underground hard rock mining growth prospects.

Joy also sees growth in the oil sands market, particularly in Canada, which it said represents the largest unconventional source of oil production over the next 20 years.

Global mining peers also are higher: CAT +2.6%, VALE +1%, BHP +0.7%, RIO +0.7%.