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Stock Market & Financial Investment News

News For JOY From The Last 14 Days
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September 4, 2015
16:21 EDTJOYStocks end week lower with September rate hike still a focus of angst
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07:41 EDTJOYJoy Global price target lowered to $20 from $40 at UBS
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06:40 EDTJOYBaird downgrades Caterpillar on less confidence in bookings rebound
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05:48 EDTJOYJoy Global implied volatility of 67 at upper end of index
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September 3, 2015
16:27 EDTJOYOn The Fly: Top stock stories for Thursday
Stocks on Wall Street began the session in positive territory thanks in part to dovish comments from the ECB. The averages were helped as well by the fact that the Chinese stock market, the source of so much volatility recently, was closed. The lack of distraction allowed buyers to be empowered and to extend the market's gains from yesterday. By noon, the averages had pared their gains, with the Nasdaq eventually crossing into negative territory. The average drifted near the flatline from there, as investors positioned ahead of tomorrow's jobs report. ECONOMIC EVENTS: In the U.S., initial jobless claims rose to 282,000 in the week ended August 29, versus expectations for 275,000 first-time claims. The trade balance report showed a deficit of $41.86B for July, versus expectations for a deficit of $42.2B. Markit's services PMI rose to 56.1 for the final August print, versus July's 55.7 and the 55.2 preliminary August reading. ISM's non-manufacturing index dipped to 59.0 in August, but that topped expectations for a reading of 58.2. In Europe, the European Central Bank left its benchmark interest rate unchanged, as expected, and economists at the bank trimmed their eurozone growth projections for this year and through 2017. ECB president Mario Draghi said the bank needs to determine if the recent global volatility is transitory before it decides "whether to do more or not," but also emphasized the bank's "willingness to act, its readiness to act and its ability to act." In Asia, Chinese markets were closed today and will be closed tomorrow for a holiday. COMPANY NEWS: Shares of Joy Global (JOY) plummeted $3.24, or 14.64%, to $18.89 following the company's report of lower than expected quarterly earnings and revenue. Joy's warnings about "one of the most challenging [end market environments] seen in decades" come as mining equipment makers like Caterpillar (CAT), Terex (TEX), and Joy grapple with low commodity prices leading to significantly reduced capital expenditures at mining firms. Shares of Dow member Caterpillar were the worst performer on the blue chip index, slipping 2.17% to $74.45 after Joy said ongoing challenges in commodity markets, along with slowing global economic growth, have "weighed on [its] customers' financial position and [its] incoming order rates." MAJOR MOVERS: Among the notable gainers was B&G Foods (BGS), which advanced $3.55, or 11.66%, to $34.00 after agreeing to purchase the Green Giant and Le Sueur vegetables brands from General Mills (GIS) for roughly $765M. Also higher was Pericom Semiconductor (PSEM), which gained $4.58, or 37.6%, to $16.76 after Diodes (DIOD) agreed to acquire the company for $17 per share. Shares of Diodes were also driven higher after the news, rising 11.8% to $21.89. Additionally, Methode Electronics (MEI) surged $5.43, or 19.82%, to $32.82 after releasing first quarter results and announcing a $100M share repurchase program. Among the noteworthy losers was World Acceptance (WRLD), which declined $2.21, or 5.95%, to $34.92 after Kase Capital's Whitney Tilson reiterated his belief that the stock is going to zero, as reported by ValueWalk. Also lower were Catalent (CTLT) and Five Below (FIVE), which dropped a respective 9.6% and 9.3% following their earnings reports. INDEXES: The Dow added 23.38, or 0.14%, to 16,374.76, the Nasdaq slid 16.48, or 0.35%, to 4,733.50, and the S&P 500 advanced 2.27, or 0.12%, to 1,951.13.
14:16 EDTJOYJoy Global crashes after warning of continued sector pressure
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12:23 EDTJOYOn The Fly: Top stock stories at midday
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11:27 EDTJOYJoy Global sees FY15 savings of $60M, still monitoring 2016 measures
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11:20 EDTJOYJoy Global expects toughest market landscape in recent history
The company said it is unable to give charge amount, expects to complete evaluation in Q4.
11:17 EDTJOYJoy Global expects to monetize $50M-$75M through scheduled orders in Q4
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10:28 EDTJOYHigh option volume stocks
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09:43 EDTJOYJoy Global drops sharply after earnings
At the current price of $18.91, shares are down over 14.5% on the session following an earnings miss. At current price support is at $18.53, the low of the day, and then at $18. Resistance is at the $20 area.
06:04 EDTJOYJoy Global says headwinds resulted in steel production falling 2% through July
The company commented, "While supply curtailments continue to be announced, the decline in demand along with currency related production pressure has left the market in surplus. After settling at $93 per tonne last quarter, it is expected that the fourth quarter met coal contract will fall further as current spot prices are trending around $85 per tonne. The impacts of a declining global steel market also continue to affect the iron ore market. The combination of weakening demand and continued strong supply growth has left iron ore prices trending around $55 per tonne, although weaker demand going forward could push prices lower. Overall, the global mining industry remains strained as miners navigate through a sharp and prolonged downturn. Commodity price declines continue to reduce our customers' capital expenditure plans and delay maintenance spending. The weakening of the global economy over the last quarter has further deteriorated the supply and demand imbalances."
06:03 EDTJOYJoy Global says global macroeconomic trends weakened in last several months
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06:02 EDTJOYJoy Global sees FY15 adjusted EPS $1.80, consensus $2.43
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06:01 EDTJOYJoy Global reports Q3 bookings down 31% to $635M
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06:00 EDTJOYJoy Global reports Q3 adjusted EPS 54c, consensus 61c
Reports Q3 revenue $792M, consensus $798.73M.
September 2, 2015
14:50 EDTJOYNotable companies reporting before tomorrow's open
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August 28, 2015
08:33 EDTJOYJoy Global volatility elevated into Q3 and outlook
Joy Global September weekly call option implied volatility is at 63, September is at 56 October is at 54; compared to its 52-week range of 23 to 65, suggesting large near term price movement into the expected release of Q3 results on September 3.

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