TD Ameritrade's Chief Strategist Talks Joy Global Ahead Of Earnings

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Joy Global Inc.JOY
is scheduled to report its second quarter results on Thursday before market open. The Estimize earnings per share consensus estimate (based on 11 estimates) currently stands at $0.61 on revenue of $844.81. This compares to the Wall Street consensus estimate that is looking for an earnings per share of $0.55 on revenue of $840.69 million. Joy Global last reported its
results on March 5. The company earned $0.25 in its first quarter, short of the $0.36 per share analysts were expecting. Revenue of $703.9 million also fell short of the $752 million analysts were expecting. Shares of Joy Global sold off following the earnings miss. Traders and investors also found the company's guidance concerning as the company lowered its full year earnings per share expectations to a range of $2.50 to $3.00 from a previous range of $3.10 to $3.50. The company also slashed its full year revenue expectations to a range of $3.30 billion to $3.60 billion from a previous $3.60 billion to $3.80 billion. Speaking to Benzinga to discuss the stock ahead of Joy Global's print, TD Ameritrade's Chief Strategist JJ Kinahan noted that "the only good thing" is the stock has seen movement recently after selling off following its March earnings report. Kinahan also added that that the options market is expecting around a five percent move following its Thursday print. A five percent move to the downside could result in shares of Joy Global seeing fresh 52-week lows, as shares were trading at $39.00 late Wednesday afternoon.
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Posted In: Analyst ColorAnalyst RatingsEstimizeJJ Kinahanjoy globaloptionsTD Ameritrade
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