Joy Global Surging Again (JOYG, BUCY, CNH, HON, MTW)
By Swing Trader
September 02, 2010 11:14 AM
September 02, 2010 11:14 AM
Shares of Joy Global (NASDAQ: JOYG) are surging today by $1.78, or 2.96%, to $61.94.
Yesterday, the mining equipment maker upped its guidance for fiscal year 2010 and said its backlog of orders increased to $1.8 billion from $1.5 billion.
Management said its customers are expanding CapEx and believes its entering a multi-year growth phase. The company also said China's policies support growth over the long term that will be beneficial to the company.
The machinery sector is being led by Joy Global today.
Bucyrus International (NASDAQ: BUCY) is higher by 1.77%, CNH Global (NYSE: CNH) is up 2.24%, Manitowoc (NYSE: MTW) is up 1.58%, and Honeywell (NYSE: HON) is up 2.54%.
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