The economic mess in Europe continues to pull down manufacturers, and Joy Global (Nasdaq:JOYG) dropped over 7 percent on Friday to $50.59, although they've gained some of that back in after hours trading.
What driving the prices of Joy Global and competitor Caterpillar (NYSE:CAT), is the impact the bailout of the socialist, welfare nations in Europe is having on the euro, which has resulted in the U.S. dollar strengthening against it, wreaking havoc on earnings, which are under pressure.
There is nothing that can change the collapsing euro, and as the money is poured into the European nations, it'll continue to fall in value, with a growing number of analysts and economists thinking it won't survive in the years ahead.
Joy Global is especially vulnerable to these circumstances because they do close to 50 percent of their business overseas.
This will unfortunately change the fortunes of the company, which has a tremendous year, with a range of $27.92 - $65.93 for its shares.
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