UPDATE: Suspected Fraud Sends Joy Global (JOY) Lower for Second Day in Row

April 12, 2013 10:07 AM EDT
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Price: $28.13 -0.04%

Rating Summary:
    5 Buy, 22 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 22 | Down: 32 | New: 34
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(Updated - April 12, 2013 10:47 AM EDT)

Shares of Joy Global, Inc. (NYSE: JOY) are lower for the second day in a row on Friday. The decline is tied to a report by Anonymous Analytics yesterday that suggested fraud at Joy's IMM unit.

The report was very detailed and has credibility given the market's reaction, according to analysts at William Blair. However, analysts note that IMM accounts for less than 5 percent of Joy earnings says. The bigger issue for Joy and other industrial names like Caterpillar Inc. (NYSE: CAT) are weak mining markets.
William Blair recommends Cummins Inc. (NYSE: CMI) for investors worried about mining issues.

William Blair has an Outperform rating on Joy Global.

Update: Joy management is "adamant" that no fraudulent activity was discovered at IMM. The statement was made to JPMorgan analyst Ann Duignan this morning.

For an analyst ratings summary and ratings history on Joy Global (NYSE: JOY) click here. For more ratings news on Joy Global click here.

Shares of Joy Global closed at $54.84 yesterday.

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