Joy Global shares were down 10.75% at 2PM. Joy global warns that their production growth could be moderate because of weaker demand for commodities. Joy Global predicts growth to be at a “more tempered pace”. They reported revenue that was slightly short of analyst expectations. Spot prices for coal, copper and iron ore are down from highs set earlier this year by as much as 20 percent, the company noted in the announcement of its earnings. JOY will now shift their focus on long term growth.
Market Vectors-Coal ETF (-.69, -2.06%) has seen a 12% decline in the last month. Market Vectors-Coal ETF (the Fund) seeks to replicate as closely as possible the price and yield return performance of the Stowe Coal Index (COAL or the Index) by investing in a portfolio of securities that generally replicates COAL. There is some fear that the ETF could fall just below its October low of $27.50. Joy Global currently makes up 11% of KOL’s weight.
-Jim
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